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Started By
Message
re: Flood Insurance Fraud Story-You aren't going to believe this one.
Posted on 8/23/16 at 5:13 am to Shadowlink
Posted on 8/23/16 at 5:13 am to Shadowlink
quote:
Errors and omissions?
E&O does not cover intentional acts of fraud. This sounds like a scheme to me and if his E&O carrier can prove he has done this to others and he didn't just "forget" to deposit the premium they will deny the agents E&O claim.
0
Posted on 8/23/16 at 7:04 am to Lsupimp
Either this is a massive fraud and collusion event that has impacted tens...maybe hundreds or Tom is a dumbass.
No way the operational support network is colluding with the agent.
No way the operational support network is colluding with the agent.
Posted on 8/23/16 at 8:24 am to KillTheGophers
It's is possible though for it to be negligent. I have seen flood insurance purchase get delayed a bit, 4 or 5 days, due to poor communication between originator and insurance company. However in they are the same person in this case. This sucks for Tom. He has to sue.
Posted on 8/23/16 at 9:00 am to MsState of mind
If the agents first gesture is to refund the $3,000 then it's almost certainly fraud. Otherwise their first gesture would be to bend over backwards working on the E&O through the insurance company.
Tom should be talking to a lawyer already, sounds more and more like he was a victim of fraud. Sadly, he's probably going to take a major loss here.
Tom should be talking to a lawyer already, sounds more and more like he was a victim of fraud. Sadly, he's probably going to take a major loss here.
Posted on 8/23/16 at 9:22 am to Lsupimp
Most TD topics lose steam by the time there's a resolution (maybe weeks or months or longer). But when his story does have a resolution, please bump this topic or start a new one so you can update us.
Posted on 8/23/16 at 9:48 am to baldona
quote:This
If the agents first gesture is to refund the $3,000 then it's almost certainly fraud. Otherwise their first gesture would be to bend over backwards working on the E&O through the insurance company.
Posted on 8/23/16 at 10:11 am to Lsupimp
While not impossible, not likely.
The mortgage lender pulls a flood cert on every home they lend on. If the home is in a flood zone, they require flood insurance. The flood insurance, unlike homeowners insurance is required to be paid to the insurance company prior to closing.
I cannot see how a originator could get his hands on that money nor how the home would be allowed to close without the home having flood insurance in force.
The mortgage lender pulls a flood cert on every home they lend on. If the home is in a flood zone, they require flood insurance. The flood insurance, unlike homeowners insurance is required to be paid to the insurance company prior to closing.
I cannot see how a originator could get his hands on that money nor how the home would be allowed to close without the home having flood insurance in force.
Posted on 8/23/16 at 8:41 pm to novabill
Novabill=one of the best Account Executives I ever met...
You should hang around a little more on this board. A lot of RE Finance questions get thrown around here.
You should hang around a little more on this board. A lot of RE Finance questions get thrown around here.
Posted on 8/23/16 at 8:50 pm to Lsupimp
Sounds like Tom may own a bunch of stuff that used to belong to the insurance agent when this is all said and done.
Posted on 8/23/16 at 10:34 pm to Lsupimp
I know if a guy who supposedly does this. If true, I hope he gets caught.
Posted on 8/24/16 at 6:54 pm to Sam4LSU
Any update?
Posted on 8/24/16 at 8:33 pm to BR Tiger
What he said.
Posted on 8/24/16 at 8:49 pm to Civildawg
quote:I hope you're not just now smelling that coffee.
but if true, there are some really sick people in this world.
Posted on 8/24/16 at 9:32 pm to LSUFanHouston
quote:
If he is in a flood zone the mortgage company would not have funded without proof of insurance. Did the originator fake this?
Also did Tom ever get proof of coverage?
This x1000
I just closed on a rental in a flood zone and I had to make an insurance payment directly to the company so I could provide proof of insurance.
I think Tom is very confused unless the guy took his payment and typed something up and didn't process it.
Posted on 8/25/16 at 10:00 am to GFunk
GFunk: Who are you? Gimme a hint
Posted on 8/25/16 at 3:34 pm to LSUFanHouston
quote:
$3,000 was wired to the agent/broker, for the purposes of paying for the coverage, who then just pocketed the money
I smell a new episode of
Posted on 8/25/16 at 9:39 pm to novabill
quote:
GFunk: Who are you? Gimme a hint
quote:
novabill
Worked at HLC. Stayed till the end. Met you after I left. But had heard about you long before.
Posted on 8/26/16 at 11:10 am to GFunk
Are you still in the Biz?
Posted on 8/26/16 at 11:58 am to novabill
Interesting that Pimp has waked away from this story, but posts in other areas of TD. He should update.
Posted on 8/26/16 at 1:02 pm to HubbaBubba
I will update at some point. A few notes: The victim has lawyered up. Second, I am fairly certain that the loan originator posts here. I am absolutely certain that said originator knows our good friend, the much-respected NovaB and it would make sense that he knows GFunk too.
Nothing has changed about anything that I have posted. I have had a mortgage professional that I know (friends with NovaB)review the docs and situation and it all points to intentional fraud (or egregious mistake at best). It's just that I do not want to say anything that hurts the victim in any way. And of course, I have had no first hand communications with the loan originator AND HE MAY HAVE A PLAUSIBLE EXPLANATION. It's probably better if we address this down the road if and when it becomes public news.
Nothing has changed about anything that I have posted. I have had a mortgage professional that I know (friends with NovaB)review the docs and situation and it all points to intentional fraud (or egregious mistake at best). It's just that I do not want to say anything that hurts the victim in any way. And of course, I have had no first hand communications with the loan originator AND HE MAY HAVE A PLAUSIBLE EXPLANATION. It's probably better if we address this down the road if and when it becomes public news.
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