Sure I get that absolutely, but at the same time I believe I had to submit somethings that would make some of this very VERY obvious. Such as, bank statements for 2-3 months or a tax form.

You are certainly right in that maybe these guys are forging all the bank statements, tax forms, payroll forms, etc.

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Posted by Im4datigers

Northern Virginia

Member since Oct 2003

4466 posts

Posted on 8/13/20 at 2:27 pm to baldona

We got tax forms 940/941's that looked completely legit along with an application and the whole nine yards. Everything matched up and we funded the loan. It wasn't until the customer made one small mis-step before funding that raised a couple of eyebrows or we would have had $500k out the door with total fraud and a phony company. Every single thing lined up exactly how it should have.

These guys were professionals fraudsters and knew what they were doing. Lucky for us they got dumb right at the last minute and made one very small mistake which cost them.

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37162 posts

Posted on 8/13/20 at 3:58 pm to baldona

quote:
Sure I get that absolutely, but at the same time I believe I had to submit somethings that would make some of this very VERY obvious. Such as, bank statements for 2-3 months or a tax form.

You are certainly right in that maybe these guys are forging all the bank statements, tax forms, payroll forms, etc.

The bigger banks were taking a long time to process the apps, and were cherry-picking their clients.

Some smaller outfits, and places that are more non-traditional, were accepting anyone and rolling through them quickly.

I'm wondering if when we start really finding out who the fradulent appliers were, if they are all gathered around a few "banks".

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