- Sacramento Real Estate Adventures - Your Sacramento Real Estate and mortgage blog!

This story was reported by News 10 in Sacramento yesterday...

"The managing broker behind a failed mortgage operation posted a rambling essay on the company's Web site describing his years of fraudulent activity and asking for forgiveness.

The seven-page essay by Christopher Warren, 27, replaced the home page of Triduanum Financial which abruptly closed its doors last month."

Here is a link to the full article >>

Here are some shocking quotes from Christopher's memo..

"Overall in the two and half years I was at Ameriquest I funded over $90,000,000 in mortgages, of which more then $75,000,000 contained some sorts of material frauds undetected by management and funders."

"We found investors that were not re-pulling credit reports, so we would change a 500 fico to a 700 fico, a person in foreclosure and make It look like they were never late, fake w2s, pay stubs, bank statements, verification of deposits, none of which was being re-verified."

Read the memo >>

I found the details in this memo shocking.  In fact I had to read a couple paragraphs a couple times so I could let it sink in.

I just don't do business like this...never have.  It would NEVER EVER occur to me to make changes to Client's documents or provide fake ones to get a loan to fund. I am stunned.  No wonder we (Mortgage Brokers) are the scapegoat for this whole mess.

BUT.... Where were the Lenders in all of this mess?  They are the ones who did not verify anything that was provided.  Yes this guy sounds like a piece of work ...but it is a good example why EVERYONE was involved in the mess we are in.  Period.

The moral of the story.. TRUST who you are working with. With the mound and mounds of paperwork involved with getting a mortgage, it is easy for a shady "Mortgage Professional" to manipulate the numbers. Please do yourself a favor and focus on the quality of the person you are hiring vs the rate that you have been quoted.

The whole situation really was a ticking time bomb waiting to go off... and boy did it!

This blog by:

Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com

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**** Update... Looks like Christopher Warren, according to News10, fled the country on a private jet on Monday, the same day he replaced the home page of the Triduanum Financial Web site with a seven-page essay outlining his crimes and asking for forgiveness.

Read the new article >>