Mortgage Fraud Examiners And CFPB Go After Common Foes

RESTON, Va. - Aug. 15, 2014 - PRLog -- The Consumer Finance Protection Bureau (CFPB) on Tuesday, 12 August 2014, slammed online mortgage lender Amerisave with a $19.3 million disciplinary penalty for bait-and-switch mortgage lending tactics.  While the CFPB started its work of policing lenders in 2010, Virginia’s Mortgage Fraud Examiners has worked assiduously years before helping borrowers hold accountable banks and related entities involved in the mortgage transactions for their scurrilous tactics. MFE services complement those of the CFPB, providing a rounded solution for consumers.

Mortgage Fraud Examiners specializes in examining borrower's mortgage transaction documents, to expose evidence of contract breaches, legal errors, tortious conduct, regulatory violations, etc.  This evidence provides borrowers with proof that the bank and others may have injured them.

This process differs dramatically from CFPB's process.  The CFPB requires the borrower to submit a written complaint providing evidence of wrongdoing. If the CFPB accepts the dispute, a specialist will review it for violations of consumer protection laws, and take action against the lender if a violation warrants it.

Storm Bradford, the Founder of Mortgage Fraud Examiners provided insight into the borrower dilemma. “Banks, appraisers, mortgage brokers, title companies, realtors and sellers have dozens of ways they can injure borrowers,” Bradford said. “The CFPB is unaware of these damages because the borrower doesn't know about them and therefore cannot report them.  That's where MFE comes in to save the day,” he continued.

Borrowers provide their mortgage transaction documents to MFE. The examination team evaluates every piece of paper, to find the actual evidence of injuries and violations. The borrower or an attorney uses them to negotiate a settlement with, or to formulate complaints against, the injurious party.

“The homeowners and attorneys that have utilized the methodologies of MFE have received financial settlements set-offs, free and clear property to millions dollar awards,” Bradford added.  “MFE and the CFPB give the borrower the only practical ways to hold lenders and their associates accountable for injuring the borrower.”

MFE serves the CFPB as well as the borrower by operating like a Crime Scene Investigation (CSI), according to Bradford.  “We have our clients file complaints with the CFPB detailing the injuries they suffered and the parties responsible.”  “The CFPB can start their own investigation.  That saves them an enormous amount of time.  In that way they get to use our expertise free, ” he concluded.

Mortgage Fraud Examiners service provides top value to borrowers with mortgage trouble, according to California-based loss-mitigation negotiator Suzanne Reed.  “Consumers desperately need the service of Mortgage Fraud Examiners to help them save their homes from foreclosure,” she said.  “Without MFE's mortgage examination analysis, borrowers have no hope of avoiding loss of the house.  That MFE examination is a bargain because attorneys generally cannot or will not do it, and the exam report gives me enormous leverage in my negotiation efforts.”

Reed went on to acknowledge the CFBP's value. “I applaud the CFPB,” she said, “for what they have accomplished in the spanking the lending industry for its abuses against borrowers.  We need more organizations like it for oversight of the real estate and appraisal industry.”