First Magnus poor underwriting guidelines - Lets one buyer get 6 loans in One month
How is that possible for First Magnus to fund one buyer 6 loans for 6 properties in less than one month? Could the fact that First Magnus has filed a civil suit and included more than 60 defendants just possibly be because they want to take the eye off of the simple question, how was it that their licensed employee could take someone’s loan application to different underwriters working at First Magnus…
…so that each underwriter wasn’t aware that the loan applicant was buying more than one house - and yet, First Magnus funded all 6 loans themselves for that one buyer who could not qualify for 6 simultaneous loans.
Perhaps - the allegations and FACTUAL MISREPRESENTATIONS submitted to mortgage fraud blogs for the gospel on the internet sites was a tactic to use us as a scapegoat since we are in the public eye as real estate experts…and deflect from the fact the lending institution let a buyer close on 6 or more properties that month, the employee of First Magnus did not disclose that to us as we sold one property that month to the buyer…and yet First Magnus is suing us?
Hmmm, I’d like to do a discovery phase of that branch of First Magnus (dba Great Southwest Mortgage) to determine who the underwriters were for each of those 6 loans for 6 separate property purchases, how much money did First Magnus make on each of those loans that month, and how many other loans did that branch do…someone had to have taught the licensed mortgage broker who was an employee of First Magnus how to utilize six separate underwriters for what I’d like to call the “hear no evil, see no evil” lending practices!
Yours truly, Maria Gudelis
Filed under: Miscellaneous
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