To: Mark McGuinn, Sales Manager
(The contracted order was to include LTVs no "higher" than 90%.)
After much work, and per our conversation, enclosed is a breakdown of the list I purchased from Mike Wohl, invoice date 8/15/08. The LTVs listed are lower than those calculated based on the listed loan amount versus the listed sales price. When calculations were completed, it was found that 342=35% of 988 records had LTVs between 93-103%, and all have the same sales and mortgage date. The order was for estimated LTVs from 0-90%. Please keep in mind this has nothing to do with appreciation but rather the listed loan amount versus the listed sales price.
During the first mortgage date of 10/14-10/14/23006, 100% loans were prevalent with subprime lenders. Surprisingly, there are 356=36% of 988 records with LTVs of 80%.
It is believed that if courthouse records were verified, there would be an outstanding 20% loan for the same date as that listed for the first mortgage on this list. There are 168=17% of 988 records with LTVs listed that are clearly wrong and different from those calculated based on the listed sales price versus the loan amount listed. Examples of some leads:
#36 LTV listed 69%, actual 80%
#194 LTV listed 57%, actual 71%
#263 LTV listed 88%, actual 103%
#337 LTV listed 66%, actual 80%
#372 LTV listed 51%, actual 67%
#491 LTV listed 52%, actual 79%
It goes on and on.
Lastly, there are 512 records that were not received. I must have taken for granted that all of the records were there when I downloaded the list. I tried going back to the link, but the login and password were not recognized, so I could not download it again and will need a new login and password to do so. I imagine that list would be modeled after the list that was received. Please let me know how this situation will be rectified.
Offer from Mark Mcquinn: As a sign of good faith, I am willing to replace 100 records at no charge, even though we do not credit on LTV as it is an estimated attribute.
Thanks.
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