I am a what is called a due diligence underwriter on the secondary market. What I do is examine loans to make sure they are closed in a manner that is legal. When loans are bought and sold on the secondary market, they hire due diligence underwriters to protect the investor (usually other mortgage companies) against buying loans that were closed faudulently by the lender that is selling them.
I did a job over 2 yrs ago with Quick Loan funding at their location on Michelson. The loans were obviously closed incorrectly. The worst loans I have ever seen. I don't understand why (or how) they can still be in business.
Recently I did an assignment where the topic of Quick Loan Funding came up again. I heard from another underwriter that he was finding that the HUD 1's were being altered, which is a federal crime. His statement was something like "There was not one page in the loan file that was not fraudulent".
So to all of you out there, the industry is very aware of the problem. I also heard that they are trying to get approved for writing securities against their loans. If anyone in the legal arena is reading this, approving this company would be a particular mistake.
Something needs to be done about the higher ups at Quick Loan funding, from Daniel Sadek to their CFO Mark Usselman, these guys are CROOKS. I have a personal problem with their CFO, Mark Usselman. I use to work with him and he is a dirt bag. The day I see these men in hand cuffs will be a good day for me and for the mortgage industry as a whole.
Thank You.
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