To: Mark McGuinn, Sales Manager
(The contracted order was to include ltv's no "higher" than 90%)
After much work and per our conversation enclosed is a break down on the list I purchased from Mike Wohl, invoice date 8/15/08. The ltv's listed are lower than that caluculated 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 ltv's between 93-103%, all have the same sales and mortgage date. The order was for estimated ltv's 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 believe if courts house 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 are168=17% of 988 records with ltv's listed that are clearly wrong and different from that calculated based on 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, ther are 512 records that were not received. I must have taken for granted all the of records were there when I downloaded the list. I tried going back to the link but the log in an password was not recognized so I could not download it again and will need a new log in 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 I 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.
0 comments