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Man Gets $21 Million For Credit Reporting Errors

January 28, 2014 Fannie & Freddie, FHA/HUD, Litigation 33 Comments
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Yes a man that had credit reporting errors with his mortgage was awarded over $21 million dollars as restitution.

In your real estate news and mortgage news today we have a Military man who setup auto pay for his house payments so that he wouldn’t have any late payments while he was deployed.  Well, there was a problem and the payments were being reported late.  Naturally getting a servicing company to correct an issue like this can be a nightmare.

Millions of DollarsHis fear was not only that his credit would be affected, but that the issue might cause him to have problems with his military career.  So he sued the servicer.  Well, he won!  And justice was served.  Served to the tune of $21 million dollars!  Now look, I know how frustrating this kind of stuff can be and suing the company may have been the only option to get their attention.  We also get that there needs to be some compensation for the matter.  But $21 million dollars?  What do you guys think?  Let us know down below.

We’ve also got some new FHA guidelines for Manual Underwrites that you can check out by CLICKING HERE to get Letter 14-02.

And in other news, a real estate agent in Denver accused Fannie Mae of taking bribes and some other dirty business.  Well, suddenly she stopped getting Fannie Mae listings.  How strange right?  Now she’s suing them saying that the reason she’s not getting listings is because or her accusations.  Ya think?  The nerve of some companies.

Don’t miss our Listing Booster presentation tomorrow where we will show you an actual presentation to real estate agents.  You’ll see just how powerful the product really is.  You can register by CLICKING HERE.

And finally if you’re a manager or an owner of a mortgage company and you want to learn how Listing Booster can increase the sales or your originators, and see how easy it is to get a corporate account simply fill out the form down below.

Have a wonderful day!

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