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6481623
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2023-01-24
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Trouble during payment process
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Mortgage
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| Tags |
Older American
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| Issue |
Trouble during payment process
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| Timely |
No
|
| Company |
WCS LENDING, LLC
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| Product |
Mortgage
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| Sub Product |
Other type of mortgage
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| Date Received |
2023-01-24
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| Submitted Via |
Web
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| Company Response |
Untimely response
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| Consumer Disputed |
N/A
|
| Date Sent To Company |
2023-02-14
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| Complaint What Happened |
WCS Lending, a mortgage broker in XXXX and Florida, led by broker XXXX XXXX filed fraudulent loan applications on loans submitted to various banks in order to collect a commission for the company. He also obtained what is known as a yield-spread premium from various banks in order to enrich himself and WCS Lending which knew of his operation.
He had been instructed by borrowers to only obtain no-income, no asset loans which were being offered by banks but which still required that the information on these " stated-stated '' loans be accurate -- which was never brought to the attention of the borrowers because all of the application information was fraudulent. Again, with the knowledge of WCS Lending.
XXXX XXXX filled out mortgage applications with fictitious information in order to obtain numerous loans which was completely fraudulent.
When the XXXX County District Attorney 's office contacted him, he blamed the borrowers and denied any wrongdoing.
Subsequently, the D.A. was prosecuted and imprisoned. Nothing happened to XXXX and WCS Lending is still in business. It is a fraudulent operation which has relocated XXXX XXXX to Florida where he still works for the company.
Borrowers went to prison for the D.A, 's Vindictive prosecution and WCS has never paid a price for their duplicity, fraud, or illegality.
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| Consumer Consent Provided |
Consent provided
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|
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119801
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2012-07-18
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Settlement process and costs
|
Mortgage
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|
| Issue |
Settlement process and costs
|
| Timely |
Yes
|
| Company |
WCS LENDING, LLC
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| Product |
Mortgage
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| Sub Product |
Conventional fixed mortgage
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| Date Received |
2012-07-18
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| Submitted Via |
Phone
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| Company Response |
Closed with explanation
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| Consumer Disputed |
No
|
| Date Sent To Company |
2012-09-05
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| Consumer Consent Provided |
N/A
|
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144408
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2012-08-30
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Application, originator, mortgage broker
|
Mortgage
|
|
| Issue |
Application, originator, mortgage broker
|
| Timely |
Yes
|
| Company |
WCS LENDING, LLC
|
| Product |
Mortgage
|
| Sub Product |
Conventional fixed mortgage
|
| Date Received |
2012-08-30
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
Yes
|
| Date Sent To Company |
2012-09-07
|
| Consumer Consent Provided |
N/A
|
|
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472979
|
2013-08-02
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Application, originator, mortgage broker
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Mortgage
|
|
| Issue |
Application, originator, mortgage broker
|
| Timely |
No
|
| Company |
WCS LENDING, LLC
|
| Product |
Mortgage
|
| Sub Product |
Conventional fixed mortgage
|
| Date Received |
2013-08-02
|
| Submitted Via |
Web
|
| Company Response |
Untimely response
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| Consumer Disputed |
No
|
| Date Sent To Company |
2013-08-07
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| Consumer Consent Provided |
N/A
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