Fraudulent Mortgage Broker

S8NDS

FraudBuster wrote: »

As you are already dealing with the FSA, just some information:

http://www.fsa.gov.uk/smallfirms/your_firm_type/mortgage/fraud/index.shtml

This is a great link!!!! thanks!

S8NDS

HelpWhereIcan wrote: »

Optoma as they were then no longer exist (folded last year) so you may have to apply to Kensington for a copy of their file as it should include a copy of the search.[/qu

If Optoma has folded where have all their client files gone? Is there anyone else who I can contact besides Kensington?

Thanks

FraudBuster

Contact details from Companies House:

Name & Registered Office:
OPTOMA BROKER SOLUTIONS LIMITED
Company No. 03641508


Case Number:1Case Type:COMPULSORY LIQUIDATION Practitioner name:OR LONDON, THE OFFICIAL RECEIVERPractitioner address:21 BLOOMSBURY STREET
LONDON
WC1B 3SS
Practitioner name:CARR, IAN STEWARTPractitioner address:GRANT THORNTON UK LLP
BYRON HOUSE
CAMBRIDGE BUSINESS PARK
COWLEY ROAD CAMBRIDGE CB4 OWZ

S8NDS

FraudBuster wrote: »

Contact details from Companies House:

Name & Registered Office:
OPTOMA BROKER SOLUTIONS LIMITED
Company No. 03641508


Case Number:1Case Type:COMPULSORY LIQUIDATION Practitioner name:OR LONDON, THE OFFICIAL RECEIVERPractitioner address:21 BLOOMSBURY STREET
LONDON
WC1B 3SS
Practitioner name:CARR, IAN STEWARTPractitioner address:GRANT THORNTON UK LLP
BYRON HOUSE
CAMBRIDGE BUSINESS PARK
COWLEY ROAD CAMBRIDGE CB4 OWZ

BINGO! your a star fraudbuster many thanks!!!!!!!!!!!

S8NDS

dunstonh wrote: »

Had they not been there long? Was your boyfriend looking for more lending than their official income could not achieve? (fraudulent application which implicates both adviser and applicant).

Dunstonh his wife had been in her current line of work for 16 years and he had been in his job for 8 months?

dunstonh

S8NDS wrote: »

Dunstonh his wife had been in her current line of work for 16 years and he had been in his job for 8 months?

What were the incomes and amount being borrowed? what were the monthly commitments for loans/credit cards?

Basically, its looking more like a lie to buy and the problem with these is that whilst the adviser is totally in the wrong for doing it, the applicant is as well. It may not be that but the choice of lender and the use of self cert and based on what you have said is certainly leaning towards that.

Also, I do have some sympathy with mortgage advisers on this point. My mortgage adviser just last week said he used to have a client who now refuses to deal with him and uses another adviser because he couldnt place the mortgage. Yet the new(er) adviser placed it and lied to do it. The ex client thinks the new adviser is a better adviser than my mortgage adviser.

I dont think they should lie but historically, before advice regulation, their background was to try and get the mortgage for the client at all cost. When advice regulation came in, it required a whole culture change and its clear that hasnt happened quickly enough both with advisers and with consumers. Consumers were more than happy to get the mortgage but if it goes wrong, they are just as happy to blame the adviser.

HelpWhereIcan

S8NDS wrote: »

All this info was sent to the FSA last year. The Broker replied stating that GMAC declined the application due to bad rating and that his current mortgage lender was seen as an adverse lender. He was with Birmingham Midshires at the time before Kensington. At that time he had missed 2 mortgage payments with Birmingham Midshires and he was behind on a few payments on a car loan but there was no defaults or CCJs. He wanted to remortgage to release money to pay back this car loan and refurbish his house.

Unfortunately for your case the fact that your boyfriend and his ex had 2 months mortgage arrears at the time does more damage to their credit profile than any historic CCJ and it would have been unlikley that they would qualify for a prime rate at the time especially when you also take into account a few missed payments on a car loan.

The fact that there were mortgage arrears will make the CCJ & default pretty much irrelevant to his choice of lender and deal. Most lenders who would allow 2 months missed mortgage payments (in the last 12) would ignore any defaults and allow up to about £1500 in CCJs while stilling putting him on a Low/Medium adverse credit deal.

assuming he applied in February 2005:

which 2 months were missing from the BM Solutions mortgage?

which months were missing from his car payments?

Re the self cert situation; you say he had been in his job for 8 months - I take it he was employed. Was he reliant on commission/bonus or overtime to increase his income above his basic salary?

S8NDS

dunstonh wrote: »

What were the incomes and amount being borrowed? what were the monthly commitments for loans/credit cards?
.

Hi on the letter of suitability for Kensington the mortgage required was £87,000 on a property valued at £115,000. his and his wifes' income was never inflated and is listed at £2066 per month, which is correct. The orginal mortgage was around £53,000 and they increased it to pay for home improvements and pay off the car loan. The car loan was £89 a month and their mortgage at that time was £373 (capital + interest).

The letter of suitability stated that after monthly outgoings they had £916 as disposable income.

thanks

S8NDS

HelpWhereIcan wrote: »

Unfortunately for your case the fact that your boyfriend and his ex had 2 months mortgage arrears at the time does more damage to their credit profile than any historic CCJ and it would have been unlikley that they would qualify for a prime rate at the time especially when you also take into account a few missed payments on a car loan.

The fact that there were mortgage arrears will make the CCJ & default pretty much irrelevant to his choice of lender and deal. Most lenders who would allow 2 months missed mortgage payments (in the last 12) would ignore any defaults and allow up to about £1500 in CCJs while stilling putting him on a Low/Medium adverse credit deal.

assuming he applied in February 2005:

which 2 months were missing from the BM Solutions mortgage?

which months were missing from his car payments?

Re the self cert situation; you say he had been in his job for 8 months - I take it he was employed. Was he reliant on commission/bonus or overtime to increase his income above his basic salary?

Hi the missing payments for BM mortgage was Nov 2004 and Jan 2005.

The missing payments for his car loan were Jan 2005 and Feb 2005

He was employed and still is as an ambulance driver so there are no bonus' etc.

His letter of suitability regarding the Kensington Mortgage stated that his and his wifes' income was £2066, their monthly expenditure was £1150, leaving £916 as disposable income. The salary stated was correct at that time. The mortgage was for £87,000 on a £115,000 house.

So basically HelpWhereIcan you are saying that his missed payments are the reason his original mortgage failed through GMAC?

Also how about the proof he has had no CCJ's including the latest one the broker is stating from Barclaycard. We have proof he has never had a CCJ from them or anyone else....wont the FSA take this into account?

thanks

HelpWhereIcan

S8NDS wrote: »

Hi the missing payments for BM mortgage was Nov 2004 and Jan 2005.

ah

S8NDS wrote: »

The missing payments for his car loan were Jan 2005 and Feb 2005

ah

S8NDS wrote: »

He was employed and still is as an ambulance driver so there are no bonus' etc.

no need to self certify then. If the broker is justifying his selection on the basis of needing to self certify it is unlikley to stand up.

S8NDS wrote: »

His letter of suitability regarding the Kensington Mortgage stated that his and his wifes' income was £2066, their monthly expenditure was £1150, leaving £916 as disposable income. The salary stated was correct at that time. The mortgage was for £87,000 on a £115,000 house.

At least there doesn't seem to be any inflating of the income but why did he use a self cert scheme at all - the rate would, more than likely, have been a little lower if he had not.

S8NDS wrote: »

So basically HelpWhereIcan you are saying that his missed payments are the reason his original mortgage failed through GMAC?

Yes, afraid so. It is also the most likely reason that Kensington was the lender that had to be used.

I would be very surprised if he would have passed with any prime lender (except maybe RBS) with having 2 out of the last 3 mortgage payments missed.

If they were late (and paid within the month they were due) it might be different as they might not show on his credit file; but most lenders (even subprime) would want him to have made all of the last 3 payments on time at the very least. Otherwise the likes of Kensington came into play.

S8NDS wrote: »

Also how about the proof he has had no CCJ's including the latest one the broker is stating from Barclaycard. We have proof he has never had a CCJ from them or anyone else....wont the FSA take this into account?

thanks

The Ombudsman may see it as a sign that there could be other inconsistencies in the file that would bring the advisers record of other factors into doubt, but it looks like he would have had to have gone sub prime anyway.

This is why I don't understand the CCJ/default thing as the adviser would not need them to be there to justify a sub prime lender.

You may have a complaint if, by using a self cert scheme, you bf's rate was put higher still; but you would still have to accept that the weighting that would have been applied to the rate would be likely to be 0.25 - 0.5% rather than any higher amount you may have had in mind before.

Ignore the sub prime thing I think. Concentrate on why he was self certed - more mileage in that IMHO