Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

What is RPA?  Robotic process automation?

Sep 28, 2021 11:40 AM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Was this a former Countrywide exec?  Sounds so much like their "If they can fog a mirror, we'll give them a loan" program.

 

And no, I wouldn't be a part of it.

Sep 28, 2021 02:40 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Amazing that this is going on...but then I just read that a 131 federal judges failed to recuse themselves  even when they or their families had a financial interest...Very little surprises me these days!  A

Sep 28, 2021 02:25 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Wouldn't do it!

Identification, credit report for a mortgage and a Real Estate Purchase Contract signed by all are a must. Without those, it could be a good case for fraud due to a blatant disregard for rules and regs. Yikes!

Sep 28, 2021 02:16 PM
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Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

walk away from the deal and rest easy that night 

Sep 28, 2021 01:46 PM
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Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

As a Realtor, I'm an independant contractor, therefore I don't really have a boss.

 

But I'm not willing to handle transactions without a fully signed purchase agreement.  So I am going to change agencies.

Sep 28, 2021 12:50 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

No way would I be involved in practices like that! 

Sep 28, 2021 12:42 PM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no clue what an RPA is. But if a boss was asking me to do something illegal... I'm not fighting. I'm walking. A boss like that will throw you under the bus in a NY minute if you fight.

Sep 28, 2021 12:23 PM
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Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Well, it's against the law to stop them from doing exactly that. Giving money out to unidentified people used to be called fraud. Now it's ok cause the CEO says they need the numbers?

I'm not in your business but I know I cannot have any blanks on any contracts that I write like the examples. Stops fraud.

Sep 28, 2021 11:46 AM
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Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Never heard of anything like this.

Is this a trick question? LOL

Sep 28, 2021 11:42 AM
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Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

The guy worked for Countrywide back in the day???  Imagine my surprise.  How many neighborhoods will be decimated this time?

Sep 28, 2021 02:49 PM
Rainmaker
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Go by the book.

Sep 28, 2021 01:26 PM
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272,375
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I get those kinds of instructions in writing. 

Sep 28, 2021 02:22 PM
Rainer
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Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ

Caroline Gerardo I don't know the details of this case, but I don't think the "I was just following orders" defense is a valid defense against doing something a reasonable person should know is illegal.

The problem is that too many people don't have the moral integrity to do what's right regardless of the consequences.

Sep 28, 2021 01:12 PM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

RPA is the Residential Purchase Agreement signed by a buyer and seller in California

Sep 28, 2021 12:36 PM
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OMG! FIGHT! This is bad business and 'how we got here the last time'!!!!!

Sep 28, 2021 02:55 PM
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4,099,168
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Caroline - the first word that caught my attention was "orders".  Somebody has an "identity crisis".  

Sep 28, 2021 12:49 PM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

My license is more valuable than the commission on one deal. I am taking a walk, likely a run,  looking for a new place to hang my license. As Ron and Alexandra Seigel said, the courts may not come to your aid.

Sep 29, 2021 04:42 AM
Rainmaker
1,921,264
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

What?

Never heard of this.  I am my own boss and I would never conduct business that way. 

Sep 28, 2021 04:17 PM
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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, WV - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Isn't it funny how IPOs can turn people into monsters.  This line from the article pretty much sums it all up:

 

Hsieh has been the biggest beneficiary of the IPO – as the largest shareholder, last year he took advantage of a one-time discretionary performance bonus of $42.5 million.

Sep 28, 2021 04:16 PM
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Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

NOT a chance.

Sep 28, 2021 03:21 PM
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Interesting lawsuit. Alleges fraud and a toxic working environment. If the fraud is proven, I see potential jail time for the CEO and big shareholder lawsuits as the value of the public company craters.

By the way, I would never submit an RPA (purchase contract) that is not fully executed (signed) to a lender...nor would a reputable lender process an unsigned purchase contract.

Sep 29, 2021 06:31 AM
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Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

My first thought is many contracts have closed without all of the required signatures.

Oct 01, 2021 09:55 AM