Should I Ask Broker About My Records?

[6wolverines]

We discussed this on another thread but I wanted to bring it up again. Ohio Revised Code requires brokers to maintain records for a length of 4 years from date of closing. Records should be kept in Ohio unless written authorization is granted by the superintendent. The records must be kept separate from other business records...blah, blah, blah.

Here's the question....I just found the owner/President (Mr. Phelps Evans) of the now-defunct mortgage brokerage and he is selling used cars at the local Lexus dealer . On the dealer's website there is an email address for Mr. Evans. Would it be wise or not to make an email contact with him to inquire as to the whereabouts of our original documents? I would be my guess that the records are not being kept in a way requires by our state code.

Char

I believe that I have a post somewhere, can not for the life of me remember where, kind of like those private papers that were supposed to be placed with a reputable archival system....... Hummmm must be a Lender problem, now where did I leave those pesky papers, posts, etc....

Why not...could be amusing at best and quite disturbing at worst. Then report the beggar for the violation if he is mystified - was he the Broker of record? If not then find out who was and report them if there was no reputable private archival storage system engaged at the closing of the Brokerage. Unfortunately the Broker/Owner of record is the responsible party for the archival of the records, if this fellow was just a Loan Officer, he is not responsible or the party you need to report. Raise a major stink however given the circumstances, which in my best guess may be that those pesky papers are in the basement, dumpster, attic, kitchen closet....now just where the heck is that post......

Oh you might also share with him (sharing is caring you know) that he has definitely found his ultimate career or perhaps returned to it - used car sales.

[6wolverines]

TeeHeeHee......Don't you just love the "used car" ending to this fairytale??!!

Yep, Mr. Phelps was the Owner/President of the brokerage.

I can't find the previous thread either but in it you had mentioned the potential FREE FOR ALL as concerns the documents of a defunct scuzz-bucket mortgage broker.....and now that I have confirmed the owner's USED CAR SALESMAN status.....it does concern me that the records are probably NOT being stored appropriately.

I believe I shall make an effort to contact him today.....might be interesting (and, yes, amusing) to see him sweat.

Used care salesman......HaHaHaHaHa

Char

Yes it is such a fitting and apt end to the saga. The damn shame of it all is where people like him put all of us with their lies and scams. The only scintilla of humor I do get out of it is.......USED CAR SALES

[6wolverines]

Okay.....I emailed Mr. Evans and HE CALLED ME!!!! I inquired about the whereabouts of our documents and he told me....."THEY ARE SAFELY LOCKED UP IN MY BASEMENT"

Now, feel free to call me "paranoid"....but somehow I'm feeling that "locked up in the basement" is not the safest, most secure place for my info including our credit reports, social security numbers, various other financial and personal information!!!

As I stated previously, Ohio Revised Code 1322.01 to 1322.12 requires....
All books and records must be kept in Ohio in a registered office unless authorized by the superintendent and written approval is given.

I'm thinking the superintendent (whoever that is) would not authorize that records be stuck in a basement. Let's think....burglary, fire, flooding.....anything!!!

Char

Hey - Basement was my first guess.....give me some credit here

Do I think like a Lender or what......please do not answer that question, not at least in writing, thank you.

Isn't that SPECIAL, well, you know I am not sure that is what the State of Ohio or for that matter the Feds had in mind for "Safe, Secure, Private Keeping". Contact the authorities and get them to take action, that is truly not what they had in mind and in my opinion the first Burglar that breaks into that Basement will have a heyday. Forget Flood, Fire and other pestilences, Robbery is of the upmost concern along with the most compelling question, "what does he intend to do with them in the long run"?

I hope that you shared with him that his present career path was one that he should continue at all costs to pursue.

[Moe Bedard]

Heck at least it's not in the trunk of his used Lexus and he's sleeping in it. That might be the next step since the car business isn't much better than the mortgage business right now.....

This is something I have not thought about. Just imagine where some of all this paperwork is located or has been thrown away.

If he is complying with you and gets you all you need, then maybe you don't need to make his life hell. But if he makes it difficult then by all means do what you need to do to make sure you get your paperwork and it doesn't happen to anyone else.