PREDATOR: ISLAND EQUITY Mortgage

[JacMac]

IT IS MY CLAIM (My Claim -- not Moe's)THAT:

ISLAND EQUITY MORTGAGE INC. of MELVILLE NEW YORK (Ernesto Puteri, CEO) VIOLATED THE LAW BY:

PUTTING me into an ARM when I ASKED for a fixed rate loan.

FRAUDULANTLY inflating my income to $14,000 A MONTH without my consent or knowledge and then photocopying my signature onto the consent page.

FAILING to disclose the hard, three year payment that trapped me into the loan.

FAILING to disclose the terms of the loan but putting documents before me ON THE DATE OF CLOSING and asking me to sign indicating that I did know and did understand.

FAILING to disclose their outrageous $14,662 YSP which they were to get from Countrywide for putting me into a higher rate loan with a prepayment penalty.

FAILING to disclose that WHEN I WANTED TO WALK, they changed the terms of and reduced their YSP to fraudulantly induce me to close on the loan. They told me I was getting a better rate, when in fact I was getting a rate closer to what I SHOULD HAVE GOTTEN, had they not bumped it up to get their commission.


FRAUDULANTLY telling me NOT TO WORRY, that I would be able to refi. in two years as a way to induce me to close on the loan when they KNEW that the loan had a hard three year prepayment penalty.

VIOLATING my right to recission by fraudulantly inducing me to close on a renegotiated loan with new terms and an undisclosed hard three year prepayment penalty two days after I signed documents closing on a loan that indicated I wanted to WALK AWAY FROM.

CREATING FRAUDULANT DOCUMENTS and photocopying my signature to them, without my consent or knowledge.


FRAUDULANTLY creating a Broker Loan Agreement with a photocopy of my signature and submitting it to the New York Banking Department to support their defense against my claim that they FAILED TO disclosed the YSP and prepayment penalty at any time during the loan brokerage process.

ISLAND EQUITY MORTGAGE INC. IS A PREDATORY LENDER

The name of the Loan Officer who worked on my loan was:

REGINA FERRARO and once again she worked at:

ISLAND EQUITY MORTGAGE.

She didn't sit in with me at the closing. She did her dirty work and didn't have the nerve to face me on the day of.

Ernesto Puteri, President and CEO of ISLAND EQUITY MORTGAGE is located at 555 Broadhollow Road Suite 203 in Melville, New York.

Their sharks started calling me just eight short months after I refi'd into the negative am. nightmare they sold me, asking me to refi AGAIN -- assuring me I could get a great rate loan.

ERNESTO PUTERI AND HIS CRONIES AT ISLAND EQUITY MORTGAGE ARE PREDATORY SHARKS AND ANY ONE WHO IS ABOUT TO DO BUSINESS WITH THEM OR HAS SHOULD LOOK OVER THEIR PAPER WORK VERY CLOSELY -- OR BETTER YET, LOOK ELSEWHERE.

[Moe Bedard]

Perfect. That way people can see the name in the link when they scan the forums and also the search engines will pick up these names to Great work.

[JacMac]

This is an update on my fight with the mortgage broker who committed fraud in acting as a broker at my closing.

I received copies of THE FRONT of six checks in response to my QWR to them, siting RESPA violations

They pretty much ignored every other request that was made there, for the entire file, the rate sheet and any disclosures and for an explanation of the fees.

I spoke to the person who is handling my complaint at the New York State Banking Department, Hilton Mitchell, Senior Bank Analyst and at first he was trying to tell me that I wasn't really entitled to this stuff.

I gently reminded him that in response to my initial complaint, Ernesto Puteri, their CEO, said in writing that he had reviewed his entire file and this was his conclusions.

I said, since it's my contention that he's frauding docs, such as the Loan Agreement he submitted dated two weeks before I ever met anyone of them, stating that I agreed to a 4% yield spread premium -- I wanted to see that file (really I don't think a real file exists).

So he agreed that I should get that information.

BUt this slime ball calls me that moring I fax him a second QWR stating that he stands to be in violation of RESPA laws if he doesn't respond and will face a law suit , and had the nerve to ask me if I hadn't got his response as if it was adequate.

I basically ignored his ignorant questions and told him I was in contact with the NYS Banking Dept and he and I were in full agreement that he needs to provide this information to me.

Well, in speaking to the NYS Banking Department Senior Bank Analyst, we discovered two things.

My Good Faith Estimates frm Countrywide states that IF American Wholesale Lenders funds my loan, I WILL NOT have a prepayment penalty, and if Countrywide Bank does, I will.

My note states my lender is Countrywide Bank.

My Hud 1 Statement states my lender is American Wholesale Lenders.

In addition, amongst the checks that I was sent (front copies only, and I requested that I bet sent the cancelled checks so I know when they were cashed and the NYS Bank analyist agreed) there's a check to Alpha Abstracts, the Title company for $23,000.

NOwhere is that on my Hud 1.

As a matter of fact, none of the fees that are listed as paid to Alpha Abstract even come up to that amount, not the title insurance or the Closing Fee. Even if I add the Mortgage Tax, it falls short and brings my closing cost to over the amount that was listed on the HUD 1.

So I think a QWR to the Title company will be next, although the Senior Bank Analyst at the NYS Banking Dept has assured me that the mortgage brokers will have to explain this cost.

More to come . . .

[JacMac]

The New York State Banking Department fined Island Equity $15,000 for false Advertisement in June 2007:

State of New York Banking Department

In the Matter of

ISLAND EQUITY MORTGAGE INC.

A Registered Mortgage Broker pursuant
to Article XII-D of the New York
Banking Law

- Respondent -
SETTLEMENT AGREEMENT

�����������������������������������������
Whereas, ISLAND EQUITY MORTGAGE INC. (“Island Equity” or the “Registrant”) was granted a registration on November 12, 2002 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (the “Banking Law”) and currently operates its headquarters located at 555 Broadhollow Road, Suite 203, Melville, NY 11747; and
Whereas, on July 7, 2006, the Banking Department (the ‘Department”) received a consumer complaint raising the issue of misleading advertisement received from Island Equity. A review of the advertisement noted the use of the term ‘United States of America” and an image of the Statue of Liberty;
Whereas, Island Equity’s use of the advertisement represents a violation of Part 38.2(e) of the General Regulations of the Banking Board which reads “No mortgage broker, mortgage banker or exempt organization shall fraudulently or deceitfully advertise a mortgage loan, or misrepresent the terms, conditions or charges incident to a mortgage loan in any advertisement therefore;”
Whereas, in August 2004, the Department cited Island Equity for advertisement violations relating to Island Equity’s failure to include APR in its advertisement and to comply with the provisions of Part 38.2(a) and (d) of the GRBB;
Whereas, Part 38.2(a) requires the inclusion of the legend “Registered Mortgage Broker-NYS Banking Department” and Part 38.2(d) requires a statement to the effect that the mortgage broker arranges mortgage loans with third-party providers.
Whereas, the Superintendent and the registrant mutually agree to resolve such Violations by the imposition of a fine in the amount of $15,000 in lieu of commencing a hearing seeking revocation of the registration;
NOW, THEREFORE, IT IS STIPULATED AND AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
THAT, the Registrant agrees as follows:

1. Without admitting or denying the aforementioned allegations and fully understanding the terms and conditions of the Settlement Agreement (the “Agreement”), Island Equity knowingly and voluntarily waives its right to a hearing on the violations cited and any appeal relating to this matter.
2. Island Equity will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
3. Island Equity agrees to pay a fine of $15,000 payable upon execution of this Agreement. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department;
4. Island Equity will develop appropriate written advertisement policies and procedures designed to ensure compliance with all applicable federal and state laws, regulations and supervisory requirements. The policies and procedures shall, at a minimum, address:
   1. Designation of an individual responsible for monitoring compliance with applicable laws and regulations and supervisory requirements;
   2. Methodology for ensuring that Island Equity and its employees are knowledgeable of regulatory and legislative changes and supervisory requirements;
5. Within ninety (90) days of the execution of this Agreement, Island Equity will submit a draft copy of its advertisement policies and procedures to the Banking Department for review;
6. Within one hundred and twenty (120) days of the execution of this Agreement, Island Equity will final copies of its advertisement policies and procedures, approved by an authorized officer, to the Banking Department for review;
7. Island Equity fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department suspending its mortgage broker registration and scheduling a hearing for revocation;
8. All communications regarding this Settlement Agreement shall be sent to:
   
   
   Ms. Rholda L. Ricketts
   Deputy Superintendent of Banks
   Mortgage Banking Division
   New York State Banking Department
   One State Street
   New York, NY 10004
   
   
   Mr. Ernesto Puteri
   Chief Executive Officer
   Island Equity Mortgage Inc.
   555 Broadhollow Road, Suite 203
   Melville, NY 11747
9. The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to the matters not relating to this Memorandum of Understanding or any criminal aspect of the concerned matters in this Memorandum of Understanding.
10. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department except if in writing, signed by the Superintendent.
11. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Superintendent.
12. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or his Deputy.
13. The provisions of this Settlement Agreement are not confidential

Agreed to and Accepted:
Dated:__________________.
By: ___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks
New York State Banking Department
Dated:__________________.
By: ___________________________
Enersto Puteri, Chief Executive Officer
Island Equity Mortgage, Inc.
http://www.banking.state.ny.us/ea070412.htm
************************************************** *******

There's more than one way to skin a ***! If the laws were upheld as strictly as this law was, the laws about disclosure and Truth in Lending, we would not be in this mess!

This was after my loan -- I sure wish I knew what I know now, and had been able to see this before signing on the dotted line.

[JacMac]

I received a copy of Island Equity's file regarding my loan today, seasoned with fraudulantly signed documents back dated to a time when I had never even met an Island Equity employee.

There are pages with handwriting that does not remotely look similiar to the others and a signed Good Faith Estimate, which I never received indicating quite amazingly clearly the prepayment penalty and their 1.5% YSP rate.

He candidly says in his reply letter, Mr. PUKEteri, that the Settlement Agent is responsible for the HUD1 and all the charges and can explain them to me and advises that I contact him.

He also says, and I freakin' quote: THE CLOSING DID NOT GO THROUGH DUE TO THE FACT OF THE YSP.

Now what attorney advised him to say that?

Now that it's clear there were two closings, and that the YSP was reduced at the second, he turns the table and basically says I ASKED HIM TO REDUCE IT?

Hell, I didn't even know about it.

I'm so disgusted I could throw up.

[JacMac]

COPY OF LETTER SENT TO ISLAND EQUITY MORTGAGE THIS MORNING:



Island Equity Mortgage Inc.
555 Broadhollow Rd Suite 203
Melville, NY 11747
ATTN: Ernesto Puteri, President

Re: NYS Banking Department File No. 07 M 1892 Re. Countrywide Loan # 150762636

I am in receipt of your response to my “Qualified Written Request” (QWR) of December 27, 2007, which is full of back-dated, fraudulently signed documents, some with clearly photocopied signatures and others with forged signatures.

I look forward to hearing you explain to a jury how I was able to sign documents three weeks before I ever met an employee of Island Equity Mortgage in person, documents which were never faxed to me. I am eager to hear your response when a court of law requires you to produce the originals of some of these forged documents, as well as the fax confirmation sheets which indicated that they were sent to me at the time and on the date which you deceitfully contend.

I am most looking forward to the penalties you will most certainly incur once it becomes clear to the New York State Bank Department that you continued your practice of deceit in responding to the complaint made against you.

In the mean time, I am fully committed to filing complaints with every governing body in New York State to whom you will be forced to answer, as well as launching a full investigation with the FBI. I am entirely confident that Island Equity Mortgage’s days of fraud and forgery are coming to an end.

Might I suggest delving into a career in fiction? Although you will certainly need to learn how to properly write an English sentence before doing so,

Regards,

cc: Hilton Mitchell, NYS Banking Department