PREDATOR:BRIAN DOLAN HOME LOAN FUNDING(Option One)

[Ragdoll]

Here goes:


Brian Dolan was the mortgage broker working for Home Loan Funding (OPTION ONE) in Irvine California that put me into this loan, complete with inflated income, huge prepayment penalty and recommending me for a worse loan than what I should have qualified for!

Fees paid to them, $13,22.50 on a $305,000 loan.

[elpjohnson]

Hi Ragdoll.....Wow 13,220.50 is a lot of damn money. Have you written a QWR to them asking for ALL of you loan docs, loan life history (payments, amount escrowed, fees)? You can even address the inflated income etc. I don't know how to paste a thread here but I addressed that in my letter to Option One (I cc'd my broker, the title company, the VP of the United States) I think the thread was called writing a QWR and need clarification. I also questioned the YSP I was charged that was not on my Good Faith Estimate.

Hope this helps.....

[Ragdoll]

Yup, lots of $$.
I am working on the QWR. I supposedly am in the final stage of this game called loan modification. If I don't get final approval by Wednesday, it is going to be mailed. I should have done it first, but didn't know about it.

I have been in "regular" contact with my negotiator and I'm trying to be patient since he told me the terms of the mod and it sounds great. I told him that I have read the original loan docs very carefully and noticed some questionable items, and that I should have never been put into this loan. He agreed that many homeowners are in this position because most don't understand the documents and don't know what to look out for. I hope he is as genuine a person as he seems. I also hope that whomever is making the final call is also human! And that Brian Dolan is out of work for a looong time!!

[JacMac]

Well, Brian Dolan, you've been named.

I hope this comes back to bite you on the butt.

Was all of this up front fees, the 13K?

I'm very interested to know if on top of that he received a kick back -- that is a Yield Spread Premium (YSP).

You can find this on your HUD 1 Statement.

Look towards the bottom and see if there is a line (inside of the margin so most people won't notice it) not where the other figures are, that are add up, that says a number followed by POC -- if there is, that's what he got from the lender, in addition to the 13K.

[Ragdoll]

Oh, there are all sorts of issues! Right now I'm concentrating on the modification. I will pursue these other items, don't worry!

Good Faith Estimate on 1/9/06:
origination fee $2,650.00
lender fee $695.00
processing fee $695.00


at signing on 2/28/06:
origination fee to Home Loan Funding $9,912.50
discount fee to HLF $1,525.00
processing fee to HLF $695.00
funding fee to HLF $695.00
underwriting fee to HLF $295.00
Appraisal fee to service provider/POC ($395.00)

[Ragdoll]

See my original thread for the whole ugly story.

Everyone you need to pursue these issues with your respective STATE ATTORNEY GENERAL. They are taking action, New York, CT, MA, PA, NJ, AZ to name a few. The actions are both civil and criminal.

[chevy0706]

We we given $6500 preprentaly payments thru Option One on a $133,000 home and did not know this until closing. They kept saying "may have a prepenalty payment". They did foreclose on our home in March. We are completely devestated that they preyed on us and won and still wining because they immediately sued us after the foreclosure on our 80/20 loan. They made the 80/20 seem like it was a perfect "bandaid loan". That ins a couple of years I could refinance out of a subprime loan. It is all very very sad.