| 06/24/2019 |
No |
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Web |
Servicemember |
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Dear CFPB, Please find this complaint against Perl Mortgage , Inc. regarding deceptive lending practices ; confusing and missing disclosures ; conspiracy with predatory lenders like XXXX XXXX who now operate at least three known to me XXXX XXXX XXXX XXXX XXXX, XXXX XXXX and XXXX ; and violations of RESPA, TILA and other applicable laws.
On XX/XX/XXXX I signed contact to purchase a Mortgage loan, governed by UCC Art. 3, secured by a house as collateral where I was a Borrower/Mortgagor ; and Perl was a creditor/Mortgagee.
I was not informed about my real role as an Issuer/Guarantor for Mortgage-Backed Securities ( MBS ) and many other trading products ; and profits received by selling my name, my signature, my reputation, my home on the open markets several times a day, in small tranches, including but not limited to thin-air securities like Mortgage Servicing Rights ( MSR ). All of these transactions are subjects of SEC Act ; Sarbanes-Oxley Act, Federal Acquisition Regulation ( my mortgage is guaranteed by XXXX XXXX ) ; TILA, RESPA and UCC - all of which require FULL disclosures to borrowers who buy mortgages. TILA requires that the actual lender be disclosed along with all compensation, profits, fees, commissions or anything else arising from the origination of the loan of money. I doubt if Perl was the actual Lender.
Please provide me information who was the actual lender in this transaction ; and their business affiliation with Perl. Please also provide me the copy of my note with the chain of assignment from Perl to Investment Trust where Perl, as the Original Issuer, placed my mortgage as XXXX security. Please provide me the name of the Trust ; name of Trustee ; name of Custodian who holds XXXX-related securities documents ; names of Board of Directors and Trust Administrator ; and all other applicable information and documents.
These disclosures were not provided to me, as well as compensation received from trades on my name and signature. No need to say, nobody offered to share profits from $ $ $ millions produced by sales of unsecured trading products. Each sale represented profits arising from my name used on loan documentation that originated the loan. Hence the profits represent undisclosed compensation that according to TILA and RESPA should have been disclosed at closing.
According to Perls Disclosure statement on XX/XX/XXXX, XXXX was a Lender ; the amount of total I had to pay after I will make all payments would be {$220000.00}, my finance charges this loan will cost me should be {$84000.00}. No other parties ( except XXXX XXXX ) were disclosed.
I was never told that my {>= $1,000,000} loan would be generating $ 2+ million in profits for the bank, on top of my $ XXXX interest. Negotiations over the loan would likely be different but in any event the Truth in Lending Act requires the real players ( XXXX XXXX ) and the real compensation ( all profits, fees and commissions ) to be disclosed to me.
( 1 ) Please provide me a copy of my Mortgage which states that I was informed and gave my consent to be an Issuer/Guarantor for Mortgage-Backed Securities using my name and my house as collateral ; who was the real player in this Transaction ( I suspect that Perl was an intermediary who never invested a cent in this loan but to the contrary received a full benefit for their participation even before this loan was closed ). Please provide my the full amount of real compensation, including all profits, fees, commission, ect received from numerous resales and trades of myriad of various securities arose from my names used on the loan.
Perl Mortgage Inc. ( Perl ), who was likely acting as XXXX correspondent production operator, which was also never disclosed to me, offered me monthly payments of {$890.00} as the price for the loan. A big chunk of this payment was my escrow account which included {$1100.00} ( now {$1100.00} ) per year FEMA Flood Insurance, policy # XXXX, for properties located in a flood zone.
However, based on consultation and a survey from two local Companies, my property is not even included in FEMA Flood Map, so my {$98.00} per month payment for FEMA 's Flood insurance was obviously a fraudulent attempt to extort more money. Moreover, XXXX intentionally ignored my Map Amendment Letter which I mailed them several times beginning from XX/XX/XXXX ; and did not remove Flood Insurance from my escrow account as of today, which resulted in a significant overpayment. XXXX is well-known for their deceptive servicing practices, specially manipulations with escrow accounts, which resulted in numerous Class Actions, like RICKERT v. CALIBER HOME LOANS INC. ( 3:17-cv-06677 ).
( 2 ) Please request from Perl all documents based on which my property was determined in a flood zone ; recalculate my payments ; and refund me unjustly collected money.
Perl was the original Servicer of my loan where XXXX was a XXXX. As you know, XXXX does not directly issue, sell or buy pass-through XXXX nor does it purchase mortgage loans. Instead, private lenders approved by XXXX XXXX originate loans that are eligible, pool them into securities, and issue the instruments. The bank collects mortgage payments from borrowers and passes payments to XXXX XXXX, which passes them through to investors. All transactions are strictly governed by XXXX XXXX XXXX ; documents are held in a special Custodian Account ; all custodians must be XXXX approved ; all Servicers must have a Mortgage Servicing Agreement with XXXX.
On XX/XX/XXXX XXXX transferred my loan to XXXX XXXX Loans who sent me a Notice that my payments should be forwarded to XXXX, who supposedly was a Subservicer since under XXXX Guide ( attached ) the Issuer and the original Servicer was purportedly Perl. But XXXX was not included in the list of XXXX approved Subservicers or Custodians. Please identify XXXX relationship to my loan with XXXX and their role in XXXX securities Trust. So far I receive a number of false and misleading statements from XXXX who claimed to be owner/investor, and now XXXX who also claims to be owner/investor without any evidence of their ownership or a legit transfer of my loan. That chain of title was not accompanied by any correspondence or even agreements concerning any transaction because there was no transaction. No transaction was commercially possible since the sole investment in the loan was made by the investment bank at the time of origination who in turn sold the investment multiple times through a variety of bonds and private contracts ( Credit Default Swaps for example ) ; hence no payment of value was ever made by any of the parties in the false chain of title.
Since mortgage loans are considered to be debt governed by UCC, XXXX must provide a payment of the value for this debt to Perl, as required by UCC Art. 9. Please provide me proof of payment to Perl for their transfer of my debt to XXXX ; along with all supporting documents.
On XX/XX/XXXX, XXXX claimed to be the current Note Holder and the loan is in a pooled security guaranteed by XXXX. On XX/XX/XXXX XXXX claimed to be owner/investor in my loan with Perl. I suspect that this information is not true since all Notes must held by a Custodian and Caliber or PennyMac are not on the list of approved by XXXX Custodians ; and under no circumstances XXXX can be a current holder on XX/XX/XXXX since they sold or transferred this loan to XXXX about two months earlier.
( 3 ) Please provide me a Copy of the Note with full chain of assignments from Perl to all parties, including XXXX who claims to be owner of my loan at the same time as XXXX ; the name of the original Trust where XXXX placed my loan to hold as a pooled security ( in fact, myriad of different securities ), Copy of Pooling and Servicing Agreement for the Trust ; the name and contact information for the Issuer ; Indenture Trustee ; Trusts Administrator/Board of Directors ; name of Custodian for XXXX who holds documents related to my loan ; copies of Subordinate Servicers Agreement between XXXX, XXXX and XXXX ; copies of Transfer of Mortgage Servicing Rights between XXXX and XXXX.
( 4 ) Please also provide me a proof that my loan was placed with GNMA and was not removed from GNMA custody by misrepresentation and deceit, similar to First Mortgage Corporations scheme to defraud investors in the sale of XXXX guaranteed by the XXXX XXXX. According to SEC investigation, XXXX pulled current, performing loans out of XXXX XXXX XXXX by falsely claiming they were delinquent in order to sell them at a profit into newly-issued RMBS. It is not a secret that XXXX on XX/XX/XXXX issued XXXX XXXX shares of its Company where used my name and my signature on the loan as an asset/guarantee to attract investors.
( 5 ) If my loan was repurchased either by XXXX and/or XXXX please state the reason why GNMAs sold XXXX securities backed by my loan which is not in default since I never missed any paymnets ; and provide me a copy of re-purchasing Agreement along with the sale price. This is not private information since this information belongs to me as well, due to the Contract signed by me on XX/XX/XXXX with Perl ; and disclosures mandated by many laws, rules and regulations
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| 10/30/2015 |
Yes |
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- Application, originator, mortgage broker
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Web |
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My girlfriend pursued me to call and inquire about a Mortgage loan few weeks ago from a real estate agent name XXXX In XXXX XXXX area, then I was referred to a Mortgage broker called Perl Mortgage in XXXX XXXX. XXXX, I then Directly spoke with a guy name XXXX. As I asked about our options he advised me to get an FHA loan, because that was the best option with my income and my girlfriends bad credit. He assured me that we will qualify for at about XXXX once or XXXX in our initial conversation. However, after pulling our credit and submitting the application, he insisted, if we want to be qualified now we need to settle with XXXX Credit collection agencies to move forward in my girlfriends credit. ( my girlfriend worked as a XXXX for years as well and knows a lot of people in the industry. Her name is XXXX XXXX who is the second borrower on the application ).
He was convincing so it took me few days with complete dedication to call this agencies and negotiate. These negotiations are real hard work, being on the phone with these agents for hours going in circles, it is nerve racking to say the least. The first company was easy, but the last XXXX XXXX and XXXX was a total battle, but I did this for my gf and me and it was for us to buy and own something of our own together. These last XXXX that we had to pay to settle, XXXX was {$1600.00} we settled for XXXX {$.00} the other was {$6900.00} and we were able to bring it down to {$2600.00} when they spoke last with my girlfriend. XXXX. I paid {$1000.00} of my own money to help her settle.NOTE the accounts were old almost 7 years, and would have fallen off in monthsWhen we called back with these settled letters, XXXX said we qualify for XXXX.
After we made trips to XXXX ca XXXX whole day trips to XXXX ca, looked at XXXX different condos, when we liked something we wanted to offer a price, we ve beed told that the building is not FHA approved by Perl Mortgage, XXXX or XXXX. Well ok fine, are there any? no there arnt any In XXXX and just a couple in surrounding cities Way of our price range XXXX. Little upset and later got mad as I was thinking about not being informed and just waisted days to look at condos. " its the real Estates Fault '' they said. OK fine.. I spend another 3 full days of trying to get FHA approved buildings in our price range ( condos ). And I m letting XXXX know all my steps, step by step. SO I finally found XXXX that was close to our price range, XXXX was listed XXXX, the other XXXX XXXX so we could 've made an offer. So I planed my trip in detail to meet my real estate agent at that property XXXX away from my home. At the last minute my real estate realizing the illusive nature of my Mortgage broker, asked me some questions and XXXX was did XXXX Included the hoa in his calculation, when I called XXXX, he said No he did n't that may " kill my debt and income ratio '' oh really. So when he said that i wanted to make sure that he did n't miss anything else.. and I said " ok XXXX so you did include everything else, all my expenses like my car payment. He said Oh i need to look at your file, and came back to me saying that we did n't put that in my application ( file ) and this will definitely with the HOA kill my debt to income ratio. But, he texted as I was getting furious at this point that I still qualify, but for a lesser amount. Note : we could hardly find one building with HOW approved at THAT XXXX, price range.
So after all that time effort and money we spent trusting Perl Mortgage, XXXX of my own cash and all of my time on the phone with collections, real estate agents and Perl Mortgage, who had no trouble talking and explaining things for more then an hour on our first conversation alone, and I was 100 % honest with them, we are put in a position where we do n't have the 20 % down payment for a reg loan, and ca n't find anything at that price HOW approved
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| 07/07/2019 |
No |
- Mortgage
- Reverse mortgage
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- Trouble during payment process
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Web |
Older American |
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XX/XX/XXXX CONSUMER FINANCIAL PROTECTION BUREAU DEAR SIRS ON OR AROUND XX/XX/XXXX I ENTERED INTO AN AGREEMENT WITH XXXX XXXX, A BROKER AGENT OF PERL MORTGAGE INC TO PURCHASE A HOME AT XXXX XXXX XXXX IN XXXX XXXX, CALIFORNIA XXXX. THIS WAS AN HECM TYPE LOAN, OTHERWISE KNOWN AS A REVERSE MORTGAGE. MR. XXXX SET UP THE LOAN THROUGH XXXX XXXX XXXX. I EXPLAINED TO HIM MY FINANCIAL SITUATION GOING FORWARD AS I AM XXXX AND WANTED TO MAKE SURE I HAD ACCESS TO FUNDS TO PAY EVERYDAY EXSPENSES. MR. XXXX ASSURED ME THAT XXXX XXXX XXXX WOULD CONTAIN THESE THREE PROVISIONS, TO PAY TAXES, INSURANCE, AND ALLOW ME TO RECEIVE FUNDS. HE ADVISED ME THAT I SHOULD GO WITH A FIX RATE WHICH AFTER 6 MONTHS WOULD GIVE ME FUNDS ON DEMAND AND THAT HE WAS WORKING WITH XXXX XXXX AND THEY WOULD CORRECT THIS ISSUE AND HE WOULD GET BACK TO ME. IN MY LAST CONVERSATION IN EARLY XX/XX/XXXX MR. XXXX CONFIRMED TO ME THAT XXXX XXXX WOULD PAY THE TAXES AND INSURANCE AND AFTER SIX MONTHS I WOULD HAVE MONEY DEPOSITED INTO MY ACCOUNT WITHIN ONE WEEK NOTICE FROM THE BANK.
IN LATE XXXX I RECEIVED NOTICE THAT TAXES WERE UNPAID. VERY CONCERNED I CONTACTED PERL MORTGAGE CONCERNING THIS PROBLEM REGARDING THE TAXES AND TO WITHDRAW FUNDS IN TO MY ACCOUNT. MR. XXXX SAID HE WAS WORKING WITH XXXX XXXX XXXX TO REWRITE THE LOAN TO WHAT HE PROMISED.
MR. XXXX AS OF THIS COMMMUNICATION HAS YET TO RETURN OR TAKE MY CALLS. I CALLED MR. XXXX MANY TIMES TO ASK HIM IF I SHOULD PAY TAXES DUE XX/XX/XXXX, BUT HE HAS NEVER RETURNED MY CALL.
I HAVE TRIED TO COMMUNICATE WITH XXXX XXXX FOR INFO REGARDING MY LOAN, BUT THEIR REPLY WAS THAT THEY HAD NO ACCESS TO MY RECORDS FROM PERL MORTGAGE AND COULD NOT DISCUSS THE LOAN WITH ME. I HOPE THAT YOU CAN HELP ME WITH THIS SITUATION.
YOURS TRULY
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| 03/07/2023 |
No |
- Debt collection
- I do not know
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- Attempts to collect debt not owed
- Debt was result of identity theft
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Web |
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On XX/XX/2020 XXXX XXXX, XXXX, a successor to Perl Mortgage XXXX Inc ( Perl ) hired XXXX XXXX XXXX XXXXXXXX XXXX XXXX and XXXX XXXX XXXX XXXX to prepare an Assignment of my alleged Mortgage to XXXX XXXX XXXX, XXXX for " good and valuable consideration the sufficiency of which was purportedly acknowledged.
Please state the full amount of " good and valuable consideration '' in $ $ XXXX and the name of the individual employee who acknowledged this consideration and the amount paid ; and his/her place of employment.
Please provide me proof of payment of this valuable consideration, such as copy of wire transfer receipt, ACH or cancelled check.
Please state when and where this valuable consideration was paid, the name of an individual officer who made this payment with his full place of employment ; and the name of an individual officer who received this good and valuable consideration.
Please provide me a copy of the ledger for the account receivable where this valuable consideration was deposited and a release of lien signed by an individual employee evidencing that I do not owe any money to XXXX or Perl Mortgage
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| 01/02/2016 |
No |
- Mortgage
- Conventional adjustable mortgage (ARM)
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- Application, originator, mortgage broker
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Web |
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I was trying to get a mortgage for a condo purchase in XXXX XXXX, Florida and dealt with a mortgage broker called Perl in XXXX, Florida. They were rarely there to answer the phone during business hours, failed to return calls, and after saying I did not need a second appraisal on the property, asked for a new one which through their tardiness never got processed in time for an answer on the mortgage application. Their office manager, XXXX XXXX, acted unprofessionally and ineptly throughout the process. I hope others can be spared the experience I had with him and his firm.
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| 10/17/2016 |
Yes |
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- Application, originator, mortgage broker
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Referral |
Older American |
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| 07/15/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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