I was employed with a company as an underwriter where I would go to a brokers office and approve their loans. When I was working with this broker, they encouraged me and allowed me to submit loans to them as a loan officer. Now two years later one of my loans came back as a buyback for foreclosure and the lender discovered fraud, which was clearly proven that i had nothing to do with.But, because I was the originator and underwriter they said I have to pay for the loan cost involved. because they allowed this to happen they have threatened to contact the lender that is asking them to pay the loan back, to let them know they made a mistake and allowed me to originate and underwrite, they think the lender will come after me ( i am no longer employed with them), but i believe this lender will file a suit against them and shut them down with dre. can i be sued for originating and underwriting when they allowed it and what can happen to me with the company that i no longer work for?
2007-03-26 12:25:19 · 4 answers · asked by jones 1 in Business & Finance ➔ Credit
I'm not a lawyer and I can't comment on the specifics of your case, but I do know this: The sad truth in the U.S. is that anyone can be sued by anyone at any time over anything at all. It doesn't matter that you're in the right, and it doesn't matter that someone else was responsible. You still can be sued and possibly have to defend yourself in court.
2007-03-26 12:31:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Ick! What a mess. Couple of questions: So, the company you worked for and the brokers office were two different places, right? I just want to be sure, because this is pretty tricky. You underwrote a loan that you originated? Yes, that is major fraud. Did you have a license as an LO? Or were you considered an employee of the broker and operated under their license? Also, didn't you think something was ethically wrong with you underwriting and originating the same loans?
2007-03-26 19:39:41 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It is sad, but you can prolly get sued for looking at someone wrong.
Whether or not they win a case against you, they could probably still bring one up if they wanted to.
Good luck with this :)
2007-03-26 19:41:09 · answer #3 · answered by littlekitty1985 4 · 0⤊ 0⤋
Why do you suppose they wouldn't sign as a loan officer on those "certain" loans?
2007-03-26 19:33:04 · answer #4 · answered by alwaysbombed 5 · 0⤊ 0⤋