YOUR COMMENTS

Hey George,
In this situation the Mortgage Specialist reads like this:
Bad Brokers? YES
Bad Managers? YES
Bad Loan officers? YES

Oh Yes, And again lets not forget the Fraudulent signatures attached to the loan documents by the Mortgage Specialist or forget to mention the abusive "Stated Income Loans" which the Mortgage Specialist kept increasing income on their clients so they would qualify for the loan.

Once fraud or misconduct is detected the bricks start to crumble very quickly.
- Sal Bingel, Plaistow NH

Thank you Lisa in Manchester... Did the dish run away with the spoon in the mortgage and real estate markets? Sure. I'll buy that. Arguably the biggest RE bubble in history. But we live in a capitalist society where "buyers beware"... And here in Live free or- *DIIIIIEE* New Hampshire? Forget it, you're on your own.

So let's get real for just one short moment here, shall we? Every person that gets a mortgage, wether through this company or any other, signs their closing documents of their own free will. Am I wrong?

So people: read your closing document and UNDERSTAND them. Understand what you are getting into. It's that simple. If you don't understand what's involved with homeownership and what the terms of your loan mean and you take no action TO understand... where can anyone reasonably place blame.
Bad Lawmakers? NO.
Bad Banks? NO.
Bad Brokers? NO.
Bad Managers? NO.
Bad Loan officers? NO.
How about bad Borrowers?

Why can't it just be that the borower should have never taken that loan in the first place and now has to take responsibility for his actions? I mean, ingnorance is no excuse in any aspect of the law in these here U-ni-ted States, so why are homeowners getting a pass on their defaults. It's lunacy.

There should be a law passed that reads: You default on your mortgage, you go to jail and do community service until the debt is repaid. SIGN HERE.
Put this sentance on the first page of the closing documents in big bold letters and you have the borrower's full attention. This would be like kryptonite to the banks. They could then be totaly unregulated and offer whatever ridiculous loan terms they wanted. You think a borrower would interested in any of them? Of course, not. And. Problem solved.

Now, if you have a bona fide hardship where someone gets sick, or a natural disaster happens, OK fine, let's talk about working something out, but anything short of that, you should be moving into a charming 63 square foot, 2 bed studio with stainless steel fixtures, concrete floors and plenty of light pouring in through the bars on the east wall.

Is that coffee I smell?
Naaaaah. Let's just keep doin' what we've been doin.
- george, Concord, NH

I think the NH Banking Commision should review all of the Mortgage Specialist Loan files and get to the bottom of this. The Mortgage Specialist Branch Manager was commiting Federal Loan Fraud and Identity theft on Federal Loan Documents, this same person trained new employees and probably showed them his habits. Wake up people, this isnt about customer service, its about a Company that tried to cover up there fraud by placing documents in their shred bin so the Banking Commisioner wouldn't catch them red handed. Now there Red Faced!
- Sal Bingel, Salem NH

I personaly know many of the people who work at The Mortgage Specialists... Everyone I know that works there are all honest people. I think what no one is paying attention to is the fact that they have only given loans to benefit the clients. As far as i am concerned The Mortgage Specialists is a great comany. I refer anyone I know to them, Many of my family and freinds have refinanced with The Mortgage Specialists none of them had one complaint... Oh and one more thing Every person goes to closing and signs all the papers right? Well read the closing papers, you have three days to do so after you sign! The Mortgage Specialists is being pointed out because they are a large company, the banking comission needs someone to blame. To all comsumers looking to get a mortgage You know what you can afford, don't over extend youself... Read the paper work!
- Lisa, Manchester

Personally, i think that the mortgage specialists is taking a hit for every other company..they are a big company and the commissioners are tryng to bring them down to make an example of other Brokers/Lenders. There are bigger fish to fry...Back in 1991 Our president at the time (Bill clinton) got rid of an Act that allowed banks to do all the programs they were doing. Originally BEFORE this Act was pulled and or "overrided" companies weren't allowed to do these programs...I myself WAS a homeowner and just recently foreclosed...but who's at fault? the bank/broker/lender or Bill clinton who allowed them to do business that way? People were just doing there jobs as they were told and now b/c everythings backfiring the mortgage business' are getting hit for it. I Blame Bill Clinton for allowing the an important "act" that wasn't in effect until he approved it in 1991. NONE of this would've happened.
- Rebekah, Haverhill

The folks that look over the loan before the bank gets it are at fault no one else
- bob, salem new hampshire

One of there former employees had similar fraud charges against them. Makes you think this stuff may have been going on for much longer than their recent audit. "Team Mortgage" in Plaistow NH is the name of the company he opened after working for Mortgage Specialist.

Below is the NH Banking Enforcement Order against Davey.

07-054 Team Mortgage, LLC and Joseph Davey
- Jay, PLaistow NH

I have both purchased and refinanced 4 times since 2002 with them. Each time, I got exactly what I asked for. They were very professional and did my loans quickly. I read my documents, kept up my credit, and followed the advice of the manchester manager who helped me. He followed up before closing to make sure I understood what I got. This is a reputable company as far as I am concerned, and some bad apples should not affect the whole company. I think the bank commission and the press are looking to blame anyone they can. My experience with this company has been EXCELLENT and I hope the good ones continue doing what they are doing!
- MS, Salem

I worked for CitiMortgage before they shut down in Methuen, MA. Blame the higher ups? Blame MS?
How about making the powers that decided ALL people should be able to have a home, thus reducing the guidelines to qualify for a loan.
Many people got loans for houses they should not have qualified for, but since our "leader" decided, once again in his questionable "ideas" to allow no interest loans, that even high risk candidates could qualify for loans that we knew they couldn't afford.
Now the trickle down effect is causing many foreclosures in all classes, high and low. The high bought the big homes they couldn't afford, and the low bought homes they knew they couldn't afford by taking interest only loans and then when the three year timeframe for paying only the interest, and the principal suddenly became due, and that's why so many properties were and continue to be foreclosed.
MS may or may not be "guilty" as charged, but let's not condemn them until we know the entire story. While you're at it, check all the brokers, you may be shocked at what you find.
Many people continue to lose their jobs because of the housing problems, including everyone in our office when it closed.
The American public should wake up before the REAL recession arrives.
Buyer beware.
- Darlene A, Atkinson, Nh

Let's look back in history a bit. Back 1989-1995 the banking commission was having the same problem with the no doc loans and baloon payments. In 1989 I bought a house in Derry NH thought I was in my dream house then some of the neighbors had formed a committee about the type of loans we all got. At the time I was an ignorant buyer and took the word of the real estate agent & loan processor (who worked together) In 1995 I had to file bankrupcty and lost my HOME. I don't think all of the blame should go to the mortgage companies although alot shouls because in my case they made thousnads of $$$$. But I think we should start to put some of the blame where it belongs the NH Banking Commission. These people are suppose to keep a watch on these companies so this doesn't happen. The bank involved back then ( I don't think I can drop the DIME on thier name) but reached a settlement with the state as hudreds of families had to be relocated because of thier fraudulent activities. Now the state is talking the same talk. I think it's time for the state to stand up and do the job the taxpayers of NH pay them to do. The Banking Commission & Consumer Bureau should work together to solve this problem and set up a system so that it doesn't happen anymore. The fines these people get are nothing compared to the emotional and financial hardship the families have to go through. By the way I still owe the federal government for the balance of my loan because it was not forgiven, that is the only upside to the homeowners of today the feds are letting the difference between the foreclosure sale and house value go.
- Jim, Hooksett

I have worked in the mortgage business for several years, for different companies, and there are crooks and honest people in every organization. I hope they put the crooks in jail. Those of us who believe in doing things properly would love to see all of the shady loan officers out of the business, one way or the other. The current mortgage crisis is, in no small part, their fault.
- CL, Manchester

Steve from Manchester is exactly right . If a borrower doesn't get the answer they want to hear , all they do is go to the company up the street ,and someone will be willing to take them for a ride , there has been quite alot riff raff that infultrated this business in the past 8- 10 yrs,making it extremely more difficult for us that do a good job . I've been in this business for 18 yrs and am still amazed at what people believe . All I have to say to borrowers who believe what they read from the internet , and from boiler room type operations is Good luck !! and call a knowledgeable professional when they drop the ball . As far as Mtg spec. anytime i've ever dealt with them , I found them to be very professional
- Jim, Nashua

When the housing market tanked they started investigating mortgage companies nationally. Many companies have been closed and many people indicted,expect many more in the near future. If youv'e been playing fast and furious with the rules, their going to catch up with you.
- Jon, Islamorada,Fl

I recently went through Mortgage Specialists for the purchase of my home. The Loan Officer I worked with is very reputable in the Mortgage Industry. He is not a 'used car salesman', but someone with high intelligence, that I would highly recommend to anyone. It's a shame that some people have to ruin it for the others that want to help people into better financial situations, that can't get approved by a "Bank". Please keep in mind that all these Employees at the Mortgage Specialists have Mortgages, Families and Bills, like the rest of us! Not only does it effect them, but will also effect other jobs in the real estate market. I really hope Commisioner makes the right decision!
- Sherri, Nashua, Windham

I see both sides. I'm a senior loan officer of ten years for a big nationwide broker. I'm also a homeowner and a human being with empathy and compassion. It's interesting to see various people's positions. Some are educated, some I believe not so much. Hey, we're all human. Anyway, I almost fell out of my chair when I read this extremely ignorant piece:

"If you want a mortgage or other loan, go to a bank. If they say no, you can't afford it. Listen to them".
- Steve, Raymond

Setve, spoken like a true lifelong renter!

I wish nothing but the best for the good people at Mortgage Specialists. I hope the bad ones, if proven guilty (and no, a state register or account of the accusations does not necessitate guilt, people) get punished. But let's not forget, S#@t rolls downhill. There must be accountability. That starts at the top. The president/owner, chief officers, compliance officer, should be held accountable and must answer to the allegations, as should the individuals responsible for the alleged forgeries and careless keeping of people's sensitive data on their desks.

~ Jamie
- Jamie, Salem

I work for a mortgage company. If the company omitted the PMI on your documentation then you are not obligated to pay it. THey have to disclose it to you prior to your closing. Otherwise, the mortgage company is SOL.
- Brett, Beverly, MA

My husband and I have refinanced our home with the Manchester office of Mortgage Specialists several times. I have nothing but good things to say about them. They were professional and honest in our dealings with them. We got exactly what they said we would get. Please don't judge the entire company based on the allegations of wrong doing by some individuals.
- Donna, Manchester

Nothing to do with this case but... I had a mortgage through a company and they sent me a letter a year later stating "we inadvertenly omitted PMI" so my mortgage went up almost 300.00 so I "inadvertently" lost the house. Is this the same kind of thing or am I just S.O.L.
- jcv, manchester,nh

I have worked for the Mortgage specialists. It is a great company and should not be judged on these accusations.
- Brooke, Nashua NH

Serves them right I closed a loan with Mortgage Spec.in 2005. Was advise I would only need to carry the PMI for 6 months.Which was a total LIE!!. I would have never refinanced if I knew 3 years later I would still be paying it. What comes around goes around !!!
- Lisa, Merrimack, NH

I too have been a customer for many years. I have not run into a bait and switch. What they promised is what I got. my broker was excellent. if there are bad seeds in any company, the whole company should not be hurt. perhaps the reporting in newspapers should reflect the whole story- they just look to hang someone- and they are a big company so they make a good example. I would continue to work with them in the future.
- Diane, Stratham

It is a sad place we live in when you believe everything you read. It is also a sad place when just from reading what you think may be true you form negative opinions and start name calling and just spewing crap out of your mouths when you have no idea what you are talking about. I personally know quite a few people that work for that company, and they are good people and in the end they do what they are told because that is their job. Not to say they were told to do anything that they are accused of, and that is the key word here people they were accused, nothing has been proven. They have 30 days to have a hearing and refute these allegations. What ever happened to you are innocent until proven guilty? Give them the benefit of the doubt before you start saying nasty things and passing your negativity off on to the rest of us. In case none of you realized these are real people here, that have lives, kids and families that you are spewing hateful things about. What ever happened to the Golden Rule? Treat others as you would want to be treated, and nothing nice to say don't say it!!
- Tiffany, Manchester

I worked for this company. THe allegations are not untrue. I personally know everyone named.
- Susan, Salem

Listen everyone..this is an internal problem at this company and it all starts with the office manager. For years she has been doing this kind of stuff and now it is going to bite her in the behind. Every company has a few bad seeds in it and they are no different but the owner likes to look the other way and his way of fixing things is to open the wallet and do what it takes to fix it. It took an honest employee that was doing there job that led the state to what they were looking for after the office manager tried hiding the docs. Look on-line and read the states findings and you will just be shaking your head in disbelief.
- Larry, Plaistow

I think the market in general has caused a scramble. I know its not right to falsify documentation, nor is right to withhold any information, but I do feel that being in the mortgage industry the guidlines and limitations are very few and far between. Fannie and Freddie have made is almost impossible for people to get a loan, whether that be a refinance or a purchase. Its not that people cannot afford the loans its the rescritions and programs that are screwing people over. The Union Leader doesnt do a very good job at what is happening behind closed doors. I have been a customer of the Mortgage Specialists for over 10 years, and I have had nothing to complain about, they explained everything thouroughly and professionaly. I could not be more impressed with this company. I could admit that maybe some originators are dishonest, but then again like mentioned below there are some that are very very honest and upfront. When a company finds anything out of the ordinary im sure they have taken any step neccessary to hande it. I looked them up on the bbb before and did my research...and up untill now..year after year...audit after audit they have been at the top. why now? why after 25 years? Its just an excuse for reccesion. the bank is trying to elimanate the compititon scince everyone is feeding for loans. I think the banks are to blame
- KRISTY, MANCHESTER

Steve In Manchester
I'm glad you played by the rules. It's too bad that people who do their jobs correctly, get blamed for the problems caused by slackers.
Another factor in this whole mortgage problem is the law of supply and demand. Any mortgage issuer who knowingly approved a bad loan, caused more harm than is apparent. First they caused an artificial demand for homes. This demand caused a rise in prices for all buyers. Now with very high inflation and the economy sinking, even "good borrowers" are now getting into trouble. This is because people were forced to pay artificially inflated prices caused by all the available buyers in the market. I owned a condominium from 1999 to 2004. I sold it for a little over 3 times what I paid for it. My wages never came close to keeping up with that kind of price increase. The worst part of my sale is that I sold it at a discount and actually could have got nearly 3.75 times what I paid for it. But I wanted a fast exit. The poor investor who bought it, is now in a situation where the condo fees could escalate because of owners defaulting on their mortgages!
I'm not home free either. My current home is worth at least $20,000 less than I paid for it. It's a good thing that i own it outright!
- Steve, Raymond

Brian who the heck is defending anyone; I hope they get nailed for all offenses they've committed. I'm defending myself and all those who play by the rules.
- Steve, Manchester

Read the complaint on the banking dept. website. They forged customers signatures...that is jail time...how could you defend or feel bad for them?
- Brian, Raymond

you cant blame the business for one mans mistake... . you will always have that one guys who destroys it for the rest..
- ashley, manchester

Let's not forget taht it begins at the top. The big guns began pushing loan programs down through the distribution channels to mortgage brokers and bankers. There are thousands of good brokers and bankers with a small amount of bad guys. We all knew who they were and we attempted to tighten the guidelines to rid the industry of them. Unfortunately, it took this massive collapse to wake many up. No tears shed for these guys as they were the worst at the old bait and switch. Happy to see that we're now focused on the blatant actions of those involved.
- Joe, sarasota FL

I've been a mortgage lender for 18 years in this city that I grew up in. You people kill me; it’s the mortgage bankers fault, WHAT A JOKE! I've refused or denied people seeking mortgage financing who just went down the line to the next until they got what they wanted. Yes every crisis needs a scapegoat, might as well put all the blame on mortgage professionals.

Scott in Manchester you cannot lump us all in one category; I personally know a bunch of Mortgage Originators that are God Fearing, fine, HONEST upstanding citizens, present company included!

Steve in Raymond, Brilliant suggestion with a lot of thought; what you don't realize the banks money source is the same as a mortgage company (mostly, fixed rates, etc) and historically the cost for an identical mortgage is higher with a bank...you get a better deal with a company whose only function is to provide mortgages.

I take great exception to all the people who are so quick to lay blame on the mortgage Professional. Yes there are bad originators our there as there’s a corrupt contingent within any industry, most have left the trade because of the down turn. I take great pride in what I do and I know of several others within my industry do to!
- Steve, Manchester

It’s nice to see the banking department finally wake up. Too bad Commissioner Hildreth has been obsessed with payday loans for two years while he let these types of things go on. Hmm let’s see a $400 loan or a $400,000 mortgage scam, get your priorities straight.
- Henry Swanson, Goffstown

If you want a mortgage or other loan, go to a bank. If they say no, you can't afford it. Listen to them.
- Steve, Raymond

Isn't altering a broker fee after consumers signed the documents a stansard in the mmortgage business? I bet most private mortgage companies would get fined for this, among other things.

Mortgage originators are lower than low. They make used car salesman look like Honest Abe.

Consumers are to be blamed for this mortgage crunch, but how fitting this comes out during shark week.
- Scott, Manchester