Ideal Financial, Inc.

Act accordingly:

GAME OF TRADES (CONSUMER IN TROUBLE): Credit Card Defaults Now RISING FASTER Than During the 2008 Great Financial Crisis! READ THE ENTIRE GAME OF TRADES POST HERE!

RED ALERT

California REALTORS®, Tell Congress to PROTECT

INDEPENDENT CONTRACTOR STATUS!

Click on the button below to send a message to your member of Congress to cosponsor H.R. 5419 to PRESERVE

Independent Contractor Status!
TAKE ACTION NOW!


The National Association of REALTORS® has launched a CALL FOR ACTION asking Members of Congress to cosponsor H.R. 5419 the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents maintain their independent contractor status under the Fair Labor Standards Act (FLSA).

In California, 85% of real estate agents choose to do business as independent contractors. C.A.R. successfully included provisions in state laws and regulations, including AB 5, protecting REALTORS® ability to work as independent contractors. At the federal level, the Internal Revenue Code carves out real estate professionals who choose to work as independent contractors. Unfortunately, the Department of Labor ignores these carve-outs in its Final Rule on determining independent contractor or employee status. This has made the rules unclear for how real estate agents can ensure they are doing business as independent contractors.

H.R. 5419 will align the FLSA with the Internal Revenue Code to ensure real estate professionals in California and nationwide can continue to operate their businesses without uncertainty from conflicting statutes and regulations.
NAR’s Advocacy Efforts to Protect Independent Contractors
Advancing Advocacy: Shaping NAR’s 2024 Policy Priorities Webinar
NAR’s Letters and Comments to Federal Agencies

National Association Of Realtors

DRE SCAM ALERT

DRE Urges Licensees to be on Alert for Growing Warehouse Lines of Credit Schemes
SACRAMENTO – The Department of Real Estate has learned about an elaborate fraudulent scheme concerning unlicensed, unregulated, imposter wholesale lenders who have entered the marketplace and are defrauding licensed real estate brokers out of hundreds of thousands of dollars overnight.

What the Scheme Looks Like

These scammers are posing as fake lenders. They are recruiting licensed real estate and mortgage brokers as employees to represent the scammer (aka the fake lender) as the scammer’s account executives.

This account executive position comes with the promise of substantial commissions for signing up mortgage brokers for the scammer’s warehouse lines of credit.

These warehouse lines of credit offer a mortgage broker the ability to fund mortgage loans more quickly and to have more control over the underwriting, funding, and closing process as well as to make additional compensation for engaging in secondary market note sales negotiations.

The account executives then proceed to solicit mortgage brokers to begin using the scammer as their primary funding source by offering the mortgage broker a warehouse line of credit.

The mortgage broker signs all of the warehouse line of credit contracts and agreements and then wires their pledge money of 1% of the credit line request, directly to the scammers bank account, to open the mortgage broker’s warehouse line account. This is similar to when someone opens a new checking account at their local bank and the bank requires them to deposit $50 as an opening balance. Typical warehouse lines of credit offered under this scheme have been between $1,000,000 and $5,000,000 which means the mortgage brokers are wiring between $10,000 and $50,000 to the scammer.

Once the wire is confirmed as received by the scammer, the mortgage broker is then required to attend virtual training on the submission, underwriting, and funding process.

After the training is complete, the mortgage broker is then able to originate and submit loans to the scammer electronically. Note that the loan packages contain significant amounts of a borrower’s private and personal information to include addresses, dates of birth, social security numbers, bank account information, and other personally identifiable information (PII) that could be used for identity fraud and other nefarious purposes.

In some instances, after the loan packages are submitted, the scammer draws loan documents and sends the loan documents to escrow. The borrower signs the documents, and then escrow returns them to the scammer, but the scammer becomes unresponsive, and the process stalls.

The scammer “goes dark”; the loans never fund. There is no communication from the scammer, email addresses are disabled, phone numbers are disconnected, websites are taken down, mortgage broker training and submission portals are closed, and the scammer absconds with the mortgage broker’s pledge money and borrower’s PII.

There have been a few circumstances in which the account executive is informed that the scammer must close immediately due to urgent issues, such as security breaches or key leaders leaving, resulting in the scammer going out of business and all communication abruptly ceasing.

This fraudulent scheme is not just financially disastrous to legitimate licensees, it damages their livelihood and their reputation. Additionally, it is hugely distressful to consumers who anticipate closing their mortgage loan after a long process and who have their PII at risk and who had entrusted their transaction to their mortgage broker.

How to Prevent the Scam

Mortgage brokers are encouraged to:

Do their research into any lender they consider obtaining a warehouse line of credit from and contact the Department of Real Estate, the Department of Financial Protection and Innovation, the Consumer Financial Protection Bureau, U.S. Department of Housing and Urban Development (HUD), Veterans Affairs (VA), or any other state regulator that may have jurisdiction over the licensing and activities of the lender.

Ask for licensing information from the lender and thoroughly vet the licensing background.

Request references with whom the lender has been affiliated with and follow up with those references.

Contact mortgage and related trade organizations to gain their insight on the lender, including members’ experiences with the lender, affiliations, and references.

If you are a mortgage broker who believes they may have been a victim of this complex scam, contact your local, state, and federal law enforcement agencies. Brokers can also contact the California Department of Real Estate at 877-373-4542 or file a written complaint online at www.dre.ca.gov.

Check this list of price increases

(CHARLES PAYNE) Strong Consumer? Prices of things we have to buy continue to surge, while prices of things we want are freefalling! READ THE ENTIRE CHARLES PAYNE X POST HERE!

The hidden under current... The economy is not great

Consumers DELINQUENCIES on household debt rises to HIGHEST LEVELS SINCE pandemic in April 2020! READ THE ENTIRE NY FED DATA HERE!

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