home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


$2.3 Million Judgment Over Illegal 2nds, Fees

Court order issued against James Platts

September 18, 2008

By MortgageDaily.com staff


A Pennsylvania man has been ordered to release liens on more than 100 illegal second mortgages and return more than $2 million in illegal fees.

A court order was issued on Sept. 8 against James C. Platts and his companies, Easy Realty Solutions Inc.; Guaranteed Results Co.; and Easy Realty Solutions LLC, which did business as Fieldstone Real Estate Co., Pennsylvania Attorney General Tom Corbett recently announced.

The order, issued by Allegheny County Court of Common Pleas Judge Christine A. Ward, requires Platts to pay a $2.3 million in consumer restitution during the next 60 days, $0.1 million in civil penalties and $8,526 in court costs. In addition, 111 second mortgages for more than $1.2 million must be satisfied.

A civil complaint was originally filed on Nov. 15, 2007.

Platt, who currently is incarcerated in West Virginia as the result of an unrelated federal criminal case, is accused of making illegal second mortgages, inflating prices and failing to disclose fees, the state said.

Platt allegedly used newspaper classified ads, direct mail solicitations and his Web site, www.EasyRealtySolutions.com, to advertise the purchase or sale of properties. But he didn't have a Pennsylvania real estate broker's license.

photo of James Platt
photo of James C. Platts

While some of the properties were listed by licensed real estate brokers in Southwestern Pennsylvania, Platt is accused of listing the properties himself for more than the actual listing prices.

"According to the lawsuit, the fees were not clearly disclosed in various sales agreements, and consequently many buyers and sellers had no knowledge of the substantial payments being made to Platts," the attorney general said. "Platts and Easy Realty are accused of deceptive advertising; failing to disclose the terms of real estate transactions to consumers; failing to provide buyers with federally required disclosures; fraudulently negotiating sales with lenders and the unauthorized practice of law."

He made at least 113 purchase second mortgages for more than $1.2 million without a secondary mortgage loan license, Corbett claims. He made the seconds without the knowledge or consent of the sellers and immediately assigned them to himself or his companies after closing.

In all, Platt collected more than $2 million for unlicensed transactions.

He also allegedly filed at least 159 lis pendens notices against property sellers in an effort to extract additional payments when their homes were sold, according to the statement. The filings are usually made to serve as notice of a pending civil lawsuit against a property owner and establish a claim against that property.

His fees to satisfy the illegal filings ranged from $1,198 to $78,599. A total of $1.8 million in lis pendens fees were allegedly collected.

Florida authorities have been notified that Platt has engaged in similar activities there.


James C. Platts and his companies, Easy Realty Solutions Inc., Easy Realty Solutions LLC (doing business as Fieldstone Real Estate Co.) and Guaranteed Results Company
Nov. 15, 2007 (Allegheny County Court of Common Pleas)

Mortgage License News | State Agencies | NMLS Registration Statistics
Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

www.mortgagebranchmanagerjobs.com
Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders