Fraud At Rbc Mortgage Hurts Royal Bank

[Tawfik Ahdab]

http://triangle.bizjournals.com/triangle/s...ry3.html?page=2

RBC Centura and its parent company, Royal Bank of Canada, are having to fix a new problem in the firm's mortgage division - an estimated $29 million in apparently "fraudulent" mortgages that went to "fictitious borrowers with inflated appraisals."

Earlier in the year, RBC Centura officials announced their plans to rebuild the bank's mortgage division. The changes included bringing in a new executive to lead the operation, the closing of 80 offices, the laying off of 200 employees and the hiring of up to 400 newly screened ones.

Newly-screened...

I like the sound of that.

But they'll also need newly-screened appraisers.

 

[Pamela Crowley (Florida)]

That's more than just a drip out of the bucket this time!

The bucket is tipping over at a faster rate now.

Look out skippy!!! Here it comes and your E&O won't cover you!

 

[Otis Key]

Maybe they should look into the new, prestigeous and all encompassing designation being offered..........CQAP...........or as Tawfik so properly showed....... QUAP :rofl: :rofl: :rofl: :rofl:

 

[Nancy Wyatt]

I will never work for them. I had it out with an LO once. They only use Skippy's.

 

[Tawfik Ahdab]

They definitely have their pushy loan officers, but remember, RBC took over other mortgage operations such as Sterling Capital Mortgage. They basically inherited many of the problems facing them now.

The local office is OK although some of their most successful loan officer do make great use of our local #1 number-hitting firm.

 

[Michael Schendel]

My mother just bought a house in CA and used RBC to finance it. They are closing today. Guess it is too late to let them know now. Everything went great guess there was no problems. Time will tell.