California Real Estate Fraud Report

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05
Feb

California DRE revoking licenses of real estate professionals

With the spotlight now shining brightly on crimes such as loan modification scams and mortgage modification fraud, the California Department of Real Estate (DRE) is taking action.

As of this writing, more than 775 licenses have either been revoked by the DRE or the licensees surrendered their licenses in the face of investigations. DRE Commissioner Jeff Davi notes that consumers who don’t check to see if their loan officer is licensed (just go to www.dre.ca.gov and do a license check) have less of a chance of receiving any restitution for loan modification fraud, since the criminal is unlikely to be carrying errors and omissions insurance.

Here are some quick statistics: in 2009, 672 licenses were revoked (up 50%) and 105 licenses were surrendered (up 80%). Over 180 Desist-and-Refrain order were issued by the DRE to almost 400 individuals or firms engaged in the loan modification business and they initiated over 2,000 investigations.

Read the Full Article in the Real Estate Channel and the message by Commissioner Jeff Davi on the DRE’s website. Also on the DRE’s website is a list of companies and individuals against which action has been taken.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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