8:30 a.m. Arizona Daily Star's above-the-fold headline in big, bold typeface reads: Fraud suit filed against Tucson real estate group.
The complaint by the AZ Attorney General's office includes the company where I'm a loan officer, Tucson Mortgage Company, LLC.
8:40 a.m. This is not good. I call my Darlin' to break the news.
The press release by the AG's office includes the following language:
Defendants RE/MAX and Tucson Mortgage, and their respective owners and/or supervisors allegedly profited from the scheme and either knew or should have known of the fraud being perpetrated against lenders in these real estate transactions.
9:48 a.m. The first email out of corporate announces that effective immediately, loans from Tucson Mortgage will no longer be accepted by one major bank. All loans in the pipeline will be honored.
10:31 a.m. Email: a second major bank will no longer accept loans from Tucson Mortgage. Loans in the pipeline will be honored, but will go to corporate for review.
10:47 a.m. Fax machine spits out a loan approval from an underwriter at the first bank to shut us down an hour earlier: Clear to Close on one of my pipeline loans. Thank you, God!
11:00 a.m. A principle from another mortgage company calls to see if I'm interested in coming on board. I don't know, but thanks.
1:20 p.m. I have a $349,000 VA purchase application (referred by a REALTOR) that's been in the works since January. The buyers finally have a signed contract on a bank-owned property. The bank wants to close yesterday?!
I email the borrowers and the REALTOR (who's on vacation in the Carribean) that it would be in their best interest to place the loan with another mortgage company, citing today's headline. I'll help expedite in any way they deem helpful.
3:15 p.m. Message on my Blackberry from another mortgage company. A phone call turns into an interview with a principle of the company. I still don't know, but it's nice to be wanted.
4:10 p.m. Driving to a 4:30 closing, I call my pastor and tell him what's going down. He prays with me on the phone and suggests that I think of a way to start a networking group of the unemployed people like me in our congregation. That brings a smile. I can do that.
4:30 p.m. Closing at title on a rate & term refinance (the one I blogged about last month where the appraisal got knocked way down and we extended the lock out to 60 days.) Sitting in the lobby of the title company, I tell my client about the news, and ask her to put me on the prayer list. (I believe in prayer, as does this client.)
My client works for one of Tucson's major employers, and she suggests that I go on their HR website and look through the positions that are open in the company. "Use my name as a reference," she said. Wow! I hadn't thought about changing careers for the fifth time in my life...
5:30 p.m. Dinner with my Darlin' and two of her girlfriends at the Elle Wine Country Restaurant. Smiles, joy and thankfulness.
11:00 p.m. Writing this post, I'm reminded of the verse in Jeremiah 29:11 "I know the plans I have for you," says the Lord, "...plans to give you hope and a future." I'll sleep well tonight.
Photo copyright Mike in Tucson