Consumer complaint received 2019-06-24
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — 
Company: PERL MORTGAGE (MI)

Dear CFPB, Please find this complaint against Perl Mortgage , Inc. regarding deceptive lending practices ; confusing and missing disclosures ; conspiracy with predatory lenders like XXXX XXXX who now operate at least three known to me XXXX XXXX XXXX XXXX XXXX, XXXX XXXX and XXXX ; and violations of RESPA, TILA and other applicable laws. 

On XX/XX/XXXX I signed contact to purchase a Mortgage loan, governed by UCC Art. 3, secured by a house as collateral where I was a Borrower/Mortgagor ; and Perl was a creditor/Mortgagee. 

I was not informed about my real role as an Issuer/Guarantor for Mortgage-Backed Securities ( MBS ) and many other trading products ; and profits received by selling my name, my signature, my reputation, my home on the open markets several times a day, in small tranches, including but not limited to thin-air securities like Mortgage Servicing Rights ( MSR ). All of these transactions are subjects of SEC Act ; Sarbanes-Oxley Act, Federal Acquisition Regulation ( my mortgage is guaranteed by XXXX XXXX ) ; TILA, RESPA and UCC - all of which require FULL disclosures to borrowers who buy mortgages. TILA requires that the actual lender be disclosed along with all compensation, profits, fees, commissions or anything else arising from the origination of the loan of money. I doubt if Perl was the actual Lender.

Please provide me information who was the actual lender in this transaction ; and their business affiliation with Perl. Please also provide me the copy of my note with the chain of assignment from Perl to Investment Trust where Perl, as the Original Issuer, placed my mortgage as XXXX security. Please provide me the name of the Trust ; name of Trustee ; name of Custodian who holds XXXX-related securities documents ; names of Board of Directors and Trust Administrator ; and all other applicable information and documents. 
These disclosures were not provided to me, as well as compensation received from trades on my name and signature. No need to say, nobody offered to share profits from $ $ $ millions produced by sales of unsecured trading products. Each sale represented profits arising from my name used on loan documentation that originated the loan. Hence the profits represent undisclosed compensation that according to TILA and RESPA should have been disclosed at closing.

According to Perls Disclosure statement on XX/XX/XXXX, XXXX was a Lender ; the amount of total I had to pay after I will make all payments would be {$220000.00}, my finance charges this loan will cost me should be {$84000.00}. No other parties ( except XXXX XXXX ) were disclosed. 

I was never told that my {>= $1,000,000} loan would be generating $ 2+ million in profits for the bank, on top of my $ XXXX interest. Negotiations over the loan would likely be different but in any event the Truth in Lending Act requires the real players ( XXXX XXXX  ) and the real compensation ( all profits, fees and commissions ) to be disclosed to me. 

( 1 ) Please provide me a copy of my Mortgage which states that I was informed and gave my consent to be an Issuer/Guarantor for Mortgage-Backed Securities using my name and my house as collateral ; who was the real player in this Transaction ( I suspect that Perl was an intermediary who never invested a cent in this loan but to the contrary received a full benefit for their participation even before this loan was closed ). Please provide my the full amount of real compensation, including all profits, fees, commission, ect received from numerous resales and trades of myriad of various securities arose from my names used on the loan.

Perl Mortgage Inc. ( Perl ), who was likely acting as XXXX correspondent production operator, which was also never disclosed to me, offered me monthly payments of {$890.00} as the price for the loan. A big chunk of this payment was my escrow account which included {$1100.00} ( now {$1100.00} ) per year FEMA Flood Insurance, policy # XXXX, for properties located in a flood zone. 

However, based on consultation and a survey from two local Companies, my property is not even included in FEMA Flood Map, so my {$98.00} per month payment for FEMA 's Flood insurance was obviously a fraudulent attempt to extort more money. Moreover, XXXX intentionally ignored my Map Amendment Letter which I mailed them several times beginning from XX/XX/XXXX ; and did not remove Flood Insurance from my escrow account as of today, which resulted in a significant overpayment. XXXX is well-known for their deceptive servicing practices, specially manipulations with escrow accounts, which resulted in numerous Class Actions, like RICKERT v. CALIBER HOME LOANS INC. ( 3:17-cv-06677 ). 

( 2 ) Please request from Perl all documents based on which my property was determined in a flood zone ; recalculate my payments ; and refund me unjustly collected money.

Perl was the original Servicer of my loan where XXXX was a XXXX. As you know, XXXX does not directly issue, sell or buy pass-through XXXX nor does it purchase mortgage loans. Instead, private lenders approved by XXXX XXXX originate loans that are eligible, pool them into securities, and issue the instruments. The bank collects mortgage payments from borrowers and passes payments to XXXX XXXX, which passes them through to investors. All transactions are strictly governed by XXXX XXXX XXXX ; documents are held in a special Custodian Account ; all custodians must be XXXX  approved ; all Servicers must have a Mortgage Servicing Agreement with XXXX. 

On XX/XX/XXXX XXXX transferred my loan to XXXX XXXX Loans who sent me a Notice that my payments should be forwarded to XXXX, who supposedly was a Subservicer since under XXXX   Guide ( attached ) the Issuer and the original Servicer was purportedly Perl. But XXXX was not included in the list of XXXX approved Subservicers or Custodians. Please identify XXXX   relationship to my loan with XXXX and their role in XXXX securities Trust. So far I receive a number of false and misleading statements from XXXX who claimed to be owner/investor, and now XXXX who also claims to be owner/investor without any evidence of their ownership or a legit transfer of my loan. That chain of title was not accompanied by any correspondence or even agreements concerning any transaction because there was no transaction. No transaction was commercially possible since the sole investment in the loan was made by the investment bank at the time of origination who in turn sold the investment multiple times through a variety of bonds and private contracts ( Credit Default Swaps for example ) ; hence no payment of value was ever made by any of the parties in the false chain of title. 

Since mortgage loans are considered to be debt governed by UCC, XXXX must provide a payment of the value for this debt to Perl, as required by UCC Art. 9. Please provide me proof of payment to Perl for their transfer of my debt to XXXX ; along with all supporting documents. 

On XX/XX/XXXX, XXXX claimed to be the current Note Holder and the loan is in a pooled security guaranteed by XXXX. On XX/XX/XXXX XXXX claimed to be owner/investor in my loan with Perl.  I suspect that this information is not true since all Notes must held by a Custodian and Caliber or PennyMac are not on the list of approved by XXXX  Custodians ; and under no circumstances XXXX can be a current holder on XX/XX/XXXX since they sold or transferred this loan to XXXX about two months earlier.

( 3 ) Please provide me a Copy of the Note with full chain of assignments from Perl to all parties, including XXXX who claims to be owner of my loan at the same time as XXXX ; the name of the original Trust where XXXX placed my loan to hold as a pooled security ( in fact, myriad of different securities ), Copy of Pooling and Servicing Agreement for the Trust ; the name and contact information for the Issuer ; Indenture Trustee ; Trusts Administrator/Board of Directors ; name of Custodian for XXXX who holds documents related to my loan ; copies of Subordinate Servicers Agreement between XXXX, XXXX and XXXX ; copies of Transfer of Mortgage Servicing Rights between XXXX and XXXX. 

( 4 ) Please also provide me a proof that my loan was placed with GNMA and was not removed from GNMA custody by misrepresentation and deceit, similar to First Mortgage Corporations scheme to defraud investors in the sale of XXXX guaranteed by the XXXX XXXX. According to SEC investigation, XXXX pulled current, performing loans out of XXXX XXXX XXXX by falsely claiming they were delinquent in order to sell them at a profit into newly-issued RMBS. It is not a secret that XXXX on XX/XX/XXXX issued XXXX XXXX shares of its Company where used my name and my signature on the loan as an asset/guarantee to attract investors. 

( 5 ) If my loan was repurchased either by XXXX and/or XXXX please state the reason why GNMAs sold XXXX securities backed by my loan which is not in default since I never missed any paymnets ; and provide me a copy of re-purchasing Agreement along with the sale price. This is not private information since this information belongs to me as well, due to the Contract signed by me on XX/XX/XXXX with Perl ; and disclosures mandated by many laws, rules and regulations