Loan Officer needs help

[2ndTimeAround]

I recently left a mortgage company in January - haven't been paid on three loans that closed and funded before I left. I have paperwork showing I was the LO on the loans. how can I contact to get paid?

Durning the eight months working there - I knew he was changing appraisals, which I know is against banking law. I spoke to the banking assocaition, they want me to write a letter explaining what he was doing. Should I do this or will this back fire on me?

Last time I spoke to him - I told him I was going to do something he's not going to like. He laughed and offered my old job back, saying he would pay me for what he owes me.

Thanks

[Ffico]

I recently left a mortgage company in January - haven't been paid on three loans that closed and funded before I left. I have paperwork showing I was the LO on the loans. Who can I contact to get paid?

Durning the eight months working there - I knew he was changing appraisals, which I know is against banking law. I spoke to the banking assocaition, they want me to write a letter explaining what he was doing. Should I do this or will this back fire on me?

Thanks

What do you mean he was changing appraisals? Without a contract, getting paid is an uphill battle.

[2ndTimeAround]

What do you mean he was changing appraisals? Without a contract, getting paid is an uphill battle.

Thanks for getting back, you are correct. No signed contract. I do have the the entire loan packages (emailed from the title company). They were jumbo loans (25k in broker fees).

As for the appraisals - has appraisal editing software in his laptop computer. One of my first loans, my borrower had an existing appraisal. They wanted the loan, but had an issue about paying for another appraisal. I explained it to him - he said no problem, and asked me to email it to his personal email (keeping it off the banks computer). He edited the bank name. At that time I was surprised he was doing this, if I said anything I would of lost my job.

After hearing on a regular basis - other loan officers saying to new borrowers, "we could use their existing appraisal". I would see loan officer after loan officer, sitting with him and his laptop. I didn't think too much about it.

I worked a another bank before him for four years straight. A head hunter called and convinced me to speak with him. Upon meeting him, he spoke about how great his company was, how he made his first million at 22, he was in all 50 states, and had nonstop leads. He convinced me to work for him. We agreed to a 30% commission on the broker fee, and 50% for self origination's.

It was like a revolving door with employees starting and quiting. He was advertising on the local Hiphop radio station - getting young kids working for him. Since the pay was 100% commission, if they didn't produce, he didn't have to pay them.

The reason I didn't leave sooner, wasn't in the financial position to do so. Now at a new place, much better situation. I have been in contact with loan officers/processor that were previously working for him, they know what he has done and was shorted on their pay.

Financialy I'm almost back on my feet, but it burns me inside him owing me $7,500 and him getting away with it. I'm wondering if there are any other loan officers out there that were in this type of situation. Are they any suggestions?

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