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Are your customers vulnerable to this closing-cost scam?

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Mortgage Professional America | 07 Apr 2017, 08:45 AM Agree 0
It’s a scam that’s been making the rounds for a while – but one industry group says there’s still not enough awareness
  • | | 07 Apr 2017, 07:52 PM Agree 0
    Ryan Rodenbeck's mother-in-law aka funder of Classic Title responded to an Email from Joseph Lankow pretending to work for my company and with out calling first to verify the authenticity of the email, wired my commission to a bank account at Jeffco Credit Union that was instantly cleared out. I had Previously instructed the title company by Fax and Voicemail and a phone call to mail my check to me as I would not be sending a courier or requesting a wire transfer as I did not trust their competency. Within minutes of the mortgage funding I called to see if they had followed my instructions and while they had put my check in an envelope to be mailed when they received the urgent email with the Logo of Jeffco Credit union that had been cut and pasted and then they chose to send the over $14,000 commission by wire to Joseph Lankow's account. The message basically said that an emergency had come up and I needed to have the money sent by wire immediately. I asked them to retrieve my money but they did nothing. Later when I took them to court they chose to dissolve the LLC of Classic Title rather than pay me for their error. They even admitted lying to the Judge during testimony and the Judge said that my lawsuit had become frivolous now that they dissolved their LLC.
    Their counter lawsuit for their legal fees was denied. Two other victims of the title company came to the trial but were not allowed to testify as they had been defrauded by the Title company after my loss and not before so there testimony could not be used to show a pattern of incompetence. Because the amount stolen was in my case less than $15,000 the police refused to pursue Joseph Lankow as they said their resources were stretched too thin with other crimes like murder and people stealing larger amounts that demanded their priority. I was able to get a judgement against Joseph Lankow but was not able to recover any of the money.
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