Tuesday, March 18, 2008
Colorado DRE Takes Action Against Two Brokers
Tracy T. Todd and Steve G. Boyer, both Greeley, Colorado real estate brokers, were disciplined by the Colorado Division of Real Estate for their alleged involvement in mortgage fraud schemes. The Division permanently revoked Todd‘s license and suspended Boyer‘s license for 90 days.
The Division asserts that Todd offered to purchase residential real estate in Greeley, Colorado at artificially inflated prices with the intent of receiving large sums of money back at closing. The cash back at closing was directed to a company called Medicine Creek Consulting, LLC owned by a business partner of Todd. In one instance, a residence was on the market for 9 months with an asking price of $300,000. Todd approached the buyer and offered $425,000 for the property, executing a commission agreement separate from the sales contract requiring a $135,000 “consulting fee” to be paid to Medicine Creek Consulting at closing. Todd operated as the buyer’s agent. The buyer was Grace Todd, a relative of Todd.
In another case, Todd executed a contract to buy a Greeley, Colorado residence for $425,000 that included a $72,250 consulting fee to Medicine Creek consulting. The buyer was Todd‘s mother-in-law. Steve Boyer was the listing agent. Boyer’s suspension was a result of his participation in this transaction.
“This type of unscrupulous activity contributes to our high foreclosure rate by artificially inflating property values,” said Erin Toll, Director of the Colorado Division of Real Estate. “The Division of Real Estate is aggressively pursuing illegal activities that could lead to foreclosures, especially in Weld County, which has one of the highest foreclosure rates in the nation,” she said.
mortgage fraud
Once again, I am so glad that there is something being done for the inflation of appraised values. and I am so glad that we have a website in teh mortgage industry that can keep us posted of all the fraud that is truly going on in the industry. we do need to keep in mind that the fraus is really a small part of the industry and we can not let it become a bigger part. if we can just hold our selves accountable and use the ethics that we are supposed to have this industry would not be causing the problem we are having right now with the economy
Posted by on 03/18 at 07:01 PM
Was there an appraisal done on any of these properties? If so, by whom?
Posted by on 03/19 at 07:06 AM
As a result of SB 1461 all California real estate agents will be required to display their DRE number on their marketing materials. This includes business cards, stationary, flyers postcards and websites created for introductory purposes and it begins in 2009. www.cuttlefishdesigns.com is available to help agents make this transition. ei. $76. for 1000 full color front and back, glossy 14 pt. business cards. Have us design them or design your own online at www.cuttlefishdesigns.com/idesign
Posted by on 10/09 at 11:46 AM
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Some Sources require Registration.
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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