IMPAC COMPANIES SCOTT HARRIS, CRAIG POLLACK STERING, RUNNING AND CAPPING-RESPA VIOLATIONS Internet, Internet

Impac Companies 

Steering, Running and Capping

IMPAC is rolling out a lead generating system, developed by Real Tech LLC, they call it a CRM but it really delivers leadsand advertisements. This software is not a Customer Relationship Manager, as it does not track borrowers, processes, timelines, conversation logs or any other lending, application, contact or progress data.  

Heres how it works. An IMPAC Loan officer sells you on the hype of the system and gets you access as a Realtor. You start getting leads through advertisements.

IMPAC wants the loans, (monetary value) so if you do not deliver your loans to them, you get cut off from the system. Big RESPA violation!  Delivering something of value in exchange for your loan business. 

No idea how many leads you have to work through, probably hundreds to get a few deals actually closed. (You would probably do much better holding just one open house)

Integrity and honestyNonexistent:

The software company has stated that they developed a Google like worm that steals and scrapes data

from many sources, including your local MLSs without having to actually pay for any IDX services. They can then immediately post a home advertisement on several Social Media sites, very fast. This is illegal and will be considered theft, if they have do not pay your local MLS, IDX fees. Actually scraping data

from other Real Estate sites like from Realtor.com and other sites to bundle a service to sell to a Realtor, in exchange for loans, is still considered a RESPA violation and is illegal.

Lets recap:

So, they have the arrogance to scrape and steal data, attempt to tie the Realtor into delivering to IMPAC, and they are

actually reselling someone elses data to the Realtor, in exchange, the Realtor delivers their purchase loan business. If

and if you do not send loans to IMPAC, they cut you off. HUGE RESPA VIOLATION

They have also mentioned that they want to eventually have the Realtor to give back 20% of their fees back to the borrower (already planning and discussing on how they can discount your commissions), and they want another 15% to be delivered to Corporate, because they have such a great business plan and Realtors cannot be successful without their CRM lead system. 

Again, these actions or plans are illegal, immoral and just plain dishonest business practices. Any and all fees would have

to be disclosed on the HUD, and a Controlled Business Arrangement (CBA) would have to be disclosed and signed

upfront. If the software developers had any lending or banking experience, they would know this.

So, Mr/Mrs Borrower, please sign this disclosure that I have a CBA with IMPAC, and you may or may not be getting the best service, price or loan terms, but I get leads and advertising, so this is where I will be sending you to get your new loan. 

Good Luck!

So is the homebuyer getting the best deal, probably not, at least not from this group. If they lie, cheat and steal to get

your business, how would you possibly trust them to be fair and honest with your Homebuyer?

More problems Kickbacks, fee-splitting, unearned fees

Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or anything of value (loans have value) in exchange for referrals of settlement service business involving a federally related mortgage loan. In addition, RESPA prohibits fee splitting and receiving unearned fees for services not actually performed.

Violations of Section 8's anti-kickback, referral fees and unearned fees provisions of RESPA are subject to criminal and civil penalties. In a criminal case a person who violates Section 8 may be fined up to $10,000 and imprisoned up to one year. In a private law suit a person who violates Section 8 may be liable to the person charged for the settlement service an amount equal to three times the amount of the charge paid for the service. 

you are better off working with a Mortgage Broker that is honest and has integrity rather the risking your license to steer business to a lender that provides you with leads generated by illegally scraping or stealing data.

Your local MLS delivers competitive products, perhaps yet not as slick or as easy to use, but you are not tied into a specific lender, your local MLS does not steal, lie or attempt to cheat you, and does not force you to use one specific lender, and they definitely are not attempting to discount your hard earned commissions.

DO NOT JEAPORDIZE YOUR LICENSE, PURCHASE CLOSING BUSINESS AND YOUR COMMISSIONS BY USING THIS COMPANY