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According to the complaint, the submission of those “fraudulently inflated expenses” caused Fannie Mae to pay out “millions of dollars” in falsely inflated foreclosure expenses. In a statement provided to HousingWire, the firm denied the allegations and said that it plans to fight the charges. “For over a quarter-century, Rosicki, Rosicki and Associates has been a highly-respected leader in the housing mortgage industry and widely admired for its dedication towards improving the broader community,” a spokesperson for the firm said in a statement. “The charges leveled against the firm are based on questionable legal theories, have no merit and will be vigorously challenged in court.” Here, from the complaint, are a couple of examples of the alleged scheme: Rosicki was well aware of the amount of mark-ups being applied to Enterprise’s bills. In fact, senior attorneys at Rosicki, including the Rosicki partners, were apprised of the revenue margins being made on each vendor, which ranged from 300% to 750%. For example, in an email copying the Rosicki partners dated May 7, 2009, Enterprise listed each of the individuals who performed actual process service work on behalf of Enterprise, listed the amounts charged by those process servers to Enterprise, and listed the extraordinary markups of those costs billed by Enterprise. The email lists the “ratio” of the inflated amounts billed by Enterprise as compared to the amounts billed by the process servers. For example, a third-party vendor charged Paramount $75 for a title search; yet Paramount charged $275 for that same service. Paramount provided its bills to Rosicki, which submitted them to the Servicers and represented that they were the foreclosure expenses actually incurred, including for Fannie Mae-owned loans. The Servicers paid the bills and passed on the expenses to Fannie Mae, which paid them.
For the original version including any supplementary images or video, visit https://www.housingwire.com/articles/42947-new-york-foreclosure-firm-accused-of-cheating-fannie-mae-out-of-millions
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