Expert Witness or Compliance Counsel

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Nelson Locke and his mortgage companies (Value Financial, Amstar, and America's Senior Financial Services) originated over $1 billion in mortgages. Mr. Locke and his staff are skilled in all aspects of conventional, reverse, and agency mortgages, private mortgages, and commercial compliance. Nelson's Mortgage Industry experience spans 34 years, including 22 years as a Mortgage Banker, and 12 years as a Mortgage Industry Compliance Attorney. 

Here is objective evidence of the quality of Nelson's career. Nelson has originated Reverse Mortgage since 1994, beginning with the HFC "Checking Account" reverse mortgage look-alike (1994) and next the Fannie Mae "Home Keeper" (1996), leading to becoming a HUD-FHA HECM Loan Originator (1997); In 1997, Nelson participated in the creation of the National Reverse Mortgage Lenders Association ("NRMLA"). Nelson served on NRMLA's very first Board of Directors. He is former president of FAMP (2003-2004), the largest mortgage broker association in the United States. He is currently a federally certified legal and compliance expert for all types of mortgage banking.   
 

Over the years, Mr. Locke has assisted many borrowers with obtaining the proper mortgage product for their needs. These include FHA, VA, USDA, conventional, and private lender mortgages.

He has also assisted many seniors by arranging the correct reverse mortgage for them or by using his best efforts to resolve problems caused for the family by an ill-advised reverse mortgage. His NMLS License # is 149450. Reverse mortgage loan problems typically surface due to counseling, origination, or closing errors where the senior or their heirs are negatively affected. For example, not counseling or improperly counseling a non-borrowing spouse. Broker steering the senior into a less-than-optimal program based on broker compensation. Using a life estate without proper counseling and disclosure - affecting the rights of the remaindermen. Not delivering copies of the mortgage and note up front at time of application, along with the required booklets. Force placed insurance or premature foreclosure issues. Occupancy issues, foreclosure of non-borrowing spouse. While results cannot be guaranteed, most issues are resolved in a positive manner for the consumer.

Alternatively, lenders can find themselves under attack by borrowers with "buyer's remorse". Locke can expertly review the document file and assist the Lender or Broker to quickly resolve frivolous litigation. After originating or auditing more than 5,000 mortgages, he and his team know what constitutes a lender standard of care and fully knows the borrower's duties as well.
 

In general, mortgage Issues recently handled include modification noncompliance, non-borrowing spouse foreclosures, failure to make required repairs, lender negligence, wrongful foreclosure, and improper counseling where incapacity or NBS issues were or should have been obvious to the counselor and were ignored. He has also defended client broker businesses against government regulatory actions involving failure to follow regulations, alleged fraud, and matters involving the False Claims Act.
 

He can assist either side. If licensed in the client's jurisdiction we may choose to represent the client directly. Or act as a subject matter expert witness, not giving any type of legal opinion but focusing on industry best practices and how to apply the statutes and regulations. Or act as co-counsel pro hac vice under a locally licensed attorney. The choice is for counsel and the potential client to decide. 

To discuss your situation with us call (800) 656-4584.