From: Terry W Quinn
To: DFPI Regulations
Subject: Servicer not validating debt before filing N.O.D.
Date: Monday, November 15, 2021 5:21:16 PM
Hello Sandra,
Please read the following experience with one of your probable applicants for a debt
collection license.
I am currently fighting to save my home from an unlicensed lender, an unlicensed loan
originator paid from escrow commissions Illegally.. The CA Dept of Real Estate is investigating
the loan originator now.
The lender, David M. Posner is unlicensed and hired and unlicensed debt collector/loan
servicer (S.B.S. Trust Deed Network in Westlake Village CA) I have requested payoff demands
to pay off this private lender with zero help or communication from S.B.S. They are biased
toward their long time predatory lender client who could care less about abiding by ANY
laws.
No credit app
No appraisal
No disclosures of any kind.
No proof of ability to repay debt
No due process by the lender, loan originator or debt collector S.B.S.
No validation this loan was legal.
Many violations of these state laws.
Penal Code 532f
Financial Code 22100
The pre-application process for approval should consider complaints from consumers even if
they are not currently licensed. If I could, I would today.
I have hired an attorney to help but this private lender is not responding and no
communication from S.B.S. Trust Deed Network either.
David M. Posner is a known crook, predatory lender and loan shark. 100's of loans in Los
Angeles County alone.
Today I am filing a complaint for Notary Fraud for 6 Los Angeles County Recorders Office
documents with only his name being notarized. He altered the expiration date and forged the
Notary Signature. I have proof directly from the Secretary of State and the LA County
Recorder's office.
I believe every debt collector/loan servicer should validate the debt is legal and the
participants are property licensed initially and then yearly check on their status.
Please contact anytime if you like. I am in a fight to prove all of the above to save my home
now.
I hope my experience helps . I'm curious what this new legislation looks like and how soon it
will be implemented.
Thank you,
Terry Quinn