ERIC FORSTER
11400 W. Olympic Blvd., Suite 200
Los Angeles, CA 90064
310-474-6265
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EXPERIENCE
PRESIDENT 1993-present
Eric Forster Inc. Los Angeles, CA.
Production, processing and underwriting mortgage loans for residential, commercial and industrial properties. Ensuring compliance with investor guidelines (FNMA, FHLMC, portfolio). Instituting Quality Assurance procedures and full compliance with HUD and DRE regulations. Training and supervising loan officers.
PRINCIPAL 1997-PRESENT
Forster Realty Advisors Los Angeles, CA
Litigation consulting concerning:
Mortgages and real estate finance.
Real Estate industry standards and practices.
Lenders/Borrowers standards and practices.
Plaintiff and Defense strategies concerning breach of contract and/or fraud.
Mortgage fraud litigation.
Credit underwriting (commercial & residential loans)
Brokers' malpractice issues; conflicts of interest
Commission compensation issues
Fannie Mae/Freddie Mac credit score & automated underwriting issues.
Home Savings of America (Loan Officer) 1986-1990
Bankers Group (Partner) 1983-1986
Branch Manager 1981-1982 J.D. Kelleher Realty, Pacific Beach, CA.
Managing and supervising realty sales staff. Training agents in standards, procedures and compliance with regulations.
Education
Eric Forster attended Columbia University and Albert List College and obtained advanced degrees in business administration (Pepperdine) and mediation (GTF).
MEMBERSHIP
Freddie Mac Underwriter
Sample of Cases handled
Real Estate:
Implied Warranty (for Defendant): Plaintiff operates a celebrity rehab facility in Malibu, out of a $40 million leased estate. Although the estate is used for commercial purposes, Plaintiff claimed a residential-use Warranty of Habitability.
Standards of care (for Plaintiff): Defendant (owner/agent) accepted Plaintiff’s offer to purchase Defendant’s home, as part of a multiple-offer situation. He then changed his mind, and signed a second acceptance on another offer. Plaintiff sued the seller and the national realty firm for which he worked.
Fraud (for Plaintiff): Plaintiff lent money to a friend for a down payment on a home purchase,to be repaid in 3 years. The lender required it to be a gift and not a loan, and Plaintiff agreed to sign a bank form to that effect. Defendant relied on that form in refusing to pay back the loan.
Standards of care (for Plaintiff): Plaintiff purchased a home using the services of a realtor, who referred Plaintiff to a mortgage broker to arrange for a mortgage. After the closing, Plaintiff discovered that the terms of the loan had been misrepresented, and that mortgage broker and realtor failed to disclose that mortgage broker was an employee of the realtor.
Mortgage/Finance:
Standards of Care (for Plaintiff): Plaintiff-Borrower sued both lender and mortgage broker for approving a loan for which Plaintiff was clearly not qualified and which ended in default.
Fraud (for Defendant): Lenders evaluation of income shown on loan application in stated income loans, where income documentation is not required. Is the income shown on the application the projected income for the coming year, or must it reflect last years income?
Standards of care/Fraud (for Defendant): Defendant (mortgage broker) used the same appraiser for many of his loans. Plaintiff (lender) claimed that it was the Defendants duty to personally inspect the comps used by the appraiser in arriving at his valuations, and confirm their validity.
Standards of care (for Plaintiff): Plaintiff purchased a home with a 30-year fixed rate mortgage. Five years later, Defendant (lender) notified Plaintiff that her loan would revert to an adjustable loan since the fixed period was for five years only. Lender could not document the reasons for using the wrong trust deed forms.
Publications by Eric Forster
Editor:
Mortgage Forensics (www.mortgageforensics.wordpress.com)
Mortgage issues in courts of law - fraudulent application, loan origination and underwriting.
Books
The Mortgage Applicants Bible (2000 edition. ISBN 0-595-09171-7)
Articles
Israel Shelanu Real Estate advice column 1988-91. Approx. 150 articles.
For Real Estate Today (National Association of Realtors publication):
Are ARM Borrowers Overpaying? Real Estate Today 9/92
Chart a Course to Smart Real Estate Investing Real Estate Today 9/93
For AOL OReilly Publishing Personal Finance Center Buying a Home series:
Buying a Home: Buy v. Rent Considerations 5/95
Buying a Home: Meet Your Realtor 5/95
Buying a Home: Financing Available 6/95
Buying a Home: Who Are The Lenders? 7/95
Buying a Home: Qualifying for the Loan 7/95
Buying a Home: Your Credit 8/95
Buying a Home: Appraisal Considerations 9/95
Shopping for Rates in a Fixed Market 1/96
For AllExperts.com (A New York Times Company):
Real Estate / Finance Q&A Articles 2004-2006. Approx. 200 articles.
Continuing Education Courses and Seminars
DRE No. Title
1204-90 Escrows
240-78 Legal Aspects of Real Estate
1161-90 Real Estate Finance
237-78 Real Estate Practices
234-78 Real Estate Appraisal
323-1016 Real Estate Agency Rules
323-1014 Contracts, Disclosures & Environmental Issues
323-1012 Ethics and Professional Conduct of Real Estate Licensees
323-1013 Fair Housing
323-1015 Trust Funds
743-85 Real Estate Principles
1281-08 Ethics and Professional Conduct of Real Estate Licensees II
384-42 Tax Planning for Real Estate
591-05 Consumer Protection in Real Estate Transactions
103-118 Proving Fraud Cases
323-1041 Disclosure Obligations in Real Estate Transactions
323-1034 Red Flags
323-1035 Survey of Real Estate Regulations
323-1042 The Listing Agreement and its Application to the Seller of Real Estate Property.
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