Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 1 of 8
Roy Agostini 11/22/2005
Camile Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
Page i
1
IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO
2
3
Camille Melonakis-Kurz,
4 individually and on
5 similarly situated
employees,
6
behalf of other
Plaintiff,
7
vs.
8
Civil Action No. 03-MK-2485
9
Heartland Home Finance,
Inc. ,
10
Defendant.
11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
The Videotaped Deposi tion of ROY AGOSTINI
November 22, 2005
1:10 p.m.
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 2 of 8
Roy Agostini 11/22/2005
Camile Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
Page 27
1
Q.
Did Heartland teach you how to
2 do that procedure?
3
A.
Part of it they did.
Yes.
4 They did.
5
Q.
When you were taking the
6 application, or you were talking about
7 different products with a lead, how did
8 you know what products to talk about?
9
A.
You know, that is, that iS
10 actually based on a lot of things.
11 That was based on the fact, first of
12 all, you had to know what the
13 circumstances were of the customer, so 14 you had to obviously appease that
15 customer and do what you needed to do
16
to satisfy his needs.
The other thing
17 was, of course, what the availability of
18
product was from our company.
And the
19 longer I was there the more it
20 progressed into something that was
21 sellable.
22
Q.
So, did you just offer
23 Heartland products then?
24
A.
There was a point in time when
25 that ls all we were allowed to offer.
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 3 of 8
Roy Agostini 11/22/2005
Camille Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
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1
I guess.
More or less.
2
Q.
Did you ever use a Heartland
3 product matrix to help you figure out
4 which product to offer the customer?
5 A. I really didn't believe in
6 that. Once I spoke with the customer,
7
that was pretty much decided.
It wasn't
8 so much, there were times we didn't have
9 a product that would fit, you know, the
10 person's needs, so, the customer's 11 needs. So we were at a loss sometimes
12 because of their credi t scores,
13 sometimes because of their employment
14 record, I mean, there are so many
15 factors that come into that that it's 16 impossible to sit here and say, well, we
1 7 had this and this fi t that and that
18
fi t.
It wasn't qui te that way.
I am
19 currently in the, back in the mortgage
20 business. And we actually have two
21 lenders, Freddie Mac and Fannie Mae.
22 And they control the entire business.
23 You know, so you have Fannie Mae
24 lenders, and all of them have certain
25 guidelines and regulations. And you
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 4 of 8
Roy Agostini 11/22/2005
Camille Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
Page 32
1
A.
Q.
No.
You didn't charge any
2
3 origination fees?
4
A.
I'm sorry, origination fees,
5 ye s .
6 Q. How did you know what fee to
7 charge, did you pick from a range of
8 fees, like a minimum and a maximum fee?
9
A.
Well, origination fee, there iS
10 by law a section, 32, which tells you
11 tha t you cannot go above a certain
12
percentage on a loan.
So, we always
13 had to contend with that law, of course.
14
It was, it was a discretionary
15 situation in terms of what was good for
16 the customer, and what the customer
1 7 would, would put the loan through for
18 you.
19
Q.
Okay.
Our rates at Heartland, I
20
A.
21 thought by comparison, and I'm talking
22 about interest rates, were always a
23 little bit higher than everyone else's.
24 And I noticed at times that we had to
25 give up some of the money that we could
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 5 of 8
Roy Agostini 11/22/2005
Camile Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
1
Q.
Exactly.
You sell like hell, or you cut
Page 73
2
A.
3 your origination fees. And I don't know
4 if that is the right answer, but it
5 seemed to work, so I did it.
6
Q.
And how did you decide how much
7 to cut your origination fees?
8
A.
Well, it depended on how bad
9 you needed to cover your draw and how
10 much money you wanted to make. And I
11 didn't really like being in debt to
12 anybody, so I tried to cover my draws
13 and make as much money for everybody as
14 I could.
15
Q.
Were there other types of fees
16 that you could ei ther add, or could you
17 look to, to try to get something on the 18 yield spread to try to increase what you
19 brought in?
20
A.
Well, on conforming, we were
21 already working wi th a higher interest 22 rate so there wasn't a whole lot to get
23 on yield spread. And as I recall, we
24 got, just for bringing it to the
25 company, I thing which were getting 25
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 6 of 8
Roy Agostini 11/22/2005
Camille Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
Page 81
1 to reach for this customer?
2
A.
That's what he wanted to, what
3 he wanted to payoff, was whatever his
4
debts were.
It says, plus cash back
5
from borrower.
is what we did.
Q.
Okay.
Tha t 's what,
6 that's what he wanted to achieve, that
7 8
We handled his problem.
And would you have people who
9 would have di fferent types of needs than
10 say, for example, this person wanted to
11 consolidate debts?
12 13
A.
Q.
Right.
And so you found a way to meet
1 4 t hat t yp e 0 fan e e d ?
15
A.
Q.
Exactly.
Were there other types of needs
16
17 that people would tell you they had when
18 they talked wi th you on the phone?
19
A.
It was always about money.
It
20 was always about getting their problems 21 handled, and their problems were all 22 di fferent, exactly. I don't remember 23 doing any two loans that I thought that
24 they, the situation was similar,
25
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 7 of 8
Roy Agostini 11/22/2005
Camille Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
Page 109
1 paper, how many of my deals went outside
2 the company?
3
Q.
Looks like you had, I'm looking
4 at it, I'm seeing 11 Heartland deals and
5 two National Ci ty Bank deals.
6
7
A.
Q.
Okay, there you go.
Two of those.
I'm also seeing
8 two Heartland deals that are
9
nonconforming deals.
A.
Q.
I think one is
10 Pitts who we talked about before?
11
12
Ri gh t .
The other one iS Siegist.
13
14
A.
Siegist.
I don't, you know, I
don't remembe r .
Let me see if it says
15 it up on top because... Most of the
16 stuff that went through Heartland that I
1 7 laid my hands on tha t went through
18 pretty quick, the scores were high, the
19 income was good, and it was a good loan.
20
21
And it went through quickly.
Okay.
And
that was it.
wen t through.
I don't mean it went
22 through underwri ting quickly, I mean it
23
You got your deal.
But
24 I could al so remember, if you want to
25 get technical, that it
Case 1:03-cv-02485-MSK-PAC
Document 345-4
Filed 02/16/2006
Page 8 of 8
Roy Agostini 11/22/2005
Camille Melonakis-Kurz, et al v. Heartland Home Finance, Inc.
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1
other day.
It would depend on did we
If we
2
get our three credi t pulls done.
3 didn't we would stay late. Maybe not
4 until 8 0' clock because you weren't
5 going to catch anybody on a Friday if
6 you were there real late. But I
7 remember a lot of seven 0' clock Fridays,
8 7:30 Fridays.
9
MR. POCKRASS: Can you please
(WHEREUPON,
10 mark this.
11
Exhibi t 8 was marked for
12 identification. )
13 EXAMINATION
14 BY MR. POCKRASS:
15
Q.
If you would
take a look at
16 what has been marked as Exhibi t 8. Can
17 you identify, is that your signature at
18 the bottom of Exhibit 8?
19
A.
Q.
Yes.
Did you sign this on November
20
22
21 22nd, 2004?
A.
Q.
Obviously, if I dated it.
23
And it looks like this was
2 4 fax e d from Arne r i can N a t ion wid e M 0 r t gag e .
25
A.
True.