Robert Jacobsen, 67, formerly of Lafayette, California, was charged with wire fraud and with engaging in financial transactions involving criminally derived proceeds arising out of an alleged scheme to defraud homeowners and mortgage holders According to the indictment, Jacobsen created a company called “American Brokers’ Conduit Corporation.” This company was not related to a mortgage originator […]
Michael Pampalone, former mortgage broker, 32, Elizabeth, New Jersey, was arraigned on an indictment charging him with two counts of wire fraud. The indictment alleges that Pampalone stole $132,450 from an East Greenbush, New York, man who hired Pampalone to help him obtain a mortgage. According to the indictment, Pampalone instructed the victim to wire funds to a […]
Mazen Alzoubi, real estate investor, 32, Rancho Cucamonga, California, pled guilty to conspiracy, mail fraud and identity theft, admitting that he orchestrated a scheme to steal title to Southern California homes and then sell the properties to unsuspecting buyers before the true owners could put a stop to the sale. Alzoubi admitted that from May 2012 through […]
Mohammed N. Islam, also known as “Tanveer,” 39, Trumbull, Connecticut, was sentenced 14 months of imprisonment, followed by three years of supervised release, for participating in a mortgage fraud scheme that involved dozens of properties in Fairfield County, Connecticut. According to court documents and statements made in court, between 2006 and 2013, Islam participated in a […]
Edgar A. Reyes-Colón and Francisco Quintero-Peña were indicted on charges of with making false statements in loan applications in scheme to obtain money from mortgage lending institutions.. The investigation revealed that as part of the scheme and artifice to defraud, the defendants, through straw buyers, purchased a property by obtaining mortgage loans from a federally insured financial institution in […]
As secondary lending climbed higher at the Federal Home Loan Mortgage Corp., serious delinquency fell to the lowest it's been since August 2008.
For the month of March, the government-controlled enterprise generated 22 percent more in purchases and issuances than it did during the previous month.
The McLean, Virginia-based secondary lender disclosed the statistics and other operational data in its Monthly Volume Summary: March 2016.
As the size of the residential loan servicing portfolio ascended at Alaska USA Federal Credit Union, the volume of quarterly mortgage production descended.
The financial institution closed 16 percent less in home loans during the period started on Jan. 1 and ended on March 31 than in the last three months of 2015.
The lending data, as well as servicing and employment metrics, were provided as part of the Mortgage Daily First Quarter 2016 Mortgage Origination Survey.
While bank lending standards on home loans have changed little recently, guidelines tightened on commercial real estate loans. Demand was up for both types of loans.
On purchase financing loans that are eligible for purchase by Fannie Mae and Freddie Mac, 17 percent of large banks said guidelines have eased from three months prior.
Demand for loans eligible for purchase by the government-sponsored enterprises was up at more than a third of all banks and down at 11 percent of just smaller banks.
Although Nationstar Mortgage LLC swung to a huge quarterly loss on mortgage servicing rights valuations, home-loan production improved.
For the first-three months of this year, the Dallas-based company funded 5 percent less in residential loans than in the fourth-quarter 2015.
Those details and more were spelled out by parent Nationstar Mortgage Holdings Inc. in its earnings report for the first quarter of this year.
New applications for mortgages moved lower on a week-over-week basis, and refinance applications were behind the deterioration.
For the week that ended on April 29, new applications for residential loans were down 3 percent compared to the previous week.
That was according to the seasonally adjusted Market Composite Index, which is used as a gauge for mortgage loan application volume.