Mortgage Fraud

Warehouse Lending Fraud Results in Guilty Plea

August 4, 2015 | 7:49 AM PST

Mortgage Fraud Blog.

Brady Bunte, the former owner of an Orange County, California mortgage lending company, pleaded guilty to bank fraud in U.S. District Court in Louisville, Kentucky in a warehouse lending fraud.  Bunte devised a scheme to defraud National City Bank of $12,744,678 of money under its control, by submitting fraudulent funding requests for nonexistent mortgage loans. In […]

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Mortgage Fraud Sentencing for New Jersey Family

August 4, 2015 | 7:31 AM PST

Mortgage Fraud Blog.

Christopher Colatrella, 43, Wall Township, New Jersey was sentenced to 5 years in state prison after pleading guilty to 2nd Degree Financial Facilitation of Criminal Activity (Money Laundering) related to an investigation that involved mortgage fraud, theft by deception and money laundering. Christopher Colatrella’s brother John Colatrella, 52, Long Branch, New Jersey was sentenced to 2 […]

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Retrial in Las Vegas Results in Mortgage Fraud Conviction

August 4, 2015 | 7:22 AM PST

Mortgage Fraud Blog.

Brett Depue, 42, Gilbert, Arizona, was convicted following a four-day jury trial, and 1½ days of deliberations, of one count of conspiracy to commit mail, bank and wire fraud, and seven counts wire fraud in connection with a Las Vegas mortgage fraud scheme.  Depue was remanded to custody and sentencing is scheduled for November 9 at […]

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Connecticut Women Gets Probation for Mortgage Fraud

August 4, 2015 | 7:12 AM PST

Mortgage Fraud Blog.

Glorvina Constant, 36, New Haven, Connecticut, was sentenced  to one year of probation for participating in a mortgage fraud scheme.  Her husband, Jason Sheehan, 41, New Haven, Connecticut, was sentenced to 37 months in prison for a bankruptcy and tax fraud scheme involving his company, Infinistaff, LLC.  As part of that scheme, Constant received Infinistaff payroll checks […]

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Prosecutors faulted in reversal of Vegas mortgage fraud conviction

August 3, 2015 | 10:15 AM PST

Mortgage Fraud Blog.

A federal appeals panel Friday ordered the dismissal of a mortgage fraud case against a lawyer who claimed he was charged after prosecutors falsely accused him of violating an immunity agreement. David Mark, who now lives in New Orleans, was convicted in April 2013 in Las Vegas of conspiracy and fraud charges in one of […]

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Prosperity Originations Up by Nearly Half

August 4, 2015 | 2:47 PM PST

Residential loan production shot up by nearly half at Prosperity Home Mortgage LLC on a quarter-over-quarter basis. Staffing also grew.

Home lending volume during the three months ended June 30 came to 48 percent more than during the first quarter of this year.

The Chantilly, Virginia-based company disclosed its operational metrics as part of the Mortgage Daily Second Quarter 2015 Mortgage Origination Survey.


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GSEs Lead Rise in CRE Loan Originations

August 4, 2015 | 2:15 PM PST

Quarterly commercial mortgage production moved up from the prior three-month period, and government-sponsored enterprise loans led the increase.

An estimated $116 billion in U.S. commercial real estate loans were originated during the second quarter of this year.

Activity picked up compared to the previous quarter, with originations increasing 16 percent from an estimated $100 billion.


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Mortgage Firm Owner Admits Warehouse Line Fraud

August 4, 2015 | 1:04 PM PST

The former owner of a Southern California mortgage banking firm has admitted that he duped his warehouse lender.

Back in 2007, National City Bank provided warehouse lines of credit to mortgage lenders through an operation that was located in Louisville, Kentucky.

The financial institution was a subsidiary of National City Corp., which was acquired by the The PNC Financial Services Group Inc. in late 2008.


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New Business Soars at United Guaranty

August 4, 2015 | 11:56 AM PST

New business, outstanding policies and delinquency all improved at United Guaranty -- though earnings at the mortgage insurer and its parent deteriorated.

In the three months ended June 30, there was 41 percent more in new insurance written than during the first quarter of this year.

The operational data, as well as other financial performance metrics, were disclosed by parent American International Group Inc. in its second-quarter earnings report.


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HECM Originations Slow

August 4, 2015 | 9:53 AM PST

Originators of federally insured reverse mortgages lost momentum last month, though volume moved ahead on a year-over-year basis.

The Federal Housing Administration endorsed five percent fewer home-equity conversion mortgages during July than a month earlier.

But business escalated from the same month last year, with a 23 percent increase reported from July 2014.


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