Mortgage Fraud

Guilty Plea in Shotgunning Case

June 27, 2017 | 4:08 PM PST

Mortgage Fraud Blog.

Rafael Popoteur, 65, Ridgefield Park, New Jersey, pleaded guilty to an information charging him with conspiring to commit bank fraud between 2012 and 2014.  He admitted his role in a scheme to use false information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit, a practice known as “shotgunning,” According […]

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Maryland Mod Fraud Conviction and Pleas

June 27, 2017 | 4:04 PM PST

Mortgage Fraud Blog.

Ana Maritza Gomez, 44, Hyattsville, Maryland, was convicted by a federal jury of one count of conspiracy to commit mail and wire fraud and five counts of mail fraud arising from a scheme to defraud victims through a foreclosure rescue fraud scam. Two co-defendants, Rene De Jesus De Leon, 48, Silver Spring, Maryland, and Pedrina Rodriguez Bonilla, 38, Silver Spring, […]

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Reverse Mortgage Schemers Charged

June 27, 2017 | 4:01 PM PST

Mortgage Fraud Blog.

Mark Steven Diamond, 60, Chicago, Illinois, a mortgage loan originator with offices in Chicago and Calumet City, was indicted and arraigned on federal fraud charges for his alleged role in a scheme to bilk elderly homeowners out of millions of dollars.  According to the indictment, he engaged in a home repair and loan fraud scheme that […]

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Foreclosure Avoidance Scam Mastermind Indicted

June 27, 2017 | 3:57 PM PST

Mortgage Fraud Blog.

Michael “Mickey” Henschel, 68, Van Nuys, California was indicted on an 11-counts for his alleged role as the mastermind of a foreclosure-avoidance scam that targeted distressed homeowner.  He was arrested on federal charges that he orchestrated a bankruptcy fraud scheme that brought in more than $7 million from victims. Henschel was ordered detained pending trial. According to the indictment unsealed […]

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Dueling Mortgage Fraud Schemes Land Perp in Prison

June 27, 2017 | 3:51 PM PST

Mortgage Fraud Blog.

Sergey Shchirskiy, 41, Sacramento, California, was sentenced to seven years and 10 months in prison for his participation in two mortgage fraud schemes and one tax fraud scheme. According to court documents, Shchirskiy pleaded guilty to one count of wire fraud in each of the two mortgage fraud cases, as well as one count of conspiracy […]

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3rd Consecutive Month of Falling Pending Home Sales

June 28, 2017 | 3:17 PM PST

A frustratingly persistent shortage of inventory in the market for pre-owned single-family properties helped drive down pending sales for the third consecutive month.

On a seasonally adjusted basis, the U.S. Pending Home Sales Index was a preliminary 108.5 for the month of May 2017.

The index, a forward-looking indicator based on contract signings, slipped nearly a percent compared to the downwardly revised level for the preceding month.


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Best U.S. Banks

June 28, 2017 | 2:34 PM PST

A new ranking of financial institutions based on their reputations had the banking sector improving despite a major scandal involving fraudulently created accounts.

Reputations in the banking industry among U.S. consumers have continued to recover, according to the 2017 Survey of Bank Reputations.

In fact, for the only time since tracking of such data began in 2011, the banking industry has achieved a strong reputation score.


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New Mortgage Wholesaler Expands Business

June 28, 2017 | 1:20 PM PST

Fresh off a recently made major mortgage acquisition that included a wholesale lending business, Home Point Financial Corp.  is expanding the unit.

On May 31, the Ann Arbor, Michigan-based mortgage banking firm closed on the acquisition of Stonegate Mortgage Corp., a publicly traded company.

Out of $9.4 billion in total mortgage originations in 2016, Stonegate's wholesale lending channel was responsible for $2.1 billion of last year's volume.


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Easier Mortgage Credit Conditions Not a Warning

June 28, 2017 | 10:02 AM PST

Although mortgage executives plan to relax credit requirements, the easing is not the same as was done before the nation's housing market collapsed nearly a decade ago.

A survey this week by Fannie Mae indicated that senior residential lending executives expect credit requirements on mortgages to ease over the next few months.

But, according to the secondary lender's chief economist, Doug Duncan, the easing is not an attempt by lenders to increase demand, as was the case before the financial crisis.


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Refinances Lead Decline in Mortgage Applications

June 28, 2017 | 9:34 AM PST

With refinance activity leading the way, a weekly decline was reported for the number of prospective borrowers who initiated the home-loan process.

The Market Composite Index for the week that concluded on June 23 retreated 6 percent on a seasonally adjusted basis from the previous week.

Disregarding seasonal factors, the index -- a measure of retail residential loan application volume -- descended 7 percent from the prior report.


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