Mortgage Fraud

Mortgage Broker Pleads Guilty to Procuring Fraudulent Loans

May 22, 2015 | 8:30 AM PST

Mortgage Fraud Blog.

Jason Calabrese, 43, Watertown, Connecticut, pleaded guilty before U.S. District Judge Janet Bond Arterton in New Haven, Connecticut, to his involvement in a series of fraudulent mortgage loan applications. According to court documents and statements made in court, in November 2005, Calabrese’s co-conspirator, Thomas Provenzano, obtained a $923,200 loan to purchase a lakefront home located […]

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Contractor and Bookkeeper Jailed for Stealing Construction Loan Funds

May 21, 2015 | 8:22 AM PST

Mortgage Fraud Blog.

Paxton Jeffrey Anderson, 44, Montevideo, Minnesota, and Joseph John Plany, 42, Hutto, Texas, were sentenced by U.S. District Court Judge Susan R. Bolton to eight years and four years in prison, respectively, and ordered to pay $3,270,425 in restitution. The defendants ran a scam wherein, unbeknownst to the borrowers, they forged and altered draw requests, […]

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Real Estate Investor Admits Rigging Bids at Foreclosure Auctions

May 21, 2015 | 8:02 AM PST

Mortgage Fraud Blog.

Eric Hulsman, a Georgia real estate investor, pleaded guilty to his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia. Felony charges against the defendant were filed on March 27, 2015, in the U.S. District Court of the Northern District of Georgia in Atlanta. According to […]

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Real Estate Agent Sent to Prison for Straw Buyer Scam

May 21, 2015 | 7:56 AM PST

Mortgage Fraud Blog.

Arlene Jeanette Mojardin, 32, Bakersfield, California, was sentenced by United States District Judge Anthony W. Ishii to two years and six months in prison for conspiring to commit bank fraud, mail fraud, and wire fraud, in connection with a mortgage fraud scheme in Bakersfield. According to court documents, from 2007 to 2010, Mojardin conspired with […]

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Fraud Enforcement Official Arrested for Submitting False Application for Loan Modification

May 20, 2015 | 8:29 AM PST

Mortgage Fraud Blog.

Lynwood Patrick, Jr., 39, East Hartford, Connecticut, was arrested on a federal criminal complaint charging him with wire fraud in connection with his submission of a fraudulent application for a personal mortgage modification. Patrick was arrested at his residence. He appeared before U.S. Magistrate Judge Donna F. Martinez in Hartford and was released on a […]

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Arms, Jumbos Lead Weekly Mortgage Dip

May 22, 2015 | 4:09 PM PST

For the fifth consecutive week, new mortgage activity came up short of prior-week business. This week, the decline was aided by reduced inquiries for adjustable-rate mortgages and jumbo loans.

For the week ended May 22, the U.S. Mortgage Market Index from LoanSifter/Optimal Blue and Mortgage Daily was at 146.

The index, which offers insight into average per-user product-and-pricing inquiries, dropped six percent from May 15 weekly mortgage activity. Every week since April 17, mortgage business has steadily recessed on a week-over-week basis.


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Appraisal Services Target FHA EAD, AMC Utilization

May 22, 2015 | 11:26 AM PST

A new service is designed to help lenders connect to the electronic portal for government loans, while appraisal management companies are vying for business. An appraisal technology firm was acquired.

A May 7 news release indicated that Mercury Network, a valuation vendor management platform for the mortgage industry, was acquired by Serent Capital from Oklahoma City-based a la mode inc. Daily volume at Mercury Network reportedly exceeds 20,000 appraisal transactions.

Serent's acquisition is expected to further enhance the value of Mercury Network's offerings by bringing additional resources to support technology innovation. 


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New Tools Ready for Integrated Disclosure Rule

May 22, 2015 | 10:11 AM PST

While the integrated disclosure rule taking effect soon, some industry associations are concerned about a smooth transition to the new system. Trade groups support legislation granting a regulatory enforcement grace period. But a handful of service providers promise to help keep lending business practices on point with compliance.

Starting Aug. 1, borrowers will receive the Loan Estimate and Closing Disclosure forms from lenders. This paperwork will stem from the Consumer Financial Protection Bureau's Know Before You Owe initiative that seeks to eliminate redundant information and consolidate disclosure documents required by the Truth in Lending Act and the Real Estate Settlement Procedures Act.


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Mortgage Delinquency Up, Foreclosures Down

May 22, 2015 | 7:38 AM PST

Residential loan delinquency saw a seasonal up tick in April, but the rate of foreclosures moved lower. Both metrics have substantially improved from a year earlier.

As of last month, 3,179,000 mortgages were delinquent. The total included 2,415,000 loans past due at least 30 days but not in foreclosure and 764,000 loans in the foreclosure pre-sale inventory.

The total number increased by 17,000 compared to March. However, distressed loan count has plunged 658,000 since April of last year.


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2015 Refi Forecast Raised, 2016 Refi Forecast Cut

May 21, 2015 | 4:52 PM PST

The outlook for this year's refinances has been increased, while expectations for next year's refinance activity have been lowered.

U.S. home lenders will originate $418 billion in the second quarter, according to the latest economic forecast for real estate finance.

Industry production is then expected to fall to $369 billion the following quarter and $333 billion in the fourth quarter.


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