Mortgage Fraud

Investment Scheme Co-Founder Pleads Guilty

February 10, 2016 | 9:19 AM PST

Frank Enrique Lleras, 30, Charlotte, North Carolina, the co-founder of a Charlotte-area property investment firm, pleaded guilty to securities fraud and wire fraud, in connection with an investment fraud scheme involving real estate properties. According to filed court documents and the plea hearing, Lleras was the co-founder, executive vice president and chief investment officer of Optimum Property […]

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Foreclosure Prevention Fraud Ends with Sentencing

February 9, 2016 | 11:08 AM PST

Emily Suzanne Vasquez, 47, Inglewood, California, was sentenced in Nevada 12-48 months in prison after being convicted of one count of attempted theft, a category “C” felony. Vasquez was sentenced as a result of a local, state and federal investigation of a complex mortgage fraud scheme. Vasquez was also ordered to pay nearly $53,000 in […]

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Jury Convicts Former SunTrust V.P and Loan Officers

February 9, 2016 | 10:37 AM PST

Mohsin Raza, 51, Chantilly, Virginia, along with his wife, Humaira Iqbal, 39, Chantilly, Virginia, and her two brothers, Farukh Iqbal, 41, Chantilly, Virginia, and Mohammad Ali Haider, 33, Chantilly, Virginia, were convicted by a federal jury on charges of conspiracy to commit wire fraud affecting a financial institution and various counts of wire fraud affecting a financial […]

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Woman Posing as HUD Representative Charged in Illinois

February 9, 2016 | 10:31 AM PST

Cynthia Wallace, 45, Chicago, Illinois was charged with posing as a federal housing representative to scam homeowners out of cash.  Wallace was charged with one count of falsely assuming and pretending to be an officer of the United States.  Last month Wallace posed as an official from the “Federal Housing Authority” and “H.U.D.” in numerous phone […]

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San Diego Business Man Sentenced in Mod Fraud

February 9, 2016 | 10:30 AM PST

Michael Nazarinia, 41, San Diego, California, was sentenced to 9 months in custody for his role in a fraudulent mortgage loan modification business that duped hundreds of struggling homeowners. The business, known as “Haffar & Associates,” owned by figurehead attorney Mohamed Haffar, recruited new customers using telemarketers who lied to clients in order to induce more […]

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Mortgage Originations Nearly Double at Leader One

February 10, 2016 | 2:58 PM PST

Annual residential lending at LeaderOne Financial Corp. nearly doubled last year, with the mortgage banking organization achieving a milestone in 2015.

From Oct. 1 until Dec. 31 of last year, there was 15 percent less in residential loan production than compared to the previous three-month period.

The company revealed the data, along with other operational statistics, as part of the Mortgage Daily Fourth Quarter 2015 Mortgage Origination Survey.


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Mortgage Executives Recruited, Promoted

February 10, 2016 | 12:34 PM PST

Several residential lending firms have recently recruited or promoted executives. Among the areas of responsibilities for the group are third-party originations, mortgage servicing and mortgage technology.

Stonegate Mortgage Corp. reported late last month that David Dill was named executive vice president of servicing. Before signing on with the Indianapolis-based entity in October 2015, Dill was employed at Supreme Lending.

Dill also served as president and chief executive officer of Saxon Mortgage Services Inc., his LinkedIn profile indicates. In all, he reportedly has 20 years' experience in mortgage lending.


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TRID Error by CFPB

February 10, 2016 | 10:13 AM PST

The correction of a typographical error in the final rule on integrate disclosures clarifies that certain costs won't be included in allowable tolerances.

In 2013, a final rule was issued on integrated disclosures required under the Real Estate Settlement Procedures Act and Truth in Lending Act.

The TILA-RESPA Integrated Disclosure Rule, more commonly known as TRID, was issued by the Consumer Financial Protection Bureau.


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Annual Business Doubles at Arch M.I.

February 10, 2016 | 9:27 AM PST

Despite a quarter-over-quarter blip in new business at Arch Mortgage Insurance Co., annual activity more than doubled. Meanwhile, defaults declined.

The mortgage insurer wrote 19 percent less in new insurance on U.S. home loans during the three months ended Dec. 31, 2015, than in the third quarter.

The operating results, along with other financial data, were revealed by parent Arch Capital Group Ltd. in its fourth-quarter 2015 earnings report.


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Mortgage Refinance Applications Jump, Could Rise More

February 10, 2016 | 7:27 AM PST

Tumbling interest rates had more borrowers initiating the refinance process, and the latest market conditions could boost refinances further.

The Market Composite Index moved up 9 percent in the week that ended on Feb. 5 compared to its level as of one week previous.

The index, which reflects the number of new applications that were submitted for home loans, was adjusted to factor in seasonal variations.


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