Mortgage Fraud

Mortgage Broker Sentenced for Fraudulent Loan Applications

July 19, 2017 | 3:58 PM PST

Mortgage Fraud Blog.

Pierre Chainey, 42, Tabernacle, New Jersey, was sentenced to 54 months in prison for his role in a mortgage fraud scheme that caused $2.7 million in losses.  Chainey previously pleaded guilty before U.S. District Judge Noel L. Hillman to one count of conspiracy to commit wire fraud and one count of money laundering. Judge Hillman […]

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Sentences for Two Law Firm Fakers

July 19, 2017 | 3:56 PM PST

Mortgage Fraud Blog.

Ronald Rodis, 52, Long Beach, California was sentenced to 41 months in prison, and Charles Wayne Farris, 56, Aliso Viejo, California, was sentenced to serve 47 months in prison for their roles in a multi-million dollar fraudulent mortgage modification scheme posing as a successful law firm.  Each of the men previously pleaded guilty to one count of […]

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Kickbacks and Fraudulent tax returns result in Prison Sentence

July 19, 2017 | 3:51 PM PST

Mortgage Fraud Blog.

Richard Pierce, a Michigan business owner, was sentenced to serve a year and a day in prison for obstructing and impeding the internal revenue laws and committing bank fraud. According to documents filed with the court, in 2007, Pierce  committed bank fraud by submitting a fraudulent loan application to a mortgage lender on which he […]

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Prison Sentence for Fake Mortgage Satisfactions

July 19, 2017 | 3:47 PM PST

Mortgage Fraud Blog.

David Tyrone Johnson, 48, Washington, D.C., was sentenced to a year and a day in prison on federal charges arising from a real estate scheme involving forged mortgage satisfaction documents. Johnson pled guilty in April 2017, in the U.S. District Court for the District of Columbia, to charges of bank fraud and making false statements. He was […]

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Short Sale Fraud Increases Sentence of Tax Fraudster

July 19, 2017 | 3:43 PM PST

Mortgage Fraud Blog.

Casey Padula, 48, Port Charlotte, Florida, was sentenced to 57 months in prison for conspiring to commit tax and bank fraud. According to court records, Padula had a mortgage on his Port Charlotte, Florida home of approximately $1.5 million with Bank of America (BoA).  In 2012, he sent a letter to the bank stating that he […]

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Quarter-Over-Quarter Mortgage Gains at Fifth Third

July 22, 2017 | 11:32 AM PST

The volume of home-lending activity at Fifth Third Bancorp ascended from the previous quarter, as did mortgage income and the size of the servicing portfolio.

Earnings before income taxes were $494 million in the three months ended June 30, growing from $427 million in the same three-month period last year.

Those metrics, as well as other financial and other operational results, were presented in the Cincinnati-based bank-holding company's second-quarter earnings report.


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Alleged HECM Scheme Settled

July 21, 2017 | 1:15 PM PST

The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.

Alexander Olympus Zarris was marketing condominium units at a development that is located in Tarpon, Springs, Florida.

Zarris targeted elderly buyers and utilized the Federal Housing Administration's home-equity conversion mortgage program to finance the units.


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Q3 Mortgage Origination Forecast Lifted

July 21, 2017 | 10:46 AM PST

Mortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.

From July 1, 2017, through Oct. 31, home-lending volume is expected to reach $455 billion. In the final quarter of this year, production is projected at just $348 billion.

The trough will occur in the first quarter of next year, when mortgage originations are expected to come in at only $345 billion.


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Mortgage Originations, Servicing Up at SunTrust

July 21, 2017 | 9:07 AM PST

In addition to lifting its quarterly home lending, SunTrust Banks Inc. grew its residential loan servicing portfolio. But mortgage earnings deteriorated.

Income before the provision for income taxes at the bank-holding company amounted to $752 million during the three months that concluded on June 30.

Atlanta-based SunTrust provided the details, along with additional operational and financial metrics, in its earnings report for the second quarter of this year.


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Mortgage Rates Retreat, VA Rates Lowest

July 20, 2017 | 3:50 PM PST

An impressive improvement was reported for weekly mortgage rates. On a monthly basis, rates on residential loans for U.S. veterans were the lowest.

In June, thirty-year note rates on single-family loans averaged 4.27 percent, according to Ellie Mae Inc.'s June 2017 Origination Insight Report.

Mortgage rates deflated compared to the preceding month, when the average was 4.33 percent. But rates ascended from 3.97 percent the same month last year.


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