Mortgage Fraud

Pennsylvania CPA Charged in New Jersey Mortgage Fraud

October 6, 2016 | 8:07 AM PST

Barry E. Horrow was charged by information in the Eastern District of Pennsylvania with four counts of bank fraud and one count of aiding and abetting. The information alleges that Horrow was a CPA who owned and operated Horrow and Associates, first in Delaware County and then in Chester County, Pennsylvania.  From January 2005 through […]

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Special Assets Officer Sentenced in REO Fraud Case

October 5, 2016 | 1:09 PM PST

Michael Johnson, 56, Odessa, Florida, was sentenced to 18 months in federal prison for embezzlement and misapplication of funds. As part of his sentence, the Court also entered a money judgment in the amount of $152,783, the proceeds of the charged criminal conduct.  Johnson was adjudicated guilty on July 8, 2016. According to the plea agreement […]

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Real Estate Developer Charged in Mortgage Fraud

October 5, 2016 | 1:06 PM PST

Rebecca Gheiler, 49, Miami, Florida, was indicted and charged with conspiracy to commit bank and wire fraud and six counts of bank fraud. According to the indictment, Tribute Residential, LLC (“Tribute”), which was controlled by Gheiler, owned and sold condominium communities.  To entice buyers to purchase condominium units in these communities, Gheiler developed a program of […]

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Three Florida Residents Indicted in Condo Conversion Fraud

October 5, 2016 | 1:02 PM PST

Marek Harrison, 53, Plant City, Florida, Brian Allard,45, Seminole, Florida, and Scot Rounds, 44, Winter Garden, Florida were indicted and charged with bank fraud and conspiracy to commit bank fraud. According to the indictment, Harrison and Allard created and executed a mortgage fraud scheme involving Saratoga Resort Villas, a condo conversion of a former hotel located […]

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Year Sentence in Modification Scam

October 5, 2016 | 12:57 PM PST

John Vescera, 60, Dana Point, California, was to 12 months and one day of imprisonment, followed by three years of supervised release, for false advertising and misusing a government seal in connection with the provision of mortgage modification services. On May 3, 2016, Vescera pleaded guilty to one count of misuse of a government seal and […]

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Mortgage Production, Servicing Up at Quicken Loans

October 25, 2016 | 3:47 PM PST

In addition to a quarter-over-quarter and year-over-year increase in home lending, Quicken Loans Inc. expanded the size of its mortgage servicing portfolio.

As of Sept. 30, 2016, the Detroit-based firm serviced $229.0 billion in residential loans. The servicing portfolio grew from $215.0 billion three months earlier.

The data, along with other operational metrics, were disclosed by Quicken as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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CFPB Chief: TRID Wasn't So Bad

October 25, 2016 | 3:14 PM PST

Integrated mortgage disclosures that went into effect last year caused much anxiety for the industry at the time. But the head of the Consumer Financial Bureau says things are moving along smoothly now.

In October 2015, disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act went into effect. The TILA-RESPA Integrated Disclosures became known as TRID.

The was much concern at the time about difficulty integrating information technology systems and getting multiple players on the same page in dealing with the Loan Estimate and Closing Disclosure.

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Mortgage Complaints Defy Overall Complaints

October 25, 2016 | 2:15 PM PST

The average volume of mortgage complaints has fallen from a year ago versus a rise in overall complaints, though there's recently been a flip flop.

Consumers filed a monthly average of 26,134 complaints against providers of financial services during the three months ended September 2016.

Complaint volume worsened compared to the same three-month period last year, when there were an average of 24,845 complaints filed.

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Mortgage Broker, Sister Convicted of Mortgage Fraud

October 25, 2016 | 12:20 PM PST

A Pennsylvania man and his sister have been tried for and convicted of committing mortgage fraud through his mortgage brokerage business.

James Nassida owned and operated Century III Home Equity. His sister, Janna Nassida, was a manager and loan originator for the firm.

According to federal prosecutors, loans originated through the company contained fraudulent appraisals that had inflated property values.

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Mortgage Bankers Raise Refi Outlook Over $250 Bil

October 25, 2016 | 11:19 AM PST

Mortgage bankers have lifted their estimate of overall originations from last year through 2018 by more than $300 billion -- including an over $250 billion boost to refinances.

Overall mortgage originations are expected to amount to $470 billion during the final-three months of this year then fall to $400 billion in the first three months of next year.

Residential loan production, which includes refinances and purchase financing, is then expected to bounce back up in the second quarter of next year -- reaching $440 billion.

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