Mortgage Fraud

Final Defendant Sentenced to Prison in Multi-Million-Dollar Real Estate Scheme

April 20, 2015 | 10:04 AM PST

Mortgage Fraud Blog.

Ronald Benjamin, 49, Los Angeles, California, was sentenced by U.S. District Court Judge Wiley Y. Daniel to serve 14 months in federal prison for wire fraud and aiding and abetting in providing materially false information to lenders to procure loans. Following his prison sentence, Benjamin was ordered to spend three years on supervised release. Judge […]

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Man Admits Role in Real Estate Investment Scam

April 20, 2015 | 9:18 AM PST

Mortgage Fraud Blog.

Kenneth Manuel Martin, 66, formerly of Modesto, California, pleaded guilty to one count of wire fraud in connection with a Guatemalan real estate scheme wherein he told investors that their money would be used to fund loans and would be secured by promissory notes recorded against the property. Between a date unknown and August 2008, […]

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Loan Officer Charged with Mortgage Fraud

April 20, 2015 | 9:05 AM PST

Mortgage Fraud Blog.

Mark F. Friend, 60, Stockton, California, was indicted by a federal grand jury on six counts of bank fraud relating to a mortgage fraud scheme wherein he allegedly submitted false and fraudulent loan applications to lenders.According to the indictment, in 2005 and 2006 while working for National City Mortgage, then a division of National City […]

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2 Charged with Conspiracy to Defraud Lenders

April 17, 2015 | 9:59 AM PST

Mortgage Fraud Blog.

Jeffery Allen Gardner, 61, Hopkins, Minnesota, and Stuart Alan Voigt, 66, Apple Valley, Minnesota, have been indicted and charged with conspiring to defraud individuals and financial institutions, bank fraud and making a false statement in a loan application. In an indictment unsealed on July 24, 2014, Gardner was charged with conspiracy to commit mail and […]

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Real Estate Agent Pleads Guilty to Investment Scheme

April 17, 2015 | 9:47 AM PST

Mortgage Fraud Blog.

Brenda Ashcraft, 45, Milford, Ohio, pleaded guilty in U.S. District Court to defrauding investors of at least $15 million between 2009 and 2013 in a fraudulent investment scheme to purchase and sell real estate through real estate investment trusts (REITs). According to court documents, Aschraft owned and operated French Manor Properties, which she told investors […]

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Standing Remains Issue in Florida Foreclosures

April 21, 2015 | 2:32 PM PST

Lender losses on the basis of standing continues to show as a trend in Sunshine State mortgage litigation for the first quarter of 2015, while the question of whether a lender's/servicer's business records constitutes inadmissible hearsay is also beginning to show up in Florida foreclosure litigation.

In Bank of New York v. Calloway, a Florida state appellate court reversed a ruling by the lower court throwing out the testimony of a service litigation foreclosure specialist.

The trial court had ruled that the witness' testimony was inadmissible hearsay and could not be admitted under the business records exception to hearsay. The Bank of New York argued that the trial court abused its discretion in excluding the borrower's payment history since its witness laid a proper foundation under the business record exception.

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SunTrust Mtg Lending & Earnings Up, Servicing Down

April 20, 2015 | 2:26 PM PST

While residential lending grew at SunTrust Banks Inc., the loan servicing portfolio shrank. Still, mortgage earnings climbed over the prior period.

First-quarter earnings data revealed SunTrust originated 8 percent more in new loans during the period than it did during the final quarter of last year.

Correspondent acquisitions accounted for 53 percent of the production total, while the remaining 47 percent came from retail originators.

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Mortgage Origination Forecast Bolstered

April 20, 2015 | 9:30 AM PST

The latest outlook for this year's residential loan originations has been raised by more than $100 billion. Even next year's forecast fattened.

Mortgage production by all U.S. lenders is expected to climb from $321 billion in the first quarter to $367 billion during the current three-month period then settle back to $347 billion in the third quarter.

The outlook improved from last month, when originations were expected to increase from $272 billion to $329 billion in the second quarter then rise to $333 billion.

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Quicken Sues Gov Over DOJ Shakedown on FHA Loans

April 20, 2015 | 8:44 AM PST

Quicken Loans Inc. has filed a lawsuit alleging that it is being pressured to settle with the government on compliant Federal Housing Administration loans.

A complaint filed in federal court on Friday in Detroit by the online lender alleges it was notified almost three years ago by the Department of Housing and Urban Development's Office of Inspector General that an investigation was being launched into its lending practices.

But at the time, Quicken claims it was assured by the Department of Justice and the HUD OIG that that the investigation was part of multiple investigations into all of the largest FHA lenders and not because wrongdoing was suspected.

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Refis and Jumbos Lead Improved Mortgage Activity

April 17, 2015 | 4:39 PM PST

After three consecutive weeks of decline, new home borrowing activity saw a boost -- with jumbo and refinance loans leading the week-over-week change.

For the week ended April 17, new mortgage activity was up 9 percent from seven days prior, according to the U.S. Mortgage Market Index from LoanSifter/Optimal Blue and Mortgage Daily, which landed at 189.

Providing insight into average per-user product-and-pricing inquiries by LoanSifter customers, the index was down nearly 9 percent at the end of the same week last year.

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