Robert Jacobsen, 67, formerly of Lafayette, California, was charged with wire fraud and with engaging in financial transactions involving criminally derived proceeds arising out of an alleged scheme to defraud homeowners and mortgage holders According to the indictment, Jacobsen created a company called “American Brokers’ Conduit Corporation.” This company was not related to a mortgage originator […]
Michael Pampalone, former mortgage broker, 32, Elizabeth, New Jersey, was arraigned on an indictment charging him with two counts of wire fraud. The indictment alleges that Pampalone stole $132,450 from an East Greenbush, New York, man who hired Pampalone to help him obtain a mortgage. According to the indictment, Pampalone instructed the victim to wire funds to a […]
Mazen Alzoubi, real estate investor, 32, Rancho Cucamonga, California, pled guilty to conspiracy, mail fraud and identity theft, admitting that he orchestrated a scheme to steal title to Southern California homes and then sell the properties to unsuspecting buyers before the true owners could put a stop to the sale. Alzoubi admitted that from May 2012 through […]
Mohammed N. Islam, also known as “Tanveer,” 39, Trumbull, Connecticut, was sentenced 14 months of imprisonment, followed by three years of supervised release, for participating in a mortgage fraud scheme that involved dozens of properties in Fairfield County, Connecticut. According to court documents and statements made in court, between 2006 and 2013, Islam participated in a […]
Edgar A. Reyes-Colón and Francisco Quintero-Peña were indicted on charges of with making false statements in loan applications in scheme to obtain money from mortgage lending institutions.. The investigation revealed that as part of the scheme and artifice to defraud, the defendants, through straw buyers, purchased a property by obtaining mortgage loans from a federally insured financial institution in […]
A new program from Wells Fargo & Co. promises to make it easier for prospective borrowers to apply and qualify for a low-down payment residential loan.
Borrowers who use the yourFirst Mortgage program can purchase a home with a downpayment as low as 3 percent, an announcement Thursday indicated.
The San Francisco-based company said the program is intended to help first-time homebuyers and low- to moderate-income consumers become homeowners.
New research indicates that mortgage borrowers are more likely to increase their debt-to-income ratios after they close on a home loan.
In general, 28 percent of all consumers with credit scores of at least 661 are likely to open a new credit card account in the next 12 months.
But for consumers whose credit reports reflect a mortgage inquiry, the likelihood of opening a new credit card account rises to 43 percent.
Following reports of surging new home sales and rising existing home sales last month, national pending home sales soared to the highest level in more than a decade.
A forward-looking indicator of pending home sales that reflects contract signings for residential properties, the Pending Home Sales Index, was 116.3 in April.
Based on historical data, last month's contract signings for pre-owned homes turned out to be at the highest level since February 2006, when the index came in at 117.4.
The planned acquisition of a California-based company will add $1.5 billion to Caliber Home Loans Inc.'s annual originations and hundreds of employees to its payroll.
Irving, Texas-based Caliber already had been on a high-growth path. Fourth-quarter 2015 originations totaled 12,474 mortgages, soaring 61 percent from a year earlier.
In February, Caliber, which funded more than $25.6 billion during all of last year, hired former CitiMortgage Inc. chief executive officer Sanjiv Das to be its own CEO.
Among several new programs recently offered by wholesale lenders are non-QM loans, reverse mortgages and jumbo mortgages. Commercial mortgage products also hit the market.
Home loans that don't meet Qualified Mortgage requirements are now available from A&D Mortgage. The wholesale non-QM programs include residential and commercial products.
The Hollywood, Florida-based wholesale lender said its non-QM product lineup also includes investor properties and and programs for foreign nationals. Rates start at 7.99 percent.