Mortgage Fraud

Real Estate Investment Fraud Scheme Sentencing

February 17, 2017 | 10:41 AM PST

Mortgage Fraud Blog.

Homayoon Daneshvar, 63, Washington, D.C., was sentenced to 18 months in prison.  The charges related to a $1.9 million real estate investment fraud scheme. Danshevar was also ordered to serve three years of supervised release, forfeit $1.945 million, and pay $926,020 in restitution. Daneshvar pleaded guilty on October 24, 2016. According to court documents,  Daneshvar […]

The post Real Estate Investment Fraud Scheme Sentencing appeared first on Mortgage Fraud Blog.

read more

EXCLUSIVE – Criminal Complaint Concerning Fraudulent Email Diverting Escrow Deposits

February 15, 2017 | 11:21 AM PST

Mortgage Fraud Blog.

Cristina Montijo was the subject of a complaint and arrest warrant issued in the Southern District of New York on charges of conspiracy to commit wire fraud and bank fraud, wire fraud and bank fraud in connection with fraudulent emails.  She was arrested in the Southern District of California. According to the complaint, sworn to by […]

The post EXCLUSIVE – Criminal Complaint Concerning Fraudulent Email Diverting Escrow Deposits appeared first on Mortgage Fraud Blog.

read more

EXCLUSIVE – North Carolina Attorney and Mortgage Broker Indicted

February 14, 2017 | 5:50 PM PST

Mortgage Fraud Blog.

Michael Allan Johnson, Jr. attorney, Lexington, North Carolina, and Jennifer Willard Turnmire, mortgage loan broker, Thomasville, North Carolina, also known as Jennifer Willard, were indicted by a grand jury in the U.S. District Court for the Middle District of North Carolina. The indictment alleges that Johnson, Turnmire and an individual identified as Person A who was an attorney […]

The post EXCLUSIVE – North Carolina Attorney and Mortgage Broker Indicted appeared first on Mortgage Fraud Blog.

read more

Two Florida Real Estate Agents Plead Guilty

February 14, 2017 | 11:48 AM PST

Mortgage Fraud Blog.

David Cevallos, real estate agent, 46, Miami, Florida, and Osbel Sanchez, real estate agent, 45, Tampa, Florida, pleaded guilty to conspiracy to commit wire fraud affecting a financial institution. Each faces a maximum penalty of 30 years in federal prison. Sanchez’s sentencing hearing has been set for April 24, 2017, and Cevallos’s sentencing hearing has been set […]

The post Two Florida Real Estate Agents Plead Guilty appeared first on Mortgage Fraud Blog.

read more

“Zero Down” Scheme Lands Bank President in Jail

February 13, 2017 | 1:49 PM PST

Mortgage Fraud Blog.

Paul Harold Doughty, 67, Edmond, Oklahoma, the former president and chairman of First State Bank of Altus (“FSB”), was sentenced to 48 months in federal prison after a jury convicted him in July of 2016 of bank fraud, conspiracy to commit bank fraud, misapplication of bank funds, making a false bank entry, and unauthorized issuance of a […]

The post “Zero Down” Scheme Lands Bank President in Jail appeared first on Mortgage Fraud Blog.

read more

Mortgage Bankers Raise Q1 Refinance Forecast

February 20, 2017 | 10:40 AM PST

The volume of refinances expected by the country's mortgage bankers during the first-three months of this year has increased.

Total mortgage originations, including purchase financing and refinancing, is projected to reach $352 billion during the first quarter.

U.S. production is then expected to jump to $430 billion three months later and $437 billion during the third quarter of this year.


read more

MGIC Relaxes Program Requirements

February 20, 2017 | 8:12 AM PST

MGIC has relaxed some of its underwriting guidelines. Among the changes are higher loan-to-value ratios, increased loan amounts and reduced credit scores.

With a credit score of at least 720, the maximum loan amount on one-unit properties has been raised to $650,000 from $450,000. The LTV ratio is 97 percent.

On residential loans up to $650,000 with LTV ratios up to 95 percent, the minimum credit score on one-unit properties has been reduced to 680 from 700.


read more

Ocwen Reaches $225 Million Settlement With CA

February 20, 2017 | 7:04 AM PST

A $225 million settlement with the state of California resolves a consent order that was reached in early 2015 with an Ocwen Financial Corp. unit.

In January 2015, the California Department of Business Oversight sought to suspend the mortgage licenses of Ocwen Loan Servicing LLC.

The action, taken because it allegedly failed to comply with requests for documentation, jeopardized the servicing of $94 billion of loans in the state.


read more

Mortgage Business Down Heading Into Holiday

February 20, 2017 | 6:00 AM PST

Heading into the Presidents Day holiday weekend, new refinance activity sank -- driving down overall mortgage business. But adjustable-rate business soared.

A gauge of upcoming residential loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 123 in the week ended Feb. 17.

The index, which is determined based on average per-user rate-lock volume by customers of OpenClose, tumbled 17 percent compared to the previous week.


read more

Nearly $800 Million in GSE Loans for Sale

February 17, 2017 | 3:47 PM PST

Nearly $800 million in distressed government-sponsored enterprise residential loans have been put on the auction block.

The offering includes five pools that contain $759 million in non-performing Federal Home Loan Mortgage Corp. loans.

Some of the loans are serviced by Nationstar Mortgage LLC, and the rest are serviced by Specialized Loan Servicing LLC.


read more

 

Pin It on Pinterest

Share This