Mortgage Fraud

Nashville real estate company faces allegations of fraud and forgery

July 6, 2015 | 8:25 AM PST

Mortgage Fraud Blog.

According to the Nashville Post, a Nashville company specializing in the acquisition of distressed properties is facing allegations it used forgery and fraud in a massive scheme to purchase tax-sale properties for pennies on the dollar. A 133-page complaint  filed last week in Davidson County Chancery Court details the alleged scheme perpetuated by REO Holdings […]

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Gearhart Gets 14 Years

July 2, 2015 | 11:13 PM PST

Mortgage Fraud Blog.

Kelly Gearhart, 54, a former real estate developer in California’s Central Coast, who previously lived in Atascadero, California and currently resides in Wadsworth, Ohio, was sentenced to 168 months in federal prison for his conviction on fraud and money laundering charges after bilking investors who put millions of dollars into Central Coast real estate projects.  Gearhart was remanded […]

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Cherry Hill Man Defrauded Burlington County Residents Out of $146,000

July 2, 2015 | 12:27 PM PST

Mortgage Fraud Blog.

A Cherry Hill man who held himself out as a mortgage loan specialist has been charged with theft and other charges that he allegedly used $146,000 for personal expenses that had been paid to him by four Burlington County residents seeking loan assistance, authorities said on Wednesday. Mark L. Begley, 50, was charged with second […]

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New scam targeting people looking for affordable housing

July 2, 2015 | 12:24 PM PST

Mortgage Fraud Blog.

Scammers are targeting low-income families who are seeking affordable housing. The scammers are targeting some people who are using Section 8 housing, and they are using fake websites to do it.

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Prison for O.C. woman who offered bogus foreclosure relief

July 2, 2015 | 12:22 PM PST

Mortgage Fraud Blog.

A 30-year-old Costa Mesa woman pleaded guilty Wednesday to federal charges stemming from a foreclosure rescue fraud scheme that targeted homeowners with bogus promises of mortgage relief. Najia Jalan entered her plea in Los Angeles federal court to charges of mail fraud and aggravated identity theft.

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MTA Soars to Highest Since 2011

July 6, 2015 | 1:58 PM PST

The last time that the Monthly Treasury Index was this high, Dodd had recently departed Congress and Frank was still in office.

An analysis of Federal Reserve data by Mortgage Daily indicates that the MTA was one basis point more in June than in the prior month.

That was the highest level for the index -- which is utilized to determine interest rate and payment changes for some adjustable-rate mortgages -- since November 2011.


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New Servicing Tech Highlights Niche Arenas

July 6, 2015 | 9:39 AM PST

New products, new clients and a new ranking -- these are the latest items from the loan servicing technology provider grapevine.

Earlier this month, Black Knight Financial Services Inc. notified media that its loan servicing platform MSP received a "Best-In-Class" ranking from CEB TowerGroup analysts.

A few days later, Black Knight issued another press statement announcing new MSP client The Money Source. The correspondent lender will use the loan servicing system to service loans in-house.


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Top Home Lending Community Banks

July 6, 2015 | 9:11 AM PST

Among small community banks that focus mortgage loans, the top one has had to curtail portfolio lending to comply with regulations.

Among community banks with less than $500 million in assets, Priority Bank is ranked as the top consumer originator.

That standing is based on the Fayetteville, Arkansas-based financial institution's 2014 ratio of total consumer loans to overall assets: 86 percent.


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FHA Claim Deadlines Proposed

July 6, 2015 | 8:54 AM PST

Lenders that service home loans insured by the Federal Housing Administration will face new deadlines on insurance claims under a proposed regulation.

Currently, there are no regulations about how long an FHA mortgagee has to file a claim on an FHA-insured mortgage.

Since the housing market downturn, mortgagees have not been prompt in filing claims, instead accumulating multiple claims and filing them all at once.


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ARM, Jumbo Business Accelerates

July 5, 2015 | 7:25 PM PST

New mortgage activity ascended last week, and a surge in adjustable-rate and jumbo business led the improvement.

A 6 percent gain over a week earlier left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 148 for the week ended June 26. The index reflects activity through midnight Thursday.

The MMI index -- a representation of average per-user rate locks by OpenClose clients -- has ascended 8 percent versus the same week last year.


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