Mortgage Fraud

FBI Most Wanted – Jaime Jesus Sola Avila

April 17, 2017 | 12:08 PM PST

Mortgage Fraud Blog.

Jaime Jesus Sola Avila, a convicted felon, is wanted for his alleged involvement in a multi-million dollar mortgage fraud scheme that operated between Miami, Tampa, and Largo, Florida, in 2007 and 2008.  Avila’s last known residence was in Doral, Florida. He has ties to the Westchester area of Miami, Florida. Avila allegedly recruited unqualified buyers […]

The post FBI Most Wanted – Jaime Jesus Sola Avila appeared first on Mortgage Fraud Blog.

read more

Cook County judge indicted on mortgage fraud charges – Chicago Tribune

April 13, 2017 | 9:03 AM PST

Mortgage Fraud Blog.

Judge Jessica O’Brien, a small-claims judge in Cook County, Illinois, was indicted on allegations that she lied and concealed relevant facts from lenders to obtain more than $1.4 million in mortgages on two South Side investment properties that she purchased and sold between 2004 and 2007. Source: Cook County judge indicted on mortgage fraud charges […]

The post Cook County judge indicted on mortgage fraud charges – Chicago Tribune appeared first on Mortgage Fraud Blog.

read more

Escrow Charged with Diverting Funds to Personal Account

April 10, 2017 | 9:30 AM PST

Mortgage Fraud Blog.

Kimberlee E. Himmell, 62, Massillon, Ohio, is alleged to have defrauded financial institutions out of more than $2 million by having escrow funds on home purchases deposited into her personal account.  Himmell was charged with 18 counts of bank fraud and one count of theft of government funds. Himmell owned and operated Netwide Title Agency, Inc., […]

The post Escrow Charged with Diverting Funds to Personal Account appeared first on Mortgage Fraud Blog.

read more

4 Year Sentence for Commercial Loan Fraud

April 10, 2017 | 9:13 AM PST

Mortgage Fraud Blog.

Sanjiv Kakkar, 55, Saratoga, California, was sentenced to 48 months in prison and ordered to pay $4,208,565.36 in restitution to the victim for wire fraud and making misstatements to a bank.  Kakkar was concited after a twelve-day jury trial ending with a guilty verdict on all counts. The evidence at trial demonstrated Kakkar presented false information to a […]

The post 4 Year Sentence for Commercial Loan Fraud appeared first on Mortgage Fraud Blog.

read more

Ohio Loan Modification Fraud Sentences

April 10, 2017 | 9:08 AM PST

Mortgage Fraud Blog.

Jason J. Keating, 38, Toledo, Ohio, was sentenced to nine years in prison and Christopher J. Howder, 40, Perrysburg, Ohio, was sentenced to seven years in prison in after  stealing more than $1.1 million from hundreds of people through a fraudulent loan-modification scheme, Keating was ordered to pay $1.1 million in restitution while Howder was ordered to pay […]

The post Ohio Loan Modification Fraud Sentences appeared first on Mortgage Fraud Blog.

read more

Fannie's Delinquency at New Post-Crisis Low

April 29, 2017 | 5:35 PM PST

New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.

The U.S. Mortgage Market Index from Mortgage Daily and OpenClose, which does not reflect seasonal adjustments, was 152 in the week ended April 28.

That was a 7 percent drop from the preceding week for the index, which is an indication of upcoming loan originations based on OpenClose rate-lock volume.


read more

COFI ARM Index Sinks to New Record Low

April 29, 2017 | 5:35 PM PST

Just a month after establishing an-all time low, the 11th District Cost of Funds Index moved lower and set another new record.

As of March 2017, COFI -- an index that is utilized for some legacy adjustable-rate mortgages -- landed at 0.583 percent.

The index declined compared to one month previous, when it worked out to 0.591 percent -- the lowest level on record based on data back to July 1981.


read more

Rising Trend in Mortgage Application Fraud Risk

April 28, 2017 | 1:41 PM PST

For several months in a row now, the risk of home loan applications having bad or bogus data has been on the rise. Issues tied to robust real estate sales might be a factor.

The frequency that information submitted in residential loan application has defects, fraudulence and misrepresentation was 4 percent greater last month than in February 2017.

That is according to the Loan Application Defect Index March 2017. The index reflects estimated mortgage loan defect rates over time.


read more

Mortgage Servicing Grows at Quicken Loans

April 28, 2017 | 11:51 AM PST

An expansion in the size of its residential loan servicing portfolio was reported by Quicken Loans Inc. Originations, meanwhile, retreated.

The total mortgage servicing portfolio at the Detroit-based lender was $251.0 billion at the conclusion of the three months ended March 31.

Quicken delivered the number, plus other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.


read more

MSRs on Nearly $3 Billion in Gov Loans Sold

April 28, 2017 | 10:37 AM PST

A transaction involving the sale of mortgage servicing rights on nearly $3 billion in government loans, including past-due accounts, has closed.

The residential loans are either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Mortgages that are included in the portfolio, some of which are delinquent, have an aggregate unpaid principal balance of $2.7 billion.


read more

 

Pin It on Pinterest

Share This