Robert Pena, 67, the president and founder of the now-defunct mortgage company, Mortgage Security, Inc. (MSI), a Falmouth, Massachusetts mortgage company was indicted on conspiracy and wire fraud charges in connection with and alleged scheme to defraud the Government National Mortgage Association (Ginnie Mae) out of nearly $3 million. According to court documents, MSI was contracted […]
David Tyrone Johnson, 48, Washington, D.C. was indicted on charges that he conspired to commit bank fraud and other crimes arising from a real estate scheme involving a forged mortgage satisfaction document. Johnson was named in a six-count indictment that was returned on August 9, 2016. He is charged with federal violations of conspiracy, bank fraud, wire […]
Bryan D’Antonio, 50, Brea, California, pled guilty one count of conspiracy to commit mail and wire fraud related to his role as the owner and operator of a multi-million dollar fraudulent mortgage modification scheme that posed as a successful law firm to defraud struggling homeowners. D’Antonio was the owner and operator of Rodis Law Group (RLG) and America’s […]
Jamie Hollingsworth and Chris Young were indicted in the United States District Court for the District of South Carolina and charged with conspiracy to make false statements on loan applications. The indictment also seeks forfeiture. According to the indictment: Hollingsworth, a real estate agent, decided to purchase three separate residential properties on the Isle of […]
Luis Francisco Moreno, Greer, South Carolina, was charged by information in the U.S. District Court for the Middle District of North Carolina and pled guilty to two counts of bank fraud and one count of conspiracy to commit bank fraud. According to the Information, Moreno was a licensed real estate broker and real estate developer. Moreno was experiencing […]
Recent appointments in real estate finance include a pair of regional managers, a production manager and a consumer-direct executive.
Steve Mix was hired as the new executive vice president, consumer direct, at Rushmore Loan Management Services LLC in April.
Mix, who left his job as executive vice president at Nationstar Mortgage LLC, has more than 30 years' mortgage industry experience.
Although there has been no reduction from a year ago in overall financial services complaints, the mortgage industry has made an improvement.
From May 1 through July 31 of this year, U.S. consumers filed an average of 23,968 complaints per month against providers of financial services.
That was higher compared to the period from April 1 through June 30, when the average volume of overall monthly complaints came in at 23,906.
Home values moved higher last month both on a month-over-month and year-over-year basis, and the Northwest was out front of the gains.
As of June, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index was 189.87, according to data released Tuesday.
U.S. home prices have increased 0.8 percent compared to one month previous.Home prices were 5.1 percent higher than a year previous.
An escalation in prepayment volume pushed up quarterly losses from mortgage servicing rights activity and drove earnings at the mortgage servicers deeper into the red.
Residential loan servicers lost an average of over 8 basis points on each loan that they serviced during the period that started on April 1, 2016, and concluded on June 30.
Average earnings deteriorated compared to the first quarter, when losses amounted to less than 6 BPS, and swung from an 11-basis-point profit in the second-quarter 2015.
As quarterly loan originations increased, independent mortgage bankers cut their per-loan employee expenses and doubled the bottom line.
Total net production income at independent U.S. residential lenders averaged 73 basis points during the three months that ended on June 30.
Earnings more than doubled from the first quarter, when net income was 36 BPS, and was also up from 67 BPS in the second-quarter 2015.