Loan Modification

Loan Modification Resource Page Find everything you need to know about loan modifications on one page. Below you will find links to articles, government assistance and free mortgage help. What is a loan modification? A loan modification is a change to the loan...

FTC Settles With Utah Loan Modification Law Firm Who Deceived Consumers

The Federal Trade Commission (FTC) recently announced that a Utah loan modification firm, Danielson Law Group, LLC, operated by Philip J Danielson, had settled charges which claimed that they broke the law by ripping off homeowners in order to have them pay thousands of dollars for worthless mortgage relief services. (more…)

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CFPB Takes Action Against Wells Fargo and Chase for Illegal Loan Officer Kickbacks

The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced yesterday that they have fined both Wells Fargo and JPMorgan Chase for an illegal kickback scheme with a title company, Genuine Title who went out of business in April 2014.

One of the former Wells Fargo employees, Todd Cohen and his wife, Elaine Oliphant Cohen, had used Genuine Title to reward bank loan officers with cash, marketing materials, and consumer information in exchange for referrals. (more…)

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Former TARP Bank Loan Officer Indicted on Embezzlement Charges

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced yesterday, that Brian W. Harrison, 55, a former vice president and loan officer at Farmers Bank and Trust in Great Bend, Oregon was charged with three counts of making false entries in bank records, 16 counts of falsifying loan and credit applications, two counts of embezzlement, and two counts of money laundering. (more…)

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California man from the O.C. arrested for loan modification fraud

A California man who operated an alleged loan modification scam, was arrested on New Years day in Orange County for mortgage fraud.

Carlos Jose Centeno, of Yorba Linda, was taken into custody by law enforcement after an investigation by the Ventura County Sheriff’s Department, and held on $390,000 bail, according to Deputy District Attorney Pete Pierce. (more…)

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Community Home Lenders Association Asks CFPB to Enforce Proper Licensing of Bank Loan Officers

The Community Home Lenders Association (CHLA) recently sent a letter to the Consumer Financial Protection Bureau (CFPB) asking them to enforce bank loan officers who originate residential mortgages to meet the basic testing and continuing education requirements as non-bank licensed loan originators. (more…)

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Massachusetts Woman Sentenced to 25 Years in Loan Scam

The FBI announced yesterday that a Billerica, Massachusetts woman was sentenced for wire fraud charges in connection with a bogus bank guaranty program.

Diane Glatfelter, 48, was sentenced by U.S. District Judge Douglas P. Woodlock to 30 months in prison, three years of supervised release, and ordered to pay $1,575,000 in restitution. In September 2014, Glatfelter was found guilty following a five-day jury trial of four counts of wire fraud, according to the FBI press release. (more…)

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Former GMAC and Countrywide Loan Officer Sentenced to Five Years in Prison for $7 Million Mortgage Fraud

Andrew Constantinou, a former loan officer at GMAC Mortgage and Countrywide Home Loans, was sentenced today to five years in prison for his role in a mortgage fraud scheme involving more than 40 properties that caused $7 million in losses to lenders, according to U.S. Attorney Paul J. Fishman.

The FBI said that Constantinou, 58, of Unionville, Connecticut, was originally convicted by jury of all counts on April 18, 2014. He was found guilty of conspiracy to commit mail, wire, and bank fraud. (more…)

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