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…)
According to a recent press release from the FBI, a former loan officer for USA Mortgage Inc. pled guilty to multiple fraud charges last Friday, related to a scheme involving applications for home loans. (more…)
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…)
The alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants known as HOPE NOW, reported yesterday that an estimated 39,000 homeowners received loan modifications, and 28,000 foreclosure sales were recorded during the month of November. (more…)
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…)
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…)
There are currently 46 counties in the U.S. that had their maximum conforming loan limits for Fannie Mae and Freddie Mac mortgages increased for the year 2015. This list below, will help both loan officers and mortgage borrowers understand these new higher limits in order to properly qualify for a new home loan. (more…)
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…)
Federal Reserve Board announces appraisals for Higher-Priced Mortgage Loans exemption threshold adjustment
(Source: Federal Reserve) – The Federal Reserve Board on Tuesday announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans. (more…)
The FBI announced this past week, that a Ocean County, New Jersey loan officer was indicted for leading a massive mortgage fraud scheme that caused approximately $2 million in losses. (more…)
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…)
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…)
Another mortgage scammer bites the legal dust!
The Federal Trade Commission (FTC) announced yesterday, that a loan modification business who falsely claimed they were affiliated with the US government entities such as the Making Homes Affordable assistance program and the FDIC, have been banned from the mortgage modification and loan businesses. (more…)