Community Mortgage Lenders of America (CMLA), a unique trade organization that works toward promoting independent, community-based residential lending announced that they recently conducted separate meetings with representatives from both Freddie Mac and the White House itself to expand their mission of extending mortgage credit to the middle or undeserving classes of the housing market. (more…)
According to the National Association of Realtors (NAR), September turned out to be a pretty good month for pending home sales nationwide.
The NAR National Pending Home Sales Index had increased from 104.7 in August to 105 in September which was up by 1% on a year-over-year basis. This increase may not seem like much, but marks the fifth consecutive month the index has been over 100, was the first time in 11 months to reach a year-over-year gain and is at the second-highest level since last September. (more…)
The US Department of Justice announced that Donald V. Totten, a former successful small mortgage business owner from Rancho Santa Fe was finally sentenced last Friday after over a year since his initial trial date to serve 30 months in prison for four felony fraud counts related to mortgage, tax and bankruptcy fraud scheme.
According to the USDOJ, Totten was the owner of an at home mortgage business that utilized other businesses to run national advertisements on T.V. to lure in borrowers with the chance to refinance their mortgages. Victims of the scam were lured into his pitches for loan programs such as the “adjustable rate negative-amortization loan,” and “stated income” loans. Once they were on the hook, Totten committed fraud in order to inflate incomes for his clients and commit other frauds that allowed him to make millions off in commissions. (more…)
Two minor adjustments to mortgage rules for servicers proposed by the Consumer Financial Protection Bureau (CFPB) back in April, were finalized last Wednesday. According to the CFPB, the minor alterations are designed to provide mortgage servicing privileges to specific non-profit organizations that aid low income populations; to extend mortgage credit to more deserving consumers, and to ensure that consumers who have lenders that exceed the points and fees cap, receive refunds in limited circumstances.
The USDOJ recently announced, that Robert Walker of North Royalton, Ohio, was indicted last Thursday on 21 counts of mail fraud and 2 counts of wire fraud; charges that connect him to defrauding over 90 homeowners out of $250,000 in a fraudulent loan modification scheme.
According to the USDOJ, Walker allegedly used his company, “The Modification Group (TMG)” from 2009 through 2011 to deceive borrowers facing foreclosure by promising them loan modifications for an upfront fee of $1,995 or 1% of their loan (whichever amount was greater), and led them to believe that they would receive 80% of that fee back once their reduction was made permanent. (more…)