Know Before You Owe New Mortgage Rules

Lat week, the Consumer Financial Protection Bureau (CFPB) finalized two changes to the “Know Before You Owe” mortgage disclosure rules. The new rules address when mortgage borrowers will receive updated disclosures after locking their rates, and how consumers receive information regarding certain construction loans. (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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Florida Real Estate Broker Sentenced in Three Fraud Cases Totaling More Than $5 Million

The FBI announced yesterday that A Broward, Florida real estate broker, Christopher White was sentenced to 41 Christopher Whitemonths in prison for his involvement in a multi-million dollar fraud in three different cases.

White committed the crimes while he was the owner, operator, and broker of record at his company called the Christopher White Group in Fort Lauderdale(more…)

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Four National Banks Agree to Pay Massachusetts $2.7 Million for Unlawful Foreclosures

The Massachusetts Attorney General, Martha Coakley announced on Friday that four national banks have agreed to pay $2.7 million for unlawfully foreclosing on properties when they did not hold the mortgages.

Bank of America, JP Morgan Chase Bank, Citi, and Wells Fargo Bank violated Massachusetts foreclosure law and the Massachusetts Consumer Protection Act by illegally foreclosing on homes when they lacked the legal authority to do so, according to the attorney general’s office. (more…)

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New Jersey Attorney and 11 Others Indicted for Conspiring to Steal Nearly $1 Million in Mortgage Fraud Scheme

The New Jersey Attorney General, John J. Hoffman announced last week that an attorney, Andrys Sofia Gomez, along with 11 co-defendants were indicted for conspiring to steal nearly $1 million in a mortgage fraud scheme. They were charged with first-degree conspiracy, first-degree money laundering, and second-degree theft by deception. (more…)

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Pennsylvania Mortgage Broker Sentenced to Five Years in Prison for Defrauding Lenders

Richard Stromberg, a mortgage broker from Allegheny County, Pennsylvania, was convicted this past Monday in a federal court of conspiracy to commit wire fraud and bank fraud, according to U.S. Attorney David J. Hickton.

Senior U.S. District Judge Donetta Ambrose sentenced Stromberg to five years in prison, and five years of supervised release. (more…)

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Approximately 50% of mortgage borrowers don’t shop lenders when they buy a home

The Consumer Protection Financial Bureau (CFPB) issued today the results of a survey of 2013 mortgage borrowers, showing that nearly half of the people who bought a home did not shop around for the best mortgage deal.

This news doesn’t surprise me one bit. The facts are that most Americans will research longer for a pair of shoes, purse or cell phone, than they will their own mortgage.  (more…)

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Georgia Community Bank VP Convicted of Bank Fraud

The former Vice President of Appalachian Community Bank in Ellijay, Georgia, William R. Beamon, Jr., was convicted last week on five counts of bank fraud, according to the FBI.

William R. Beamon, Jr., a/k/a “Rusty” Beamon, 54, of Atlanta, Ga., was in charge of the bank’s foreclosure liquidation department. The FBI said that in 2009, he started using a home in the bank’s own foreclosure inventory to rent out to an unsuspecting victim by misrepresenting to a real estate agent that he personally owned the property. (more…)

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Mortgage Delinquencies Spike in November 2014

Black Knight Financial Services, the nationwide mortgages services, data and analytics firm for lenders and servicers, released its November Mortgage Monitor Report showing nearly a 12% spike in the home loan delinquency rate which was the largest leap in delinquencies since November 2008. November saw the highest one month count of mortgages rolling from current to 30-days delinquent since June 2013. (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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