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…)
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 FBI announced yesterday that A Broward, Florida real estate broker, Christopher White was sentenced to 41 months in prison for his involvement in a multi-million dollar fraud in three different cases.
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…)
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…)
The United States Department of Justice (USDOJ) recently announced that a former licensed Maryland mortgage broker, Emeka Udeze was sentenced to 37 months in prison, followed by five years of supervised release for conspiring to commit wire fraud in connection with two separate mortgage fraud schemes. (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 Consumer Financial Protection Bureau (CFPB) is part of the FTC‘s effort to stop unfair, deceptive and fraudulent business practices to maintain a fair marketplace. Part of that process is doing what we do here on LoanSafe which is educating consumers about their rights and responsibilities. (more…)
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…)
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…)
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…)
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…)
The FBI announced yesterday that Bradley Ferguson, the owner of Fenton based Paymaster Business Solutions, Inc., was sentenced to 54 months in prison on mail fraud and money laundering charges for failing to properly report his, and his client’s taxes. He was also ordered to pay $3,067,137 in restitution. (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…)