Category Archives: Mortgage News – LoanSafe.org

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New Jersey Loan Officer Admits Guilt in Multi-Million Dollar Mortgage Scam

Delio Coutinho, a  loan officer from Middlesex County, New Jersey had admitted on Tuesday  before U.S. District Judge Susan D. Wigenton  to his role in a multi-million-dollar mortgage and wire fraud conspiracy that caused the loss of millions of dollars to lenders. Based on court documents, from  March 2008 through June 2012, Coutinho along with his fellow co-conspirators […]

Tampa Bay Mortgage Broker Admits to Loan Fraud

Alejandro Matos, a Tampa Bay mortgage broker and loan processor admitted to conspiracy to commit wire, mail, and bank fraud last Friday. A date for his sentencing has not been sent yet, but Matos faces a maximum penalty of 30 years in federal prison. According to the defendants plea agreement, Matos was a real estate professional […]

Home Sales and Home Prices Rise in March

A new report released yesterday from the National Association of Realtors (NAR) found that existing home sales were more constant than anything else in March, while at the same time the growth seen in home prices moderated. Lawrence Yun, NAR chief economist, said this about current sales activity; “There really should be stronger levels of […]

Mortgage Applications Fall for the First Time in Weeks

The Mortgage Bankers Association (MBA), a national association representing the real estate finance industry reported this morning that while the average loan size for purchase applications reached its highest level in the history of the MBA survey at $280,500, mortgage applications fell 3.3% on Friday, April 18, 2014 from the previous week. According to the […]

US Housing Market Improving in More Than 50% of the Country

Foreclosures are down and the home buyers are out for some spring time property shopping. However, the main problem they will find when searching for that perfect home is that there is simply a lack of housing inventory to choose from. This thin supply of available homes in turn causes house values to rise, and lack luster […]

Deceptive North Carolina Landlord Banned From Taking Security Deposits

North Carolina Attorney General Roy Cooper has issued a press release warning consumers that James Ware Kelly of Chapel Hill, a managing officer of Ware Investments, LCC, was banned from receiving any security deposits from tenants. The landlord has been barred from accepting security deposits, due to his failure to return people s’ security deposits. The Attorney General said in […]

Two New York Real Estate Developers Barred From Doing Business in State

Two Glen Cove Real Estate developers, Richard T. Mohring and Deborah Mohring (husband and wife) were barred last Wednesday by NY Attorney General Eric T Schneiderman from engaging in the public condominium sales in New York. The company owned by the couple, R&D Willis Avenue, LLC, has also been barred from conducting business in the […]

Former Countrywide Loan Officer and Former NY Corrections Officer Convicted on Mortgage Fraud Charges

In a mortgage fraud scheme that lasted from September 2006 to November 2008, a GMAC and Countrywide loan officer along with a New York Corrections Officer had received millions of dollars in mortgage loans by submitting false loan applications, fictitious leases, and false down payments to mortgage lenders. A federal grand jury on April 18, […]

Home Values In A 1,000 Cities May Become More Expensive Than Ever

Just a few years ago, many American homeowners in the most populated cities in the country were what they call “underwater.” They simply owed more on their mortgage than their homes were worth. They could not refinance or sell their homes without their mortgage servicers agreeing to some type of loan workout. If they needed payment relief, their […]

Former Manager of the Border Lodge Credit Union Sentenced to Prison

Debra Kinney, the former manager of the Border Lodge Credit Union in Derby,Vermont was sentenced to 3 years in prison, followed by 5 years of supervised release last Monday, for committing fraud that involved misusing over $633,000. She was also ordered to pay full restitution, and and a forfeiture judgment of $250,000 was entered against her.While acting […]

7 Tips Homeowners Can Use During Tornado Season

The Insurance Institute for Business & Home Safety (IBHS) has announced a warning for homeowners and other local residents who live in states that expect annual tornadoes. The warning has been issued on the basis that no gusts of wind have been spotted this season in the states where these natural disasters are most likely […]

10 Secrets Your Real Estate Agent Won’t Tell You

The real estate market is not a realm for the faint of heart. If you’re a neophyte in home buying or selling process, you might be expecting that your real estate agent would be your ultimate confidant and partner in guiding you through one of the major financial choices of your life. While this is the […]

Mortgage Applications Up Last Week

Mortgage rates were at six week low before the rise we saw this morning. The low rates had caused mortgage application to rise this past week. According to the most recent mortgage application survey released by the Mortgage Banker’s Association on Wednesday, mortgage applications were up last week ending on April 11, 2014. Mortgage purchase applications […]

Spring Demand for Home Buyers Unpredictable

Freddie Mac’s US Economic and Housing Market Outlook for April revealed that the housing market is a bit unpredictable at the moment. Freddie Mac’s data projects that the 30-year fixed-rate mortgage may be on the rise which will in turn affect springtime home buyers. A rise in mortgage rates along with a low inventory of available […]

Attorney General Kane Warns Homeowners About Traveling Contractor Scams

(LoanSafe.org) – While home buying is a trend that is anticipated to pick up this Spring, homeowners should not be taking home improvement lightly. Attorney General Kathleen G. Kane last Friday released a report that home sellers and homeowners should pay attention to. According to the AG warning, there has been several reports of “traveling” […]

City of Dubuque Settles for Barring African Americans From Achieving Fair Housing

The City of Dubuque in the state of Iowa settled in a discrimination case yesterday with HUD. The case was an effort to fight discrimination practices againstAfrican Americans within the city limits. According to Title VI of the Civil Rights Act of 1964, it is illegal to discriminate against anyone on the basis of their […]

Former Rockwall Housing Development Executive Sent to Prison for HUD Fraud

Jennifer Tyson, the former executive director/manager of the Rockwall Housing Development Corporation (RHDC) from Rockwall, Texas was sentenced last Wednesday by U.S. District Judge Ed Kinkeade to a year and a day in federal prison for conspiring to steal federal funds from the U.S. Department of Housing and Urban Development (HUD). Tyson must also pay […]

Mississippi Man From Jackson Indicted for Hiding Millions From Bankruptcy Court

William D. “Butch” Dickson, a 58 year old resident from Jackson, Mississippi was indicted by a federal grand jury last Tuesday on 6 counts of bankruptcy fraud, 6 counts of bank fraud and 5 counts of wire fraud. Based on the charges, Dickson’s company, Community Home Financial Services (CHFS), is in Chapter 11 Bankruptcy in […]

Michigan Mortgage Broker Sent to Prison for Fraud

Firas “Russ” Bachi, a 41 year old mortgage broker based in Farmington Hills, Michigan was sentenced to 2 years of prison last Wednesday with an additional 24 months of supervised release for a bank fraud schemes that cost JPMorgan Chase 10 mortgage loans. Bachi was also ordered by US District Judge Bernard A. Friedman to […]