A Florida pastor, Nelson Cristiano Machado, Jr. (50, Bradenton), was found guilty yesterday by a federal jury of three counts of wire fraud in connection with a mortgage fraud scheme, according to the U.S. Department of Justice (USDOJ). (more…)
A jumbo loan is a mortgage with an monetary amount that is above what the industry calls a conventional or conforming home loan. The main difference between conforming loans and jumbo loans is simply the dollar amount being borrowed.
A jumbo loan is a home mortgage that exceeds the conforming limit set by the Office of Federal Housing Enterprise Oversight (OFHEO) and is not eligible to be guaranteed by Fannie Mae or Freddie Mac. If a loan exceeds the conforming loan limit in the area you wish to purchase, this is considered a non-conforming mortgage, or jumbo loan. (more…)
Here is an updated alphabetical list of all the major U.S. mortgage servicer phone numbers for 2016. Please feel free to add to the list below because it helps everyone!
ABM AMRO Mortgage
Accredited Home Lenders (more…)
The global financial markets are in turmoil, and the U.S. Dow is down big time. This downward trend began last Friday following Britain’s vote to leave the European Union, which is commonly known as Brexit.
This news has caused every major European stock market to plunge 2-3% and the Dow is currently down 300 points, losing a combined $2 trillion in just two days. This was the worst sell-off in worldwide stock markets in history.
New York Governor Andrew M. Cuomo signed legislation yesterday to combat blight created by bank foreclosure zombie properties. The new law will impose a pre-foreclosure duty on banks and mortgage servicers to maintain zombie homes, and expediting foreclosure for vacant and abandoned properties to get them back on the market. (more…)
Victor Cueva, a Connecticut state representative for the 75th District, pleaded guilty earlier this week to conspiring with others to commit bank fraud, according to the Office of Inspector General, U.S. Department of Housing and Urban Development (HUD).
Cuevas was involved in a mortgage fraud scheme involving a Federal Housing Administration (“FHA”) loan in the summer of 2013. At the time, he was a City of Waterbury employee. (more…)
Sales of single-family new construction homes across the U.S. went down 6% in May to a seasonally adjusted annual rate of 551,000 units, according to the latest report by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. (more…)
Mortgage rates remain mostly unchanged for the week ending June 23, 2016, and still near three year lows, according to the latest Freddie Mac’s Primary Mortgage Market Survey® (PMMS®).
30-year fixed-rate mortgage rates were averaging at 3.56% with an average 0.6 point, higher than the previous week’s average of 3.54%. The 30 year averaged 4.02% at this same time last year. (more…)
Mortgage servicers can’t hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules.” – Richard Cordray, Director, CFPB
The Consumer Financial Protection Bureau (CFPB) reported this week that many mortgage servicers are using outdated or deficient technology, resulting in technological breakdowns or malfunctions that are adversely affecting homeowners and violating CFPB rules that went into effect in January 2014. (more…)
Approximately 31,000 loan modifications were made in April 2016, which was down from 32,000 in March, according to a new report released by the mortgage alliance of lenders, mortgage servicers, investors and counseling agencies, HOPE NOW.
The total number of homeowners who received mortgage solutions in April to avoid foreclosure was at 37,169. (more…)
HAMMOND- United States Attorney David A. Capp announced that a federal grand jury in Hammond returned an indictment charging three individuals for their part in a house flipping scheme involving Department of Housing and Urban Development (HUD) properties.
The indictment charges Sergio Garcia, Sr.,46, of Chicago, IL; and Sergio Garcia, Jr., 27, of Lowell, IN, with conspiracy to commit mail fraud and ten substantive counts of mail fraud. It also charges Timothy D. Greene, 29, of Lansing, IL, with submitting fraudulent information to HUD. (more…)
Existing-home sales had risen 1.8% in May to their highest pace in approximately 10 years, while the rising demand for homes in a tight housing inventory market caused the median sales price to an all-time high, according to the National Association of Realtors (NAR).
Mortgage delinquencies and foreclosure starts went up in May, and the foreclosure inventory is down according to the latest Black Knight Financial Services report for the May 2016 month-end mortgage performance statistics.
Foreclosure inventory over the last 12 months has dropped below 575,000 from over 800,000, and foreclosure starts are now up from a 10-year low in April at 62,100, but still remain below pre-crisis levels. (more…)
Refinance applications increased and purchase applications decreased for the week ending June 17, 2016, according to the Mortgage Bankers Association latest survey. (more…)
The Federal Trade Commission has charged the operators of a mortgage relief scam with bilking millions of dollars from homeowners by falsely telling them they could join a so-called “mass joinder” lawsuit that would save them from foreclosure and provide additional financial awards.
“Preying on homeowners who already are financially distressed and struggling to pay their mortgages is appalling,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “That’s why stopping phony mortgage relief operations, like this one, is a priority at the FTC.” (more…)