California Realtor Sentenced to 9.5 Years in Prison for Mortgage Fraud Scheme

California Realtor Sentenced to 9.5 Years in Prison for Mortgage Fraud Scheme

A former California Realtor was sentenced this week to nine and a half years in prison for a mortgage fraud scheme identify theft and obstruction of justice, according to the United States Department of Justice (USDOJ).

A federal jury returned a verdict in August 2016 finding Alla Samchuk, 45, of Roseville, California guilty of six counts of bank fraud, six counts of making a false statement to a financial institution, one count of money laundering, and one count of aggravated identity theft. (more…)

Condo-Tel Mortgage Loans

Condo-Tel Mortgage Loans

A condotel is a condominium complex that operates very much like a hotel. They are considered fee simple real estate and can be bought and sold like other forms of real property.

Condotels are very popular with affluent people who frequently travel and or have multiple residences around the country and world. They are normally found in resort and luxury markets such as Aspen, Chicago, Miami, Fort Lauderdale, the Las Vegas Valley, New York City, Myrtle Beach, South Carolina, and Orlando, Florida. (more…)

Mortgage Rate Round Up for Friday February 24, 2017

Mortgage Rate Round Up for Friday February 24, 2017

Mortgage rates have fluctuated slightly up and down over the last several weeks. Early this week we saw a small upward trend in rates that then stabilized today as we head into the weekend.

Freddie Mac’s weekly report came out yesterday showing rates for the 30 year fixed mortgage averaged 4.16% for the week ending February 23. Average rates for the 15-year mortgage was at 3.37%, and the 5-year adjustable-rate mortgage (ARM) average rates were at 3.16%. (more…)

Mortgage Delinquencies Increase in Fourth Quarter from Ten-Year Lows

Mortgage Delinquencies Increase in Fourth Quarter from Ten-Year Lows

The mortgage delinquency rate for one-to-four-unit residential properties jumped to a seasonally adjusted rate of 4.80% of all loans outstanding at the end of the fourth quarter of 2016, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The delinquency rate had risen 28 basis points from the previous quarter, and was three basis points higher than one year ago. (more…)

Seventeen Individuals Indicted for Florida Based Mortgage Fraud Scheme

Seventeen Individuals Indicted for Florida Based Mortgage Fraud Scheme

Seventeen individuals from Florida have been charged for a complex mortgage fraud scheme against various FDIC-insured lenders from 2007 and 2008, according to the United States Department of Justice (USDOJ).

The defendants were charged in a 17-count indictment with conspiracy to commit bank fraud and various substantive bank fraud offenses, in violation of Title 18, United States Code, Sections 1349 and 1344. (more…)