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March 20, 2009
The sixth person to be sentenced in a multimillion-dollar mortgage fraud scheme let a jury decide his fate, unlike the other five who pleaded guilty. The title agent was sentenced to eight years in prison.
Details of the latest Mortgage Asset Research Institute's 11th Periodic Mortgage Fraud Case Report are going to be shared with the U.S. House of Representatives Financial Services Committee today. Merle Sharick, a vertical solutions consultant, was scheduled to testify.
One state made a marked improvement and was dropped off the top 10 list of worst states for mortgage fraud for the first time in three years.
Law enforcement officials are on the lookout for a 37-year-old Pennsylvania man who pleaded guilty to mortgage fraud-related charges. He failed to comply with a prior jail sentence for drug possession with intent to deliver.
Fannie Mae and Freddie Mac are in the process of developing new tools to help combat the surge of mortgage fraud.
Officials warned U.S. lawmakers today that everything possible needs to be done to fight the war on mortgage fraud.
A new online software tool has been developed to assist lenders in mortgage fraud prevention by communicating with title companies.
March 19, 2009
A man convicted of killing two men and burying them in concrete has had his mortgage fraud sentencing delayed while prosecutors determine the restitution amount.
Two other men have been named in an indictment against a man who publicly denied any wrongdoing in what has become a multimillion-dollar mortgage fraud investigation.
A 35-year-old man who ran a home-redevelopment business has been sentenced to more than four years in federal prison for participating in a mortgage fraud scheme.
A man who publicly denied steering borrowers into loans they couldn't afford has now been indicted on 38 counts of mail fraud, conspiracy and money laundering.
March 18, 2009
An appraiser who took more than double the regular fees for falsely inflated appraisals was sentenced to one year in prison. The Dearborn, Mich. man prepared appraisals for a mortgage broker in a multimillion-dollar mortgage fraud scheme that defrauded Countrywide Financial, Washington Mutual, Fifth Third Bank, IndyMac and other lenders.
A Uniontown city councilman who was caught up in a straw buying scheme that cost lenders more than $1 million has resigned.
Lenders and originators can assist borrowers in making the right decisions by educating them on how to avoid mortgage fraud. Passing along pertinent information adds to the value of the service.
A former loan officer for a reverse mortgage lender has been accused of stealing customer leads and other customer data from the company's office right before he quit his job.
A 47-year-old truck driver pleaded guilty to participating in a multimillion-dollar mortgage fraud scheme. He faces up to three years in prison.
March 17, 2009
As mortgage fraud studies continue an upward trend, some states find themselves bouncing up and down the top 10 list for various reasons. FraudBlogger.com tracked down what publications around the country had to say about their state's ranking in the 2008 Mortgage Asset Research Institute's (MARI) mortgage fraud report.
A new real-time mortgage fraud prevention tool has hit the streets and is focused on revealing red flags before it's too late. This new system was just unveiled at the 2009 National Technology in Mortgage Banking Conference & Expo.
Five people have been charged so far in a mortgage fraud case one man says he thought was a legitimate foreclosure bailout deal. Now, he has agreed to testify against those who let him in on the deal.
March 16, 2009
The proportion of origination to mortgage fraud volume has raised some new concerns. In the state that ranked number one for mortgage fraud more than three times the expected amount of mortgage fraud for the amount of loans originated was reported.
A mortgage fraud lawsuit has finally been settled between one of the few mortgage lending behemoths and a group of alleged fraud victims.
New legislation under Title V of the Housing and Economic Recovery Act of 2008 has some critics wondering if it should reach as far as loan servicers, while others are gladly integrating it into their mortgage fraud prevention laws.
Millions of dollars in mortgage fraud occurred at the hands of ex-cons who have been allowed to apply and receive mortgage licenses. The state law in Wisconsin allows the Department of Financial Institutions to deny licenses for people who committed a crime that constitutes improper, fraudulent or dishonest dealings. However, that doesn't apply to drug dealings, or rapes, or murders.
A radio news show has brought light to the fact there is a shortage of mortgage fraud investigators as the cases are piling up.
A mortgage broker and a homeowner will be the first two to be arrested and charged with a mortgage fraud crime under a new fraud prevention law passed in 2007.
Who is to say that borrowers didn't open the door to early defaults just to get a free ride? And is the government giving the Federal Housing Administration what it needs to be efficient?
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