home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News
twitter linkedin
facebook google+
Mortgage News

Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.



IN Suing Broker, Closer for Fraud

Rokita takes action against alleged fraudulent investment practices for real estate totaling more than $1.4 million

Terre Haute, Ind. (April 10, 2007 ) -- Today, Indiana Secretary of State Todd Rokita (http://www.in.gov/sos/) announced that his Securities Division enforcement staff is taking action against Terre Haute-based Extreme Investments, Inc., Hoosier Title Incorporated, and two real estate buyers for falsifying information on 23 mortgage loan applications for properties totaling more than $1.4 million.

The administrative complaint served today indicated that buyers Rick Burnett and Kris Sommerville may have falsified information on loans for multiple investment properties in the Terre Haute area, by indicating that the properties would be used as primary residences.

Extreme Investments of Terre Haute, Inc. d/b/a Affordable Lending of Terre Haute served as the loan broker, and Hoosier Title Incorporated served as the closing settlement agent in all 23 loan closings.

The Complaint alleges that several originators and closing agents assisted the buyers in falsifying information to improve chances of the loans' approval, and asks that the Securities Commissioner permanently bar Affordable Lending, Eric Wuestefeld, Nicholas Olsen, and Joshua Rigdon from engaging as brokers and originators in Indiana.

"Falsifying information to obtain a loan is fraud, and it is a practice we simply will not tolerate from buyers, brokers, originators, closing agents, or any other parties involved in the home buying process," said Rokita. "Our foreclosure rate in Indiana is one of the highest in the nation, but we can work to reverse that trend by educating home buyers and by protecting the industry from damaging, fraudulent behavior."

According to RealtyTrac, an comprehensive, online mortgage marketplace, Indiana consistently ranks in the top 10 states nationally for mortgage foreclosures, and is currently ranked sixth.

The Indiana Loan Broker Act charges the Indiana Secretary of State with licensing and regulating loan brokers, and with enforcing The Act's prohibition against fraud directly or indirectly connected with a loan broker services contract.

SOURCE: Office of the Indiana Secretary of State

Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.

Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news