Archives

VIENNA, VA - August 17, 2012 - (RealEstateRama) -- Financial Crimes Enforcement Network (FinCEN) Director James H. Freis, Jr. today announced the issuance of an advisory for non-bank residential mortgage lenders and originators (RMLOs) to help them identify and report suspicious activity related to potential mortgage fraud. In his remarks before the American Association of Residential Mortgage Regulators' (AARMR's) 23rd Annual Regulatory Conference, he also discussed FinCEN's new anti-money laundering (AML) requirements for RMLOs. As of Monday, Aug. 13, RMLOs must comply with FinCEN's final rule requiring the establishment of AML programs and the filing of suspicious activity reports (SARs).

MINNEAPOLIS - August 15, 2012 - (RealEstateRama) -- Yesterday in federal court, two mortgage loan officers pleaded guilty to recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves,...

WASHINGTON, DC - August 15, 2012 - (RealEstateRama) -- Six federal financial regulatory agencies today issued a proposed rule to establish new appraisal requirements for “higher-risk mortgage loans.” The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher-risk if they are secured by a consumer’s home and have interest rates above a certain threshold

WASHINGTON, D.C. - August 15, 2012 - (RealEstateRama) -- Mortgage applications decreased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 10, 2012.

WASHINGTON, D.C. – New rules proposed by the Consumer Financial Protection Bureau (CFPB) today include provisions—authored by U.S. Sen. Sherrod Brown (D-OH)—to protect homeowners from surprises and costly mistakes by their mortgage servicers. Bro...

SACRAMENTO, CA - August 13, 2012 - (RealEstateRama) -- Two Chico business partners were sentenced today to prison for a mortgage fraud scheme they operated in 2006-2007, United States Attorney Benjamin B. Wagner announced.

CHARLESTON, WV - August 13, 2012 - (RealEstateRama) -- A Utah man was sentenced today to two years and three months in federal prison on charges connected to a multi-million-dollar mortgage fraud scheme involving properties at a Hurricane, West Virgini...

WASHINGTON, D.C. - August 10, 2012 - (RealEstateRama) -- The Federal Trade Commission is mailing 9,282 refund checks to consumers who were deceived by false promises that they could earn substantial income if they bought and followed the "Stefanchik Program" to buy and sell privately held promissory notes and mortgages. The FTC alleged that claims made by John Stefanchik and his company, Beringer Corporation, were false and unsubstantiated, and that most consumers made no money at all. The refunds are a result of a court settlement resolving a money judgment against the defendants.

BIRMINGHAM - August 9, 2012 - (RealEstateRama) -- Federal prosecutors have filed fraud charges against five people this month in connection with false statements made in mortgage loan applications, U.S. Attorney Joyce White Vance announced.

WASHINGTON, D.C. - August 9, 2012 - (RealEstateRama) -- The Federal Trade Commission mailed more than 13,000 refund checks to consumers who were allegedly deceived by a company that claimed it would negotiate with lenders to modify the consumers' mortgages and make them more affordable. To resolve FTC charges, First Universal Lending and its owners agreed to an order banning them from the mortgage relief services business.

WASHINGTON, D.C. - August 9, 2012 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today announced the nomination of Bill Cosgrove, President and CEO of Union National Mortgage Company, to be its Vice Chair-Elect. He will be elected by MBA members at the Association's 99th Annual Convention, which will be held in October in Chicago, Illinois.

WASHINGTON, D.C. - August 9, 2012 - (RealEstateRama) -- The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.58 percent of all loans outstanding as of the end of the second quarter of 2012, an increase of 18 basis points from the first quarter, but a decrease of 86 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 41 basis points to 7.35 percent this quarter from 6.94 percent last quarter. Delinquency rates typically increase between the first and second quarters of the year.

Harrisburg - August 9, 2012 - (RealEstateRama) -- Governor Tom Corbett today announced that Pennsylvania has received the $66.5 million cash portion of the previously announced $25 billion state-federal settlement with the nation’s five largest mortg...

Patchogue, NY - August 8, 2012 - (RealEstateRama) -- Congressman Tim Bishop is leading the effort in Congress to protect the tax deductions for mortgage interest and charitable contributions from being reduced or eliminated next year. Last week, Bishop...

Washington, DC - August 8, 2012 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a Notice indicating its concern with the proposed use of eminent domain to restructure performing home loans and inviting public input.

WASHINGTON, D.C. - August 8, 2012 - (RealEstateRama) -- Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 3, 2012.

August 7, 2012 - (RealEstateRama) -- Congressman Keith Ellison (D-MN) is expected to introduce the Housing Subsidy Fairness Act in early September. This bill would provide dedicated funding for the National Housing Trust Fund with savings generated by ...

CHICAGO, IL - August 6, 2012 - (RealEstateRama) -- Governor Pat Quinn today signed two new housing laws to provide people with disabilities with more access to affordable rental housing, and to further protect homeowners from mortgage fraud. The suppor...

Jefferson City, MO - August 3, 2012 - (RealEstateRama) -- Attorney General Chris Koster today said his office has negotiated a settlement of criminal proceedings against mortgage-services company DOCX and an agreement with DOCX parent company Lender Pr...

WASHINGTON, DC - August 3, 2012 - (RealEstateRama) -- The Department of Justice today convicted two defendants for their roles in a South Florida mortgage fraud scheme that took advantage of homeowners on the brink of foreclosure and left many without ...