PHH Mortgage Corp. settled with the U.S. Department of Housing and Urban Development to resolve allegations of illegal “pay-to-pay” charges. HUD accused PHH of unlawfully charging fees to borrowers making a mortgage payment, violating requirements laid out by the Federal Housing Administration. Specifically, HUD says PHH charged borrowers making a payment over the phone (both…
First American Title Insurance Company launched a new real-time fraud alert system for title agents. Order Insights is a transaction-based system available to all FirstAm policy-issuing title agents. It is included with AgentNet Services, the digital storefront for the company’s products. FirstAm leaders note that real estate-related fraud losses totaled more than $145 million in…
Mortgage applications soared to a two-year high, driven by the ongoing refinance boom. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 11%. Adjusted purchase applications rose by 1%, while the unadjusted index increased by 0.4% and was 2% higher…
By KIMBERLEY HAAS Three real estate investors each face a maximum penalty of five years in prison after pleading guilty to obtaining multi-million dollar loans to fraudulently acquire properties. Fredrick Schulman, 72, of New York, and Chaim “Eli” Puretz, 29, of New Jersey, pleaded guilty on Thursday to one count of conspiracy to commit wire…
By KIMBERLEY HAAS Officials at the U.S. Department of Justice say that a Bay area rapper was sentenced to more than seven years in prison for his role in orchestrating a complex loan fraud and identity theft conspiracy. Mark “Kafani” Hicks, aka Amir Rashad, 42, of Oakley, Calif., allegedly admitted to being at the center…
Mortgage fraud risk dropped 7.5% YOY in Q2 2022, with one in 131 mortgage applications containing instances of fraud, CoreLogic reported. In contrast, Q2 2021 saw fraud in 1 in 120 applications. Mortgage fraud is defined as the deliberate act of lying or omitting information that is used by an underwriter or lender to fund,…
The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million. Kevin Morgan, former vice president of Morgan Management and Morgan Communities, pleaded guilty to bank larceny on Tuesday. Morgan admitted to submitting false documents to ESL Federal Credit Union for a…
Ten of the 15 metros with the highest fraud risk saw an increase in risk compared to last quarter, CoreLogic reported in its Quarterly Mortgage Fraud Brief. The report analyzes the metros with the highest mortgage fraud risk in order to get a clear picture of trends found in residential mortgage loan applications processed by…
Good Morning! Today is Thursday, March 10. Democrats cut $15.6 billion in Covid-19 aid from the omnibus spending package. It includes $13.6 billion in aid for Ukraine. The Kremlin accused the U.S. of waging an “economic war” as Russia’s currency has lost about 40% of its value in a month. The Mortgage Note Reports Mortgage Fraud: A…
A California man has pleaded guilty to wire fraud in connection with a foreclosure rescue scam that took at least $5 million from distressed homeowners. Sergio Lorenzo Rodriguez admitted to one count of wire fraud, according to the Department of Justice. This offense carries a maximum sentence of 20 years in prison and a maximum…
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