nationalmortgage

Risk Management & Fraud

• Candidate Stresses Crackdown on Mortgage Fraud

  National Mortgage News | September 8

  Steve Archambault, Democratic candidate for Attorney General recently unveiled a six point plan to combat mortgage fraud and protect Rhode Island consumers.

• Fighting Fraud with Frank

  National Mortgage News | September 8

  Once upon a time there was a rug merchant who saw that his most beautiful carpet had a large bump in its center. He stepped on the bump to flatten it out—and succeeded. But the bump reappeared in a new spot not far away.

• Texas AG Charges Home Loan Servicer With Violating Debt Collection Laws

  National Mortgage News | September 1

  Texas attorney general Greg Abbott has charged Coppell-based American Home Mortgage Servicing Inc., the nation's largest independent subprime servicer, with allegedly using illegal debt collection tactics and improperly misleading struggling homeowners.

• Cease and Desist Orders Issued

  National Mortgage News | September 1

  A cease-and-desist order has been issued by the Georgia Department of Banking and Finance to The Pinnacle Division LLC, formerly known as MMS Holdings LLC, and doing business as The Sly Team and www.theslyteam.com, located in Atlanta.

• No More Blind Dates, Please!

  National Mortgage News | September 1

  Even if you have not experienced this for yourself, nearly everyone has heard horror stories from a blind date. They have become a cultural archetype in every way. You go in expecting young, athletic, charming and too often, find yourself grappling with the liberal application of those words. Growing up in the mortgage industry over the last 20 years, I can attest that a few parallels exist here. What you thought was a great deal for the bank, that solid customer with the high FICO score, great employment, and low debt ratios turns out to be a house of cards built on shifting sands, and the "perfect match" ends in default and risk.

• MORTGAGE DEFAULTS THAT ARE 30 DAYS IN ARREARS RISE

  September 1

  THE NUMBER OF NEWLY DELINQUENT HOME LOANS HAS RISEN FOR TWO STRAIGHT QUARTERS in what could foreshadow another surge in unemployment-related foreclosures.