Loan Think

On Oct. 17, U.S. District Judge Neil V. Wake SENTENCED TALAL ASHEK TO TWO YEARS IN FEDERAL PRISON. Ashek was also ordered to pay over $2.9 million in restitution. Ashek had previously pleaded guilty on Aug. 4 to one count of conspiracy to submit false claims to a lending institution for his role in a mortgage fraud conspiracy.

Matt Vernon, Bank of America's top consumer sales executive in charge of retail mortgages, is taking his show on the road. According to one intra-company email provided to National Mortgage News, Vernon will be meeting with LOs who work in the Washington metropolitan area this Wednesday at the Sheraton Columbia Town Center.

In Monday's National Mortgage News we have a story about some of the top residential producers that Bank of America is losing to competitors. By now, you've already viewed our stories about Kevin Budde and David Macke. But we understand that yet one more top LO is departing—for Wells Fargo.

Now that America is somewhat aware that the White House wants Fannie Mae and Freddie Mac to refinance as many underwater loans as possible it needs something else: details.

Social media survival skills—if you want to become famous in your little corner of the mortgage world, there are some things you simply must do!

The word is out: Uncle Sam is refinancing mortgages, allowing underwater Fannie Mae/Freddie Mac borrowers to take advantage of ultra low rates. I interviewed one West Coast CEO who said his shop is getting phone calls from borrowers shouting "Give me one of them Obama refis."

On the National Mortgage News website this morning we broke another story about Bank of America losing yet another top LO. In a recent interview with bank officials we were assured that (a)it hates to lose these top producers and (b)it is trying to keep as many as possible.

A complaint that consumers have regarding today's mortgage loan origination process is all the hoops they have to jump through in order to get a loan.

Next week Ally Financial reports third quarter earnings, and chances are its mortgage division could report stellar results. How do I know? Actually, I don't, but keep in mind these thoughts:

On Oct. 13, a federal grand jury returned a two-count indictment charging Hubert Rotteveel with mail fraud for a mortgage fraud scheme.