"The fraudsters are the vampires" many homeowners have to fear because they "suck the blood from our communities," says Alicia Shepard, founder of the Georgia Real Estate Fraud Prevention and Awareness Coalition.Speaking in Savannah, Ga., at the Southeast Mortgage Brokers Conference sponsored by the Georgia Association of Mortgage Brokers, Ms. Shepard said legal efforts to prosecute those who commit fraud have had mixed results. In her former neighborhood of Moorings IV in the Atlanta area, while there have been some arrests and convictions, the overall lack of successful prosecutions has destroyed neighborhood morale and unity, she said. Gwinett County authorities told Ms. Shepard and her family that the county could not protect them anymore, and she recounted incidents of abuse to her pets and property. As a result, her family had to leave what she termed their "dream home." Ms. Shepard said even upscale communities in the area, such as Wolf's Creek, while successful in many efforts to combat mortgage fraud, still have scars.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28