Even though mortgage fraud for housing "doesn't seem quite as violent" as mortgage fraud for profit, it has its own consequences, according to a representative of the Florida Office of Financial Regulation's Bureau of Financial Investigations. Rui Goncalves told attendees at the Florida Association of Mortgage Brokers annual convention in Kissimmee, Fla., that fraud for housing is "more of a temptation" because it is easy for people to think they are trying to help someone get into a home. But those who participate might not realize the consequences, even if the loan never goes into default. For example, having unqualified buyers in the market competing for properties drives up prices, and eventually there will be a crash, Mr. Goncalves said. He called on originators to strive for transparency in their dealings and to ask questions of their customers.
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The market for buy-before-you-sell financing Flyhomes helped pioneer has developed to include new entrants, but it also is seeing sluggish buyer demand.
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Newrez is suing Shellpoint Mortgage Servicing LLC for using a name that looks like one it has utilized as a d/b/a, which it says has caused confusion.
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The inability or unwillingness to make needed renovations affects mortgage servicers by diminishing the value of their real estate collateral for the loan.
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ALTA, MBA and CHEP trade groups make new appointments, Sagent welcomes cybersecurity executive and Ocrolus adds mortgage tech expert for new business unit.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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The RMBS notes benefit from geographic diversity and credit enhancement.
July 2