The latest statistics from the Federal Bureau of Investigation confirm that mortgage fraud is on the upswing."We can't find a chart that doesn't show up in a big way," Special Agent Bill Stern said at SourceMedia's Mortgage Fraud Conference in Las Vegas. In even worse news, the FBI's mortgage fraud coordinator in Washington said the trend is moving away from rogue individuals who pull off the scams and toward members of organized crime. "Mortgage fraud is now a criminal enterprise that puts dollars in the hands of people who also are involved in such other crimes as drugs, murders, and gangs," he told the conference. As of early December, the number of suspicious activity reports concerning mortgage fraud is up 62%, from 21,994 to 35,617. Also up are the number of pending cases, the number of charges and convictions, and the amount of cases in which losses against financial institutions, the government and individuals exceed $1 million, "We are now prosecuting new cases at the rate of one a day," the G-man told the conference. As of the first week of December, he reported, 54% of the losses attributed to mortgage fraud were more than $1 million. Noting that the FBI must focus on these larger cases because it doesn't have the resources to pursue every suspect, Mr. Stern called on the mortgage business to work hand-in-hand with law enforcement officials at the state and federal levels "so we can leverage off your expertise."
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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.
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