Fraud
Fraud
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The borrower sent bogus documents to a settlement company claiming a $111K lien was satisfied to complete a sale.
January 28 -
Eleven other defendants participated in the elaborate scam, which led to approval of unqualified buyers and numerous defaults of FHA-backed mortgages.
January 24 -
The settlement is a reminder that officials who oversee the loan officer licensing system do actively police the fulfillment of professional requirements by loan officers.
January 18 -
The crime highlights the importance of ensuring the integrity of documentation used by lenders to verify loan information at a time when defect risk is rising.
December 17 -
Error findings related to income and employment reached a high point since Aces Quality Management started its report in 2016.
December 14 -
The federal sentencing of the onetime president of the Mortgage Bankers Association, Ron McCord, follows a guilty plea and admissions related to improprieties in warehouse lending and servicing arrangements.
December 1 -
Application for loans to buy a home are a quarter more likely to contain misrepresentations than other loans in the market, CoreLogic said.
October 27 -
The various bank and wire fraud charges in a federal indictment include conspiracy to defraud Quicken Loans (now Rocket Mortgage) for $1.3 million.
October 20 -
Because there are currently no obligations on the sector to file suspicious activity reports — and no penalties associated with not reporting — there is no real incentive to report, writes the vice president of SmartSearch.
October 8 -
The builder was found guilty of stealing over $1 million from home buyers, lenders, businesses and a family member’s special needs trust between 2016 and 2020.
September 16 -
From 2016 to 2019, the Long Island man stole from Home Point Financial, LoanDepot and United Wholesale Mortgage, and faces 30 years in prison.
September 2 -
Protecting consumers from cyberthreats and monetary loss should be paramount for every lender and title company. Here's how to get there with minimal fuss.
August 17 -
Increased purchase lending and added pressure from Fannie Mae and Freddie Mac’s new loan limits should drive the likelihood of borrower misrepresentation.
August 6 -
The cloud IT provider for settlement services companies has no timeline on when services will be restored following its shutdown Friday.
July 20 -
The defendant faces seven criminal counts — ranging from stolen property to falsifying business records — for two Harlem brownstones he paid just $20 for in 2012, according to tax filings.
July 9 -
Errors created in the loan manufacturing process were partly responsible for the increase in 2020, according to an analysis by Aces Quality Management.
June 22 -
The scheme's victims included an elderly woman and a local title agency that lost $230,000 in the fraudulent property transfer.
June 21 -
Scams in which a real person’s information is used to create fictitious businesses or individuals have led to $6 billion in credit losses. The Federal Reserve has developed a standard definition for synthetic identity fraud so lenders can distinguish it from traditional identity theft.
June 2 -
The individuals allegedly defrauded Freddie Mac and CBRE Capital Markets by misrepresenting information used to refinance a small-balance loan.
May 20 -
Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.
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