Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling

Fannie Mae: Lenders ask these 4 questions about MSRs

All about transfer and execution

Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”
W S

News

BEA says GDP grew at 4.2% in second quarter

Revision upward comes from nonresidential fixed investment
Trey Garrison
Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 4.2% in the second quarter of 2014.
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Vacancies drop again in Invitation Homes rental securitizations

Continues downward trend
Ben Lane
In Invitation Homes’ $1 billion single-family rental securitization, which launched earlier this year, the cash flow vacancy rate of the underlying properties fell to 5.4% as of July 31, down from June’s revised figure of 6.2%.
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Former LandCastle Title CEO’s attorney calls embezzlement charges "false"

Says Nat Hardwick is not guilty of any improper, illegal or unethical conduct
Ben Lane
“Anybody who knows Nat knows that he loves the law firm, its employees, the attorneys and the firm’s many loyal clients,” Ed Garland, the attorney representing Nat Hardwick, said in a statment. “He would never knowingly or intentionally take money he was not entitled to or harm the firm or its clients in any way. The law firm was profitable, and Nat believed that all of the money he received was properly distributed to him as his share of the profits of the firm.”
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U.S. District Court in Minnesota dismisses multiple MERS challenges

Court issues three rulings citing no break in chain of title
Trey Garrison
The U.S. District Court for the District of Minnesota issued rulings in three cases that are favorable to Mortgage Electronic Registration Systems.
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Veros Integrates with Calyx for AVM software

VeroVALUE, other AVMs now available through Calyx
Brena Swanson
Veros Real Estate Solutions’ automated valuation model VeroVALUE and its other AVMS are integrating into Calyx Software’s Point software.
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Are black and Hispanic buyers being squeezed out of the housing market?

Post-QM credit and down payment requirements drag on minority borrowers
Trey Garrison
Black and Hispanic Americans are less likely to apply for a mortgage than any other ethnic group, and it looks like QM and ability-to-repay rules are exacerbating the problem.
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zipLogix, Realty Pilot partner to enhance real estate solution

Solution tracks transaction history
Brena Swanson
zipLogix and Realty Pilot, a developer of enterprise software and data analytics for the real estate industry, entered into a strategic partnership, integrating Realty Pilot’s OfferRunway.com technology to zipForm Plus.
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5 big lenders to help lower military mortgage payments

Obama Administration's new push to help service members
Brena Swanson
In a new effort to help provide home financing to service members, five top lenders commit to the Obama Administration’s new program to help people in the military save hundreds of dollars or more each year.
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Here are the most active states for mortgage fraud schemes

Loan mod scams, short sale bait-and-switches, and REO “sales”
Trey Garrison
One of the most active mortgage fraud schemes going in these states - and across the country - lures borrowers into paying big fees to a "specialist" for a quick loan modification. But the scams don't stop there.
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Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
Ben Lane
The lawsuit alleges that former CEO Nat Hardwick used his access to “systematically deplete” the firm’s and title company’s accounts for “his personal benefit.” According to the court records, Hardwick allegedly misappropriated at least $30 million from the companies’ accounts through various measures. The news came to light after Fidelity National Financial bailed out LandCastle Title and stepped in as 70% owner.
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