The Manhattan District Attorney’s office indicted 13 people and a mortgage origination company for allegedly perpetrating a mortgage fraud scam that ran for four years and cost lenders more than $100m.
The indictments and convictions come after a 10-month investigation of the Garden City, Long Island-based AFG Financial Group and 19 of its mortgage transactions. In the indictment, District Attorney Robert Morgenthau alleges the defendants targeted distressed residential properties in New York City and surrounding counties.
Long Island-based Lend America announced Tuesday it had not only successfully saved a borrower's home from foreclosure as the California-area authority stood at the door ready to evict the residents, but the mortgage bank had made a hefty new year's resolution for 2009 -- saving 10,000 U.S. homes from foreclosure.
After surging in August, pending home sales swung into a decline based on contracts signed during September, according to a report released Friday by the National Association of Realtors. The pending home sale index - which measures sales based on offers accepted by sellers although no deal has yet closed - declined 4.6 percent to 89.2 from the upwardly revised reading of 93.5 taken in August.
A wide range of companies making the 2014 HW Fast50 suggests that — are you ready for this? — maybe things aren't as bad in the U.S. mortgage and housing markets as some breathless press might otherwise suggest. After all, our rankings this year include mortgage insurers, investors, loan servicers, technology specialists and dot-coms, home builders, real estate services companies, mortgage bankers and more..
Last October, HousingWire highlighted several correspondent lenders and gave a broad overview of where this division of mortgage finance was heading. We are happy to report that those lenders are still doing a robust set of business, although the road remains no less rocky. But as we said last year, at least there’s a road to begin with. Read More
As our business moves into a new era of low profitability, increased expenses, and intense regulatory scrutiny, virtually every mortgage executive needs to experiment with ways to increase productivity and CFPB compliance while reducing overall operating costs. Read More