Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Download this white paper to learn how to build a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize profitability and remain competitive.

Mortgage

North Miami mayor found guilty of mortgage fraud

Marie Lucie Tondreau now faces up to 30 years in prison

Marie Lucie Tondreau, the mayor of North Miami, Florida, was found guilty of six counts of wire fraud, stemming from her part in an alleged mortgage fraud scheme that defrauded lenders to the tune of $8 million.

Federal prosecutors alleged that Tondreau, who was elected as North Miami’s mayor in 2013, used her weekly radio show and illegal cash payments to recruit buyers to lie on mortgage applications to obtain loans that were never used to buy homes in a scheme that stretched from 2005 to 2008.

A Reuters report provides details on how Tondreau and Karl Oreste, Tondreau’s onetime fiancée, recruited people to provide their personal information in exchange for up to $10,000. Prosecutors said that Tondreau and Oreste then used the people’s personal information to complete falsified mortgage documents.

From the Reuters report:

Between 2005 and 2008 Tondreau brought in 13 individuals whose identities were used to buy 20 Miami-area homes that were rented out for profit, according to prosecutors.

The $11 million mortgage fraud scheme unraveled when one straw buyer was contacted by a lender about an overdue mortgage payment, according to Assistant U.S. Attorney Lois Foster-Steers.

“When he went to her for help … Ms. Tondreau said he had money in his pocket, and he shouldn’t complain,” Foster-Steers said during closing arguments on Monday.

During the trial, Tondreau’s lawyers said that Oreste led the scheme and misled Tondreau, but a federal jury disagreed and found her guilty.

Oreste previously pleaded guilty to seven wire fraud charges and is due to receive his sentence early next year.

Tondreau faces up to 30 years in prison for her crimes. 

Most Popular Articles

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

Doug Duncan and the housing market’s supply conundrum

The housing market has suffered due to high material prices, spend-anything buyers & a lack of supply. A return to normalcy will require big changes. HW+ Premium Content

Jun 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please