The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Golden First Mortgage Corp. pays $36M for mortgage fraud lawsuit

Firm's former president also has to pay $300,000

Golden First Mortgage Corp. agreed to a $36 million judgment to resolve claims that it approved bad loans costing the government millions of dollars when they inevitably defaulted.

The company’s owner, operator and president from 1979 until 2010, David Movtady, also agreed to a $300,000 payment, accepting responsibility for conduct alleged in the complaint.  

In addition, Movtady will be permanently barred from conducting any business with the federal government.

Preet Bharara, the United States attorney for the Southern District of New York, said the mortgage company violated the False Claims Act for years of misconduct in connection with the lender’s participation in the Federal Housing Administration’s Direct Endorsement Lender Program.

Specifically, they were charged with failing to maintain a compliant quality control program and therefore did not conform to all U.S. Department of Housing and Urban Development and FHA regulations applicable to the Direct Endorsement Lender Program.

“This settlement holds Golden First and its owner, David Movtady, accountable for lying to the government about compliance with HUD requirements and approving bad loans. This type of conduct costs the United States millions of dollars when the loans inevitably default, and this office is committed to snuffing it out,” Bharara said. 

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3d rendering of a row of luxury townhouses along a street

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