Let Valuation Tech Help Improve Your Collateral Valuation

Join this webinar to learn how technological advancements in valuation provide solutions to help lenders and servicers deliver more comprehensive offerings to their clients.

Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

With a reinvigorated CFPB, what’s next for the NYDFS?

While the CFPB is reinvigorated under the Biden administration, there’s plenty of room for it to retake a leading role and coordinate with the NYDFS.

Does your CRM hurt or help the customer experience?

In real estate, data is king. The more you leverage your own data the better off your agents or loan officers will be because they’ll be able to identify, target and create better customer experiences.

Mortgage

Loan officer indicted for six counts of mortgage fraud

Scam involved multiple loan applications

A mortgage loan officer in California was indicted by a federal grand jury on six counts of bank fraud relating to a mortgage fraud scheme wherein he allegedly submitted false and fraudulent loan applications to lenders.

According to the indictment, in 2005 and 2006 while working for National City Mortgage, then a division of National City Bank, in Stockton, Mark F. Friend, 60, arranged loans for borrowers that contained numerous falsehoods.

He submitted false loan applications and other documents, and he made down payments on behalf of borrowers who did not have enough money, and then was repaid out of escrow after the loans were funded.

The loss to National City Bank was approximately $1.5 million.

If convicted, Friend faces a maximum statutory penalty of 30 years in prison and a $1 million fine for each count of bank fraud.

Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorneys John Vincent and Christiaan Highsmith are prosecuting the case.

 

Most Popular Articles

Will we ever see a “normal” housing market again?

The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review.

Jun 22, 2021 By

Latest Articles

Mortgage rates jump back up to 3.02%

The average 30-year fixed-rate mortgage rose nine basis points from the week prior to 3.02%, according to data released Thursday by Freddie Mac‘s PMMS. This is the first time in ten weeks mortgage rates have risen above 3%.

Jun 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please