What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

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Mortgage

Pennsylvania title company owner facing 20 years in prison for stealing loan funds

Alfred Drechsel accused of misappropriating nearly $3 million

The owner of a Pennsylvania title company is facing 20 years in prison after being charged for his role in a scheme that defrauded borrowers and title insurance companies out of nearly $3 million, the U.S. Attorney’s Office for the Eastern District of Pennsylvania announced recently.

According to the U.S. Attorney’s Office, Alfred Drechsel is the owner of Lenders Edge Settlement Services and Integrity Assurance, both of which are located in Feasterville, Pennsylvania.

According to documentation provided in support of Dreschel’s charges, Lenders Edge and Integrity Assurance operated as agents for Fidelity National Title Group, First American Title Insurance Company, and WFG National Title Insurance Company.

Drechsel stands charged with one count of wire fraud for allegedly redirecting loan settlement funds into various Lenders Edge and Integrity Assurance bank accounts.

According to the U.S. Attorney’s Office, Dreschel allegedly used the diverted loan money to pay off other unrelated mortgages, to pay other business expenses, and for personal expenditures. 

Per a release from the U.S. Attorney’s Office, the total amount of mortgages that the Dreschel allegedly failed to pay off as required by the settlement statements was approximately $2,919,186.61.

If convicted, Dreschel faces a statutory maximum sentence of 20 years in prison, restitution, a period of supervised release, a $100 special assessment, and a possible fine.

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