Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Robert Dietz on why the single-family rental market is growing

In this episode of HousingWire Daily, NAHB's Robert Dietz explains why the marketshare of single-family rentals is growing despite strong homebuyer demand. He also discusses the NAHB’s latest Housing Market index.

Mortgage

American Financing Corp. ordered to pay up for firing mortgage fraud whistleblower

Four employees sued Colorado mortgage company after they were fired

Colorado-based American Financing Corp. was ordered to pay up after four of the mortgage company’s former employees claimed that the company fired them for trying to blow the whistle on widespread mortgage fraud taking place at the company.

Last year, the four former employees sued American Financing, claiming that they tried to warn their supervisors about fraudulent activities they’d uncovered at the company.

The lawsuit claimed that the company was using falsified documents and withholding unfavorable financial information on behalf of clients to originate mortgages that would not have been approved otherwise.

The lawsuit claimed that the company defrauded JPMorgan ChaseWells Fargo, Flagstar Bank, and others.

The case made its way through the Colorado court system, and earlier this week, a jury awarded $37,000 to one of the former employees for the company’s actions, according to a report from the Denver Post. The other three employees had their claims denied.

From the Denver Post report:

The jury decision in favor of mortgage consultant Sandra Reynolds came Wednesday afternoon in Arapahoe County District Court where Reynolds and three co-workers had filed wrongful termination lawsuits, plaintiff’s attorney Jack Olsen said. Olsen declined further comment about the verdicts.

The jury agreed with Reynolds’ claim that AFC fired her because she reported the allegation of mortgage loan application fraud to company management. In Colorado, whistleblowers are protected from retaliation.

The article states that the company has not been formally accused or sanctioned by any regulatory body for its alleged mortgage fraud.

The company, in a statement published by the Denver Post, said that it is looking forward to seeing the case through.

From the Denver Post again:

In an emailed statement, a representative from American Financing said, “American Financing Corp., is pleased to have reached this stage in the case. We defended our actions successfully with respect to three of four plaintiffs.  The jury disagreed with our personnel decision as to the fourth plaintiff. We respects the jury’s decision, but do not agree that any of our human resources decisions were incorrect. As the case is still pending, further comment would be inappropriate.”

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

How much could wire and title fraud cost lenders?

With loan production costs on the rise and the resulting margin compression, lenders should be on the lookout to reduce costs wherever possible in the origination process.

Oct 27, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please