Articles Tagged with ''Stated income loan''

Bank launches new 'Lite Doc' mortgage program

Loophole allows it to avoid Dodd-Frank regulation
Is Quontic Bank’s new Lite Doc program another housing crash in the making? Although stated income loans defined the housing era before the crash, here are key differences to this new loan, and what loophole they found to avoid Dodd-Frank regulation.
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Cogent Road Rolls Out Online Tax Document Retrieval

Cogent Road, a provider of Internet-based applications for the mortgage industry, said Wednesday that it had launched a new feature in Funding Suite, its credit management platform, which enables loan originators to quickly and securely retrieve borrowers' tax documents online from the Internal Revenue Service.
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First American Releases Next Generation of LoanSafe Platform

First American CoreLogic said Wednesday that it had launched the second generation of its well-known risk management and fraud detection platform, LoanSafe. The platform helps lenders and investors identify early indicators of mortgage fraud, market volatility and potential loss. LoanSafe 2.0 examines property valuation history as well as borrower characteristics and real-estate ownership history, using First American's substantial data spanning property, loan application and loan performance information.
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Report: Brokered B&C Loans More Costly

New research from a well-known consumer advocacy group, released earlier this week, claims that subprime borrowers with brokered loans end up paying significantly more than their counterparts who deal directly with lenders. The study is the latest blow to the brokered mortgage model, which industry critics have argued help fuel questionable lending practices now threatening millions of homeowners.
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Are Brokers Liable for Fraud on Stated Income Loans?

If you're a mortgage broker in Alaska, it appears the answer to the question can be yes. From Newsday comes an interesting story: A U.S. District Court in Alaska Monday sentenced a former American Home Mortgage branch manager to serve more than 2 years in prison and pay a $50,000 fine and $190,000 in restitution in connection with wire fraud charges after he falsified documentation to secure "stated income" mortgage loans from American Home and Countrywide Financial.
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