Articles by Ben Lane

Mueller reportedly probing whether Manafort promised White House job to bank CEO to get mortgages

NBC reports investigation focuses on CEO of The Federal Savings Bank
Justice Department special counsel Robert Mueller recently accused Paul Manafort, who served as President Donald Trump’s campaign manager in 2016, of committing a “series of false and fraudulent representations” to obtain a $9+ million mortgage from The Federal Savings Bank. Now, Mueller’s team is reportedly investigating whether Manafort promised a White House job to Stephen Calk, the CEO of The Federal Savings Bank, to get the mortgage in question.
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Citi posts job to run its U.S. mortgage operation

Job responsibilities include “successful completion of mortgage transformation”
Citigroup has been going through a significant shift in its mortgage business over the last few years, including moving completely away from mortgage servicing and scaling back its lending operation as well. And now, the bank is looking for a new leader of its U.S. mortgage business.
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Crowdfunding lending platform Groundfloor turns to crowdfunding to raise money, for itself

Aims to raise $7 million by inviting public to buy shares in company
Groundfloor, a real estate lending platform that raises its loan funds via crowdfunding from the public, is turning to crowdfunding to raise money for something else – itself. But, the company is not going the Initial Public Offering route via the New York Stock Exchange or Nasdaq. Rather, Groundfloor is launching an online public offering, in which it’s seeking to raise more than $7 million from the public.
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Ditech Holding Corp. picks "seasoned turnaround professional" Jeffrey Baker as new CEO

Baker elevated from chief operating officer to replace Anthony Renzi
For the fifth time in just over two years, Ditech Holding Corp., which was known as Walter Investment Management Corp. until very recently, has a new CEO. The nonbank announced Tuesday that it is elevating "seasoned turnaround professional" Jeffrey Baker from chief operating officer to serve as interim CEO and president.
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House Democrats push Equifax to provide more protection for data breach victims

Want Equifax to provide three years of identify theft protection
In the wake of the massive data breach that exposed the personal information of 145.5 million U.S. consumers to hackers, Equifax offered to provide a number of services to the affected consumers, including one year of identity theft protection. But, in the eyes of all 19 Democrats on the House Committee on Oversight and Government Reform, Equifax is not doing enough to make those consumers whole again.
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Nationwide adoption of online notarization just took a big step forward

Nation’s secretaries of state adopt regulatory standards
One of the main things standing in the way of a fully digital mortgage in many states is the requirement for a notary to witness the signing of the mortgage closing documents. Currently, only four states allow online notarization, but it appears that the push to take online notarization nationwide is about to take a huge step forward.
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Four Californians accused of running mortgage fraud scheme that targeted minorities

Face a total of 194 counts
Four Californians face a total of 194 charges for allegedly operating a mortgage fraud scheme that preyed on distressed minority borrowers who were seeking help with paying off their mortgages. According to the indictment, between 2012 and 2017, they used a fake insurance company called SafeCare, claiming to offer mortgage aid to primarily minority families for a low monthly fee.
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MBA boosts commercial/multifamily team with pair of hires

Adds Sharon Walker as AVP, Andrew Foster as director
The Mortgage Bankers Association recently enhanced its commercial/multifamily team with a pair of experienced hires. Sharon Walker joined the MBA in late January as the associate vice president of multifamily. Also joining the MBA is Andrew Foster, who will serve as director, commercial/multifamily.
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New Penn Financial expands into Nevada with launch of Synergy Home Mortgage

Launches joint venture with Reno real estate agencies
New Penn Financial, a mortgage lender that is owned by Shellpoint Partners, announced Monday that it is expanding into Nevada by launching Synergy Home Mortgage. Synergy Home Mortgage is a joint venture between New Penn and local real estate firms Dickson Realty and Ferrari-Lund Real Estate.
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