Items Tagged with 'New Jersey'
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  • building

    New Jersey picks NYC official Paul Rodriguez to lead state’s answer to Mulvaney’s CFPB

    Rodriguez currently serves as acting counsel to NYC Mayor Bill de Blasio
    March 27, 2018
    Ben Lane
    At various points during his tenure as acting director of the CFPB, Mick Mulvaney has made it clear that the bureau will not be run the same way under the Trump administration as it was under the Obama administration. In the wake of those changes, several states have indicated that they are prepared to step in and fill the consumer protection void. You can now count New Jersey among those states.
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  • Gavel and money

    Five New Jersey residents accused of using fake bank documents to pay off mortgages

    Allegedly paid of multiple mortgages, bought multiple luxury cars
    March 20, 2018
    Ben Lane
    Five New Jersey residents stand accused of using fake money orders, cashier’s checks, receipts and other documents to fraudulently pay off multiple mortgages and obtain several luxury cars. According to the U.S. Attorney’s Office for the District of New Jersey, the group’s alleged conduct caused more than $3 million in losses.
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  • Prison jail bars

    Former title company owner gets 12 years for mortgage fraud and tax evasion

    Defrauded lenders out of $1.1 million
    March 13, 2018
    Ben Lane
    The former owner of a New Jersey title company will spend the next 12 years in prison after being convicted of defrauding banks out of $1.1 million by using fake loan applications for residential mortgages. In addition to defrauding the banks out of more than $1 million, Mark Andreotti was also convicted of failing to pay more than $450,000 in personal taxes.
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  • Gavel and money

    New Jersey loan officer charged with facilitating fraudulent mortgages

    Allegedly used his own altered bank statements
    February 5, 2018
    Ben Lane
    A New Jersey man stands accused of using his position as a loan officer to facilitate fraudulent mortgages. According to the U.S. Attorney’s Office, in one case, Richard Patino approved a loan application in 2013 for an unnamed borrower, but the bank documents that were included in the loan application were actually Patino’s, altered to make it seem like they belonged to someone else.
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  • IRS building

    New York, New Jersey, Connecticut plan to sue federal government over GOP tax bill

    Take issue with elimination of state and local tax deductions
    January 26, 2018
    Ben Lane
    The states of New York, New Jersey, and Connecticut are planning to sue the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year. Each of the three states’ governors say that their residents will be harmed by the tax plan’s cap on state and local tax deductions.
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  • house

    Direct-to-consumer title insurer OneTitle expands to New Jersey

    Acquires “significant interest” in New Jersey’s Sovereign Title
    January 16, 2018
    Ben Lane
    Until now, direct-to-consumer title insurer OneTitle National Guaranty Company operated only in the state of New York. But thanks to a “strategic partnership” between OneTitle and New Jersey’s Sovereign Title Agency, OneTitle is expanding into the Garden State.
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  • Prison jail bars

    Ringleader of elaborate mortgage fraud scheme gets 10 years in prison

    Scheme involved fake sellers, fake lawyers, fake title agents, fake notaries, and more
    August 14, 2017
    Ben Lane
    The alleged ringleader of a complex mortgage fraud scheme will spend the next 10 years in New Jersey state prison for his involvement in a scheme that involved using fake sellers, fake attorneys, fake title insurance agents, fake notaries, and a number of fake businesses to steal nearly $1 million from mortgage lenders in a series of transactions.
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This month in
HousingWire magazine

Cover Story
April 2018

The 2018 HW Tech100

This year’s HW Tech100 features a much more expansive landscape than ever before. Winners included heavy hitters and innovative disruptors. Even new tech players in the blockchain space are joining the party now. Other exciting developments can be seen on the identity-protection and fraud-prevention sides. But make no mistake, the name of the game in tech, these days, is lending, lending, lending.

Feature

How mortgage companies are capitalizing on their greatest asset: big data

Sarah Wheeler
Sarah Wheeler
 InvestmentsLending
The evolution from a paper-based process to this era of big data is astounding. Consider that according to IBM, 90% of the world’s data has been created in the last two years. The Internet of Things — your thermostat, refrigerator, even your kid’s Barbie doll — is increasing that data exponentially. For mortgage companies, that data represents a treasure trove more valuable than the gold bars stacked in the vault at the New York Federal Reserve Bank, but only if they can figure out how to harness it for their specific business. Fortunately, scores of fintech companies are ready to help.

Commentary

The pitfalls of depending on automation in post-close valuations

Mark Melikian
Mark Melikian
 Real Estate
Accurate, trustworthy valuations require taking a deeper look. That’s why it’s important to have a valuation expert independently review every valuation report and determine whether it makes sense. The most trustworthy valuation providers have a team of highly trained reviewers on staff who diligently analyze every comparable on a valuation report and ask: “Will a potential buyer consider this property similar to the subject property?”