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Fraud

Pulte makes new fraud allegations against New York AG James

FHFA, Fraud /

Federal Housing Finance Agency Director Bill Pulte has sent letters to the Department of Justice encouraging prosecutors to open new fraud investigations into New York Attorney General Letitia James related to real estate.  Processing Content Pulte wrote separately to the US attorneys for the Southern District of Florida and Northern District of Illinois in letters […]

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TransUnion launches new fraud and personal safety check app

Fraud, Mortgage technology, REALTORS & HOMEBUILDERS, TransUnion /

TransUnion is launching a new app set to help Realtors confirm property ownership to prevent fraud, conduct personal safety checks and drive more effective prospecting. Processing Content TruLookup for Real Estate is a purpose-built solution that reduces the need for real estate professionals to analyze multiple databases or download numerous apps when researching potential clients

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Synthetic IDs, false docs play role in $6M home lending scam

Fraud, Industry News, Law and legal issues, Title insurance /

An elaborate scheme involving 11 perpetrators, stolen identities and title fraud has resulted in $6 million in lender losses and criminal charges against the alleged scammers, according to new court documents.   Processing Content Federal prosecutors arrested the defendants, who were arraigned in Southern California and Florida courts late last week, following a grand jury indictment

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Swalwell drops Pulte suit while FHFA fraud probes stall

Fraud, Law and legal issues, Mortgages, Politics and policy /

One of the targets of the Federal Housing Finance Agency’s mortgage fraud probes is dropping his lawsuit against the regulator and its leader. Processing Content Rep. Eric Swalwell, D-Calif., FHFA Director Bill Pulte and the agency itself have all agreed to voluntarily dismiss the lawmaker’s suit, according to a case filing Friday. The announcement did

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Startup lender alleges rival sabotaged its business

Fraud, Industry News, Law and legal issues /

A newly launched California mortgage lender is suing a competitor over allegedly submitting false fraud reports to shared lending partners in order to sabotage it. Processing Content Lendwise Mortgage filed a complaint Monday in Los Angeles Superior Court against Priority Financial Network Lending Group and its CEO, Marc Shenkman. The lawsuit claimed PFN falsely reported

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FHFA sued to release fraud investigation records

FHFA, Fraud, Politics and policy /

Nonprofits and journalists are suing the Federal Housing Finance Agency to gain access to records on its fraud investigations and enforcement activity. Processing Content The agency is facing four Freedom of Information Act lawsuits, for allegedly ignoring public records requests. While the FHFA has moved to defend itself in those cases, it has also hinted

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Refi shift drives latest increase in mortgage defect rates

Fraud, LOAN PRODUCTS, Mortgage Rates, Originations, Underwriting /

Plummeting mortgage rates during the third quarter last year started a shift in originators’ business mix towards refinance, and this, more than a lessening emphasis on loan manufacture quality, resulted in a huge jump in defect rates, Aces Quality Management said. Processing Content For the last week of June, the 30-year conforming fixed rate mortgage

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Title company owner sentenced for mortgage escrow fraud

Fraud, Title insurance /

A federal judge has sentenced a Florida title company owner to 27 months in prison after he pleaded guilty to embezzling mortgage lenders’ funds. Processing Content Jonathan Yasko, 47, of Winter Springs, Florida, committed wire fraud between 2021 and 2023, diverting lenders’ funds in real estate transactions to other accounts, according to prosecutors. That included

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Former Primelending LO agrees to Fed prohibition order

Fraud, Originations, Regulation and compliance /

The Federal Reserve issued a consent prohibition order against a former Primelending loan officer for infractions, including conflict of interest and submission of falsified loan documents. Processing Content As a loan officer for the Dallas-based lender, Aquana Raffington is alleged to have originated and earned commissions on at least $1.7 million worth of fraudulent mortgages

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