The NMP Blog

What Can LOs Learn From the 2009 Year-End Review for Quality Control?

Submitted by Tommy A. Duncan on March 01, 2010

For starters, loan officers can learn to be responsible for the items in the loan process that reflect directly to loan officer’s work. The Application 1003 initial and final is a good place to start.
When comparing non-supervised mortgagees (non-bank lenders) and supervised mortgagees (bank lenders), the initial Application 1003 ranks number one in problems with non-bank lenders at 11.... Read More

The Devil is in the Definition

Submitted by Paul Donohue on March 01, 2010

Do you know who in your organization must be licensed as a “Mortgage Loan Originator?” It’s a vital question that will affect processors, underwriters, how you communicate with your borrowers and how you supervise your employees. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) did away with our old notions of just who must be licensed. On this point, the devil is deep in... Read More

Florida Real Estate Appraiser going to Prison- Mortgage Fraud Scheme

Submitted by Prevent Mortgag... on February 27, 2010

A Jacksonville, Florida appraiser has been sentenced to four years in federal prison as he and his fraudster partner, contracted to purchase about 55 houses and commit fraud. He would appraise most of the properties then his partner swindler would submit the fraudulent inflated appraisals to support the purchase price.
They both did this with intent to submit the appraisals to lenders in... Read More

Rejuvenating Your Business!!

Submitted by Tom Ninness on February 27, 2010

Rejuvenating Your Business
Rejuvenation often brings to mind plastic surgery. As a verb, to rejuvenate means ‘to become young again, to return to life or give new life or energy and to develop new youthful features’. Perhaps it is time to do a little plastic surgery on your business.
The root word for rejuvenate is “juvenile”. Juveniles are young children who act and play without... Read More

Former Pastor- $1 Million+ Judgment -Real Estate Fraud and more

Submitted by Prevent Mortgag... on February 26, 2010

Jeremiah Yancy appears to have used his ministerial trusting relationships for personal gain. He has lived in the Boise, Idaho area, Tucson, Arizona and Colorado Springs, Colorado. He has been called a con-man who has convinced trusting church families and friends with high FICO scores to invest in his Ponzi-type scams. It has been reported that he convinced them to take out large lines of... Read More

Florida Quality Council-HOLD THE DATE!!!

Submitted by Prevent Mortgag... on February 26, 2010

HOLD THE DATE!!!
The Quarterly and ANNUAL meeting of the Florida Quality Council
Friday, March 12th, 2010
Registration will be available soon on-line at http://www.floridaqualitycouncil.org/.
Meeting Topics will Include
-Mortgage Modifications and Economic Recover
-Valuation Challenges Impacting Florida
-Washington Update & Current Challenges... Read More

Florida Quality Council

Submitted by Prevent Mortgag... on February 26, 2010

Florida Quality Council is having a membership drive, only $39.00 for 2010!
http://www.floridaqualitycouncil.org/
Florida Quality Council Vision
The Florida Quality Council will be a voice for quality and awareness of fraud in the mortgage profession: advocating fairness to all lenders, support vendors and homeowners, promoting best practice, and providing exceptional service... Read More

“Mortgage E-Verify Act” to Prevent Mortgage Fraud by Illegal Aliens

Submitted by Prevent Mortgag... on February 26, 2010

The Mortgage E-Verify Act, introduced would require that the identity of all applicants for new or modified mortgages held by Fannie Mae or Freddie Mac or insured by the FHA, be confirmed through the E-Verify program of the Department of Homeland Security.
U.S. Congressman Rep. Kenny Marchant from Texas has just introduced a bill intended to prevent mortgage fraud by illegal aliens.... Read More

Murder led prosecutors to “Operation Bankroll” Fraud Scheme

Submitted by Prevent Mortgag... on February 26, 2010

An investigation dubbed "Operation Bankroll" involving an assortment of schemes including money laundering, identity theft, mortgage fraud and larceny. The indictment charges that between 2006 and 2009, the defendants participated in a series of financial and real estate scams in order to steal and launder money from the clients of a law firm, as well as clients of an Abstract Company.
... Read More

Real Estate Agent Pleads Guilty in Short Sale Mortgage Fraud Scheme

Submitted by Prevent Mortgag... on February 26, 2010

A Connecticut, a licensed real estate agent, has pleaded guilty from her involvement in a "short sale" mortgage fraud scheme. The charges had stemmed from an alleged "short sale" mortgage fraud scheme involving four properties located in Connecticut.
A "short sale” of a home involves a lender who enters into an agreement to release its mortgage or lien on real property in exchange for an... Read More