Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

mortgage fraud

Missouri Man Sentenced to Four Years for Fraudulent Mortgage Docs

Handcuffs Prison Pic

Tammy Dickinson, U.S. Attorney for the Western District of Missouri, has announced that a Nixa, Mo. man who was a co-owner of Greenleaf Companies has been sentenced in federal court for aiding and abetting a bank fraud conspiracy that was part of a multi-million-dollar mortgage investment scheme. Eric Gagnepain of Nixa, was sentenced by U.S. District Judge Greg Kays to four years in federal prison without parole. The court also ordered Gagnepain to pay $2,911,214 restitution.Click to continue

The Insured Closing Letter is Obsolete

Letter_Writing_Pic

A recent panel on fraud issues I attended included a healthy debate about the extent to which a lender can rely on the insured closing letter as a means to offset risk at the closing table.Click to continue

Two Missouri Agents Sentenced in $11 Million Mortgage Fraud Scheme

Courthouse/Credit: Photodisc

Tammy Dickinson, U.S. Attorney for the Western District of Missouri, has announced that two Blue Springs, Mo. real estate agents and several co-defendants have been sentenced in federal court for their roles in an $11 million mortgage fraud scheme.

Leann Raejeana Turner of Blue Springs, was sentenced to three years in federal prison without parole. The court also ordered Turner to pay $4,912,040 in restitution.Click to continue

Illinois Developer and Two Attorneys Among Six Defendants Indicted in $22.8 Million Mortgage Fraud Scheme

Cherry Red Gavel/Credit: Comstock

An Illinois south loop condominium developer and two attorneys are among six defendants facing federal charges for allegedly engaging in a $22.8 million mortgage loan fraud scheme, federal law enforcement officials announced. The defendants allegedly caused buyers to fraudulently obtain approximately 60 mortgages from various lenders to purchase condominiums at Vision on State, a 250-unit building.Click to continue

California AG Nabs Seven in Loan Mod Scheme

Cherry Red Gavel/Credit: Comstock

California Attorney General Kamala D. Harris has announced the arrest of seven suspects who have been charged in a mortgage fraud scheme that defrauded more than 1,550 Inland Valley homeowners seeking loan modification services during California’s foreclosure crisis. The felony complaint alleges that Nehad “Nick” Ayyoub Ayyoub of San Bernardino and president of The Firm Loans, Insurance and Investments Inc.Click to continue

Internet Security: Phishing Attacks

Laptop Pic/Credit: Thomas Northcut

Question: Recently, our firm came under a “phishing attack.” Our IT people fixed the problem, but we really don’t know what happens in a phishing attack. Can you explain it in layman’s terms? Also, How can we prevent this kind of cyber attack?Click to continue

Two Arrested in Real Estate Ponzi Scheme

Handcuffs Pic

The owners of a now-defunct Southern California real estate investment firm have been arrested for allegedly perpetrating a Ponzi scheme that ended with the bankruptcy of their company and caused private investors and banks collectively to lose well over $110 million when the scheme collapsed.Click to continue

Kroll Reports Quarter-Over-Quarter Rise in Mortgage Fraud

Fraud Dictionary Pic

Kroll Factual Data Inc. has announced a 10.41 percent average increase throughout the country of possible fraudulent activity in loan applications submitted to the company for review between the second and third quarters of 2013. The significant increase—the third consecutive quarterly uptick—adds to an already challenging time for lenders, who are faced with having to comply with stringent loan quality regulations from the Consumer Financial Protection Bureau (CFPB) starting this month.Click to continue

California Attorney General Takes Down Title Fraud Ring

Black Gavel Pic/Credit: Brand X Pictures

California Attorney General Kamala D. Harris announced the arrest of five individuals who allegedly ran a statewide housing scheme by using adverse possession laws to fraudulently seize at least 23 homes in nine counties.Click to continue