House flipping may look fun and easy on HGTV, but it comes with more than a few strings attached
House flipping may look fun and easy on HGTV, but it comes with more than a few strings attached.
Case in point: David J. Simard pleaded guilty to one count of obstructing the lawful functions of the Internal Revenue Service (IRS) and four counts of failing to file personal and corporate income tax returns in connection to his house flipping endeavors in Maryland. According to the U.S. Department of Justice, Simard began flipping homes during the 1980s, but in January 2008 he received an IRS notice for documents and information from third parties regarding his real estate transactions; Simard was also being audited on his personal income taxes. Less than one month after receiving this notice, Simard created Pegasus Home Corporation and flipped 96 properties from 2009 through 2010 in its name instead of his own.
If that wasn’t bad enough, Simard attempted to conceal his ownership and control of Pegasus by falsely representing that a relative was the owner—and the relative played along by applying to the IRS for an employer identification number for Pegasus while opening a bank account for Pegasus. Simard also failed to file personal tax returns for tax years 2009 and 2010, nor did he corporate tax returns for those years.
Simard is scheduled to be sentenced on Oct. 12 in U.S. District Court and faces a statutory maximum penalty of three years in prison for obstructing the IRS and one year in prison for each count of failure to file tax returns. He also faces a period of supervised release, restitution and monetary penalties. 

Ocwen Financial Corporation and HomeFree-USA will co-host a borrower outreach event in Riverdale, Md. to help Maryland homeowners who are struggling to meet their mortgage obligations
Ocwen Financial Corporation and HomeFree-USA will co-host a borrower outreach event in Riverdale, Md. to help Maryland homeowners who are struggling to meet their mortgage obligations. This event, “More Help for Homeowners” will be held on June 8 from 1:00 p.m.-7:00 p.m. ET at HomeFree-USA's offices at 6200 Baltimore Avenue, Riverdale, Md. Both admission and parking are free for all attendees.
At this event, Ocwen customers who are struggling with their mortgage payments will have the opportunity to meet one-on-one with Ocwen Home Retention Agents and HomeFree-USA housing counselors to discuss loan modification programs that could help reduce their monthly payments.
Ocwen services more than 38,000 loans in Maryland. From Jan. 1, 2008 through March 31, 2017, Ocwen has provided more than 26,700 Maryland homeowners with loan modifications. Approximately 37 percent of these modifications included principal forgiveness totaling more than $644 million, or an average of more than $64,700 per loan.
“Affordable homeownership stabilizes families and communities and we encourage anyone struggling with their mortgage to attend this event,” said Jill Showell, senior vice president of Government and Community Relations at Ocwen. “HomeFree-USA is on the ground everyday working to help families find housing solutions. Together, we can improve the lives of Maryland homeowners by offering loan modifications that will allow them to remain in their homes.”
Since Jan. 1, 2008, Ocwen has granted more than 735,000 loan modifications, including approximately 75,000 in 2016, and is responsible for 20 percent of all modifications under the U.S. Department of the Treasury Home Affordable Modification Program (HAMP). Ocwen also has provided billions of dollars in principal forgiveness to homeowners at risk of foreclosure.

Primary Residential Mortgage Inc. (PRMI) has added mortgage industry veteran Branch Manager Lori Marrow to its newest brick-and-mortar office in Newport News, Va.
Primary Residential Mortgage Inc. (PRMI) continues to grow its footprint in Maryland by announcing the opening of a new brick-and-mortar branch located in Severna Park, Md. under the PRMI continues to grow its footprint in Maryland by announcing the opening of a new brick-and-mortar branch located in Severna Park under the management of Kyndle S. Quinonesmanagement of Kyndle S. Quinones. The addition of this branch makes it the 13th location in Maryland.
Kyndle comes to PRMI with 16 years in the industry and before joining PRMI, she was a senior loan officer at First Home Mortgage for 15-and-a-half years. In her new role, she will be responsible for the overall management of the branch, recruitment and assisting individuals with their home loan needs. She is joined by Genie Bapisteller, head processor; Carolyn Rose, loan officer assistant; and Sara Tinker, paralegal.
“There are so many loan programs out there to support home buyers and most people have no idea they exist, especially when it comes to little to no down payment options,” said Quinones. “I want to give people in our community the tools and resources they need to help them with making one of the biggest financial decisions in their lifetime.” 

The Maryland Mortgage Bankers and Brokers Associaiton will host its 2017 Annual Conference, May 10-11, 2017 at the Loews Annapolis Hotel, 126 West Street in Annapolis, Md.
Click here for more infomation or call MMBA at (443) 989-8534.
Motto Mortgage, a member of the RE/MAX Holdings Inc. family of brands, has now included mortgage brokerage franchise opportunities in Georgia, Illinois, Louisiana, Nebraska and New Hampshire
Motto Mortgage has announced that it will begin to offer mortgage brokerage franchise opportunities in the states of California and Maryland. The addition of California and Maryland brings the number of states in which Motto Mortgage franchises are actively being sold to more than 45.
“California has tremendous growth potential for Motto Mortgage,” said Motto Mortgage President Ward Morrison. “Our team has the experience and diverse knowledge needed to train and educate mortgage brokers and loan officers in the state so that they are successful. It’s a very exciting time for all of us at Motto Mortgage.”
Motto Mortgage officially launched on Oct. 25, 2016, and is expected to bring more choice and a better experience for consumers. Its loan originators work with real estate agents to help homebuyers obtain the mortgage loans that best fit their individual needs.
California and Maryland mark the two latest states where Motto Mortgage is looking to make an impact, on the heels of recent announchat franchises are now also available in the states of New York and Virginia.

Baltimore is the latest city to use a voter referendum to address the question of public financing of affordable housing.

According to a Baltimore Sun report, the new ballot proposal would update the city charter to enable the creation of the Affordable Housing Trust Fund, which would provide loans and grants for the construction and maintenance of housing for low-income homeowners and renters. The advocacy group Housing for All Baltimore proposed the fund’s creation and successfully collected enough signatures to secure a spot on the November ballot.

However, the proposed charter amendment is vague regarding how this new fund would be financed. Odette Ramos, executive director of the Community Development Network of Maryland, told the Baltimore Sun that the fund could involve public and private financing, with the mayor and city council determining which projects would receive funding.

GSF Mortgage has added Pino Ude as mortgage loan originator located in Gaithersburg, Md.

GSF Mortgage has added Pino Ude as mortgage loan originator located in Gaithersburg, Md., joining the company with 21 years of expereience in the mortgage industry. He began his career as an appraiser for a mortgage company, where he learned a lot about what to look for in a real estate property.  This experience was useful as he transitioned into a role as a mortgage loan originator.

Ude became a net branch manager for a nationwide company and grew his team from two mortgage loan originators to eight loan originators. He eventually decided to open his own company where he managed 27 mortgage loan originators. Ude moved over seas to Africa for a period of time, where he managed the compliance and operations training for a mortgage company.

Due to his extensive background, Ude has cultivated numerous customer and real estate agent relationships. He plans on differentiating himself in the market by establishing new homebuilder relationships.

“I am pleased to welcome Pino to our team and we are excited to have him join GSF Mortgage," said GSF Mortgage Branch Manager Sam Fisher. "His knowledge and experience working with his clients will be a great asset."

The Maryland Association of Realtors 2016 Annual Conference & Expo will be held Monday-Wednesday, Sept. 12-14 at the Roland E. Powell Convention Center, 4001 Coastal Highway in Ocean City, Md.

Click here for more information, or contact MAR by phone at (800) 638-6425.

The Maryland Mortgage Bankers Association Crab Feast Social will be held Thursday, Sept. 22 at Bo Brooks Restaurant, 2780 Lighthouse Point Road in Baltimore from 5:30 p.m.-8:30 p.m.

Click here for more information, or visit

The Maryland Association of Mortgage Professionals 2016 Fall Conference will be held Thursday, Oct. 6 at the Turf Valley Resort, 2700 Turf Valley Road in Ellicott City, Md.

Click here for more information, call (410) 752-6262 or visit