Skip to main content

Maryland Developer Sentenced In Mortgage Scheme

NationalMortgageProfessional.com
Jan 18, 2016

U.S. District Judge Richard D. Bennett sentenced Timothy L. Ritchie, age 44, of Annapolis, Maryland, to a year and a day in prison, followed by 12 months of home detention with electronic monitoring as part of three years of supervised release, for making false statements arising from a real estate closing. Judge Bennett also entered an order requiring Ritchie to pay restitution of $1,385,444.83.

According to a press statement issued by the Inspector General for the Federal Deposit Insurance Corporation, the sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Deputy Inspector General for Investigations Rene Febles of the Federal Housing Finance Agency Office of Inspector General; and Special Agent in Charge Fran Mace, of the Federal Deposit Insurance Corporation Office of Inspector General.

Ritchie owned and operated Richland Homes, Inc., and was in the business of building, purchasing and selling homes.

According to his plea agreement, on July 7, 2005, Ritchie attended a residential closing for his purchase of three lots located at 24058 St. Michael’s Road in St. Michael’s, Maryland. John Davis, a real estate agent, conducted the closing, and listed Ritchie on the HUD statement as the buyer/ borrower. The HUD statement falsely stated that Ritchie provided $1,153,937.23 in cash at the closing. In fact, Ritchie did not provide any funds to Davis at the closing. As a result of the false statement, Ritchie fraudulently obtained approximately $2,445,102 from a mortgage lender by wire transfer to fund the settlement.

In a related case, John L. Davis, age 55, of Chestertown, Maryland, previously pleaded guilty to conspiracy to commit mail fraud and wire fraud arising from his participation in the scheme, and is scheduled to be sentenced on March 31, 2016 at 3:00 p.m. Davis admitted that the loss arising from his participation in the scheme is between $400,000 and $1 million.

Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021