mortgage industry: Mortgage Industry Experts Switch Sides to Help Consumers Beat Foreclosure - 02/20/08 08:09 AM
Mountain Lakes, NJ (PRWEB) February 20, 2008 -- A group of mortgage industry executives and lawyers have formed a new company to offer assistance to homeowners facing foreclosure due to the mortgage industry collapse. Using their knowledge of mortgages and their relationship with lenders they are helping borrowers keep their homes, and work out new loan arrangements to avoid foreclosure, bankruptcy and financial ruin.
The company, which is known as Mortgage Help Now, is affiliated with The Liput Group, a group of professional consulting companies operated by former mortgage industry executives and bank lawyers that normally provides advice to lenders and Wall … (2 comments)

mortgage industry: The Dangers of Closing Fraud in the Mortgage Industry - 02/09/08 12:58 AM
Much has been written over the past few years about the growing threat of mortgage fraud.  Beyond the FBI statistics, MBA workshops, and the burgeoning industry in fraud detection software for loan originations, the threat of closing table fraud is being overlooked.  The failure to look at the "back end" of the mortgage loan process is taking place to the detriment of lenders and threatens to derail the many advances made in fraud detection and prevention to date.
Fraud in loan origination is a serious problem, and has been thrust upon the mortgage industry largely due to the zeal of pursuing profits … (2 comments)

mortgage industry: The Hidden and Emerging Battle Between Investors and Servicers and its Impact on Mortgage Repurchases - 02/09/08 12:55 AM
           With the impact of foreclosures and defaults reverberating throughout the mortgage industry, a little-known but important battle is brewing that has major implications for lenders facing repurchases.  Sub-prime loan servicing agents are being criticized inside large investors for their inability to conduct impartial and effective loss mitigation to stem the tide of losses flowing from the glut of bad loans hitting the market. The failure of servicers to do their job well when it comes to defaults is having a significant impact on repurchase demands plaguing lenders today.
            Servicers, the initial and most direct link to borrowers, are failing to … (1 comments)

mortgage industry: California's Free Pass For Fraud - 02/09/08 12:52 AM
As an attorney specializing in lender loss recovery in instances of mortgage fraud, I was
shocked recently to learn that California has long held that title companies, acting as
settlement agents, have no significant fiduciary liability to lenders.  More specifically,
when California settlement agents conduct a closing, they are under no obligation to
disclose to a lender any suspicion that a party to the closing is perpetrating a fraud, or
engaging in suspect or illegal practices surrounding the transaction.
 
You can imagine my surprise when I confirmed this statement, made to me by legal
counsel to a major title agency out West … (5 comments)

mortgage industry: REPURCHASES: A GUIDE TO LOSS MITIGATION: What to do when faced with a Repurchase Demand - 02/07/08 12:09 AM
Today, the mortgage industry is in crisis. The collapse of the Sub- Prime Market and residential loan products with layered risks resulting in the onslaught of repurchase demands from investors has created the "perfect storm" in our industry.  There seems to be no end to the negative publicity reported throughout the financial and mainstream media.  Mortgage originators and investors who fed from the Sub Prime and layered risk troughs during the recent boom years are now facing the consequences of high volume coupled with exceedingly risky business plans.
Because of this new situation, Originators are finally taking the time to read their … (2 comments)

mortgage industry: What Goes Around Comes Around: How Government-Induced Relaxed Lending Criteria Helped to Create the Mortgage Market Collapse - 02/07/08 12:05 AM
To hear Congress and our presidential candidates tell the story, the recent collapse of the mortgage industry, which has fueled the largest number of property foreclosures since the Depression, was entirely the result of the greed of banks and mortgage brokers.  In fact it was the politicians themselves who created the mess, and who are now looking to enact punitive measures against brokers and banks to satisfy the public need for a scapegoat.
    In the 1990s, the last time a Clinton was in the White House, special interest groups and Democratic Congressional leaders criticized the mortgage industry for redlining urban areas, … (0 comments)

 

Andrew Liput

Mountain Lakes, NJ

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