mortgage: Do You Qualify for a Jumbo Mortgage? - 03/16/13 10:57 AM
Financing your house with a large loan
Today First Colorado Lending is happy to announce the addition of a “True Jumbo” loan, our Big and Easy. The Big and Easy allows Jumbo Borrowers to finance up to $2,500,000 with guidelines that are clear and simple.
The Big and Easy offers a variety of financing options that include a 30 year fixed, 15 year fixed, 10 year arm and 5 year arms. FICO scores as low as a 720 and LTV’s up to 80%. Eligible Properties types for the Big and Easy include Primary Residence, Second Homes, Condo’s, PUD’s, and 2 … (0 comments)

mortgage: First Colorado Lending launched its new website - 01/26/13 10:41 AM
At First Colorado Lending our only job is finding you the best loan program available. We are independent and do not work for one particular lending institution nor are we tied to just one product line. Since we are unbiased we can search all our lending sources and find the best possible loan program and rate currently available.
We treat each customer as an individual, not a number. We don't place you into a loan profile formula created by the national banking industry. We use "common sense" and will help you obtain the best loan possible.
First Colorado Lending a … (0 comments)

mortgage: Your First Home? Buying a New Home? The Right Realtor Is The Key - 12/05/12 12:58 AM
Many first time buyers think that a buyers real estate market means that getting the best deal is easy. Nothing could be further from the truth. With foreclosures, short-sales and some homeowners not understanding the true value of their home in a slower market, the choices are numerous but as confusing as ever. More than ever a buyer needs a professional real estate agent to guide them through the process from shopping to contract presentation to settlement. There are many reasons not to go it alone–
The purchase of real estate represents the most important purchase a person makes in a … (0 comments)

mortgage: Are you in compliance yet? Non-bank residential mortgage lenders.. - 09/04/12 04:03 AM and cVerifs, Inc. leading providers of training, compliance and verifications solutions to the financial services industry, announced today its launch of a new Anti Money Laundering Rules & Compliance Training and program putting all the pieces together for non-bank residential mortgage lenders and originators (RMLOs).
 cVerifs is a leading provider of information, services and outsourced solutions to assist banks, investors, lenders and servicers in managing needs for third party services to minimize risk as well as staying in compliance with current and future regulations.
 ·         Who Must Comply? The FinCEN AML Rule applies to all non-bank residential mortgage loan … (0 comments)

mortgage: Florida Quality Council - South Florida location for this meeting - Register Now - 08/15/10 08:10 AM
Florida Quality Council - South Florida location for this meeting - Register Now REGISTER NOW!!!! -Includes Lunch
Friday, August 20th, 2010
Quarterly meeting of the Florida Quality Council- Please note our South Florida location for this meeting!!!
Registration is available
Meeting Topics
Mortgage Fraud Trends Ann Fulmer, Interthinx - with the latest on Industry trends (If you've never heard Ann speak on this, she is the GURU - don't miss it!)
Loan Quality Initiatives & Upcoming Changes Production Changes, Pre & Post Closing QC, Appraisal revisions, etc. Invited speaker from Fannie Mae
Loan Modification Discussion Washington Update, Financial Bill, … (0 comments)

mortgage: Bait and Switch Scam - Suspects are "each" being held on $29.5 million Bail - 06/14/10 08:42 AM
Bait-and-switch schemes involve an offer that is presented to the borrower early-on as a means to entice, but later once the borrower has signed, the terms of the deal change. Essentially the borrower jumps on a great deal, and ends up with a terrible one.
In a continuing probe into a defunct Southern California mortgage brokerage, Attorney General Edmund G. Brown Jr. announced the arrests of the president and co-owner and his two associates who used "deceptive promises and forged documents" to steal almost $1 million from homeowners falsely guaranteed attractive home loan refinancing packages.
Read the whole story … (0 comments)

mortgage: Mortgage Lead and Option Arm Fraud Schemes- Ring Leader Sentenced- 210 Months - 06/09/10 05:03 AM
Mortgage Brokers & Homeowner Victimized by Fraudsters
In the first fraud scheme, the fraudsters set up a business that telephoned mortgage brokers around the country, offering them lists of purported "live leads" - homeowners in the brokers' local area who had purportedly expressed an interest in speaking with a local mortgage broker about refinancing their mortgages.
Read more of the sorry @
The victims did not know they were deceived until receiving their initial mortgage statements.
The Fraudsters brought in more than $750,000 in Mortgage broker fees from several dozen fraudulently induced mortgages, … (0 comments)

mortgage: R. E. Agent- Ring Leader- Pleads Guilty- $12.6 Million Scheme Involved New, Upscale Homes - 06/02/10 01:34 AM
This is one of the largest mortgage fraud cases ever prosecuted in our district, and illustrates that this is a problem that affects not only low-income neighborhoods, but also more affluent suburbs," U.S. Attorney for the Western District of Missouri John F. Wood said. "Mortgage fraud poses a significant economic threat and directly impacts the well-being of our neighborhoods.
A former real estate agent pleaded guilty in federal court to her role in a $12.6 million mortgage fraud conspiracy that involved 25 upscale residential properties in Missouri.
Angela R. Clark was a real estate agent and co-owner of Centsable Business Services who sold … (0 comments)

mortgage: WOW- FBI Agent Charged with Mortgage Fraud- Faces 345 Years in Prison - 05/25/10 09:27 AM
A Special Agent employed by the Federal Bureau of Investigation in Nashville, Tennessee, was indicted by a grand jury sitting in Nashville, Tennessee.
The 19 count indictment charges McAllister in connection with the purchase of rental properties totaling $1.25 million. In addition, the indictment charges the defendant with devising a scheme to defraud the SunTrust Bank in connection with a $100,000 line of credit and making three false statements in connection with his subsequent bankruptcy petition in July 2009.
Read the whole story @
When we believe in the existence of fraud could affect us individually, more will then start taking active steps, … (1 comments)

mortgage: Real Estate Broker Convicted- faces a "Prison Sentence" up to 111 years - 05/23/10 04:55 AM
Used 92 Year Olds Personal and Credit Information
 A California, a real estate broker, was convicted of conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by purchasing 35 properties using stolen identities and intentionally defaulting on loans in order to steal the loan money.
Kathy Chen's boyfriend, Richard Salgado Gonzalez, and his brother, Daniel Gonzalez, face the same charges and sentence. The brothers are fugitives have outstanding arrest warrants, it is believed that both may currently be living in Puerto Vallarta, Mexico.
Read the whole story @
The faster we all help prevent real estate … (66 comments)

mortgage: "Operation Pay Back” - Mortgage Fraud Players Contributing - - 04/13/10 01:06 PM
Criminals also to blame for housing crisis!
A lot of blame for the housing crisis that helped drive our nation into a financial crisis has been heaped on "greedy" bankers and home buyers trying to live beyond their means.But there was another element that should not be forgotten - and that was outright criminal activity.
As you know real estate is a people profession. From the real estate agents in the field to the loan officers or loan processors working with borrowers to the title agents sitting down with families closing on their first home, we are people serving people.
Those … (1 comments)

mortgage: Forged Power of Attorney to Unlawfully Obtain a Mortgage from Mother-In-law’s home - 03/09/10 02:31 AM
Queens District Attorney Richard A. Brown today announced that an international businessman who resides in Manhattan has been sentenced to three to nine years in state prison for having used a forged power of attorney to unlawfully obtain a mortgage on his mother-in-law's condominium in the Little Neck section of Queens and steal more than $300,000.
The condominium had been free and clear of any mortgages prior to the theft.
To read the whole story:
We must be vigilant against fraud, recognizing its signs and taking proactive, definite, and realistic steps to not only prevent it but also punish it.
It … (0 comments)

mortgage: Murder Led Prosecutors to “Operation Bankroll” Fraud Scheme – - 02/23/10 11:30 PM
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. This indictment was a result of an investigation that was initiated after the July 2008 murder of attorney Mark Schwartz and his wife in their home. The person responsible for of that crime is still unknown, although the investigation into … (1 comments)

mortgage: “Mortgage E-Verify Act” to Prevent Mortgage Fraud by Illegal Aliens - 02/18/10 07:37 PM
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.
"My bill will potentially save millions by cutting down on fraudulent claims from illegal immigrants and protect taxpayers from subsidizing the restructuring or renegotiation mortgages of illegal immigrants," said Rep. Marchant in a press release.
Marchant cites Treasury Department … (2 comments)

mortgage: Mortgage Fraud Appraiser to pay $46 Million in restitution after federal prison time! - 02/03/10 12:39 AM
During the trial last summer a real estate appraiser was shown as a part of a wide-ranging and sophisticated scheme that obtained inflated mortgage loans on homes in some of California's most expensive neighborhoods, including Beverly Hills, Bel Air, Malibu, and more. The fraudsters created and submitted false documents, including fake purchase contracts and appraisals, to the victim banks to swindle them into funding mortgage loans that were hundreds of thousands of dollars more than the homes actual value. Lehman Brothers Bank is just one deceived into funding more than 80 such inflated loans that resulted in tens of millions of … (3 comments)

mortgage: High End “Straw Buyer” Mortgage Fraud Scheme- Exposed - 02/01/10 09:41 AM
A self-employed tax preparer, banker, mortgage broker, interior designer , owner of a property management company and others called have been charged in participating in a mortgage fraud scheme to sell four high-end luxury properties to "straw buyers" were indicted.  An indictment is merely an accusation and all defendants are presumed innocent unless and until proven guilty in court.
Carter M. Stewart, United States Attorney for the Southern District of Ohio, Ohio Attorney General Richard Cordray, Warren County Prosecuting Attorney Rachel Hutzel, and Keith L. Bennett, Special Agent in Charge, Federal Bureau of Investigation (FBI) and other task force participants announced the indictment.
Stewart … (2 comments)

mortgage: What does my credit score mean? - 01/23/10 02:48 AM
Most people are aware of the three credit reporting agencies TransUnion, Equifax, and Experian. The average difference in scores between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report, which may be correct, incorrect or are not reported in full compliance with credit law.
What is a Credit Score?A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score created by Fair Isaac. … (2 comments)

mortgage: Credit Repair Myths - 01/23/10 02:44 AM
Credit Repair - Is it the right thing to do?
Absolutely! If you have been turned down as a result of bad credit, have a higher interest rate on any Line of Credit, or if you are paying more for insurance than you should - you MUST take action! Here is the good news: YOU can do something about it!
Myth #1:  
When I pay off a past-due account, such as a Charge Off or a Collection Account, it will be listed as "paid" and no longer be reported as negative.It is difficult to fully restore your credit if … (1 comments)

mortgage: Gainesville- $1 Million Stimulus Challenge - 1st time home buyer seminar - 11/23/09 03:53 AM
"No Cost, No Pressure", 1st time home buyer seminar
To be sure, there is not much good economic news these days. However, this is truly a unique time period for first-time homeowners. Home-ownership is more affordable because of the drop in home prices, the availability of short sales and REO properties and the fact that mortgage rates are still low.One of the reasons cited for some of the current housing and mortgage problems facing the community is the lack of pre-buying education.The Goal is 125 First Time Home Buyers by April 30, 2009, which is $1MM back in the Alachua & … (0 comments)

Michael Richardson, First Colorado Lending (First Colorado Lending)

Michael Richardson

First Colorado Lending

Golden, CO

More about me…

First Colorado Lending

Address: 14143 Denver West Parkway, Suite 100, Denver, CO, 80401

Office: 303-974-7777

Fax: (888) 840-2322

Email Me




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