mortgage fraud: Homestead Title and Escrow to Host Continuing Education Classes - 01/31/13 04:51 AM
Homestead Title and Escrow & First Colorado Lending announced today that Michael S. Richardson will conduct a series of continuing education classes in February and March, hosted by Homestead.
AML program and SARs education and compliance:
The new Anti Money Laundering Rules & Compliance Training Rule applies to all non-bank residential mortgage loan originators. In other words, every single non-bank owned mortgage brokerage, loan officer and mortgage lending company regardless of size must comply. The Internal Revenue Service (IRS) AML examiners will audit for compliance.
Focus on Loan Quality & Mortgage Fraud Prevention
Loan Quality & Fraud Prevention Practices that will … (0 comments)

mortgage fraud: Civil Mortgage Fraud Case- Man pays $5 million to resolve. - 08/20/12 09:30 AM
 “Our objective is to ensure that the public is not taken advantage of when they have fallen on hard financial times. Distressed homeowners are particularly vulnerable to this type of fraud. An important message has been sent today to those who prey on upon homeowners who are seeking financial assistance with their mortgage. This type of fraud not only affects individual families, it also affects the housing market.”Stated James Todak, the Special Agent in Charge of HUD-OIG.
Terrill Meisinger agreed to the penalty to resolve a June 2011 federal civil lawsuit accusing him of orchestrating a foreclosure rescue scheme that … (0 comments)

mortgage fraud: 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
http://www.floridaqualitycouncil.org/
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 fraud: Former NFL Wide Receiver for Broncos & Giants- will begin his federal prison sentence on August 30- for Mortgage Fraud Scheme - 08/01/10 07:42 AM
 
 
Former Georgia and NFL player Arthur James Marshall Jr. was sentenced to 69 months in prison for bank fraud related to an elaborate mortgage fraud scheme and was also ordered to pay more than $3.6 million restitution to his victims.
It was reported in 2009 there was an execution of a search warrant by the Federal Bureau of Investigation on Marshall's former office building. He was a local high school football star who later played at the University of Georgia and thereafter spent five years in the National Football League. He was then charged in a twenty-two-count indictment with … (2 comments)

mortgage fraud: "Anonymous Property Flipping Tip” Uncovers 22 - Selfish and Greedy Fraudsters Enriching Themselves - 07/17/10 08:39 AM
 
 
It is often said that home ownership is the American dream. Far too often these dreams are stolen and hopes are dashed through predatory schemes perpetrated by selfish and greedy fraudsters who victimize the innocent simply to enrich themselves. We will continue to investigate such fraudulent activities and aggressively prosecute those who unlawfully manipulate financial institutions, “stated United States Attorney John E. Murphy. The U.S. Justice Department handed down indictments against more than 1,000 individuals, including 29 people in the Western District of Texas, as part of a nationwide effort to crack down on mortgage fraud across the country. … (1 comments)

mortgage fraud: "Florida Quality Council" Meeting Friday August 20th -Register NOW - 07/12/10 05:18 AM
Florida Quality Council- REGISTER NOW!!!! 
Quarterly meeting of the Florida Quality Council Please note our South Florida location for this meeting!!! Friday, August 20th, 2010 Registration is available now on-line at http://www.floridaqualitycouncil.org/. 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, SAFE licensing issues Hot Button Issues, Challenges & Open … (0 comments)

mortgage fraud: Insiders Scammed the System - $ 2,452,129.00- Real Estate Agents & Loan Officers “Indicted” - 07/11/10 03:58 AM
The downward trend in the housing market has provided an ideal climate for mortgage fraud perpetrators to employ a myriad of schemes suitable to a down market. Unfortunately, mortgage fraud has been a relatively low-risk, high-yield criminal activity which is accessible to many.
Five individuals, all residents of Arizona, have been indicted on charges ranging from Conspiracy to Commit Wire Fraud, Wire Fraud, Money Laundering and Aiding and Abetting.
The indictment also states, the real estate agents facilitated a “kick back” payment to the straw buyer.
 
Read the whole story @ http://tinyurl.com/2vdoz64
 
Each conviction for Wire Fraud or Conspiracy … (0 comments)

mortgage fraud: Mortgage Fraud Ring- Includes FBI Agent, Police Officers and others “left a path of destruction with far too many victims” Indicted - 07/07/10 02:38 AM
The most serious type of mortgage fraud is referred to as “fraud-for-profit” and involves multiple loans and an elaborate scheme to gain illegal proceeds from property sales. The most common type of fraud-for-profit is “illegal property flipping,” which usually requires two major ingredients: false appraisals and other fraudulent loan documents.
"Those accused of mortgage fraud - no matter what their role - have left a path of destruction with far too many victims in South Florida, and we will continue to aggressively target, arrest and prosecute those involved in this crime. Justice will be served." Commissioner Tom Cardwell of the Florida … (2 comments)

mortgage fraud: Abuse of Power - Unscrupulous Title & Mortgage Company Operator Orchestrated Fraud Scheme. - 06/16/10 09:24 AM
A former owner-operator of Noble Title Agency and Noble Mortgage Company in Colorado has been indicted by a federal grand jury in Denver on 63 counts of wire fraud in connection with a mortgage fraud scheme that Noble allegedly perpetrated. 
The indictment states Noble knowingly devised and intended to devise a scheme to defraud lending companies that funded residential mortgage loans and for obtaining money from them and from buyers who paid cash for a residence by means of materially false and fraudulent representations.
Specifically, it was part of the scheme that Noble allegedly orchestrated the purchase of numerous residential properties, … (0 comments)

mortgage fraud: TBW-$30,000,000,000.00 (billion) Mortgage Loans - Chairman/CEO Booked Into Jail - Fraud Scheme - 06/16/10 07:34 AM
 
The Justice Department characterizes the case as involving "a more than $1.9 billion scheme that contributed to the failures of Colonial Bank ... and TBW."
 
As the current mortgage meltdown continues we all need to recognize how mortgage fraud has played a huge role in beating up the real estate industry and economy.
 
Taylor Bean once originated more than $30,000,000,000.00 (billion) worth of mortgage loans annually. It was the third largest lender underwriting Federal Housing Administration-insured loans and was the fifth largest Freddie Mac securities issuer.
 
The scheme is reported to have begun when TBW was experiencing … (1 comments)

mortgage fraud: 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 fraud: -Straw Buyer’s Wanted- To Purchase Homes - Beware! - 06/10/10 09:45 AM
2 Indicted for Mortgage Fraud Schemes
 
A straw buyer is a person who uses or allows their credit to be used for the purchase of a property they never intend to use or control. Straw buyers can also be used to purchase non-owner occupied properties by being paid simply for the use of their credit. Sometimes a straw buyer will be offered several thousand for the favor, or they may never know that their name and information will be used on the loan application and in some cases are also asked to sign forged documents.
 
The object of the … (0 comments)

mortgage fraud: Mortgage Fraud Search Warrant - Discovered a “Voodoo Shrine” - 06/10/10 09:26 AM
 
Ruben Hernandez and co-defendant Joel Rodriguez owner of Coast to Coast Mortgage were sentenced in a mortgage fraud case.
 
Hernandez purchased six properties using false social security information and bank statements. While Rodriguez used false social security numbers to purchase two properties, obtain home equity lines of credit and open a bank account.
 
Hernandez eluded authorities for about a year and was tracked down to a bungalow in Pasadena, California by Investigator David Ishibashi of the District Attorney's Bureau of Investigation, Investigator Steve Louie of the Department of Motor Vehicles and Deputy U.S. Marshal Sal Reyes. It was also … (0 comments)

mortgage fraud: 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 @  http://tinyurl.com/2fbxdut
 
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 fraud: Renting Out Homes- He Didn’t Own - Filed Quitclaim Deeds Fraudulently Renting Out Homes- He Didn’t Own - Filed Quitclaim Deeds Fraudulently! - 06/08/10 05:36 AM
 
A quitclaim deed has the forged signatures of a thief.
What actually happens is, a fraudster forges a property owner’s name on a quit claim deed. The forgery is made to look as the owner has sold off or transferred the property to the fraudster. The forged deed is signed by a notary public either legitimately or fraudulently and then recorded at the County Recorder’s office. In this way, the imposter becomes the owner of the property.
A California man was charged with stealing over $3.5 million in a fraudulent scheme of real property theft and renting out houses he … (1 comments)

mortgage fraud: 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 fraud: Mortgage Fraud Ring- Branch Managers, Banker, Closing Attorney- Faces up to 30 years in prison - 05/30/10 04:28 AM
Former Boca Raton Mortgage Managers plead guilty for falsifying loan documents
It was alleged that Peter Hartofilis and Jason Vitulano were branch managers of the Top Dot Mortgage office in Boca Raton, Florida, and devised a scheme to submit fraudulent loan applications to numerous lenders. More specifically, the loan applications contained grossly inflated statements of the applicants' earnings and assets on deposit in a local bank.
In addition, according to court documents and statements made in court, attorney Joseph Miller acted as closing agent and title agent on a number of these loan transactions. Miller agreed to divert loan proceeds to … (2 comments)

mortgage fraud: 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 @ http://tinyurl.com/29lnlsx
When we believe in the existence of fraud could affect us individually, more will then start taking active steps, … (1 comments)

mortgage fraud: Las Vegas Casino-Themed Sales Floor- Foreclosure Relief Fraud- 4 Arrested, 5 Wanted- - 05/24/10 04:49 PM
In these tough economic times, mortgage foreclosure rescue scams are sweeping the nation. Foreclosure rescue fraud is both underhanded and malicious. Homeowners that are finding it difficult to make ends meet and facing potential foreclosure are promised help in order to save their homes.
When agents executed a search warrant at the office, they found a Las Vegas casino-themed sales floor complete with craps, poker and black jack tables fashioned as workstations, and a roulette wheel that top-selling telemarketers spun for cash bonuses.
Read the whole story @ http://tinyurl.com/33ra64j
The scams typically are one of the following categories
Phantom Assistance - … (0 comments)

mortgage fraud: 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 @ http://tinyurl.com/32zuzgh
The faster we all help prevent real estate … (66 comments)

 
Michael Richardson, First Colorado Lending (First Colorado Lending)

Michael Richardson

First Colorado Lending

Golden, CO

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First Colorado Lending

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

Office: 303-974-7777

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