Failed Bank's CEO Headed to Prison
The former chief executive officer of a failed Minnesota bank has been sentenced to prison for defrauding other banks and a federal banking regulator about financing for a luxury apartment complex.
5 Charged in $2 Million Ohio Case
Following an extensive investigation involving 30 interviews and 75 subpoenas, a mortgage fraud task force in Ohio has come up with five indictments.
Couple Jailed for Lying on Loan Application
A Utah couple each received prison sentences after admitting that they lied on a mortgage loan application. In all, six people have been sentenced in related cases.
It's Hard Time for Former City Official
A scheme that cost lenders more than a million dollars will cost a former city official more than two years behind bars.
NY Attorneys Dispute Fraud Charges
Two lawyers each deny that they played a role in a $10 million mortgage fraud case.
Broker Moved Family Into Mansion Through Fraud
The Wax House investigation in North Carolina has yielded a nearly two-year sentence for a mortgage broker who moved his family into a mansion that was part of the scheme. In all, nearly three dozen people have been charged in the case.
New NC Law Leads to 4 Convictions
Prison sentences ranged from eight to 62 months for four defendants whose mortgage fraud convictions were made possible through a relatively new law in North Carolina.
1-Day Sentence for $1.5 Million in Fraud
A former mortgage broker who now is a bodybuilder with his own fitness center has been sentenced to just one day in prison for originating $1.5 million in fraudulent loans.
Credit Plus, Inc. Automates More Fraud Detection Tools
Salisbury, Md. – Credit Plus, Inc., a leader in the credit information industry since 1928, has automated more of its Validation Plus fraud detection tools in order to help mortgage professionals verify loan application data and prevent mortgage fraud.
New Schemes Morph From Fraud
A recent incarnation of mortgage fraud has real estate agents deceiving mortgage lenders about the value of a home, secretly buying the home at a discounted price and quickly flipping it for a profit. Another scam has fake servicers contacting borrowers.
Interthinx Bolsters Employment and Income Analysis in FraudGUARD
AGOURA HILLS, Calif.--(EON: Enhanced Online News)--In response to its own findings that employment and income mortgage fraud risk rose significantly in 2010, Interthinx has integrated new critical data points to help lenders identify high-risk borrowers.
Two More Plead Guilty in $2 Million Mortgage Fraud Case
With guilty pleas from two more defendants in a $3 million case of mortgage fraud, a total of seven defendants have now admitted guilt. Three more defendants still face trial.
30 More Face Possible Indictment in Massive Fraud Case
Dozens of new defendants are expected to be named in a $100 million mortgage fraud case in North Carolina. The scheme involved jumbo loans.
Broker, Processor & Executive Guilty
Three defendants -- including a mortgage broker, loan processor and mortgage executive -- have pled guilty in a $2.9 million mortgage fraud case in Kentucky.
Mortgage Fraud Helped Sink NC Bank
A North Carolina mortgage broker was sentenced to nearly two decades of hard time after admitting his role in a case involving $15 million in fraudulent mortgages. Prosecutors claim that the crime helped bring down a bank in the state.
Former BoA Employee Gets 2-Day Sentence
A former employee of Bank of America has been sentenced to just two days in jail for preparing fraudulent verifications of deposit in a mortgage fraud scheme. Lenders lost nearly $1.4 million in the case.
CitiMortgage Adds Avantus to Its List of Approved Mortgage Fraud Report Providers
WEST HAVEN, CT (PRWEB) -- Avantus, a leading provider of customized mortgage credit reports, mortgage-related services and technology solutions, announced today that its LoanShield Borrower Review has been deemed fully compliant with CitiMortgage's fraud prevention guidelines, and Avantus will be added to their approved vendor list of mortgage fraud report providers.
Big Bank Employees in On Fraud
A South Carolina mortgage broker and a manufactured home salesman have been indicted in a $2 million case. Another case has several guilty defendants asking for delays in sentencings -- including a former JPMorgan Chase & Co. loan originator and a former Bank of America Corp. employee whose request was denied.