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Mortgage Fraud

Mortgage fraud risk drops 9%; investor loans a concern  

Fraud, Housing markets, Mortgage Fraud, Underwriting /

The risk for mortgage fraud in loan applications decreased 9% on both a quarter-to-quarter and annual basis but problems remain with submissions for both investor and multifamily properties, Cotality said. Processing Content The first quarter ended with approximately 1-in-129 mortgage applications having some indicator of fraud, putting the Cotality National Mortgage Fraud Application Risk Index […]

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Rocket Mortgage alleges $194,000 loss in broker fraud lawsuit

California, HWmember, Lawsuit, Legal, Michigan, Mortgage, Mortgage Fraud, Rocket Mortgage, United Wholesale Mortgage /

Rocket Mortgage has sued a California mortgage brokerage and one of its executives, alleging they knowingly submitted fraudulent loan applications that concealed borrowers’ debts and caused financial losses after the loans were sold to investors. In a complaint filed Tuesday in the U.S. District Court for the Eastern District of Michigan, Rocket Mortgage said Sharp

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CrossCountry challenges court order in Gallo case

CrossCountry Mortgage, HWmember, Lawsuit, Legal, Mortgage, Mortgage Fraud, New Jersey, Ohio /

CrossCountry Mortgage (CCM) filed a motion last week as it seeks to intervene in the criminal case against former loan officer Christopher Gallo, and to vacate a November court order that blocked the company’s arbitration claim against the former employee. National Mortgage News first reported the legal action. According to the Dec. 3 filing, the

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Senate Democrats want FHFA chief Pulte to testify by January

FHFA, Mortgage Fraud, Politics and policy /

Senate Democrats are pressing their Republican colleagues to summon the Trump administration’s top housing regulator to Capitol Hill for questioning about his turbulent tenure overseeing the nation’s $13 trillion mortgage market.  Federal Housing Finance Agency Director Bill Pulte should be called to testify before lawmakers no later than the end of January, the Democratic members

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Swalwell claims Pulte abused power to target Trump critics

Mortgage Fraud, Politics and policy /

Representative Eric Swalwell, a California Democrat who has been a frequent critic of Donald Trump, filed a lawsuit on Tuesday claiming Federal Housing Finance Agency Director Bill Pulte abused his power to retaliate against one of the president’s political opponents. Swalwell alleges Pulte obtained and used the lawmaker’s personal mortgage records in violation of US privacy laws

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Senate Democrats demand GAO investigation into Pulte

Bill Pulte, Democratic Party, FHFA, HWmember, Mortgage, Mortgage Fraud, Politics, Regulatory, Senate, U.S. Senate /

A group of Senate Democrats has asked the Government Accountability Office (GAO) to investigate Federal Housing Finance Agency (FHFA) Director Bill Pulte and other employees over criminal referrals against several public figures as they seek to determine whether federal authority and resources were misused. In a letter sent Monday to Gene Dodaro, the Comptroller General

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Fed’s Lisa Cook contests ‘baseless’ mortgage fraud case to Bondi

Mortgage Fraud /

Federal Reserve Governor Lisa Cook’s legal team offered a detailed rebuttal to mortgage fraud allegations made by President Donald Trump and other US officials, arguing in a new letter to Attorney General Pam Bondi that the claims “fail on even the most cursory look at the facts.” Cook’s attorney Abbe Lowell sent a letter on Monday to

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Memo reportedly undercuts mortgage fraud allegations against Letitia James

Department of Justice, Donald Trump, HWmember, Lawsuit, Legal, Mortgage, Mortgage Fraud, New York /

Prosecutors reviewing the mortgage occupancy fraud case against New York Attorney General Letitia James determined there is evidence that undercuts the allegations against her, according to an ABC News report based on sources. According to a September memo summarizing the findings, any financial benefit James may have received would have been minimal — roughly $800

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New York AG Letitia James indicted on mortgage fraud charge

Associated Press, Bill Pulte, Department of Justice, Donald Trump, HWmember, Legal, Mortgage, Mortgage Fraud, Politics /

A federal grand jury indicted Letitia James, the New York attorney general, for bank fraud on Thursday, a person familiar with the matter told The Associated Press. The source, who spoke on the condition of anonymity because they were not authorized to publicly discuss the matter, told the outlet that James was indicted in the

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Letitia James mortgage fraud probe is moving ahead at DOJ

Enforcement, Mortgage Fraud, Politics and policy /

The U.S. Justice Department is pushing ahead with its investigation of New York Attorney General Letitia James over mortgage fraud allegations after President Donald Trump demanded the case move forward, according to people familiar with the matter.  The case is still being pursued through the U.S. attorney’s office for the Eastern District of Virginia in

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