Conference Calendar

Conference Calendar

March 14 - 18
27th Annual Regional Conference of Mortgage Bankers Associations
Trump Taj Mahal
Atlantic City, NJ
Commercial Property: March 14-16, Residential: March 16-18
More info

March 21 - 23
14th Annual National Collections & Credit Risk Conference
SourceMedia Conferences
InterContinental Miami
Miami, FL
More info

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Featured Buyer's Guide Category:

Loan Acquisitions

Are you trying to sell those problem loans?
Click here to see listings in the Loan Acquisitions category.

For online listing info for the Buyer's Guide, Call Steve at 866-752-7966 or send an email to steven.gallego@sourcemedia.com

Fraud and Prevention

CA Woman Defrauded Lenders, Financial Institutions

By Jennifer Harmon

Jennifer Harmon

Judy "Miu Wan" Yeung was convicted of one count of conspiracy to commit wire fraud, eight counts of wire fraud and three counts of witness tampering by a federal jury in San Francisco.

The jury, after deliberating for one day, found that Yeung engaged in a mortgage fraud conspiracy between December 2004 and January 2007. Yeung, together with two mortgage brokers, recruited five individuals to submit loan applications in their names in order to obtain loans totaling more than $6.5 million.

Evidence at the trial established that Yeung had bad credit and could not have obtained these loans in her own name. She engaged in these transactions in order to purchase investment properties in Gilroy, Calif., when real estate prices were still rising.

Read more...

CP Loan Expert

Smooth Ride

By Joel Pate

"I'm looking for a smooth ride," I told the tire salesman.

"Well that is exactly what you will have, these new XXX tires are best. I'll have them install in one hour. You can wait in our coffee lounge if you like? We also have someone there to do your nails.

"Great" I exclaimed. "I've wanted my nails done for a while a nice coffee would sooth my soul right now with cold weather we have had."

Off the tire salesman went to place my order to his mechanics. Having a coffee while the young lady rubbed my hands and fingers really made an impression on me. "This place is great." I exclaimed. "I'm going to tell all of my friends to come here to have their car repaired. This is just the best service I have ever had in my life."

Read more...

What We're Hearing Daily

By Paul Muolo

The Federal Housing Administration wants to raise the minimum net worth requirement for its lenders to $2.5 million within three years, an idea that doesn't warm the hearts of small correspondent lenders. However, we're told that at least one large wholesale/correspondent lender thinks the minimum should be hiked to $3 million (for the first year) and $4.5 million by 2012. If this happens a correspondent that is light on capital would be forced to find another source of funding, merge, or close their doors...

See Paul's weekly column here.

Top Producer Survey

Loan officers, originators, brokers: fill out our 3-minute survey and get ranked in the Origination News list of top producers. As a bonus, you'll also get a free subscription to Origination News.

Click here for the survey

News Headlines

TARP Watchdog: Treasury Should've Went BK with GMAC

March 11, 2010

A scathing report by a Congressional watchdog examining the bailout of GMAC Inc. found that the Treasury Department did not adequately protect taxpayer money.

Click here for more.

Index Finds Home Prices Drop with Less Micro Variation

March 11, 2010

Data from Integrated Asset Services LLC, Denver, Colo., show that national home prices fell 2.3% in January, when there was somewhat less variation than usual at micro-market levels.

Click here for more.

ICP to Transfer Businesses to PrinceRidge

March 10, 2010

ICP Capital has agreed to transfer its domestic and international capital markets businesses to PrinceRidge Holdings LP to create an international investment-banking boutique serving investors and issuers in the institutional fixed income markets.

Click here for more.

Developers Closed on Most South Beach Condos Built Since '03

March 10, 2010

Condominium developers in South Florida's famed South Beach area have closed on some 4,150 new units since 2003, for an average price of $891,000 per unit. But that still leaves about 1,450 apartments that remain unsold, according to a report published by Condo Vultures, a Bal Harbour-based real estate consulting firm.

Click here for more.

Purchases Drive Mortgage Bankers' Application Increase

March 10, 2010

Purchase mortgage application volume had a strong week and was the driver of the increase in the Mortgage Bankers Association's Market Composite Index for the week of Feb. 26.

Click here for more.

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