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Fraud and Prevention Orange County Man Sentenced for HELOC Fraud Scheme By James Comtois LOS ANGELES - An Orange County man has been sentenced to 11 years in prison for orchestrating two identity theft schemes in which he obtained personal information from hundreds of consumers and used the data in an attempt to fraudulently obtain $1.5 million from home-equity lines of credit and credit card accounts. According to George S. Cardona, U.S. attorney for the Central District of California, Martin Quoc Pham of Garden Grove, Calif., was sentenced to 132 months in federal prison and ordered to pay $540,000 in restitution. Pham pleaded guilty in June to a series of felony charges, including aggravated identity theft, related to two fraud schemes. In both schemes, Pham, with the help of co-conspirators, obtained personal identity information to fraudulently access victims' accounts to obtain money and goods. Read more...

CP Loan Expert Spoon or Bulldozer: You Decide By Joel Pate Too many businesses, too many loan originators are trying to move a lot of dirt these days with a spoon instead of investing in a bulldozer. Why? Is it a lack of commitment? For many of you it's like trying to do a lot while only investing a little in your business. And to really be successful, you've got to make a commitment. Recently a business associate said: "It's slow, so I'm going to take off more." That's OK if you don't want more. But, if you want more, and I hope you do, then this is the perfect time to find new referral sources. Are you ready for more? Today, I spoke to a loan originator, that just does not seem to understand that in order to be successful, especially in this market, it takes a lot more effort that it did last year or much less the year before. Read more...

What We're Hearing Daily

With the abysmal jobs number for October finally unveiled, there is some good news for mortgage bankers: the Federal Reserve isn't likely to raise short term rates any time soon. Moreover, some analysts are saying it won't be until 2011, maybe 2012 before we see a rate hike on the short end. This also means that mortgage origination profit margins should remain strong for at least the next year. Servicing revenues, though, could come under pressure as refinancings continue to cause a runoff in receivables and delinquencies gallop along. Of course, if the jobs situation improves rapidly by midyear (which some Pollyanna analysts think) then all bets are off. In other words: it's all a crap shoot. Meanwhile, the new employment figures offered no relief for the mortgage brokerage sector. Broker-related employment fell to 66,900 positions, a 1,100 loss from the previous month. For the full story see National Mortgage News Online later today...

See Paul's weekly column here.

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