Florida Mortgage Broker
Federal Bureau of Investigations - Publications - Financial Crimes Report to the Public - May 2005
The FBI works closely with individual lenders, as well as national associations such as the MBA, the Appraisal Institute, the National Association of Mortgage Brokers, and the National Notary Association, to define and combat the mortgage fraud problem. In addition, on a case-by-case basis, the FBI receives close cooperation from lenders. An example of this is the usage of Real Estate Owned properties from lender inventories to facilitate mortgage fraud undercover operations (UCO). In December 2003, the FBI initiated an UCO to address the massive amount of mortgage fraud in the Jacksonville area. On September 16, 2004, as a result of this investigation, seven search warrants were executed and two arrests were made. Mortgage broker J.R. Parker and closing attorney Dale Beardsley, were arrested via complaint, charging them with bank fraud for their role in this alleged scheme. This UCO was made possible by the close cooperation of a local financial institution. This type of cooperation ... [Read More]
FDIC: FIL-116-97: Inactive Financial Institution Letters: Federal Register Notice
[Federal Register: October 16, 1997 (Volume 62, Number 200)][Proposed Rules][Page 53911-53928]From the Federal Register Online via GPO Access [wais.access.gpo.gov][DOCID:fr16oc97-29][[Page 53911]]_______________________________________________________________________Part IVDepartment of Housing and Urban Development_______________________________________________________________________24 CFR Part 3500Real Estate Settlement Procedures Act (RESPA) Disclosure of Fees Paidto Mortgage Brokers; Proposed Rule and Notice of Proposed InformationCollection Requirements[[Page 53912]]DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT24 CFR Part 3500[Docket No. FR 3780-P-08]RIN 2502-AG40Real Estate Settlement Procedures Act (RESPA) Disclosure of FeesPaid to Mortgage Brokers; Proposed Rule and Notice of ProposedInformation Collection RequirementsAGENCY: Office of the Assistant Secretary for Housing-Federal HousingCommissioner, HUD.ACTION: Proposed rule.------------------------------------------------------ ... [Read More]
3-27-98, Statement of Mark Thomson
There is a small but significant fraction of the industry,however, that does not operate in compliance with the law, and asa result, consumers frequently suffer. In 1997, my officereceived over 120 consumer complaints against mortgage brokers.We have also experienced tremendous growth in consumer complaintsagainst consumer loan companies, largely because of the largeincrease in mortgage lenders and brokers now licensed under thatact. Complaints against mortgage brokers and mortgage lenders arefar and away the largest number of complaints received by myoffice, representing over 46 percent of all complaints receivedin 1997. ... [Read More]
HUD Homes
Then, check out the listings of HUD homes in your area. If you think you want to buy a HUD home, you need to contact a real estate broker in your area who is authorized to sell HUD homes (most are). Your broker will submit a bid for you. ... If you are a real estate broker, please read this important information . ... [Read More]
INDICTMENT HANDED DOWN IN $20 MILLION MORTGAGE FRAUD
BRENDA G. BROWN and LISA R. BELLAMY were paralegals employed by MCFARLAND at The McFarland Law Firm. JUDITH H. "JUDY" HOOPER was a former mortgage broker who changed her identity to Jerry Dale Hunter and arranged for loans to be originated through the mortgage brokerage firm, "American Mortgage Exchange," before she left the United States in the summer of 2000. HOOPER is also charged in a separate indictment with causing false statements to be made to the Social Security Administration to obtain a Social Security number in the identity of a then two-year-old male child and using that fraudulently obtained SSN to open a Citizens Trust Bank account to received proceeds of the mortgage fraud scheme. MELINDA RENEE TYNER, a/k/a "Little Renee," and other co-conspirators originated and processed fraudulent mortgage loans for American Mortgage Exchange. MELVIN HOWARD QUILLEN was a "borrower," recruited other borrowers and provided shell companies names ... [Read More]
FTC Enforces Gramm-Leach-Bliley Act's Safeguards Rule Against Mortgage Companies
As part of a nationwide compliance sweep, the Federal Trade Commission has chargedtwo mortgage companies with violating the agency's Gramm-Leach-Bliley (GLB) SafeguardsRule by not having reasonable protections for customers' sensitive personal and financialinformation. In an administrative action filed against Nationwide Mortgage Group, Inc.(Nationwide) and its president John D. Eubank, the FTC alleged that the Fairfax, Virginia-basedmortgage broker failed to implement safeguards to protect its customers' names, social securitynumbers, credit histories, bank account numbers, income tax returns, and other sensitive financialinformation. Sunbelt Lending Services, Inc. (Sunbelt), a subsidiary of Cendant MortgageCorporation with headquarters in Clearwater, Florida, has agreed to settle similar FTC charges. The settlement with Sunbelt will bar future violations of the Safeguards Rule and require biannualaudits of Sunbelt's information security program by a qualified, independent professiona ... [Read More]
Secretary of State - Securities Division
National Association of Mortgage Brokers EducationalFoundation (NAMBEF) ... Mortgage Broker Business Ethics (1.5) ... Florida Mortgage Broker School ... [Read More]
Testimony -- Falk
Today, our nation enjoys an all-time record rate of homeownership. While many factors have contributed to this record of success, one of the principal factors has been the rise of wholesale lending through mortgage brokers. Mortgage brokers have brought consumers more choices and diversity in loan programs and products than they can obtain from a branch office of even the largest national retail lender. Brokers also offer consumers superior expertise and assistance in getting through the tedious and complicated loan process, often finding loans for borrowers that may have been turned down by other lenders. Meanwhile, mortgage brokers offer lenders a far less expensive alternative for nationwide product distribution without huge investments in "brick and mortar." In light of these realities, it is no surprise that consumers have increasingly turned to mortgage brokers. Today, mortgage brokers originate approximately 65 percent of all residential mortgages in America. In Flori ... [Read More]
The Role of Mortgage Brokers in the Mortgage Finance Market
Today about 23,000 mortgage brokers originate over half of all mortgages in America and employ nearly 130,000 people. The rise of the mortgage broker has been accompanied by a decline in mortgage interest rates and closing costs and an increase in the home ownership rate. Mortgage brokers have dramatically increased competition in almost every region and community in the country. While the number of mortgage lenders is continually declining through mergers and consolidation, the number of mortgage brokers is growing. ... [Read More]
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