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Posts Tagged ‘loan applications’

Mortgage Apps Fall

November 23rd, 2012 Comments off

HousingWire tells MHProNews mortgage applications fell 2.2 percent for the week ending Nov. 16, according to the Mortgage Bankers Association (MBA). Meanwhile, the refinance index dropped three percent from the previous week as refinancing activity comprised 81 percent of all loan applications, the same number as the previous week. The purchase index on a seasonally-adjusted basis increased three percent from a week earlier.

(Image credit: HousingWire)

Housing Crisis Tab: Nearly a Year’s GDP

September 11th, 2012 Comments off

HousingWire reports Ann Fulmer, with fraud analytics firm Interthinx, said the nation’s housing meltdown, with all the mortgage-backed securities litigation, bailouts, lost home equity, and lawsuits cost $13 trillion, almost as much as the $15 trillion gross domestic product (GDP) for 2011. Speaking at a Mortgage Bankers Association (MBA) gathering, she noted, “We did not pay attention to data integrity on the way up, and so we have wiped out almost an entire year of gross domestic product in the United States.” She said in the future, loan originators or borrowers may try to fudge on loan applications, supporting documents, or manipulate numbers for the down payment amount. “If that becomes the standard then that becomes the problem area.” As MHProNews has learned, she added, “If you don’t get it right up front then you have a defective loan.”

(Image credit: HousingWire)

MH Fraud Crime Results in Doing Time

May 3rd, 2012 2 comments

MHProNews.com has learned from MyrtleBeachonline two South Carolina men were each sentenced to three years in federal prison for falsifying loan applications to banks to obtain mortgages on manufactured homes that were never delivered. Conway, SC MH dealer Glenn Vaught and mortgage broker Michael Fortenberry provided false documentation to obtain the loans in MH customers’ names, then split the money. Two banks lost over $1.5 million in the scheme, and customers were left with five and six-figure mortgages on homes that never existed. One victim of the fraud could not get a conventional loan and went through Vaught’s G & E Home Center in 2006 to obtain a $129,000 mortgage. She never received a home, but did receive overdue notices for a home that did not exist. One collection agency even threatened to foreclose on the non-existent MH. The two men will be on three year supervised release after prison. Fortenberry ‘s wife will stand trial this month on seven felony counts of loan application fraud. Another mortgage broker has already been convicted of falsifying information on a loan application and faces sentencing.

(Image credit: city of Conway)