CFPB Sues Individuals in Large Mortgage Kickback Scheme


A mortgage title company and a handful of individuals are being sued by the Consumer Financial Protection Bureau and Maryland Attorney General related to an alleged mortgage kickback scheme with banks such as Wells Fargo and JPMorgan Chase.

The CFPB said Wednesday that it filed complaints jointly with the Maryland AG against six individuals who were tied to Genuine Title, a now-defunct title company in Maryland, as well as several other limited liability companies that allegedly transferred mortgage kickback payments. The defendants are being accused of trading cash and marketing services in exchange for mortgage referrals.

Wells Fargo and JPMorgan Chase have already been cited for the activities since loan officers were involved in the alleged scheme with Genuine Title. Authorities are requesting the court to ban five of the six named persons from the mortgage industry and pay a total of $662,500 in redress and penalties. Actions […]

Houses selling for above asking price complicates appraisals


The average Bay Area home sold in April went for 7.1 percent more than the asking price, the largest percentage since the California Association of Realtors started keeping track in January 2008. On a typical home, that amounts to $62,000.

In San Francisco, the typical buyer paid 15.6 percent, or $178,000, over asking. Even in the East Bay, “It is not at all uncommon” to see homes fetch $300,000 over asking, Oakland appraiser Marcia Larsson said.

How can homes appraise for that much over asking? In a growing number of cases, they don’t. But it’s not putting a crimp in runaway home prices.

Remember that appraisers are there to protect lenders, not buyers.

All-cash buyers, who represent about a quarter of the overall Bay Area market, don’t need an appraisal because they are not getting a loan. If they want to […]

550 Credit Score FHA Purchase Loan Program


The Federal Housing Administration (FHA) has a number of purchase loan programs to help you become a home owner, and we can help find you the right loan program to suit your needs. There are lots of programs and options to choose from, but rest assured, that from start to finish, we know FHA and can get you the best loan for which you’re qualified. Since we are experts in FHA loans, you can be assured that we can make the process as smooth and efficient as possible.

-Credit scores as low as 550

-Debt to income ratio up to 43%

-Fixed rate, adjustable rate, and high balance loan options

-Only 10% down payment

-May be eligible for reduced wait times for bankruptcy and foreclosure

-Up to a 3% rebate of loan size to pay for closing costs and prepaid items

-Programs available only to qualified borrowers. Programs subject […]

NewDay Agrees to $5M Consent Order Over Licensing Exam ‘Cheating’


NewDay Financial found itself embroiled in another regulatory order, this time stemming from allegations of rampant cheating on mortgage licensing examinations by company employees, including its chief operating officer.

The Multi-State Mortgage Committee issued the settlement agreement and consent order between 43 state mortgage regulators and NewDay Monday, following investigations by officials in New Hampshire and Maryland. NewDay will have to pay nearly $5.3 million fine as part of the order.

The test-cheating investigations were sparked by complaints filed by a former employee, and regulators found that NewDay violated the Nationwide Multi-State Licensing System and Registry Rules of Conduct for Test Takers or Education Students in multiple ways.

The findings showed that NewDay employees would take and store test information to teach co-workers what was being examined.

NewDay is owned by Chrysalis Holdings. In March 2013, the private equity firm acquired Abacus Mortgage Training and […]

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