Mortgage Lending News     Click to continue . . .

  •   New Lending Hand program launched by Credit Plus
Credit Plus Inc. has announced the introduction of Lending Hand and Lending Hand Express, new programs designed to help lenders provide solutions for applicants who have been turned down for mortgage loans due to not reaching credit score minimums. “Lending Hand and Lending Hand Express enable lenders to guide and monitor applicants in obtaining the credit scores they need to qualify for mortgage loans,” said Greg Holmes, national director of sales and marketing for Credit Plus.
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010

  •   Embrace Home Loans opens new Virginia branch
Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by the Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA), and an issuer for Ginnie Mae, has opened a new branch in Fairfax, Va. The branch is located at 9990 Fairfax Boulevard and is managed by local mortgage professional, Gil Lunsford. Lunsford has 26 years of industry experience and leads a team of highly talented professionals with extensive knowledge of mortgage originating.
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010

  •   New Jersey Rep. Garrett introduces the U.S. Covered Bond Act
Rep. Scott Garrett (R-NJ) has announced the introduction of the United States Covered Bond Act, with support from Rep. Paul E. Kanjorski (D-PA) and Financial Services Committee Ranking Member Spencer Bachus (R-AL) as leading co-sponsors. This legislation aims to help facilitate a robust covered bonds market in the U.S. to add liquidity and certainty to our nation`s capital markets.
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010

  •   CMSA supports the introduction of Garrett`s U.S. Covered Bond legislation
The Commercial Mortgage Securities Association (CMSA) has announced its support of the introduction of covered bond legislation brought forth by key members of the House Financial Services Committee – Capital Markets Subcommittee Ranking Member Rep. Scott Garrett (R-NJ), Chairman Paul Kanjorski (D-PA), and Ranking Member Spencer Bachus (R-AL).
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010

  •   Major mortgage fraud ring busted in East Texas
U.S. Attorney John M. Bales announced that 40 individuals have been arrested and charged in connection with a major mortgage fraud scheme in the Eastern District of Texas. The 16-count indictment was returned by a federal grand jury on March 10, 2010, and includes one count of conspiracy to commit mail and wire fraud, 12 counts of mail fraud, and three counts of money laundering. All 40 defendants, from Texas, Florida, Massachusetts, Tennessee, and Georgia, are charged with one count of conspiracy to commit mail and wire fraud.
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010

  •   Head of Phoenix fraud scheme gets 17 years behind bars
Mario G. Bernadel, a citizen of Haiti, has been sentenced to nearly 17 years in prison for his conviction on multiple counts for leading a mortgage fraud scheme in Phoenix that cost banks in excess of $9 million. Bernadel was found guilty by a jury in September 2009 on 19 counts related to mortgage fraud, including mail, wire, and bank fraud, and transactional money laundering. Bernadel led a two-year conspiracy involving the purchase of 37 properties using fraudulent loan documents and receiving cash back at closing.
NationalMortgageProfessional.com,NMP Media Services,   03/19/2010