Routine Examination Turns Costly
When New Hampshire regulators were given loan files for a routine examination of a mortgage brokerage, they became suspicious about missing documents. With a little more work, they found the missing documents in a shredding bin and reconstructed them only to find altered documents on loans from that state and from Massachusetts. In addition to fining the broker $400,000, they alerted Massachusetts regulators -- who then took their own actions.
Broker, Bank Exec Busted
A mortgage broker has pleaded guilty to helping a former executive of a Florida bank overcharge the banks borrowers. The two pocketed the difference while the bank wound up embroiled in lawsuits.
Ohio Sues 2 Brokers
Two mortgage brokers and an appraiser have been sued by the State of Ohio. In addition to allegedly failing to provide required disclosures, the companies are being sued because they listed property values on appraisal orders.
Best Mortgage Broker
The group representing U.S. mortgage brokers has identified a VA broker as the country's best mortgage broker. Two commercial mortgage wholesalers were also recognized.
Hundreds of Indiana Brokers Done
More than 500 Indiana loan brokers can no longer do business in the state.
Broker Employment Edges Up
Mortgage employment eased in June, but the number of brokers actually edged higher.
Wachovia Closing Broker Channel
Wachovia Corp. is exiting its wholesale lending business. The lender is not the only lender to abandon the broker channel.
Anti-Broker Campaign Sparks Anger
An "I hate mortgage brokers" campaign has been launched by a former real estate professional who is afraid to reveal her true identity over fears for her safety.
Wholesaler Fined $1 Million Over Broker Fees
Capital One Financial Corp.'s defunct wholesale lending subsidiary has paid $1 million to New York to settle allegations that minority borrowers paid higher fees than non-minorities. The state is now targeting the mortgage brokers who originated the loans.
