Tuesday, November 07, 2006
Six Mortgage Brokers Investigated by Illinois Mortgage Fraud Task Force
The Illinois Mortgage Fraud Task Force is continuing to investigate unregistered loan originators - most recently its efforts have been focused in the Chicago metropolitan area of Illinois. In its summer sweep, the Mortgage Fraud Task Force inspected mortgage licensees in the Metro East area.
The Mortgage Fraud Task Force found problems after inspections at the following licensees. These potential violations may result in disciplinary or other actions including revocation, suspension, fines or surrender of license:
Envision Mortgage Solutions, license number 6759105, located at 4731 Midlothian Turnpike, Suite 32, Crestwood, Illinois, Neil Coleman, 4731 Midlothian Turnpike, Suite 32, Crestwood, Illinois 60445 has been licensed since September of 2003. A Mortgage Fraud Task Force visit to this licensee found 28 Loan Originators who had produced over 500 loans without possessing the proper registration as required in the State of Illinois.
AM Mortgage, license number 6411, located at 6518 N. Lincoln Avenue, Lincolnwood, Illinois, has been licensed since March of 2002. A Mortgage Fraud Task Force visit found eight Loan Originators who had produced around 100 loans without possessing the proper registration, as required in the State of Illinois.
Express Funding, Inc., license number 6759512, located at 937 N. Plum Grove Road #d, Schaumburg, Illinois, has been licensed since February of 2005. A Mortgage Fraud Task Force visit discovered around 50 loans that had been originated by five Loan Originators, not possessing the proper registration as required in the State of Illinois.
Fidelity Mortgage Group, license number 6039, located at 13515 Barrett Parkway Drive, Suite 150, Manchester, Missouri, has been licensed since February of 2001. A Mortgage Fraud Task Force visit found the licensee had originated over 35 loans without employing a registered Loan Originator, as required in the State of Illinois.
Mainline Mortgage Group, license number 6759245, located at 3200 James Terrace, Alton, Illinois, has been licensed since September of 2004. A Mortgage Fraud Task Force visit to this licensee revealed over 25 loans originated without a registered Loan Originator with the State of Illinois. This visit prompted licensee to surrender the Mortgage Broker License.
Global Mortgage Company, license number 3209, located at 1857 E. 71st Street, Chicago, Illinois, has been licensed since September of 1992. A Mortgage Fraud Task Force visit found the licensee had no actively registered loan originators but originated over 25 loans. Dennis Wooff, 3200 James Terrace, Alton, Illinois 62002
The latest inspections conducted by the Governor’s Mortgage Fraud Task Force, found that six residential mortgage firms in the Chicago and East St. Louis regions used unlicensed loan originators to process more than 700 home loans. The number of companies and individuals slated for discipline by the Illinois Department of Financial and Professional Regulations (IDFPR) totals more than 45, since unannounced inspections across the state began last March.
“We have worked hard to protect families from fraud and abuse, and through these inspections across the state we’ve put mortgage companies on notice that we will not tolerate activities that could harm homeowners,” said Illinois Governor Rod R. Blagojevich.
The task force was established by Gov. Blagojevich to ensure that mortgage companies comply with the strict standards of conduct established for loan originators in the 2003 High Risk Home Loan Act.
One of the most important provisions of the law requires people who process mortgages to undergo training and background screening before being entrusted with borrowers’ financial and personal information. Loan originators must also pass a rigorous screening test to make sure they understand loan processing. IDFPR has the authority to issue fines of $2,500 for the first unlicensed loan originator it finds at any licensed residential mortgage company, and $500 for each additional unregistered loan originator. Individuals working as loan originators without the proper registration are subject to fines of $950 and a permanent notation on their file should they decide to register in the future.
During the initial registration of loan originators, 29,000 people applied for registration. Forty percent of those applicants failed the Loan Originator Exam and almost 800 applicants were denied licenses after background checks were completed. There are approximately 16,000 registered loan originators in Illinois.
mortgage fraud
How can I find out if a person has ever been licensed as a Mortgage Broker in Illinois or any other state. Is there a website that list names of brokers?
Posted by on 12/17 at 07:09 PM
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Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
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The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...
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The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.
U.S. Attorney Targets White-Collar Crime
Wall Street Journal
In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.
Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.
10 Accused of Mortgage Fraud at PR Coastal Resort
Forbes
A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...
Strodtman Jury Selected in Mortgage Fraud Trial
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Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.
FHA Digging Out After Loans Sour
Wall Street Journal
Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...
Mortgage Fraud Probe Nets 105 Across State
Bradenton Herald
At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.
Mortgage Fraud Increases
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
