Hey Everyone!

There is quite a bit of news for this week that I just received from my friends at Nationwide Mortgage.

Here’s the Reader’s Digest version. For the full report in Microsoft WORD, click the link below.

1. HUD terminates Direct Endorsement lender for compare ratio of over 200%.  Do you know how to check the compare ratio and how often it is updated?  If not, give me a call.
2. CFPB  targets broker disclosures and may lean on advertising on Reverse Mortgages. Does your advertising comply with CFPB. Have us check it. That is a lot less expensive than having CFPB investigate, issue a fine and give  you heartburn.
3. Reverse Mortgages can default on the loan. Learn How.
4. Effective 2014 Health Care on the ObamaCare Health plan must be given to all employees where employer has 50 or more employees. Are you prepared?  Do you know the penalty?  Would you like our assistance in preparing for the plan. With 18 months remaining it gives us plenty of time to prepare you.
5. Why we adamantly support you allowing us to make you a corporation. Here the designated officer was not liable for the CORPORATE employee soliciting a loan to convert to condominiums.  Had the broker been a sole proprietorship, it is possible he would have been liable for $600,000.  If you are not a corporation, let us create one for you now with a license.
6. Los Gatos, California developer, nephew and real estate broker indicted for mortgage fraud.
7. San Jose, California former real estate broker indicted for $1.2 million mortgage fraud.
8. If your property goes into foreclosure and has a second mortgage you may get sued after the foreclosure. Read on and learn how to avoid it where possible. If you need further clarification contact us.
9. Former Downey, California tax preparer gets 2 years for mortgage fraud and his partner gets 22 years!  Seems like the prosecutor and/or judge wanted to add the extra 2 or do you think it was a typo/
10. In Maryland, Assistant Manager of Gambrills Mortgage gets four years in prison for mortgage fraud.
11. Silver Spring, Maryland man guilty of mortgage fraud. Co-conspirator was a loan officer at a bank.
12. Las Vegas, Nevada man guilty of mortgage fraud.
13. Appraiser in Pittsburgh, Pennsylvania pleads guilty to mortgage fraud.