Hi Friends!
This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A with more Nationwide Mortgage news from my friend Herman Thordsen (www.lendinglaw.com).
Here are some of the headlines:
There is quite a bit of news this week so read carefully to stay in compliance.
1. You may or may not want to do or continue doing business with Bank of America after reading this.
2. FTC revises rules on “Red Flags Manual Contents”. Update your manual and if needed you can purchase an updated one from us.
3. CFPB updates its audit manual to examine lenders and brokers. Further amendments to come before January 10, 2014. If you would like a copy of the current one for compliance let me know. Cost for us to pull up and send $50.
4. CFPB still keeps effective date of new rules for January 10, 2014 notwithstanding more rule changes are coming.
5. CFPB exercises its muscle and puts a debt relief agency out of business rightfully for ripping off consumers with penalty of $500,000 and prohibition against being in this business again, at al. Have you used this agency? Have any of your clients or customers used it?
6. Contra Costa, California realtor pleads guilty for taking advance fees to do loan modifications.
7. Northern California woman gets three years in federal prison for mortgage fraud.
8. Atherton, California investor pleads guilty to rigging bids at public foreclosure sale. Felony convictions are no fun. Especially, if they are federal felony convictions. He makes number 31. Maybe he forgot to talk to an attorney before talking to the FBI.
9. Huntington Beach, California man worked for Fannie Mate, charged with seeking kickbacks to direct Fannie Mae REO listings to Arizona broker.
10. San Francisco, California Landlord and his real estate wife get four years in prison for trying to make tenants move out. Known as the “Landlords From Hell.”
11. Connecticut man pleads guilty in middle of mortgage fraud trial. Others involved. Anyone you know?
12. Minnesota Mortgage Broker sentenced to four years in federal prison for mortgage fraud. May be he should have sought outside advice?
13. Foreclose on property in Ohio and ten other states and you have to do it according to the Fair Debt Collections Practices Act (“FDCPA”). If you do not, you get sued. Read on for the names of the other 10 states.
14. Texas woman charged with mortgage fraud.
And you thought the federal prosecutors were about done. Heck, they are just getting started. If you take notice of this and the prior e alerts over the past several months, you will notice they are working on 2004 through 2006 loans primarily. So for those that did NINA, SISA or other creative loans I recommend you see your attorney now. Advice now might avoid prosecution in the future.
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That’s it for this time! Make it another great day!
Your Hard Money Lender in Tucson and Southern Arizona,
Billy A
P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at: