Mortgage dealer needed by feds for function in wide-ranging fraud – Nationwide Mortgage Information

A mortgage broker is a fugitive from justice after being indicted on 25 counts including fraud, part of a six-person, wide-ranging financial scheme, federal prosecutors said.
Heather Ann Campos, 43, of Houston, also known as Jill Turner, faces charges including making false statements to a mortgage lending business and wire fraud, prosecutors from the U.S. Attorney’s Office for the Southern District of Texas said. Campos and five other Houston residents, including a Realtor, allegedly fraudulently obtained mortgages for themselves and clients in pursuit of a multimillion dollar real estate portfolio.
One other defendant, David Lewis Best Jr., 58, also remains a fugitive. Four other alleged co-conspirators: ShyAnne Edrington, 29; Leslie Edrington, 65; Moreno Munoz, 40; and Elvina Buckley, 67 were arrested earlier this month and have pleaded not guilty, according to federal court records. Their indictment remains sealed.
The six defendants recruited clients for credit repair under company names including KMD Credit, KMD Capital and Jeff Funding, prosecutors said, and claimed to clean their clients’ credit histories by filing false identity theft reports with the Federal Trade Commission. Campos, Buckey, a Realtor, and Munoz, a notary, allegedly used their expertise to then fraudulently obtain credit cards, disaster loans and mortgages for themselves and clients.
The alleged co-conspirators used false statements and false documents to obtain properties in their clients’ names in pursuit of building a real estate portfolio and subsequently draw in rental income, prosecutors said.
Each defendant faces up to 30 years in federal prison and a potential $1 million maximum fine, prosecutors said. Defendants are scheduled to return to court April 1.
Some businesses have closed lending channels or exited the market, while at least one has declared bankruptcy.
Also: LendingTree denies it’s the source of a data breach affecting 200,000
Switching to a system in which the buyer pays an agent’s fee out of pocket would be most damaging to minorities and first-time home buyers, who could have more difficulty in qualifying for a loan, the HomeServices of America paper said.
But private-label securitization issuance this year is expected to be lower than 2021’s activity.
CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.
Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.
Bank trade groups are asking the Consumer Financial Protection Bureau to issue a rule to supervise data aggregators before issuing a separate rule on consumer access to financial data.
Volumes set a record in 2021 and they’ve held up better than expected this year, but declines are forecasted for the sector some banks are using to partially offset single-family’s slump.
As layoffs hit originations, other parts of the mortgage ecosystem are ripe with opportunity


Leave a Comment

Your email address will not be published. Required fields are marked *

Optimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.