The Appraisal Institute, the nation’s largest organization of real estate appraisers, has announced its first published audio book,“Scope of Work” by Stephanie Coleman, MAI, SRA. The book is intended to help appraisers meet the competency and ethical standards of the profession.Read more

LoyaltyExpress has announced its LoyaltyPrint Version 2.0 site release, dramatically empowering loan officers and real estate professionals with an enhanced collection of high-quality closing gifts. Now when users customize greeting cards and postcards for direct mailings to customers, prospects and partners–closing gifts can be selected to powerfully convey distinguishable appreciation.

LoyaltyPrint site enhancements include:Read more

I’m sure you’ve heard that incredulous gasp or moment of silence on the other end of the phone when you tell someone that they might benefit by considering an interest-only adjustable-rate mortgage (ARM). It’s as if the very mention of an interest-only ARM places you in a category of being, “One of THOSE”—a big bad mortgage broker who singlehandedly caused the whole housing, financial and economic crisis.

So, I have two questions for you:Read more

During the last two weeks of 2009, rates made a pretty significant move upward. We have been warning about potential regarding volatility with regard to the bond market. The past few months before the end of the year were void of this volatility. Despite this, the markets moving significantly should not have caught us by surprise. Many will say that there was very light volume in the markets during these two weeks. Certainly light volume can exacerbate tendencies toward volatility in the short run. However, even if rates move back down, we believe there is a lesson to be learned here.Read more

Federal Housing Finance Agency (FHFA) Acting Director Ed DeMarco has announced the extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration’s Making Home Affordable Program announced in February 2009. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire June, 2010.Read more

United States Attorney A. Brian Albritton has announced that U.S. District Judge Henry Lee Adams Jr. has sentenced Barry C. Westergom of Jacksonville, Fla. to four years in federal prison for conspiracy to commit wire and bank fraud. The court also ordered restitution in the amount of $866,141.62 and entered a money judgment for $100,000, the amount that Westergom had obtained from the fraud. Westergom had pleaded guilty on Oct. 8, 2009.Read more

An excellent path to a super deal on a home in Portland is the FHA Good Neighbor Next Door (GNND) purchase program for law enforcement, teachers and emergency personnel. The GNND program allows these buyers to get a home at half price if they live in it for at least three years as their principal residence. Right now there are four such properties on the website in Portland, including this one:

Our periodic recap of who got nabbed breaking mortgages laws!

• Disgraced realtor charged in murder plot (Toronto Sun)
• Massive Florida Mortgage Fraud Case Unfolding (UPI.com)
• Ala. woman pleads guilty in $580K bank and mortgage fraud (WHNT)
• Merced County law enforcement targets real estate fraud Merced Sun-Star
• Va. Businessman Pleads Guilty in $2.3 Million Mortgage Scheme (RealEstateRama)

Mortgage schemer nabbed in murder plot is a post from: Mortgage Insider

Michael Hicks, 41, Quincy, Massachusetts, was sentenced in federal court for a mortgage fraud scheme in which he recruited straw buyers to purchase two properties in Dorchester, Massachusetts which ultimately went into foreclosure, causing a loss to the lenders of more than $1 million.

Hicks was sentenced to 42 months’ imprisonment to be followed by 3 years of supervised release. An order of restitution was deferred for up to 90 days because one unit of the foreclosed properties is scheduled to be sold at auction in March. Hicks pled guilty to one count of wire fraud and one count of money laundering on November 24, 2009.

At the earlier change of plea hearing and according to court documents, the prosecutor told the Court that had the case proceeded to trial, the evidence would have established that in August 2007, Michael Lee purchased a three-family dwelling at 162 Quincy Street, Dorchester, Massachusetts, for $400,000. He immediately converted the dwelling to three condominiums, which allowed Lee to sell the units individually. At Lee’s request, Hicks, through a Pennsylvania associate, recruited a “straw buyer” to purchase all three units. The straw buyer provided his identifying information to the Pennsylvania associate who forwarded it to Hicks. Hicks used this information, such as his name, address, date of birth and Social Security number, to apply for mortgages for the purchase of the three units at 162 Quincy Street. In the loan applications, Hicks falsely represented that the straw buyer intended to make each unit his primary residence, that he was self-employed as a contractor, and that he had an annual income ranging, in the various applications, from $156,241 to more than $379,152, all in an effort to secure mortgages for $370,000 for each of the three units. Hicks also created a fictitious business for the straw buyer, falsely verified the straw buyer’s employment status for the mortgage applications and arranged for false income tax returns to be submitted with the applications.

Hicks also arranged for a straw buyer for another multi-family dwelling at 3-5 Sexton Court in Dorchester, Massachusetts which was owned by Lee’s in-laws. For recruiting both buyers, Lee paid Hicks a total of $180,500 a sum which Hicks turned over to the United States prior to sentencing and which the Court ordered Hicks to forfeit.

Michael Lee also is under Indictment, charged with five counts of wire fraud, in connection with the scheme. His case is pending.

United States Attorney Carmen M. Ortiz, Steven Ricciardi, Special Agent in Charge of the U.S. Secret Service and Susan Dukes, Special Agent in Charge of the Internal Revenue Service – Criminal Investigations, Boston Field Office made the announcement.

The case was investigated by the United States Secret Service and the Internal Revenue Service. It was prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz’s Economic Crimes Unit.

DocuSign, an on-demand electronic signature solutions provider, has announced the release of the DocuSign version 10.1, the latest release of the company’s award-winning e-signature service. This version offers unique features and functionality designed to support workflow and productivity including automation of form fields and other workflow enhancements to simplify the user experience. This rich feature set is further extended through the release of ESIGNControl, a custom DocuSign application specifically designed for Apple iPhone users by Smart Mobile Solutions.Read more