DSCR loans are booming amid fragmented underwriting standards
After rampant fraud in Baltimore made headlines, underwriting guidelines and elevated fraud risks have the market on high alert
Mortgage Fraud
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Chris Gallo enters guilty plea in federal mortgage fraud case
Chris Gallo, once one of the nation’s top mortgage loan officers, has pleaded guilty to conspiracy to commit bank fraud in federal court in New Jersey, according to court filings.
FHFA pushes for direct power to sue for mortgage fraud
The Federal Housing Finance Agency (FHFA) and Director Bill Pulte are asking Congress for the power to bring civil lawsuits against individuals suspected of mortgage fraud.
The hidden housing cost Washington can’t ignore: real estate fraud
Fraud risk is a housing affordability factor, with 2024 losses near $175m and average claims above $143,000, per FBI data.
Financial firms face rising cyber risks, data challenges
Financial services firms face rising cyber threats and data quality issues, impacting AI adoption and decision-making, according to a new survey.
WSJ: Fannie Mae officials fired amid mortgage fraud probe
Fannie Mae’s ethics team faced dismissals after investigating FHFA Director Bill Pulte’s alleged improper access to officials’ mortgage records.
Memo reportedly undercuts mortgage fraud allegations against Letitia James
Prosecutors reviewing the mortgage occupancy fraud case against New York Attorney General Letitia James determined there is evidence that undercuts the allegations against her, according to an ABC News report based on sources.
New York AG Letitia James indicted on mortgage fraud charge
An anonymous source says James was indicted in the Eastern District of Virginia on one count after a mortgage fraud investigation.
Lisa Cook loan docs listing ‘vacation home’ seem to undermine mortgage fraud claims
The loan estimate for an Atlanta condo Cook bought in 2021 shows that Cook declared the property a “vacation home,” not a primary residence.
CertifID’s Tom Cronkright on how CISA cuts could impact cybersecurity practices
Tom Cronkright, the co-founder and executive chairman of CertifID, sat down with HousingWire to discuss how recent cuts to CISA could harm the ability of mortgage and real estate companies in identifying and preventing cyberattacks.