24 Jan 11 Dodd Frank Mortgage Reform
Many brokers and lending companies are nervous about the Dodd-Frank mortgage reform bill. The compensation for loan officer and brokers will change. The cost of loan origination will no doubt rise as a result of the new procedures. Will the cost of mortgage marketing rise as well?
According to the National Mortgage News, the U.S. Department of the Treasury gives notice of the establishment of a Privacy Act System of Records primarily for the benefit of the new Consumer Financial Protection Bureau which will become active July 21. Comments are being sought until Feb. 9. This new system of keeping records will also become effective February 9th, 2011
MASSACHUSETTS RESIDENT CHARGED WITH MORTGAGE FRAUD – FACTS- On January 11th, Rowland Kojo Adjei Sapong, a citizen of Ghana who formerly lived in West Boylston, was charged in for conspiring to commit wire fraud by conspiring with a mortgage broker and various property buyers to defraud numerous mortgage lenders who financed the purchase of homes. The information alleges that, between March 2002 and March 2008, Sapong bought approximately 17 multi-family homes in the Worcester area, and secured financing for most of them by making false statements on loan applications. These false statements usually concerned Sapong’s employment and monthly income, and each application also falsely stated that Sapong was a United States citizen. The Information further alleges that Sapong divided each of the properties into condominium units—over 50 in all—and sold the units, usually to friends and acquaintances, at inflated prices. Working with a local mortgage brokerage business, Sapong allegedly arranged for these buyers to make false statements on their own loan applications to secure the financing necessary to buy Sapong’s condominium units. The Information alleges that Sapong made an average of about 100% profit on each of the homes in a matter of months, and that, after the units had been sold off to buyers, all eventually went into foreclosure. According to the information, the government estimates that Sapong caused losses to mortgage lenders of over $1 million. v If convicted on these charges, Sapong faces up to 20 years’ imprisonment, to be followed by three years of supervised release and a $250,000 fine.
MORAL- I would like you to notice that the federal prosecutors went back to mortgage fraud that occurred in 2002, over nine years ago. This is to reassure you that the federal prosecutors have 10 years to bring a criminal action from the date of the last event that occurred in the transaction. This usually is when the person receives the commission check and cashes it. Cashed any checks lately? Read the entire Dodd Frank Bill Update
Tags: Dodd-Frank mortgage reform bill, mortgage marketing, Privacy Act System of Records
07 Jul 09 Top Loan Modification Company Chooses Kelly Media Group for Marketing
Owings Mills, MD – July 6, 2009 – When the owners of The Renegotiate Mortgage Rates Corporation, an East Coast law firm that specializes in foreclosure prevention, loan modifications and forensic audits announced yesterday that they were awarding their marketing business to Kelly Media Group, an advertising agency based in Los Angeles. Renegotiate Mortgage Rates was seeking technology to automate their lead generation, so they turned to Kelly Media Group to solve their mortgage marketing problems. A spokesman from RMR believes that the KMG advertising team will increase their totals for loan modification leads at a fraction of the cost of their competitors.
The account executives at Kelly Media Group have a combined total in excess of 50 years solving technical and marketing woes generating mortgage leads. Call 877-788-8463 and get a free lead generation quote from one of our lead sales representatives.
Tags: advertising agency, Kelly Media Group, lead generation, loan modification company, loan modification leads, mortgage marketing
