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OFIR Shuts Down Another Fraudulent Detroit Mortgage Company
February 24, 2010 Posted by Michigan RealEstateRama
LANSING, MI - February 24, 2010 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) has shut down another operation claiming to be a Detroit-based mortgage company. This time the agency ordered an operation called “Decoster Financial Group” to cease and desist from doing business. OFIR believes that Decoster, through its website, http://www.decosterfinancialgroup.com, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers. Earlier this month, OFIR shut down a similar Detroit operation referred to as “Kenneth and Doyle Financial” and has put an end to a number of these fraudulent financial companies in the last year
OFIR Shuts Down Fake Detroit Mortgage Company
February 4, 2010 Posted by Michigan RealEstateRama
LANSING, MI - February 4, 2010 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) shut down an operation claiming to be a Detroit-based mortgage company called “Kenneth and Doyle Financial” by ordering it to cease and desist from doing business. OFIR believes that Kenneth, through its website, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers.
OFIR Announces Home Mortgage Disclosure Act Data Now Available
January 25, 2010 Posted by Michigan RealEstateRama
LANSING, MI - January 25, 2010 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) announced today that 2008 data compiled under the Federal Home Mortgage Disclosure Act are available from the Federal Financial Institutions Examination Council (FFIEC). The data covers mortgage lending transactions throughout the nation at 8,388 financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies
Loan Officers Sentenced for Operating West Michigan Mortgage Fraud Ring
November 16, 2009 Posted by Michigan RealEstateRama
LANSING, MI - November 16, 2009 - (RealEstateRama) — Attorney General Mike Cox today announced the sentencing of two west Michigan loan officers convicted of operating a widespread mortgage fraud ring, duping members of the Grand Rapids Hispanic community into purchasing distressed properties at inflated prices, falsifying records and pocketing thousands of dollars. The targeted buyers often spoke or wrote little English and had a limited understanding of the mortgage process.
Mortgage Fraud Results in Charges for West Michigan Woman
November 5, 2009 Posted by Michigan RealEstateRama
LANSING, MI - November 5, 2009 - (RealEstateRama) — Attorney General Mike Cox today announced that his office has filed charges against a Wyoming, MI woman accused of defrauding the Michigan State Housing Development Authority (MSHDA) by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the tab.
OFIR Announces Participation in Nationwide Mortgage Licensing System
October 21, 2009 Posted by Michigan RealEstateRama
LANSING, MI - October 21, 2009 - (RealEstateRama) — The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
Victims of Foreclosure Rescue Fraud to Receive Refunds
September 17, 2009 Posted by Michigan RealEstateRama
LANSING, MI - September 17, 2009 - (RealEstateRama) –Attorney General Mike Cox today announced that Michigan residents victimized by foreclosure fraud schemes can receive refunds as a result of charges filed against SaveMyHome USA, Payment Doctors and the Michigan Economic Reinstatement Program. The companies were held accountable after an undercover investigation by the Attorney General’s office discovered that the companies’ representatives made misleading statements and charged borrowers upfront fees in violation of the Michigan Credit Services Protection Act
OFIR Revokes Grand Blanc Mortgage Company’s License
September 17, 2009 Posted by Michigan RealEstateRama
LANSING, MI - September 17, 2009 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) has revoked the mortgage license of Grand Blanc-based Freedom Financial Mortgage Lending, LLC for violating the state’s Mortgage Brokers, Lenders and Servicers Licensing Act. Freedom Financial failed to comply with OFIR’s license renewal process and failed to cooperate with the agency while OFIR staff attempted to conduct an examination.
OFIR Orders National Mortgage Company to Stop Doing Business in Michigan
August 13, 2009 Posted by Michigan RealEstateRama
LANSING, MI - August 13, 2009 - (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) has ordered Taylor, Bean & Whitaker Mortgage Corp., a national mortgage company, to immediately cease and desist from operating as a mortgage lender or servicer in Michigan. The Federal Housing Administration (FHA) suspended Taylor Bean’s approval to make FHA loans and the company’s status as an approved Freddie Mac and Ginnie Mae mortgage servicer was terminated due to questionable business practices and disclosures. Last week, federal investigators raided Taylor Bean’s headquarters in Ocala, F
West Michigan Mortgage Fraud Case Results in Charges
August 13, 2009 Posted by Michigan RealEstateRama
LANSING, MI - August 13, 2009 - (RealEstateRama) — Attorney General Mike Cox today announced that three individuals have been charged in connection to a mortgage fraud ring operating in West Michigan. Grand Rapids resident Damon Clark and Ferndale resident Reginald Tardy, Jr. are in custody after being charged with eight counts of perpetrating mortgage fraud in connection to six Grand Rapids properties. Former Grand Rapids resident Brian VanFarowe was also charged but has fled the country
Cox Charges Man in Mortgage Fraud Scheme
August 10, 2009 Posted by Michigan RealEstateRama
LANSING, MI - August 10, 2009 - (RealEstateRama) — Attorney General Mike Cox today announced that his office, with the assistance of the Michigan State Police, filed charges against former Lansing resident Jeffrey Barry for conducting a mortgage fraud scheme involving five fraudulent mortgages worth nearly a half-million dollars. Barry, of Houston, Texas, is charged with five counts of obtaining mortgage proceeds under false pretenses. He was arrested today in Houston, and will be extradited to Michigan
OFIR Places Wixom Mortgage Servicer Northwestern Financial into Conservatorship
June 9, 2009 Posted by Michigan RealEstateRama
LANSING, MI - June 9, 2009 - (RealEstateRama) — Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross has placed Northwestern Financial Corporation into conservatorship and named OFIR Director of Receiverships James Gerber as conservator. The Commissioner also directed that the company cease and desist from doing business.
MAR Announces New Mortgage Foreclosure Initiative
April 29, 2009 Posted by Michigan RealEstateRama
April 29, 2009 - (RealEstateRama) — Local Association Executives from across the state will meet in Lansing on May 1 to continue work on Michigan’s Foreclosure Prevention and Response Initiative. With the continued economic downturn and mortgage foreclosure crisis expanding nationwide, NAR has allocated funding for state and local programs designed to assist REALTORS® and homeowners navigate the complex foreclosure process.
