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Mortgage Broker

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NEWS
July 15, 1987 | By Richard Burke, Inquirer Staff Writer
A Lafayette Hill couple has filed suit against Lomas & Nettleton Co., the nation's second-largest mortgage company, alleging fraud, breach of contract and racketeering after the company "refused" to process their application for a mortgage with an agreed-upon interest rate. The suit, filed Thursday in U.S. District Court in Philadelphia, accuses Lomas & Nettleton of persuading Mario and Jan Zacharjasz of Lafayette Hill to pay hundreds of dollars in fees and other payments to "lock in" a mortgage rate that the company knew was not available.
NEWS
June 17, 2009 | By Robert Moran INQUIRER STAFF WRITER
A South Philadelphia mortgage broker charged with a murder-for-hire plot was sentenced yesterday to more than 12 years in federal prison for a separate mortgage-fraud scheme. Mahn Huu "Bruce" Doan, 40, was sentenced by U.S. District Judge Michael M. Baylson to 151 months in prison and was ordered to pay more than $5 million in restitution. Doan oversaw 195 fraudulent real estate transactions involving about 180 properties, financed with government-insured loans he obtained by using borrowed or fictitious identities, prosecutors wrote in a sentencing memorandum.
REAL_ESTATE
July 3, 1987 | By Robert J. Bruss, Special to The Inquirer
We are trying to refinance our house. But I think we made a bad mistake by going to a mortgage broker. She told us she represents 12 different lenders and would have no trouble getting us an 80 percent mortgage. We were charged $250 for the appraisal but, when I asked for a copy, were told, "That's confidential information. " When I threatened to take her to small-claims court, two days later, I got a copy of the appraisal. We applied for the new mortgage in late April and still don't have the loan.
REAL_ESTATE
May 15, 1987 | By Robert J. Bruss, Special to The Inquirer
We just got swindled by a mortgage broker and are wondering if you think we should sue for damages. In March, our bid to buy a home was accepted by the seller, and we had 45 days to close the purchase. The real estate agent said this would be plenty of time, since she knew a good mortgage broker. Within a few days we completed the mortgage-application forms. The mortgage broker said he had a $5 million mortgage commitment to lend at 9.25 percent fixed interest. But the appraiser hired by the mortgage broker took forever to complete the appraisal, even though he inspected the house within a week.
NEWS
June 27, 1986 | By VINCE KASPER, Daily News Staff Writer
Last winter, Rick and Denise Mariano of Northeast Philadelphia figured they'd board the bandwagon by refinancing the mortgage on their big twin home with the oak molding and the nine-foot ceilings. They settled on a mortgage broker in Bucks County that was offering "the lowest (rate) or pretty close to it," Rick said last night, and plunked down $400 to lock in the rate until settlement 60 days later. The 60 days turned into 90 days, and then somebody unlocked the rate on them.
NEWS
June 4, 2009 | By George Anastasia INQUIRER STAFF WRITER
A South Philadelphia mortgage broker was ordered held without bail yesterday on murder-for-hire charges as prosecutors revealed that the man he allegedly attempted to hire was a cooperating federal witness who secretly recorded several conversations in which the murder plot was discussed. "Make it look like a robbery," Mahn Huu "Bruce" Doan said, according to a partial transcript in a pretrial motion filed by Assistant U.S. Attorney Christine E. Sykes. "Do whatever you think is best in your mind where it don't bring back heat," Doan allegedly added during the conversation recorded May 1 at his business office in the Econo Lodge Airport Hotel in South Philadelphia.
NEWS
February 8, 2002 | By Jake Wagman INQUIRER SUBURBAN STAFF
A mortgage broker was appointed last night as the newest member of the Township Council. Joseph P. McCrea, 35, an assistant vice president at Countrywide Home Loans in Sewell, filled the seat vacated by Democrat Raymond J. Rapposelli. He will serve the 10 months left in Rapposelli's four-year term and, he said, will campaign in the June primary for a spot on the Democratic council ticket for the November election. McCrea said last night that his real estate experience would help with Washington Township's open-space acquisition program.
NEWS
May 27, 2011
The owner of Invictus Financial Group in Havertown was sentenced to 60 months in prison and ordered to pay restitution of $3.9 million for operating a real estate investment scheme that caused $6 million in losses to lenders, the U.S. Attorney's Office in Philadelphia said. Kirk H. Kirby, of Capital Heights, Md., pretended to be a licensed mortgage broker and ran what the government said was similar to a Ponzi scheme in 2006 and 2007. An accomplice, Sholanda Y. Johnson, of Philadelphia, was sentenced to 30 months and ordered to pay back $2.4 million.
BUSINESS
May 25, 2012 | Inquirer Staff Report
The U.S. attorney in Philadelphia charged Michael J. Smith, of Springfield, Delaware County, with participation in mortgage fraud that caused losses of $665,000 to lenders. Smith, a former mortgage broker, allegedly participated in a conspiracy with John C. Lucidi Jr. and Eric Maratea, both of whom are charged elsewhere, in a scheme to buy properties, mostly at the Jersey Shore, at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the buyers, according to the four-count indictment.
REAL_ESTATE
July 15, 1988 | By Robert J. Bruss, Special to The Inquirer
I may lose the home I am trying to buy. The mortgage broker who is handling my mortgage assured me I would have no trouble qualifying for a mortgage. But it took the appraiser more than two weeks to appraise the house, and then she came in with an appraisal $10,000 below the price I am paying for the house. The mortgage broker is as mad as I am at the lender who selected this incompetent appraiser. The mortgage broker has contacted the lender with details on recent neighborhood sales of comparable homes that justify the price I am paying for the house.
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NEWS
September 4, 2014 | By Barbara Boyer, Inquirer Staff Writer
A Bergen County man admitted Tuesday in U.S. District Court in Camden that he used false documents in a $15 million mortgage scam to buy condominiums in North Wildwood. Larry Fullenwider, 63, of Belleville, appeared before Judge Jerome Simandle and pleaded guilty to wire fraud, admitting that he purchased four condos by presenting fake documents to qualify for mortgage loans in a scheme to collect illegal profits. Authorities allege Fullenwider was among a ring of several people from five states, including at least three South Jersey residents, who participated in the elaborate scam.
NEWS
March 18, 2014 | By Jacqueline L. Urgo, Inquirer Staff Writer
They don't necessarily like the term flea market for a new shopping, entertainment, and food venue coming in May to the grounds of the historic Atlantic City Race Course. If the Mercato Market resembles a flea market at all, say husband-and-wife creators Dirk DaCosta and Dina Guzzardo, it's one on a strong dose of steroids. They plan a weekly scene of musical acts, carnivals, and food-truck caravans to round out the offerings of 600 to 800 vendors. "I would say it is the outdoor market reinvented," DaCosta, 51, a business consultant by trade and a native of London, said last week as he and Guzzardo, a former mortgage broker, finalized plans for the mammoth undertaking.
BUSINESS
October 3, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
The partial government shutdown is unlikely to disrupt the housing market in the short term, mortgage brokers and real estate agents said Tuesday. But the longer the shutdown lasts, they said, the greater the chance housing-finance and income-verification issues might slow the market's momentum. From a home buyer's perspective, "there are no immediate impacts to their mortgage as long as they are working with a lender who has delegated underwriting authority," said Mike Copley, head of retail money-out products for TD Bank.
NEWS
February 28, 2013 | By Aubrey Whelan, Inquirer Staff Writer
A Pottstown pastor was convicted Tuesday in a complicated mortgage scam in which he recruited members of the congregation to obtain $6 million in fraudulent loans from JP Morgan Chase Bank. Michael Wilkerson, pastor of New Millennium Life Restoration Fellowship; his wife, Joyce; and two others were charged in the scheme, which took place between 2006 and 2008. Michael Wilkerson, who had set up a business that "purported to be a real estate development company," would approach members who had good credit about acting as "straw purchasers" for several homes in Schwenksville, Montgomery County, and Glenmoore, Chester County, federal prosecutors said.
BUSINESS
January 12, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
  The Consumer Finance Protection Bureau on Thursday unveiled its long-anticipated "qualified mortgage" regulation, designed to guarantee that home loans be given only to borrowers able to repay them. Under the new regulation, a lender must obtain and verify an applicant's financial information, including employment status, income, assets, debts, and credit history; the prospective borrower must have enough income or assets to repay the loans, and teaser rates may no longer hide the true cost of a mortgage.
BUSINESS
May 25, 2012 | Inquirer Staff Report
The U.S. attorney in Philadelphia charged Michael J. Smith, of Springfield, Delaware County, with participation in mortgage fraud that caused losses of $665,000 to lenders. Smith, a former mortgage broker, allegedly participated in a conspiracy with John C. Lucidi Jr. and Eric Maratea, both of whom are charged elsewhere, in a scheme to buy properties, mostly at the Jersey Shore, at inflated prices so that buyers could receive kickbacks of tens of thousands of dollars. Smith was one of the buyers, according to the four-count indictment.
NEWS
March 23, 2012
At long last, HARP 2.0 is available to Fannie Mae and Freddie Mac borrowers who want to refinance but owe more on their mortgages than their houses now are worth. HARP 2.0 - HARP stands for Home Affordable Refinance Program - is being billed as an improvement over the three-year-old version that just about everyone acknowledges didn't help anyone. The reason for that failure: The original program had limits on loan-to-value ratio, the amount of a mortgage as a percentage of the appraised value of a property.
BUSINESS
February 17, 2012 | By Alan J. Heavens, Inquirer Staff Writer
Certain rules about managing money are fairly obvious, and among the most basic is this one: "Don't get in over your head. " But things that seem like a good idea at the time - buying a house, for instance - can go horribly wrong. For evidence of that, just look at the last six years of record foreclosures in this country, which can be attributed to factors as diverse as folks being duped into taking on bigger mortgages than they could afford and to the waves of layoffs announced during and after the Great Recession.
BUSINESS
December 20, 2011 | By Harold Brubaker, Inquirer Staff Writer
A Berks County judge ordered six former employees of a jailed mortgage broker to pay restitution of nearly $1.5 million to victims, mostly in Lancaster and Berks Counties, of a $28 million fraud from 2003 through September 2007. But the state Attorney General's Office, which filed the 2008 consumer-protection lawsuit against Wesley A. Snyder and his Berks County companies that resulted in this month's judgment, responded Friday with a posttrial motion asking Common Pleas Court Judge Albert A. Stallone to enter far larger judgments against the employees.
NEWS
September 30, 2011 | By Sam Wood, Inquirer Staff Writer
A former television evangelist who served prison time before starting a church in Chester County was charged Thursday by federal authorities with engaging in a $6.4 million mortgage-fraud scheme. Michael Wilkerson, 45, is pastor of the New Millennium Life Restoration Fellowship, with centers in Spring City and Phoenixville. He also owned the Agape Development Co., which said it developed real estate. According to an indictment returned Thursday, Wilkerson recruited several church members and their families to act as "straw" purchasers of houses in Schwenksville and Glenmoore.
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