Hi Friends!

This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A with more Nationwide Mortgage news from my friend Herman Thordsen (www.lendinglaw.com).

Here are some of the headlines:

The news here will be enlightening and some of it even a pleasant surprise from the CFPB.

1. CFPB allows loan originators to receive commissions on borrower paid compensation.  This means that those using Independent Contractors PROPERLY can do borrower paid transactions and pay commissions. Not just hourly or salaried.
2. Seller points (if of a certain quality) excluded from the 3% points and fees in the Qualified Mortgage rule.
3. FOURTEEN STATES require new criminal background checks for those renewing their licenses for the year 2014.
4. Top three states  for Mortgage Fraud.  California is number 3.
5. Arizona allows lenders holding second deeds of trust to sue borrowers after first trust deed forecloses.
6. Arizona Attorney General sues mortgage company for charging Spanish speaking borrowers for loan modifications.
7. Bakersfield, California man gets nearly eleven years in prison for mortgage fraud.
8. Orange County, California man gets one year in prison for his involvement in a $100 million dollar mortgage fraud. Five others have been sentenced.
9. Orange County, California man has criminal sentence reversed and still gets five years in prison. BUT he may be out in 16 more months. Read on to see why.
10. Iowa mortgage broker and others sentenced to prison for mortgage fraud. Read why you should always check out your loan originators BEFORE you hire them.
11. Terrace Mortgage Company of Minnesota has to buy back 13 loans from Residential Funding.
12. Oregon Real Estate Broker/CPA pleads for probation because she is sole caretaker of minor child and gets 21 months in prison.
13.  Texas Americus Mortgage Corp. formerly Allied Mortgage Capital sued by the United States over fraud loans insured by HUD/FHA.  The U.S. sued the CEO personally AND THE COMPLIANCE DIRECTOR PERSONALLY!

Click Here to download a free copy of the full report.

That’s it for this time! Make it another great day!

Your Hard Money Lender in Tucson and Southern Arizona,

Billy A

P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation.

Remember, it’s not only the grades we make, but the hands we shake. Please give me a call at:

(520) 299-4878!