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DocMagic Addresses Compliance Woes Related to ECOA Valuation Rule

DocMagic, Inc., says it has a variety of solutions available that support lenders' compliance with the ECOA Valuation Rule, no matter what the lender's business rules are. Under the ECOA Valuation Rule, a creditor must provide an applicant with a copy of the appraisal and other written valuations upon completion, or three business days prior to consummation of the transaction, whichever is earlier.

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Interactive Mortgage Advisors Opens Dallas Office

Interactive Mortgage Advisors (IMA), a firm focused on the valuation and trading of mortgage servicing rights (MSRs), has added to its operational network with the opening of a new office in Dallas. With its new expansion, the company hopes to gain a foothold in the Lone Star State, which is home to a large number of originators and servicers.

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Florida Man Gets Six Years’ Jail Time for Defrauding TARP Recipients

A 46-year-old Florida builder convicted of bank fraud, money laundering, and identity theft tied to three different banks and Troubled Asset Relief Program (TARP) funds was sentenced on January 16 to six years in federal prison and ordered to pay back more than $3.7 million. Lawrence Allen Wright, of Niceville, pleaded guilty to seven charges, among them, conspiracy to commit money laundering and making a false statement to a federally insured financial institution.

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California Home Sales Abate to Close Out Year

sales

Single-family and condominium sales in California closed 2013 on a cautiously positive note, even though overall sales were down notably from the year prior, according to the latest quarterly market report from PropertyRadar. December sales in the Golden State's home and condo market grew 1.4 percent over November 2013 sales, but were down nearly 20 percent from December 2012. Overall, last year’s property sales finished the year at their lowest level since 2007.

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Miami Real Estate Agents Sentenced in Multimillion-Dollar Fraud

Two former Miami real estate agents were sentenced Thursday for their roles in a $2.4 million mortgage fraud scheme. The Justice Department announced that Jose Filgueiras, 43, was found guilty of three counts of bank fraud. He was sentenced by a U.S. district judge to serve 57 months in prison. His wife, Raquel Filgueiras, 39, was found guilty of one count of bank fraud and sentenced to 30 months in prison.

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DataQuick Enhances Valuation Model to Boost Accuracy

DataQuick announced the addition of major enhancements to its automated property valuation model (AVM), CMV-Portfolio. The upgrade builds on CMV-Portfolio's submodel system, which features different models using their own methodologies and data sources to estimate property values.

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MERS Judgment Upheld by Rhode Island High Court

MERSCORP Holdings, Inc. has won yet another victory in a long list of lawsuits filed against the company. The company recently announced that the Rhode Island Supreme Court affirmed that Mortgage Electronic Registration Systems, Inc. (MERS) had the authority to assign a mortgage for foreclosure.

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California AG Busts Statewide, Multi-Million Dollar Housing Scheme

California officials on Wednesday arrested five individuals who allegedly ran a statewide housing scheme involving the fraudulent seizure of at least 23 homes in nine counties. Allegedly, since 2006, the group--which includes two attorneys and one individual who remains at large--unlawfully used the state's adverse possession laws to obtain titles on properties they had identified as abandoned.

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Awards and Additions for Stewart

January has been a busy month for Stewart. Two key executives have been lauded for their accomplishments, and the company has added another power hitter to the team. Stewart Information Services Corp.'s chief economist Dr. Ted C. Jones has been recognized in the 2013 Swanepoel Power 200 list.

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Prospect Mortgage Expands Local Footprint

Prospect Mortgage, LLC is expanding its footprint. The Dallas-based lending company has acquired certain assets of the retail mortgage branch operations of Excel Mortgage Servicing, Inc. Impac Mortgage in four Western states.

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