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Sun American Mortgage - Reverse Mortgage Lender

Sun American Mortgage is a lender, seller and servicer of the government insured Reverse Mortgage. Over twenty years ago, we closed the first ...

Wells Fargo admits deception in $1.2 bn US mortgage settlement

Wells Fargo & Co admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.

The settlement with Wells Fargo, the largest U.S. mortgage lender and third-largest U.S. bank by assets, was filed in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.

According to the settlement, Wells Fargo “admits, acknowledges, and accepts responsibility” for having from 2001 to 2008, falsely certified that many of its home loans qualified for Federal Housing Administration (FHA) insurance.

The San Francisco-based lender also admitted to having from 2002 to 2010, failed to file timely reports on several thousand loans that had material defects or were badly underwritten, a process that Lofrano was responsible for supervising.

According to the Justice Department, the shortfalls led to substantial losses for taxpayers when the FHA was forced to pay insurance claims as defective loans soured.

Lending Club CEO resigns; Upcoming Events/Training; USDA Rural Developments; Mortgage Credit Less Available

At a car dealership: "The best way to get back on your feet - miss a car payment.” Some believe that the CFPB has shifted its spotlight, temporarily, onto pay day, auto lending, and deferred interest credit card payments. But that doesn’t mean residential lending won’t see its share of attention. Of note last week was the CFPB proposing a rule that would allow consumers to go around arbitration clauses on loans and other contracts to pursue class action lawsuits. We can all expect banks to address the increased risk this change will bring to existing business lines by seeking ways to raise prices around impacted products such as credit cards, auto loans and other loans. And mortgages. And someone can let me know how this helps extend credit to deserving borrowers.

Lenders in Mississippi know a thing or two about rural lending. USDA Rural Development has announced that the maximum mortgage limits for the Direct Home ownership loan program  in Nebraska  have increased effective May 4. This article has some links to the program that are useful.