Wagner, Ferber, Fine & Ackerman, PLLC的动态

???????????????? ???????????? ???????? This site will provide you with recommendations on improving your credit and credit score, whether you are shopping for a mortgage, auto or consumer loan. The resources on this site will help you to become better informed and provide you with a long-term plan to maintain a good credit standing and/or improve your credit.

?? Fraud Case Highlights Risks in Mortgage Applications ?? A prominent Washington, D.C.-based accountant, Timothy Trifilo, recently pleaded guilty to making false statements on a mortgage application after failing to file IRS returns, leading to a significant tax fraud case. Trifilo, a seasoned Certified Public Accountant with over 40 years of experience in tax compliance and due diligence, applied for a $1.4 million mortgage on a Washington property in 2023. When the lender couldn't locate recent tax returns, Trifilo submitted falsified 2021 and 2022 returns. Investigators later discovered he had failed to file any tax returns since 2012, despite earning over $7.7 million during that period. These actions led to a $2.1 million tax loss for the IRS. Key Details: -Seven counts were brought against Trifilo, including bank fraud and failure to file tax returns. -Trifilo faces up to 30 years in prison for defrauding the lender, as well as additional penalties for his tax offenses. -A colleague's name was falsely used to sign the documents submitted to the IRS, further complicating the case. -This case highlights the risks of phony documentation in the mortgage process, with income and employment data defects identified as a significant issue. In 2023, defective income and employment data had a 37% defect rate in mortgage underwriting between March and June, according to Aces Quality Management. (https://lnkd.in/gvWJNVpR) As we move forward, this case underscores the importance of integrity and due diligence in financial and tax matters. Professionals and lenders alike need to remain vigilant to prevent fraudulent activities that could damage reputations and lead to severe legal consequences. #MortgageFraud #TaxCompliance #AccountingProfession #TaxFraud #FinancialIntegrity #CPA #LendingRisks #MortgageIndustry #DueDiligence #IRS #FraudPrevention

Falling property values are exposing mortgage fraud schemes from the days of cheap debt — and regulators are taking notice. Federal prosecutors and regulators are tracking a noticeable uptick in falsified financial reporting on loan documents from the mid-2010s through 2021. Rising interest rates have left many of the landlords at those properties struggling to stay afloat, exposing their schemes and leaving them open to prosecution.It’s a general trend throughout history that fraud occurs during boom times and is revealed during bust times.The role of property appraisals is at the core of the financial malfeasance. Lenders typically accept valuations presented by reputable developers and landlords, trusting the numbers to be accurate.Reporting deflated costs and inflated revenue through rents, for example, can secure better loan terms or higher dollar values. When rates are low, those loans can perform, but as rates rise, actual rents don't go as far to cover interest expenses. Federal prosecutors are boosting their efforts to expose this fraud. #cre #commercialrealestate #Commercialrealestateadviser #commercialproperty #creinvesting

A good credit score is essential for securing loans, renting apartments, and even getting certain jobs. Give this a read to know about how you can improve your credit score. https://lnkd.in/dyWs523N #homeloans #property #home #house #houseloan #housegoals #homemortgage #mortgage #mortgageexpert #loanapproval #HomeFirst #finance #housingloan #noincomeproof #creditscore

This should be interesting. See the article link for the full story. One thing I've learned being in this business is mortgage escrow accounts are not for me. I've seen so many mistakes, double payments and escrow analysis to increase mortgage payments. Don't even get me started on missing exemptions :) #escrow #mortgagepayments #interest #exemptions #doublepayments #realestate #taxbills #illinois #chicagolandarea #titleinsurance #escrowservices

?? Fair Lending Matters!! Important news: DOJ announces $1.75M settlement addressing redlining allegations. This reminds us why equal access to mortgage services isn't just good business—it's essential for building inclusive communities. What steps is your organization taking to ensure fair lending practices? #FairLending #MortgageIndustry #HousingEquality #NAMMBA

Caution: Trigger Alert Let’s break it down: the moment a borrower applies for a mortgage, credit bureaus sell their private data to the highest bidder. The result? Consumers are inundated with a flood of aggressive calls, texts, and emails from companies they’ve never even heard of. This isn’t just an inconvenience—it’s an invasion of privacy. ?????? ??????, ?????????????? ???? ????-???????????????? ???? ?????? ??????????, ???? ???? ?????? ????????????, ?????? ??????+ ???????????????? ???? ?????????????? ????????, ?????? ???????? ???? ?????????????? ?????????????????? ?????? ???????? ???? ???????? ?????????????? ???????????????? ?????? ???????? ???????????? ???????? ?????? ???????????? ???????? ??????????????. Why? Greed. Plain and simple. Credit bureaus rake in millions selling this data. The cost of credit reports has doubled since 2022 and is set to jump another 20% next year. Meanwhile, ????????’?? ?????????? ?????????? ?????? ?????????????????????? ???? 480% in the same timeframe. Trigger leads should be illegal. Yet, the credit bureaus are lobbying for a watered-down version of reform, one that keeps their cash cow intact while offering little real protection to consumers. We had the chance to take a stand, but Congress let this opportunity slip away. The question is: how much longer are we going to let this go on? This is about more than just the mortgage industry. It’s about trust, fairness, and basic respect for consumer privacy. Borrowers deserve better. We as an industry can do better. If you’re tired of greed and complacency winning the day, let’s raise hell. Let’s demand accountability. Let’s fight like hell to protect the people we serve. Enough is enough. To those in our industry working tirelessly on this issue: Katie Sweeney, Brendan McKay, Bill Killmer - and many others, thank you.

We need to talk about the rise of non-banks and what it means for communities of color and low-income communities. Non-banks face significantly less regulatory scrutiny than traditional banks, which means they can take on more financial risk with less oversight to prevent abusive and predatory practices. As a result, non-banks increasingly dominate the mortgage lending market, particularly among communities of color and low-income communities that have historically faced higher barriers to accessing mortgage services from traditional banks. According to the CFPB: “As of 2021, nonbank mortgage companies originated 64% of conventional home purchase mortgage loans, compared to the 25% originated by banks.” The recent CFPB action against Freedom Mortgage Corporation underscores the significant risks non-bank lenders present to the integrity of our financial system. As a repeat offender, Freedom Mortgage's continued violations of legal orders and submission of erroneous data highlight the dangers of operating with inadequate regulatory oversight. These actions disproportionately harm communities of color and low-income communities by undermining market fairness and transparency, potentially leading to deeper financial inequity and instability in communities that continue to endure the legacies of redlining and systemic discrimination at the hands of our financial system. #DefendConsumers #CFPB #economicequity https://lnkd.in/gXx7aaVk

Here's the latest Hudson Cook, LLP Enforcement Alert from Rob Tilley and Kristen Yarows: The CFPB Issued an Order Against Nonbank Mortgage Company, which consented to pay a $3.95 million penalty. #CFPB #EnforcementAlert #MortgageIndustry #Compliance #FinancialRegulation #HMDA #ConsumerProtection #LegalUpdate #FinancialServices #RegulatoryCompliance #DataAccuracy #LegalNews