WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced the indefinite debarment of three South Florida mortgage loan officers and a Pittsburgh title agent following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration (FHA). Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey pled guilty to charges of conspiracy to commit wire fraud for their part in a $2.5 million nation-wide reverse mortgage scam. All four individuals are currently serving prison terms.
Like raising a child, originating a mortgage these days, seems to take the work of an entire village to ensure it closes on time! Working on the compliance side of the loan process, but with the experience of originating fresh in my mind, I’ve noticed a few patterns lately when loans have problems at or near closing.