All Posts By Steve

Romspen Is Scamming Grandma and Grandpa

Romspen Is Scamming Grandma And Grandpa Out Of Their Pension. Retirees Have Christened Them, “Rob ‘Em And Spend”  Canadian commercial lender Romspen is on track to be a major black eye for the Canadian financial sector and could face insolvency in the near future. Why? Romspen is scamming grandma and grandpa out of their pension….

By Steve
7 min read

Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack

Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack. Hackers May Have Compromised Customer Files A cyber attack has forced Texas-based lender and servicer Mr. Cooper into lockdown last week. The company says the cybersecurity incident happened on Halloween. As a result, the company was forced to lock down certain technology systems. Mr. Cooper also issued…

By Steve
2 min read

Homestar Financial Throws In The Towel

And Another One Bites The Dust! Homestar Financial Shuts Down Amidst Mortgage Volatility Georgia based Homestar Financial announced this week that it is shutting down. The company blames rising mortgage rates and massive volume decrease. Additionally, they are also blaming the market compression for the closure.  A Homestar Financial LO posted on Facebook: Please pray…

By Steve
2 min read

Bank of America Mortgage Production Plummets 6% in Q3

Bank of America Mortgage Production Plummets Faster Than Contestants On A Japanese Game Show More bad news in the world of lending. As Bank of America mortgage production plummeted 6% for the 3rd quarter of 2023. This includes both mortgage and home equity production compared to the previous quarter. BofA is saying more declines are…

By Steve
2 min read

Mortgage Applications Plunge To A 28-Year Low

Mortgage Lenders And Brokers Are Feeling The Pain As Mortgage Applications Plunge To A 28-Year Low Mortgage applications plunge to 1995 levels. The Mortgage Bankers Association says that lenders and brokers have witnessed a significant decline of 6.9% from the previous week. This is worst week for originations since 1995. The MBA’s Market Composite Index…

By Steve
2 min read

Romspen Just Got Spanked By The Florida 3rd DCA

Romspen Just Got Spanked By The 3rd DCA In Weiss Fraud Case. This Is Going To Hurt The Canadian Lender In More Ways Than One! Yes, you read that right. Romspen just got spanked hard by the Florida 3rd DCA in Miami in the Caroline Weiss fraud case. Now, Romspen and their investors are out…

By Steve
4 min read

Radio Rapper DJ Envy Promoted Alleged NJ Real Estate Scam

Syndicated Radio Rapper DJ Envy Is Accused Of Swindling Investors Out Of Millions Of Dollars Pissed off investors are accusing popular radio rapper DJ Envy aka Rasshaun Casey for operating a real estate scam. Envy has often promoted the real estate venture of his pal, Cesar Pina on his nationally syndicated iHeartRadio show.  However, investors…

By Steve
4 min read

Social Media Scams Have Cost Americans $2.7 Billion

Americans Have Lost $2.7 Billion To Social Media Scams Since 2021. Experts Say Clicking On Internet Ads Is A Costly Mistake. Federal Trade Commission data shows social media scams have cost Americans billions of dollars. The FTC says victims have lost $2.7 billion to fraudsters on social media since 2021. Scammers are increasingly targeting victims…

By Steve
3 min read

Fannie Mae To Increase LTV Ratios

Fannie Mae To Increase LTVs In November. Are They Driving The Housing Market Off The Cliff Again? Fannie Mae on Thursday announced that its Desktop Underwriting system. The new GSA guidelines include new changes to the maximum allowable LTV ratios for two- to four-unit and principal residences. The changes also apply to purchase and limited…

By Steve
2 min read

Homebuying Has Become More Stressful Than Dating

Redfin Study Shows 59% Of Americans Believe Homebuying Has Become More Stressful Than Dating  A recent Redfin survey shows that notable 59% of recent homebuyers found homebuying has become more stressful than dating. Homebuyers purchasing a home in today’s market have deal with unique set of anxieties. Buyers are increasingly ghosting sellers as housing costs…

By Steve
2 min read