Richard Cunningham, 55, a real estate developer who was formerly a D.C. Housing Authority employee, pled guilty in District of Columbia U.S. District Court in connection with a scheme to defraud private mortgage lenders of more than $15 million. According to court documents, for almost four years, beginning in August 2020 and continuing through May 2024, Cunningham submitted false documents and fraudulent documents to mortgage lenders , our in support of loan applications for

According to an indictment filed by the Department of Justice, in September, 2021, Yan Daniel Inclan Hernandez 32, Orlando, Florida, has been charged with one count of making a false Statement to a financial institution and three counts of wire fraud. Hernandez apparently made a false statement by exaggerating his monthly income and, subsequently, was approved for a $411,350 mortgage loan. Then Hernandez played with fire by falsifying documents to obtain a PPP (Paycheck Prote

The HEI (Home Equity Investment) space is getting hit with a litany of lawsuits as more and more homeowners tap into their home equity. Hometap is the latest HEI player hit with a series of lawsuits for violating the Truth in Lending Act and failing to treat their product as a mortgage loan. The recent cases have Loantap’s products described as illegal loans with excessively high interest rates. The Boston-based Hometap is one of several HEI players in a real estate finance s

According to the Cotality National Mortgage Fraud Application Risk Index, the first quarter of 2026 ended with approximately 1-in-129 mortgage applications having some indicator of fraud, putting the Index at 121 for the period. This compared with 133 for the fourth and first quarters of last year. Findings in investment property applications are why fraud risk is at current levels, Cotality explained. The data found 1-in-44 applications secured by investment properties had i

Mahender Makhijani, an Indian national who resides in Corona del Mar, and might resemble a character out of a 1980’s Bollywood gangster movie, was arrested and charged with multiple counts of fraud that could amount to over one hundred million dollars. If convicted, Makhijani could face up to 30 years in federal prison. Makhijani has drawn significant media overage over the past year for his numerous debaucheries that include holding several salacious parties and even physica