Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Pennsylvania Banking Department Reaches Agreement to Extend Mortgage Relief to OPFM Borrowers

    13 Lenders Say They'll Accept Reduced Payments Through May    HARRISBURG, Pa., Jan. 31 /PRNewswire-USNewswire/ -- Secretary ofBanking Steve Kaplan said today that 13 leading lending institutions haveagreed to continue accepting reduced mortgage payments from victims of OPFMInc. through May, continuing the relief for nearly 650 homeowners that wasset to expire today.    OPFM filed for bankruptcy in September and its owner, Wesley Snyder,pleaded guilty to mail fraud in federal district court in December. WhenOPFM filed for bankruptcy, more than 800 borrowers learned that mortgagecompanies had documented larger mortgages and monthly payments than OPFMhad promised. Snyder faces sentencing later this year.    "It is frightening and disorienting to be the victim of a crime," saidKaplan. "The Banking Department will continue to do everything it can tomitigate the damage these homeowners have suffered as a result of Snyder'sfraud."    In a letter sent earlier this month to companies servicing loansbrokered by the bankrupt mortgage firm, Kaplan requested that they:    -- Not foreclose on homeowners who pay 75 percent of the actual paymentdue under the servicers' documents or the sum they had agreed with OPFM,whichever is greater;    -- Not submit negative information to credit reporting agencies, and;    -- Not impose late fees on borrowers' accounts.    Through today's agreement, the Banking Department is assisting theaffected borrowers by expanding measures initially ordered by U.S. DistrictJudge James T. Giles in October.    "This agreement gives homeowners time to work out permanent solutions,"said Kaplan. "The Banking Department is ready to facilitate meetingsbetween the two sides to see what can be done on a case-by-case basis."    To date, 13 companies who hold the vast majority of the OPFM borrowers'loans have said they will participate, while some have not yet replied.    EDITOR'S NOTE: These mortgage servicing companies have agreed toprovide extended relief to OPFM borrowers:    1. Chase Home Finance LLC    2. CitiMortgage, Inc.    3. Countrywide Home Loans    4. Fifth Third Bank    5. Florida Capital Bank Mortgage    6. GMAC Mortgage LLC    7. Indymac Bank FSB    8. National City Mortgage Co.    9. Provident Funding Group Inc.    10. Saxon Mortgage Services Inc.    11. Sovereign Bank    12. SunTrust Mortgage Inc.    13. Washington Mutual Bank    Wells Fargo agreed to extend relief through February    CONTACT:    Heather Tyler    (717) 783-4721

Pennsylvania Banking Department Reaches Agreement to Extend Mortgage Relief to OPFM Borrowers
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