Category Archives: Servicing

California warns residents of scammer pretending to be Impac Mortgage Corp.

California residents should be on the lookout for a scam involving someone contacting them and pretending to be Impac Mortgage Corp., the state’s financial regulator said recently.

A consumer notice issued this month by the California Department of Business Oversight stated that there is an “entity” operating in the state and pretending to Impac.

According to the CDBO, the entity is ending unsolicited emails to residents, offering them loans. The emails originate from the email address: “,” and the scammer is using the name of Impac’s CEO, Joseph Tomkinson.

The CDBO bulletin states that the scammer may be sending loan documents via email that have Impac Mortgage’s logo and other identifying information on them.

The scammer also requests money before the “loan” is provided to the would-be victim.

The bulletin does not state whether the scam has victimized anyone yet, but the CDBO suggests that consumers should “exercise extreme caution before responding to any solicitation promoting loans or other offers.”

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Fannie, Freddie expand neighborhood stabilization efforts to 10 new markets

Three years ago, Federal Housing Finance Agency Director Mel Watt announced the “Neighborhood Stabilization Initiative,” an effort to assist homeowners in communities that were disproportionally affected by foreclosures.

The program is conducted as a partnership between Fannie Mae, Freddie Mac, and the National Community Stabilization Trust, a national non-profit specializes in stabilization efforts in distressed communities.

The program matches distressed REO properties with “mission-focused organizations for property renovation and resale,” which helps prevent blight and promotes affordable housing opportunities.

The program began as a pilot in Detroit, as well as Cook County, Illinois. The program was then expanded in December 2015 to 18 different markets, including New York, Atlanta, Philadelphia, and St. Louis.

Now, the Neighborhood Stabilization Initiative is being expanded to 10 new markets.

The NSI will now operate in a total of 28 markets that have large concentrations of distressed and low-value REO inventory.

According to an announcement from the NCST, the 10 new markets are: Albany-Schenectady-Troy, New York; Birmingham-Hoover, Alabama; Flint, Michigan; Indianapolis-Carmel-Anderson, Indiana; Kansas City, Missouri-Kansas; Louisville/Jefferson County, Kentucky-Indiana; Milwaukee-Waukesha-West Allis, Wisconsin; Palm Bay-Melbourne-Titusville, Florida; Trenton, New Jersey; and Youngstown-Warren-Boardman, Ohio-Pennsylvania.

Since the program’s inception, more than 3,300 properties have been transferred to NCST’s community buyers through NSI.

The other 18 NSI strategic market areas, where NSI is already active, are Akron, Ohio; Atlanta-Sandy Springs-Roswell, Georgia; Baltimore-Columbia-Towson, Maryland; Chicago-Naperville-Elgin, Illinois; Cincinnati, Ohio-Kentucky-Indiana; Cleveland-Elyria, Ohio; Columbus, Ohio; Dayton, Ohio; Detroit-Warren-Dearborn, Michigan; Jacksonville, Florida; Miami-Fort Lauderdale-West Palm Beach, Florida; New York-Newark-Jersey City, New York-New Jersey-Pennsylvania; Orlando-Kissimmee-Sanford, Florida; Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware; Pittsburgh, Pennsylvania; St. Louis, Missouri; Tampa-St. Petersburg-Clearwater, Florida; and Toledo, Ohio.

“We are pleased to bring this initiative to more market areas,” said Rob Grossinger, president, NCST.

“Our goal is to help community buyers acquire and rehabilitate properties in a way that helps break the cycle of neighborhood distress,” Grossinger added. “We believe our long-term relationships with key local organizations, and a collaborative working relationship with Freddie Mac and Fannie Mae, will benefit the local neighborhoods.”

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Vendor Surf launches housing and mortgage services search engine

Vendor Surf is a mortgage tech company out of St. Louis and they’ve got big plans.

Their latest venture is the launch of a search engine of the same name, to help those who are searching for assistance in any part of the mortgage macrocosm.

Need contact info for Safeguard Properties, for example? Vendor Surf can find that for you.

The custom filters allow for multiple different vendor categories to help narrow down wider searches.

The search function is free, though the company offers a range of paid services as well.

Here’s more of an explanation from the statement released today:

In addition, Vendor Surf works as a single educational resource, allowing searchers and directory vendors to promote events, white papers, trade shows, webinars and trainings. It includes “My Dashboard” that lets searchers track their history of vendor profiles viewed and bookmark them for later reference, a “Solution Showcase” that highlights the very latest industry innovations, and weekly polls to gauge what mortgage professionals think about pertinent issues that are impacting the industry.

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