Lennar Subsidiary Eagle Home Mortgage Fined $132 Million For Fha Lending Violations
The False Claims Act aint dead yet
Despite recent statements from the Department of Housing and Urban Development and the Federal Housing Administration suggesting a lighter tone when it comes to using the False Claims Act to go after FHA lenders, it appears the False Claims Act aint dead yet.
The Department of Justice announced Friday that it reached a $13.2 million settlement with Universal American Mortgage Company to resolve allegations that the lender violated the False Claims Act by falsely certifying that it complied with FHA lending standards.
Universal American Mortgage Company is the mortgage subsidiary of Lennar and does business as Eagle Home Mortgage.
The settlement doesnt come a shock, considering that Lennar disclosed earlier this year that it was facing a DOJ inquiry into its subsidiarys FHA lending activities.
The settlement means that Lennars mortgage company becomes the latest in a long string of companies including Wells Fargo, Freedom Mortgage, PHH, and many other lenders that were fined by the government for underwriting mortgages that did not meet FHA standards.
And now, its Eagle Home Mortgage in the DOJ crosshairs.
Regardless, Eagle Home is settling and moving on.
Found 105 Of Over 106 Reviews
“Great company outlay and growth perspective”
“They are on the cutting edge of technology and have created a company that is truly 100% focused on making the Loan Officer look good”
“Worst branch level management team ever”
“Non competitive rates compared to broker channel, making it tough to get loans”
What Kind Of Mortgage Can I Get With American Pacific Mortgage
Fixed-rate mortgage: Fixed-rate mortgages are meant to provide a level of certainty to your home lending experience, as the rate you get the day youre approved is the rate that will remain for the duration of the loan. At American Pacific, this can be in the form of either a 30- or 15-year mortgage, affording you the option to select what best fits into your plans for the future.
Adjustable-rate mortgage: Some mortgage customers are only planning on being in their new home for five to seven years. If this describes your situation, American Pacifics group of adjustable-rate mortgages offer an opportunity to get a better fixed interest rate during that time. The lender has both 7/1 and 5/1 ARMs in its arsenal, with the first number representing how many years the initial rate will apply. The 1 refers to the fact that your rate will change according to the market index that American Pacific uses, hence the adjustable-rate.
Interest-only loan: Whereas ARMs start you off with a better interest rate that will eventually rise, interest-only mortgages are fixed-rate loans that allow you to choose between paying towards solely interest or both interest and your principal balance. However, American Pacific only allows this to be the case for a prespecified period of time, though it can still help new homeowners accrue some capital before larger mortgage payments settle in.
Also Check: How Much Would I Get Pre Approved For A Mortgage
Someone Will Be In Contact With You Shortly
Chief Investment Officer
Chuck is responsible for all aspects of compensation risk management, compliance and regulatory matters, personnel counseling, and head attorney for American Pacific Mortgage.
Chuck is responsible for all aspects of compensation risk management, compliance and regulatory matters, personnel counseling, and head attorney for APM.
David is on the board at APM and primarily responsible for interdepartmental and branch relations, and policies and procedures for all American Pacific Mortgage and its affiliate branch operations.
David is on the board at APM and responsible for interdepartmental and branch relations, policies and procedures for APM and affiliate branch operations.
VP Human Resources
Dustin is responsible for all aspects of enterprise production at APM, including overseeing the regional production teams, production technology, production onboarding, recruiting and the corporate loan team.
Dustin is responsible for APM enterprise production, including regional teams, production technology, onboarding, recruiting and the corporate loan team.
EVP of Enterprise Production
Kimberley oversees APMs Enterprise Risk Management program, BSA/AML, quality assurance, loan originator compensation, branch reviews and all suspicious activity/fraud investigations, among other duties.
VP Corporate Services
Who Owns The Appraisal
The mortgage company owns the appraisal even though the borrower paid for it. This is because the mortgage company orders the appraisal on the borrower’s behalf, and the Appraiser lists that mortgage company on the report. The borrower does have the right to receive a copy however it’s the mortgage company’s discretion to give the borrower the original appraisal report.
PROUD MEMBER OF APMC PRESIDENT’S CLUB SINCE IT’S INCEPTION 2012PROUD TO BE THE BEST MORTGAGE LENDER IN THE NORTH STATE 2020
SCOTSMAN GUIDE VERIFIED TOP PRODUCER 2016-2021
Licensed by the Dept of Financial Protection and Innovation under the CRML.Cindy Tomlinson | Branch ManagerLicensed in CA, AZ, OR,and IDAZ Corp BK 0906702
Address: 2280 Bechelli Lane, Redding, CA 96002
US Lending Company | Address: 2280 Bechelli Lane, Redding, CA 96002 | NMLS 129988 | Licensed in CA, AZ, OR, and ID
Copyright 2021 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.
NMLS 1850 | DRE 01215943.
Read Also: How Much Net Income Should Go To Mortgage
American Pacific Mortgage Review 2021
- Full selection of government and standard mortgages
- Interest-only mortgage available
- Doesnt give many specifics about loans until application process begins
- Mortgages not offered in eight states
American Pacific Mortgage is a full-service mortgage lender that offers a complete selection of conventional, jumbo, government and specialized home loans. Residents in 42 states and Washington, D.C. can apply for a mortgage with this lender. Hundreds of branch locations are spread throughout these states.
American Pacific has received multiple commendations from throughout the mortgage market. From 2013 to 2017, Mortgage Executive Magazine named it one of the top 15 mortgage companies in the U.S. Scotsman Guide similarly titled it one of the best national mortgage lenders from 2012 to 2017.
How American Pacific Mortgage Stacks Up
Lenders are becoming increasingly more transparent with not only their mortgage interest rates, but also the preconditions necessary to satisfy various mortgage programs. So although American Pacific does make its rates fairly accessible, it has not been as forthcoming with the specific information surrounding its loans. This can lead to some confusion for those who have little to no experience within the mortgage industry, making getting into contact with a loan officer virtually required.
American Pacific has no shortage of mortgages to choose from, though, with many different government, conventional, jumbo, fixed-rate and adjustable-rate options available depending on your personal needs. The company also employs a very simplified customer application process, which appears to improve its customer experience.
Recommended Reading: Can You Get A Mortgage On Disability
American Pacific Mortgage Corporation
Location & Hours
Yelp users havent asked any questions yet about American Pacific Mortgage Corporation.
Your trust is our top concern, so businesses can’t pay to alter or remove their reviews. Learn more.
Would You Qualify For A Mortgage From American Pacific Mortgage
Your personal credit score and mortgage payment history is quite possibly the principal factor that goes into whether or not your application is approved by American Pacific. While the lender obviously prefers applicants with a FICO® score of 700 and up, the fact remains that anyone who has at least reached the 600 score threshold will likely qualify for one of its home loans.
You will be required to verify your personal income when you apply for a loan with American Pacific. So before you apply, make sure you have access to your most recent pay stubs, any tax returns or W-2s from the last two years, a written confirmation of employment and possibly even more. Depending on your income levels, your debt-to-income ratio will be examined. There are different stipulations for this ratio at every lender, but in the case of American Pacific, your DTI must be less than 43%.
What Our Customers Are Saying *
“We had a great experience with Diana. She was very helpful and answered all of our questions throughout the process.”
Betty – Delhi, CA
“Thank you Daniel for helping us buying our house. We truly recomend your services. You are a fantastic loan officer!”
“Fernando walks you step by step through the loan process. He exceeded our expectations going through it all, especially being first time buyers and trying to understand it all. Any concerns or questions that you have he is more than welcome to address them with you or answer them. He really is awesome at what he does and i would recommend him to all my family and friends!”
“Derek was wonderful to work with. He always responded promptly, he was patient and clear when answering my questions and he made the loan process very easy for me. Derek is a true professional!”
Ashford – Newman, CA
“Peggi Sahota was the best!! She really help us out with our very first home loan. Answered all our questions that first time home buyers asked. Definitely recommend seeing her for all you home loan needs!”
Victor – Modesto, CA
“Fernando Zapiain is amazing! He explains everything so precise and professionally. Fernando is a great person not just within his business but also in general. Hes a family man so he understands if you need to bring your children in while scheduled for appointments. Thank you for your great service and your accurate results!”
Geraldine – Ontario, CA
Ada P. – Turlock, CA
Are You An Executive Hr Leader Or Brand Manager At American Pacific Mortgage
Claiming and updating your company profile on Zippia is free and easy.
- American Pacific Mortgage
Zippia gives an in-depth look into the details of American Pacific Mortgage, including salaries, political affiliations, employee data, and more, in order to inform job seekers about American Pacific Mortgage. The employee data is based on information from people who have self-reported their past or current employments at American Pacific Mortgage. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions, or for the results obtained from the use of this information. The data presented on this page does not represent the view of American Pacific Mortgage and its employees or that of Zippia.
American Pacific Mortgage may also be known as or be related to AMERICAN PACIFIC MORTGAGE CORP, American Pacific Mortgage, American Pacific Mortgage – NMLS #1850 and American Pacific Mortgage Corporation.
You May Like: How Much Is The Average House Mortgage
American Pacific Mortgage Company Rankings
American Pacific Mortgage is ranked #63 on the Best Finance Companies to Work For in California list. Zippia’s Best Places to Work lists provide unbiased, data-based evaluations of companies. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity.
Total Expert Is One Of The Best Technology Partners We Work With They Are Constantly Seeking Constructive Feedback So They Can Build The Right Solution For Our Needs
Tara Hansen, Director of Program Management, American Pacific Mortgage
American Pacific Mortgage has been helping customers reach their homeownership goals since 1996. With decades of experience in mortgage lending, APM is a direct lender that employs more than 1,400 loan advisors to help customers with their home lending needs, from purchase to refinance to renovations and more. Today, APM is one of the top 15 retail mortgage companies in the country by volume.
Also Check: How To Make A 30 Year Mortgage A 15
The Truth About The Va Home Loan Seminar
At Aligned Mortgage, we have educated over 150,000 Veterans on the VA Home Loan benefit through live and online seminars and military base briefs taught by the VA Loan Expert and prior service Marine, Tony Dias. Education is the key to successfully navigating the home loan process. Tony breaks it down so Veterans understand what they need to get started from getting a Certificate of Eligibility to dispelling the myths surrounding the loan process.
Our seminars are now LIVE online!
Millennials: Heres Why The Process Is Well Worth It
Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over.
According to National Mortgage News,
Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.
If youre a Millennial, youre already well aware that youre among a generation of those who favor fast-paced, real-time answers and results. When youre ready to make a decision, its go-time, and you probably want the latest technology at your fingertips to make it happen.
National Mortgage News agrees, stating,
Millennials are different than previous generationsnot only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, its the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when its not available.
Heres the catch the overall speed of the homebuying process can take some time, and it might feel like it is slowing you down. When youre ready to buy, you can make an offer and go under contract quickly, but the rest of the process might take a little longer. The same article explains why:
So, where do you go from here?
Don’t Miss: How To Become A Certified Mortgage Underwriter
Whats The Process For Getting A Mortgage With American Pacific Mortgage
American Pacific Mortgage takes pride in simplifying its mortgage application and approval system as much as possible to ensure full customer satisfaction. In order to achieve this, the company has narrowed it down to six steps:
1. Get Pre-Approved: Although not required, American Pacific recommends getting pre-approved, as it will set you up for a speedy approval when you find the home you want.
2. Loan Application: At this point, youve found your home and are ready to prove to the lender that the financial claims you made during the pre-approval process are actually possible. Its at this point that much of your personal documentation will likely be needed.
3. Select Your Loan Program: With seven different types of mortgages to choose from, this is one of the most important decisions youll make.
4. Processing and Underwriting: During this time, an underwriter will confirm your income, and simultaneously an approval is completed.
5. Loan Approval: If everything goes to plan, your loan is approved, but you must meet a list of last closing conditions.
6. Close the Loan: When youve closed and become a homeowner, the loan funds are disbursed and you must sign the remainder of your paperwork.
Educational Resources For Mortgages
- Make sure that your long-term financial plan is ready to take on a sizable mortgage. SmartAsset’s free tool can match you with financial advisors in your area who can help you do just that. If you’re ready to build out your financial plan, get started now.
- Figuring out how much mortgage you can afford has many factors that come into play. Completing research into your own credit score and history, as well as normal mortgage rates for the market today is a great head-start, so be as proactive as possible.
Recommended Reading: Can I Get A 30 Year Mortgage At Age 55
Does American Pacific Mortgage Operate In My Area
American Pacific Mortgage is licensed to originate loans in 42 states. This list encompasses Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and Washington, D.C.
American Pacific Mortgage Leverages Tavants Finxperience Platform To Launch Specialized Mortgage Channel
Brokerage tool provides improved speed of response, enhanced communication capabilities, streamlined experience
SANTA CLARA, Calif.—-Tavant, a Silicon Valley-based digital lending products and solutions company, today announced American Pacific Mortgage deployed its FinXperience platform to launch a new Specialized lending channel. With Tavants FinXperience platform, the lender is able to provide its growing network of customers a seamless digital lending process with improved loan fulfillment efficiencies, faster speed-to-market, enhanced communication capabilities, streamlined experience, and significantly lower costs per loan.
Tavants FinXperience Platform is powered by VLOX, an AI-powered lending platform, and brings loan originators and investors together, providing real-time data exchange and data-driven processes to ensure a more fluid experience for brokers, boosting productivity and reducing loan cycle times.
Tavant was the best provider that could meet all of our technology needs and requirements, and also meet our aggressive go-live date, said Keith Becher, chief operating officer for American Pacific Mortgage. With Tavants FinXperience Platform, we successfully launched a new channel in less than ten weeks. Tavant is truly an extension of our team, and together we continue to advance our digital lending capabilities, transforming the home loan process.
Also Check: Why Are Mortgage Rates Lower Than Prime