Mortgage
Sean ‘Diddy’ Combs is under investigation by federal authorities for $100 million mortgages on his mansions in Los Angeles and Miami.
Sean ‘Diddy’ Combs is facing a mortgage debt of nearly $100 million on three luxurious mansions in Los Angeles and Miami. Federal agents conducted raids on the properties as part of an investigation into allegations, including sex trafficking, against the music mogul. Combs has taken out a total of eight mortgages totaling a debt of $139.85 million, with approximately $97.5 million still outstanding. Despite his estimated net worth of $1 billion, he finds himself entangled in financial woes related to these opulent homes. Combs has not been formally charged with any crimes, but federal authorities suspect a troubling history of sex trafficking associated with the properties.
– Combs purchased a Los Angeles mansion in Holmby Hills for $39 million in 2014, with two $25 million mortgage loans from Bank of America.
– In Miami, he bought two adjacent family homes on Star Island for a total of $49.5 million, funded through a series of mortgages totaling $62.35 million, with $42.35 million already paid off.
– The investigations into Combs involve allegations of sex trafficking, with New York prosecutors interviewing individuals in connection with these claims.
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Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
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Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
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– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
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