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�� Carrington���s ongoing ���FHA Streamline Ready to Close��� program offers closings on eligible FHA streamline refinance loans any day of the month, allowing borrowers to take advantage of possible lower rates and enabling brokers to be compensated quicker. ���In a tight market, the ability to close fast and when the borrower is ready can set brokers apart from their competition,��� said Ray Brousseau, EVP of Carrington Mortgage Service���s mortgage lending division. ���With these two new incentive programs, we���re offering wholesale brokers an edge over traditional retail institutions���and giving borrowers a better opportunity to purchase the properties they���re interested in.��� Based in California, Carrington Mortgage Services��� mortgage lending division is the residential wholesale and retail loan origination division of Carrington Holding Company. New Platform for Buyers, Sellers of Shares in Non-Traded REITs Through REITbid, a new online auction platform, non-traded real estate investment trust (REIT) shareholders and investors can buy and sell shares in a secure and convenient way. The platform offers a liquidity option and streamlines the entire process of buying, selling, and transferring shares. Another advantage is greater transparency since it provides instant access to non-traded REIT metrics and links to SEC filings and sponsor data. The platform also offers the convenience of bidding 24 hours a day. The new program is powered by FRE.com. Non-traded REITs have issued nearly $80 billion of equity during the past 10 years to more than two million shareholders, according to a release. The REITbid platform was founded by William Lange and financed by Ray Wirta. ���Shares of existing non-traded REITs may provide attractive investment opportunities that focus on current dividend yield and appreciation potential,��� said Lange. ���However, a drawback to investing in non-traded REITs has been a lack of liquidity. REITbid not only helps to resolve this issue with an easy-touse online auction process, it helps existing shareholders achieve fair market pricing based on the anticipated high volume of buyers and sellers who will participate in the auctions.��� REITbid is owned by Share Trading Associates, LLC of Newport Beach, California, which is made up of a team of real estate and auction professionals. New DocMagic Facility Awarded for Interior Architecture A new multimillion-dollar DocMagic facility received recognition for its architectural design in January. The American Institute of Architects honored DocMagic with a 2013 AIA Institute Honor Award for Interior Architecture. The 25,000-square-foot facility is located in Torrance, California and was designed by Rania Alomar Design & Architecture. DocMagic explained the company and architects sought to create a space that represented the virtual and physical aspects of the company. ���This is a great honor, and we are very proud of the new facility,��� said Dominic Iannitti, CEO of DocMagic. ���We didn���t set out to win an award. We simply wanted the very best facility in the world from which to deliver our equally stellar service. This award is evidence that we have achieved that goal.��� DocMagic and 27 other recipients worldwide will be honored at the AIA 2013 National Convention and Design Exposition in Denver. DocMagic stated its customers can visit and tour the facility at any time. Three Suspects in Scheme Claiming to ���Kill��� Mortgage Debt Arrested Three suspects were arrested in California over mortgage fraud charges involving a scheme that claimed to ���kill��� mortgage debt for struggling homeowners, California Attorney General Kamala D. Harris announced Monday, January 28. Ronald Vernon Cupp allegedly used six websites to deceive homeowners by falsely claiming to free homeowners from mortgage debt. Randall Gilbert Heyden is accused of assisting Cupp, while Angelle Wertz, a public notary, is alleged to have certified phony legal documents. All three are charged in a 57-count complaint alleging theft, forgery, notary fraud, and recording of false documents. VISIT US ONLINE @ DSNEWS.COM More specifically, Cupp is accused of using his business, North Bay Trust Services, to have homeowners pay upfront fees ranging between $1,000 and $10,000 and sign a promissory note or new mortgage for a phony offer to eliminate their mortgage debt. According to the AG���s office, the suspects would then record fraudulent documentation claiming to be the attorney for the homeowner���s lender and then relinquish the mortgage and record a new deed of trust in favor of North Bay Trust Services. The fraudulent documents only served to delay a foreclosure while the actual mortgage debt was never satisfied. ���Vulnerable California homeowners thought they were working to save their homes but were actually the victims of a fraudulent scheme,��� Harris said. ���Today, it���s not enough to dismantle the brick-and-mortar aspect of a criminal operation; we need to shut down criminal operations in cyberspace as well.��� The six websites used to carry out the schemes were: ��NorthbayTrustServices.com ��WeKillYourMortgage.com ��SantarosaTrustandTitle.com ��SonomaFidelityTitle.com ��CortemaderaFidelityandTitle.com ��MarinTrustandTitle.com The websites had their services suspended due to a court order at the request of Harris��� eCrime Unit. The California AG���s office offered tips to avoid mortgage fraud, one of which is to never pay upfront fees for mortgage-related services. Individuals can file an online complaint form if they believe they were victim to fraud. San Bernardino County Rejects Eminent Domain Proposal After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday, January 24, by the Joint Powers Authority (JPA). The proposed use of eminent domain was first pitched to the county by Mortgage Resolution Partners and involved seizing mortgages from underwater borrowers at fair market value. The mortgages would then be refinanced with new terms reflecting the 79