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The operator of a bogus California mortgage brokerage has been arrested for allegedly using another broker’s license to get wholesalers to fund fake loans that used fraudulent information she stole from prospective borrowers. Ondeya M. Redeemer of Corona, Calif., has been charged with eight counts of identity theft, Corona Police Det. Frank Zellers told MortgageDaily.com. Redeemer surrendered to police after an arrest warrant had been issued for her. She is being held on a $2.5 million bond and if convicted could be sentenced to more than15 years in prison, Zellers said. Her lawyer could not be reached to comment. “This is just the latest case of mortgage fraud we’ve had in our community and in this part of the country,” Zellers said. “It’s become an epidemic.” Police investigated the case for seven months, according to a statement from the department.“The investigation revealed several instances where loans were submitted to different investors using the unauthorized identities and credit information of borrowers and victims,” police said in the statement.Police said Redeemer set up shop as California Direct Reality & Lending Group. But that company was not licensed with the California Department of Real Estate or the California Department of Corporation Financial Services Division.
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“The investigation revealed several instances where loans were submitted to different investors using the unauthorized identities and credit information of borrowers and victims,” police said in the statement.
Police said Redeemer set up shop as California Direct Reality & Lending Group. But that company was not licensed with the California Department of Real Estate or the California Department of Corporation Financial Services Division.
A broker’s license number is required to broker mortgage loans in California. Financial institutions buying the loans require the number “as proof that the real estate office submitting the loan is properly licensed.”
But Redeemer didn’t have a proper license. So, Zellers said, she illegally began doing business using the broker’s license of Lisa Tiger, owner of Tiger Mortgage & Equities in Los Angeles.
Armed with the license, Redeemer then set out to steal the Social Security numbers of people trying to do business with her company.
Using those identities she bought and refinanced four houses for phantom clients. The total cost to lenders was $2.5 million, Zellers said.
Among the financial institutions stung by the fraud were Argent Mortgage, BNC Mortgage and Fremont Investments, he said.
To cover her tracks, Redeemer allegedly set up “virtual offices” in Newport Beach and Los Angeles. When lenders called to verify employment for her bogus borrowers she would transfer the calls to those offices, leaving the lenders to believe they were contacting a legitimate company, police said.
Police have recovered nearly $115,000 from Redeemer. If she is convicted the money will go toward restitution, Zellers said.
| police photo of California Direct Realty & Lending Group |
