Mortgage fraud is at the heart of several mortgage license revocations spanning two states.
Kimberly C. Taylor had her license revoked by the North Carolina Banking Commission, was fined $50,000 and received the maximum penalty for the five mortgage transactions that involved falsified documents, according to state regulators.
“We will not tolerate fraud in the mortgage market,” Mark Pearce, state deputy commissioner of banks, said in a statement.
According to the state, Taylor “engaged in numerous instances of falsifying documents in connection with mortgage fraud closings … (and) stole the financial identities of her mortgage loan customers and fraudulently secured loans for her benefit in their names.”
Taylor was working for Advantage Loans in 2004 and 2005 when she falsified documents on three loans and for NationsBest Financial in 2006 when she falsified documents in two other loans, the state said.
“The mortgage broker companies may have liability of nearly half a million dollars in the event the mortgage loans fail to be repaid,” the state said.
The banks’ commissioner also alleged that Taylor used personal information from mortgage loan customers to secure seven personal loans from Centura Bank.
“The commissioner found that Centura had lost nearly $100,000 due to personal loans secured through Ms. Taylor’s activity,” the state said.
In Georgia, regulators from the state’s Department of Banking and Finance have issued cease and desist orders to four mortgage brokers.
None could be reached for comment and the department only releases limited information on cease and desist orders.
Victor Roberson of Smyrna was issued the order “for misrepresenting or concealing information concerning mortgage transactions, as well as engaging in a course of business not in good faith,” the department said in a statement.
Deitra Crutchfield, of Riverdale, was tagged for the same alleged offenses as Roberson, the department said.
Finally, Scott Losch and Debra Losch of Tierra Verde, Fla., were issued an order to cease and desist brokering loans in Georgia.
Several alleged offenses were given by the department in its announcement, including making false statements to lenders, employing felons, making illegal payments to employees, not keeping proper records, conducting business with unlicensed brokers and lenders and making false statements to the state.
