Industry News

Real estate loan processors admit to fraud charges

Accused of bank fraud in $50 million mortgage scheme

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Two Ohio loan processors agreed to plead guilty to fraud and other charges in the federal probe into mortgage fraud involving low-priced homes in Greater Cincinnati, the Cincinnati Enquirer reported Tuesday. Ike Bronson, a former loan processor at Seven Hills Financial mortgage brokerage, agreed to plead guilty to charges of bank fraud, conspiracy and filing a false tax return, according to documents filed in U.S. District Court in Cincinnati, reports said. Bryan Young, another loan processor, has agreed to plead guilty to bank fraud and conspiracy charges, according to court papers, the Enquirer said. More than three-dozen people have entered guilty pleas in the ongoing probe by the Internal Revenue Service, the FBI and the U.S. Postal Inspection Service into the sale of more than $50 million in area real estate, according to reports. Bronson originated loans and recruited buyers for a number of properties sold at artificially inflated prices, investigators told the Enquirer. He al...