Feds Get Indictment Of Alleged Upfront Fee Scammer

The Originator Times reports the indictment of Maryland resident Robin Neil Snyder and Mortgage Bankers, Ltd. for, according to Federal prosecutors, wire fraud and money laundering arising from a scheme to defraud loan applicants.

Snyder allegedly collected nonrefundable upfront fees from prospective loan applicants as well as business plans, appraisals, tax returns and insurance information in support of borrowers’ loan applications for loans that he never processed or submitted for independent underwriting. He reportedly collected approximately $339,500 in fees. For more, see Broker Indicted After Collecting Advance Fees.
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