Indiana Secretary Of State Pursuing Mortgage Broker, Title Agent In Alleged Fraud

The State of Indiana is continuing its attack on mortgage fraud, according to an online story by The Indianapolis Star. This time, it's the Indiana Secretary of State launching an offensve against professionals licensed with the state who allegedly played roles in deals involving improper loan applications. It recently filed an administrative complaint which cited loan broker Extreme Investments of Terre Haute and settlement agent Hoosier Title of Sullivan for their alleged roles in deals that enabled West Indiana investors Rick N. Burnett and Kris J. Sommerville in obtaining $1.4 million in loans on 23 houses.

According to the article, "The complaint marks one of the few actions in which a state agency has tried to clamp down on a ring of companies rather than focus on the mastermind of an illicit real estate deal." No criminal charges have been filed. For more, see New tactic in mortgage fraud war (Secretary of state complaint holds broker, title agent accountable).
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