Ex-Loan Officer Cops Plea To Using Fraudulent Mortgage Application To Obtain $495K While Unloading Home On Unwitting Co-Worker

In Newark, New Jersey, The Record reports:

• A former loan officer at a Hackensack real estate firm is facing prison time after admitting she devised a scheme to fraudulently obtain $495,000 in mortgage loans in the name of an unsuspecting co-worker, authorities said. [...] Between August 2006 and May 2008, [Monica] Cardona arranged to obtain loans from IndyMac Bank by submitting false mortgage loan applications and supporting documents in the name of an office cleaning woman. The woman had provided her birth date and social security number after being convinced that buying property was in her interest, but was not aware of the scheme, authorities said.

• The bogus documents included inflated income and asset statements and false employment verifications to induce the lender to approve primary and secondary loans of $396,000 and $99,000, respectively, for the purchase a home in Westwood that Cardona owned.

For the story, see Former loan officer at Hackensack real estate firm pleads guilty in mortgage fraud scheme.