Loan Officers. Loans gone bad?

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This question is posted to mortgage industry professionals, real estate lawyers or any related.
I have a group of potential Loan Officers and I have signed as a Loan Officer for them obtaining a loan for clients.
Apparently I was provided with false documentation regarding income and assets. Two file have gone to foreclosure and Mortgage Insurance Company has determined that the information used was false nad reported to the Savings and Loan department, Does someone know what can I do? Any sugestions or experiences abou it? Thanks

3 Comments
  1. Reply
    Shawna Marie
    May 2, 2011 at 8:31 am

    You signed a loan app for someone else? What do you mean by “potential” loan officers? Did you sign the loan app because they didn’t have a license? If so, you’re in double trouble. That’s why they require licensing, so the frauds and convicts that can’t get a license can’t originate loans.

    If you can PROVE that no one involved in originating the loan knew the documentation was fake, AND that anyone involved in the origination was qualified to do so (i.e. had a license), then you MIGHT be protected against prosecution, however you can still be sued in civil court. If you signed a loan app for someone else because they didn’t have a license, then either way you’re in trouble for one thing or the other. If that borrower makes even the slightest impression that the loan officer “suggested” providing such documentation, or that they knew it wasn’t real, then you’re ALL in trouble.

    Sounds like quite a situation. You better get on the phone with a lawyer, like now!

  2. Reply
    David G
    May 2, 2011 at 9:14 am

    Wow you signed for other people to get loans?
    Yeah you’re in trouble… sorry but all loans that are delinquent within a 24 month period are automatically referred to fraud department. There is nothing to get you out of this despite what anyone else posts. You intentially signed your name to other people’s loans it’s called a straw buyer and it’s illegal.

  3. Reply
    Leo F
    May 2, 2011 at 9:23 am

    Dude what were you thinking, it fraud anyway you look at it, and its federal FBI. The bottom line is you signed and you can’t change that and it was your job to make sure the infromation was not false. Hire the best lawyer you can afford and start praying.

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