Three loan officers and one title agent, all in South Florida, were given indefinite debarment from HUD from charges of wire fraud through a reverse mortgage scam. The four individuals, Marcos Echevarris, Louis Gendason, John Incandela and Kimberly Mackey, are all banned from ever conducting business with the federal government.
Not only did the three loan officers persuade financially inadequate elderly borrowers to refinance but Mackey, licensed title agent, failed to pay off the borrowers existing loans during closing with false HUD-1 Settlement documents.
This scheme effected elderly borrowers in 7 different states from May 2009 to November 2010.
No comments:
Post a Comment