![](\"http:\/\/tdafinance.com\/wp-content\/uploads\/2022\/04\/20220403113101-13.jpg\")
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A 50-year-old former unlicensed mortgage dealer from Lengthy Island, New York, pleaded responsible Wednesday to defrauding shoppers and wholesale lenders from $4.7 million in mortgage refinancing proceeds that were purported to settle current shopper mortgages. <\/p>\n
Brent Kaufman, of Commack, New York, faces around 30 years in prison, along with forfeiture along with a fantastic of as much as $1 million. <\/p>\n
In reaction to the U.S. Lawyer’s Workplace, Kaufman labored as an unlicensed mortgage dealer and infrequently labored with shoppers in Queens and Lengthy Island to refinance their mortgages. Between 2022 and 2022, Kaufman and others defrauded Homepoint<\/strong>, loanDepot<\/strong> and United Wholesale Mortgage<\/strong> by offering incorrect wire routing info to the lenders for that prevailing mortgages, the U.S. Lawyer’s Workplace mentioned Wednesday. <\/p>\n “As a substitute of wiring the funds right monetary establishment, the funds have been as a substitute transferred to lender accounts managed by Kaufman,” the federal authorities mentioned. “In consequence, the prevailing mortgages weren’t paid off-leaving absolutely free themes with two mortgages on their own properties-and Kaufman stole the funds for his personal private use.”<\/p>\n All instructed, Kaufman stole greater than $4.7 million, a few of that they accustomed to make mortgage funds around the prevailing mortgages to keep away from being caught. When he stopped making funds, numerous from the properties had been foreclosed on, the U.S. Lawyer’s Workplace mentioned. <\/p>\n After FHFA management change, what's subsequent for brokers?<\/strong><\/p>\n The current adjustments to management inside the FHFA have shaken the trade – however will the sense possess a optimistic or destructive impression on brokers?<\/p>\n Throughout the interval of the charged conduct, Kaufman stole greater than over $4.7 million, a number of which he used to make mortgage funds on the prevailing mortgages or to finally repay these loans to keep away from detection of his scheme. When Kaufman stopped paying the prevailing mortgages, a number of of his shoppers' properties had been foreclosed on. Victims of the scheme finally a break down insufficient roughly $2.5 million.<\/p>\n “Not solely did Kaufman steal his victims' cash, however he additionally violated their belief, leaving them financially susceptible and susceptible to important monetary problems,” acknowledged FBI Assistant Director-in-Cost Michael Driscoll. “Collectively, his victims suffered hundreds of thousands of dollars in losses. At present's responsible plea reminds us of the menace resulting from the ones that prioritize their very own monetary pursuits most of all.”<\/p>\n Previous to working at mortgage brokerage Bliss Residence Funding Corp.<\/strong>, Kaufman, an old lawyer, pleaded responsible to submitting false claims in chapter hearings and was disbarred.<\/p>\n The put up Unlicensed mortgage dealer defrauded wholesale lenders appeared first on HousingWire.<\/p>\n","protected":false},"excerpt":{"rendered":" A 50-year-old former unlicensed mortgage dealer from Lengthy Island, New York, pleaded responsible Wednesday to defrauding shoppers and wholesale lenders from $4.7 million in mortgage refinancing proceeds that were purported to settle current shopper mortgages. Brent Kaufman, of Commack, New York, faces around 30 years in prison, along with forfeiture along with a fantastic of<\/p>\n","protected":false},"author":1,"featured_media":5146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[38],"_links":{"self":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/5148"}],"collection":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/comments?post=5148"}],"version-history":[{"count":0,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/5148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media\/5146"}],"wp:attachment":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media?parent=5148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/categories?post=5148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/tags?post=5148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Offered by: Flagstar Financial institution<\/strong><\/h6>\n