The defendant is suspected of approving about 23 fraudulent loans
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A New Jersey loan officer has been accused of altering his own bank statements to facilitate a mortgage fraud scheme, the US Attorney’s Office for the District of New Jersey announced.
Richard Patino, who worked for a mortgage company based in the state, is alleged to have deceived his employer into approving a loan using the fraudulent documents.
According to the complaint, an individual applied for a loan in August 2013 in connection with his purchase of a property. Patino signed the loan application, indicating that he had reviewed and approved it.
The complaint alleges, however, that Patino altered his own bank statements and included them in the application as if they belonged to the loan applicant. The mortgage company later approved the application and issued the loan.
The company then sold the loan to another financial institution, providing the latter with the application and supporting documents, including the bank statements. The loan was then guaranteed by the Federal Housing Administration based in part on the documents.
The individual who applied for the loan stopped making payments as of January. The financial institution has started foreclosure proceedings on the property.
The complaint charges Patino with one count of wire fraud. Following his initial appearance before US Magistrate Judge Cathy Waldor in Newark federal court, he was released on bail.
If convicted, Patino faces a maximum potential penalty of 20 years in prison and a $250,000 fine or twice the gross gain or loss from the offense.
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Ex-Fannie Mae employee faces charges of accepting bribes, kickbacks
Richard Patino, who worked for a mortgage company based in the state, is alleged to have deceived his employer into approving a loan using the fraudulent documents.
According to the complaint, an individual applied for a loan in August 2013 in connection with his purchase of a property. Patino signed the loan application, indicating that he had reviewed and approved it.
The complaint alleges, however, that Patino altered his own bank statements and included them in the application as if they belonged to the loan applicant. The mortgage company later approved the application and issued the loan.
The company then sold the loan to another financial institution, providing the latter with the application and supporting documents, including the bank statements. The loan was then guaranteed by the Federal Housing Administration based in part on the documents.
The individual who applied for the loan stopped making payments as of January. The financial institution has started foreclosure proceedings on the property.
The complaint charges Patino with one count of wire fraud. Following his initial appearance before US Magistrate Judge Cathy Waldor in Newark federal court, he was released on bail.
If convicted, Patino faces a maximum potential penalty of 20 years in prison and a $250,000 fine or twice the gross gain or loss from the offense.
Related stories:
Woman arrested for stealing in-laws’ IDs in mortgage scam
Ex-Fannie Mae employee faces charges of accepting bribes, kickbacks
