Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar
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Doris J. Taylor, 59, real estate broker, Kansas City, Missouri, pleaded guilty to transferring money obtained illegally through fraud across state lines. Taylor was indicted on April 5, 2006.
“Mortgage fraud is a serious offense that will be vigorously prosecuted,” Missouri United States Attorney Bradley J. Schlozman said, “not only because of the direct economic harm suffered by its victims, but also the potential indirect damage such fraud can wreak upon neighborhoods and upon the real estate market. This mother-and-son crime team used false income, inflated appraisals and other deceptions to enrich themselves at others’ expense.”
By pleading guilty, Taylor admitted that she caused a mortgage company to transfer $331,859 to an Independence, Missouri, bank account as a result of a fraudulent loan application. Taylor was in business as a real estate broker under the name Doris J. Taylor Realty; she also invested in residential properties in Kansas City and Lee’s Summit, Missouri.
Taylor’s son and co-defendant, Eric Kendall Taylor, 36, Lee’s Summit, Missouri, was also in the business of investing in residential properties in Kansas City and Lee’s Summit, Missouri. He used the business name C and K Co. to create false second mortgages on properties and to obtain loan proceeds. He also used the fictitious business names Pinetree Consulting, T & M Management, T & M Enterprise, and W & W Enterprise, to create false employment and income information, documentation, and verification.
On September 19, 2001, Eric Taylor deeded the residential property at 2903 S.W. 13th Terr., Lee’s Summit, Missouri, to Doris Taylor. He had purchased the property previously and obtained a loan by fraud in connection with that purchase.
Between September 28 and December 5, 2001, Doris Taylor applied for, and Eric Taylor caused to be applied for, a mortgage loan from National City Mortgage, also doing business as Commonwealth United Mortgage Co., for approximately $332,350 in connection with her purchase of the Lee’s Summit, Missouri property. In the loan application and supporting documentation, Doris Taylor provided false information, including false income information, false asset information, false tax returns, the misrepresentation that she had owned the property since October 2000, and an inflated appraisal.
National City Mortgage approved the loan in reliance on the misrepresentations contained in the loan application. On or about December 17, 2001, National City Mortgage sent a $331,859.19 check, drawn on the firm’s account Citibank in Buffalo, New York, to Realty Title Co. in Independence, Missouri. The check was deposited in the account of Realty Title Co. at Hillcrest Bank in Independence, Missouri.
On August 25, 2006, Eric Taylor pleaded guilty to conspiracy and to money laundering.
Eric Taylor admitted that he participated in a conspiracy to defraud mortgage lenders of more than $5 million and to transfer money taken by fraud across state lines. Eric Taylor acquired residential properties after foreclosure and at reduced prices, then recruited straw buyers to purchase that real estate and obtain mortgage loans for the properties, or purchased properties in his own name. He prepared false and fraudulent loan applications and supporting documentation for submission to mortgage lenders in the names of the straw borrowers, caused inflated appraisals to be prepared in relation to the properties, and submitted false and fraudulent loan applications, appraisals, documentation and other representations to mortgage lenders.
In order to further the conspiracy, Eric Taylor purchased a false Social Security number and false payroll stubs during the summer of 1999 to submit to mortgage lenders to document the false information he planned to submit on loan applications. In July 2000, he allegedly created false payroll stubs and false W-2 forms, falsely showing he was employed by a fictitious company at a fictitious salary. In 2001, Eric Taylor allegedly arranged for and set up a business telephone line at the home of a relative to list on loan application as the telephone number of his employer. When a mortgage lender called the business telephone number, the relative confirmed the information or took a message and notified Eric Taylor.
As a result of this false information used in applications for mortgage loans, between the summer of 1999 and September 23, 2005, mortgage lenders approved 23 fraudulent loans totaling $5,158,368.
Eric Taylor also wrote checks on bank accounts that contained funds obtained by fraud. Under federal law, Schlozman explained, it is illegal to engage in monetary transactions, affecting interstate commerce, in criminally derived property of a value greater than $10,000. Eric Taylor deposited $187,323 obtained by fraud in the course of the mortgage fraud conspiracy into a bank account under his control but in the name of C and K Co. He then wrote an $87,000 check drawn on that account, payable to himself, on May 8, 2002.
Under federal statutes, Doris Taylor could be subject to a sentence of up to 10 years in federal prison without parole, plus a fine up to $250,000 and an order of restitution. Eric Taylor could be subject to a sentence of up to 15 years in federal prison without parole, plus a fine up to $500,000 and an order of restitution.
Thanks,Real estate is often express synonymous with sound mazuma (also called realty), in departure with personal wealth.A piece of land, including the air above it and the ground below it, and any buildings or structures on it. also called realty.Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings.
Failed Mortgage Firm Trustee Allowed $50,000 in Fees Union Leader
U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50,000 in legal fees for the trustee of failed mortgage brokerage businesses Financial Resources Mortgage Inc. and CL&M Inc.
Bend Oregon Event to Help Homeowners Prevent Foreclosures Oregon.Gov
As part of an ongoing effort to help homeowners avoid foreclosure, state agencies are organizing a foreclosure-prevention event in Bend on Saturday, March 27, 2010.
Shelbyville Man Gets 2-Year Sentence For Loan Fraud Chattanoogan.Com
Prosecutor Gary Humble said the lost was approximately $2.3 million in the mortgage fraud involving hundreds of homes in the Shelbyville area.
Lend America, VP Ashley Banned from FHA Housing Wire
Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week.
Countrywide Tries to Pin Blame on Insurer Court House News
Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer's role in the housing bubble and collapse.
Investors Say They Were Swindled in Property Scheme Fox 13 Now
Utah Division of Consumer Protection is joining forces with a few investors who claim they have been cheated by an agency called "Utah Mini Ranches.
Greenfield Man Accused of Housing Scam The Republic
A former real estate agent conned at least eight people by renting them properties actually owned by a federal agency and then running off with their deposits, prosecutors said.
Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire
Citing concerns about increased mortgage fraud, four organizations representing more than 35,000 real estate appraisers today voiced their opposition to changes to an Obama administration program that will encourage "short sales" of homes.
Ownership Rights to Get Another Look TBO.Com
State lawmakers may beef up protections of property owners' rights by rewriting a law this spring that is at the center of a case of alleged fraud in Pasco County.
Thursday, February 18, 2010 F. Jeffrey Miller Trial Continued Testimony
As reported by Anne Mitchell, who viewed the trial:
Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the...
Wednesday, February 10, 2010 F. Jeffrey Miller Trial Coverage Continued - Witness Testimony
Steve Middleton Testimony - Coverage Provided by Anne Mitchell
The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's...
Monday, February 01, 2010 F. Jeffrey Miller Trial Coverage - Continued Witness Examination
According to Anne Mitchell, who is present in court for the trial:
Next Witness: Kelly Sanford
Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in...
Wednesday, January 27, 2010 F. Jeffrey Miller Trial - Prosecution Witnesses Continued
According to Anne Mitchell, who is viewing the trial:
January 13, 2010
Witness: Rick Hayes
Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John...
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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.
Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
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