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His mother is a loan processor there with Fidelity Bank.
His mother is a loan processor at the Prosperity Mortgage Corporation in Virginia Beach.
Ten of his co-conspirators — including a lawyer, an appraiser and a mortgage loan processor — have pleaded guilty.
Employees had a difficult time finding enough loans to make, said Tammy Weakley, who worked as a loan processor in the Pensacola office from 1995 to 1999.
At one point, the Pulte loan processor told Ms. Calderone that questions were arising because of new rules imposed by Fannie Mae and Freddie Mac, the mortgage finance giants.
Mr. Girouard said the company was close to signing an agreement with a student loan processor to act as a backup if Upstart goes out of business and can no longer collect payments.
Similar(46)
At times, prosecutors claim, loan processors crossed a legal line.
Across the country, attorneys general have already begun indicting dozens of loan processors, mortgage brokers and bank officers.
Loan officers received more money for originating higher-risk loans, and loan processors were rewarded for speed and volume, rather than quality, the Senate panel found.
The firm at one point removed trained underwriters from the loan process, opting instead to rely on "unqualified and inexperienced" loan processors.
Lenders are scrutinizing applications more closely, and because of industrywide layoffs, many banks now have fewer loan processors to help vet applicants.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com