California Real Estate Fraud Report

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15
Nov

Loan Tech Agrees to Settle Case by U.S. Attorney’s Office

Loan Tech Inc. and its president, Emily Kay-Eddie, have agreed to pay $75,000 to settle an investigation into the firm’s business practices.

The Office of U.S. Attorney Benjamin B. Wagner was seeking both damages and civil penalties against both for losses incurred by the Federal Housing Administration (FHA) for submitting loan applications that contained false information in 2008 and 2009. The prospective borrowers, who were not aware their applications had been altered, who not have received the FHA-insured loans if only the truthful documents had been submitted.

Kaye-Eddie and Loan Tech, which is now defunct, also agreed to a 10-year ban from participating in FHA or HUD originated loans. For the record, both denied liability.

Read the original article in the Sacramento Bee.

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