Archives For warehouse lending

Brady Bunte was sentenced to 42 months in prison today, by Chief District Judge Joseph H. McKinley Jr.,   and ordered to pay restitution in the amount of $10,689,587 for devising a scheme to defraud National City Bank of $12,744,678 of money under its control, by submitting fraudulent funding requests for nonexistent mortgage loans.

In 2007 and 2008, Brady Bunte owned and operated Trust One Mortgage, a mortgage lender located in Orange County, California.  Trust One Mortgage funded mortgages by maintaining a warehouse line of credit with various banks, including National City Bank.  National City Bank was a federally insured financial institution.  Its warehouse lending offices were located in Louisville, Kentucky.  Continue Reading…