A mortgage-backed securities dealer at Bayview Financial nearly got the Coral Gables, Fla.-based mortgage firm in trouble with regulators for altering borrowers' credit scores on securitized home loans. The SEC investigated Bayview last year after an annual company audit uncovered the scheme, but closed their investigation in March without filing any enforcement action. The salesman, who boosted the credit data to increase his commissions when the loans were sold, was fired.
June 13, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A mortgage-backed securities dealer at Bayview Financial nearly got the Coral Gables, Fla.-based mortgage firm in trouble with regulators for altering borrowers’ credit scores on securitized home loans.
The Securities and Exchange Commission investigated Bayview last year after an annual company audit uncovered the scheme.
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