SEATTLE (AP) — The U.S. Attorney's office in Seattle says a former loan officer at Pierce Commercial Bank was sentenced to 10 years in prison for mortgage fraud on Monday.
U.S. Attorney Jenny Durkan says Shawn Portmann pleaded guilty last September to conspiracy to making false statements in loan applications, making false statements to the U.S. Department of Housing and Urban Development and other counts.
Prosecutors say that between 2004 and 2008, Portmann falsified information about the borrowers' qualifications as well as their intention to reside in the homes being financed, among other actions. Authorities say Portmann closed at least 300 loans with false information. More than half of this sample of loans have defaulted, resulting an estimated loss of more than $10 million to Pierce Commercial Bank.