A federal jury found a defendant guilty of wire fraud, mail fraud and money laundering following a six-day mortgage fraud trial. The object of the scheme was to get cash out of a house beyond its equity while still appearing to be a “rate-and-term” refinancing. A “rate-and-term” refinancing is one that changes only the interest rate and length of the loan but does not result in cash-out to the borrower. It is typically easier to obtain than a cash-out loan. The defendants were able to get large loans because they provided the lender with altered appraisals, inflated by up to $350,000.