Three real estate industry professionals were sentenced for engaging in schemes to defraud two banks. The schemes are said to involve properties valued at more than $35.5 million. One defendent received 72 months in prison and was ordered to pay $2.8 million in damages while the other two were given 42 months in prison and ordered to pay $2.5 million. The mortgage broker who misrepresented material facts about borrowers’ income and assets, the potential rental income and accurate appraisals of properties. She falsified borrowers’ tax returns and documents relating to the true source and amount of the downpayments being made by borrowers and forged borrowers’ signatures on loan documents.The loan officer was working in conjunction with broker to approve mortgage loans for borrowers who did not meet the criteria for income, assets and credit scores, in return for bribes and kickbacks. As a result, the pair caused the approval of loans totaling more than $30 million.