Miami loan officer Alejandro "Alex" Curbelo is facing more than four years in prison for his role in a mortgage fraud scheme, according to the United States Attorney for the Southern District of Florida.
After he's released from prison, he's facing three years of supervised release and will have to pay $9.2 million in restitution to the Department of Housing and Urban Development. Curbelo pleaded guilty to one count of conspiracy to commit wire fraud.
Court records say while serving as a loan officer for Great Country Mortgage Bankers, he assisted in the financing and sale of two condo units that the borrowers were not qualified to buy due to their insufficient income and high debt levels.
The U.S. attorneys office said, "Curbelo and others offered the borrowers cash back after closing as an incentive for them to purchase the units. These payments were not disclosed properly during the loan application process. According to court documents, the closing costs were paid on behalf of the borrowers by interstate wire. After the loans closed, the unqualified borrowers failed to meet their monthly mortgage obligations and defaulted on their loans."