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BY MIKE BOYER ENQUIRER STAFF WRITER

Two loan processors have agreed to plead guilty to fraud and other charges in the federal probe into mortgage fraud involving low-priced local homes.

Ike Bronson, a former loan processor at Seven Hills Financial mortgage brokerage, has agreed to plead guilty to charges of bank fraud, conspiracy and filing a false tax return, in documents filed in U.S. District Court in Cincinnati.

Bryan Young, another loan processor, has agreed to plead guilty to bank fraud and conspiracy charges, according to court papers.

More than three dozen people have entered guilty pleas in the probe into the sale of more than $50 million in area real estate.

Bronson originated loans and recruited buyers for a number of properties sold at artificially inflated prices, according to investigators. He also was aware false information was submitted on mortgage loan applications.

Investigators said Bronson caused losses of more than $728,000 to financial institutions and failed to report $131,217 in income as result of payoffs from fraudulent loan proceeds.
Young processed 15 to 20 loans that included false documents causing real or intended losses exceeding $255,000 for financial institutions, investigators said.

Both men waived a grand jury indictment and will appear in U.S. District Court on Jan. 12 to formally enter their pleas.

Separately, Erica Crum, a loan officer for two different mortgage companies, was sentenced last week in U.S. District Court to 37 months in prison and was fined $15,000, after admitting charges of conspiracy, bank fraud and money laundering.

She also was ordered not to seek employment in the mortgage industry and to pay restitution to be determined later.

Crum, who worked at Airline Union's Mortgage Co., in Springdale, until April 2002 and out of her home from then until May 2003 for Loan Star Mortgage, misrepresented to lenders the source of down payments purportedly made by borrowers, according to court papers.

She also engaged in at least 25 money-laundering transactions involving $393,626, investigators said.

E-mail mboyer@enquirer.com

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