“As most people know I have agreed to shut down Eagle First Mortgage. The Department of Financial Institutions was gracious in allowing loans not yet closed to continue closing so as to not hurt the borrowers. We will be officially closed on March 14, 2007. I want to thank the thousands of clients that have done business with Eagle First Mortgage over the years.
Sincerely, David Sanchez, CEO Eagle First Mortgage”
Sanchez started Eagle First in 2003, quickly growing the company to 75 offices.
The company franchised itself out to the point that “there was no control over the branches,” said Felecia Rotellini, superintendent of the state financial institutions department. “That’s a recipe for loan officers being tempted to engage in mortgage fraud,” she said. Regulators described more than 100 illegal money transactions, loan activities and hiring practices. See full article at Eagle First.
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