A former Queensland mortgage broker has admitted to eight charges of home loan fraud.
Emma Feduniw, also known as Emma Khalil, a former mortgage broker with AHL Investments, trading as Aussie, has admitted through her solicitor to eight charges brought by ASIC.
The charges related to the falsification of employment documents to secure approvals for home loans, submitted to Westpac.
ASIC's investigation found that between March 2013 and February 2014, Feduniw submitted eight loan applications, totalling $2,720,400, containing false borrower employment letters. Of the eight loan applications, five were approved and disbursed, totalling $1,608,400. Feduniw received commission on those five loans of $6,847.53.
The eight loan applications ranged in value from $250,000 to $480,000.
Feduniw appeared before Beenleigh's Magistrates Court and through her solicitor admitted to providing documents knowing they were false or misleading.
“The credit laws are designed to ensure borrowers do not take out loans they cannot afford. Actions by mortgage brokers to circumvent the laws, for their own financial benefit, erode trust and confidence in the mortgage broking industry and will not be tolerated,” ASIC deputy chairman Peter Kell said.
Feduniw will next appear in court on 3 June 2016 for sentencing.