Timmonsville Loan Originator Guilty of Falsifying Loan Application

FLORENCE, SC—United States Attorney Bill Nettles stated that Nancy Peterson Kennedy, of Timmonsville, was convicted today in federal court in Florence on one count of falsifying loan applications, violations of Title 18, United States Code, Section 1014; and 18 United States Code, Section 2. United States District Judge R. Bryan Harwell presided over the three-day trial and will impose her sentence at a later date.

The charge involved the sale of real estate. Evidence presented at the trial established that Nancy Peterson Kennedy knowingly inflated the dollar amount presented on the borrower’s Uniform Residential Loan Application. She did this for the borrower to be able to qualify for a mortgage loan. Ms. Kennedy also prepared an appraisal for the property that was to be financed. The appraisal included pictures of a home that was allegedly on the property. These pictures were actually of homes located elsewhere. The property that was financed by the lender was actually a vacant lot. Ms. Kennedy sent the falsified loan application and appraisal to the lender, who financed the loan. Evidence revealed that Ms. Kennedy had done this on several other occasions.

Mr. Nettles stated the maximum penalty Nancy Peterson Kennedy can receive is a fine of $1,000,000 and/or imprisonment for 30 years.

The case was investigated by agents of the Federal Bureau of Investigation. Assistant United States Attorney John C. Potterfield of the Columbia Office prosecuted the case.