Mortgage Broker Vancouver – An unregistered “shadow” loan broker who paid millions of dollars said he fulfilled his needs loaded news
A so-called “shady” mortgage broker responsible for obtaining more than half a billion dollars in home financing with altered tax and bank documents, he says people with his skills are always in demand.
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Jay Chaudhary is facing a public inquiry into money laundering in British Columbia. He admitted to altering documents to help hundreds of customers get loans they wouldn’t normally qualify for. (Cullen Commission)
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An unregistered “shadow” broker responsible for obtaining more than half a billion dollars in home financing with altered tax and bank documents, he says there will always be a demand for his services.
Jay Kant Chaudhary, who was ordered by authorities to cease and desist from his unregistered activities in 2019, testified Wednesday at a public inquiry into money laundering in British Columbia.
He was estimated to have earned $6 million in 900 deals with registered mortgage brokers in the decade before regulators raided his office in 2018.
Speaking before coroner Austin Cullen, Chaudhary described his role as “moral” in helping people with mortgages – if not the documentation – avoid the dangerous world of private lenders.
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He said none of his clients defaulted, none of the banks that gave him money were injured, and the growing B.C. It means the real estate market has always been busy.
“I don’t think it’s really preventable. Because there’s always individuals like us and what we’ve done and the demand itself. The demand comes from the borrowers themselves. The demand comes from people who want houses and don’t want. fit the traditional guidelines.”
During the hearing, Chaudhary’s lawyer, who was called by the commission, confirmed that his client was being investigated by the Canada Revenue Agency.
BC’s acting registrar of mortgage brokers has issued a cease-and-desist order against Jay Kant Chaudhary, pictured, acting as a ‘shadow broker’ in more than half a billion dollars worth of questionable filings. (Bellux Photography)
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Chaudhary worked as an accountant and was licensed as a real estate agent in January 2007 before registering as a mortgage broker.
His registration was suspended in October 2008 after a colleague reported that he was arranging financing with altered documents. Chaudhary never applied for reinstatement.
Word of mouth grew when he was a broker, he told commission counsel Eileen Patel, and he was regularly able to offer mortgages to people who weren’t qualified.
He said he received referrals from real estate agents and developers, and real estate agents paid a quarter of what the banks paid in commissions of about one percent.
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“It’s not difficult: if someone has basic knowledge about the software, they can modify it,” he said.
In the year After his mortgage broker’s license expired in 2008 after he was suspended, Chaudhary said he returned to accounting for about six months but found himself struggling.
“Then the calls started coming in to see if I could help people get loans,” he said.
“So I decided to get back into this business, but this time I used the help of other mortgage brokers to send my applications.”
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Commissioner Eileen Patel asked Jay Kant Chaudhary about the money laundering public inquiry of Commissioner Austin Cullen. (Cullen Commission)
Over the next 10 years, Chaudhary said he used the services of four registered mortgage brokers to deliver deals he secured from a network of about 20 real estate agents who referred clients to him.
“The first mortgage broker I approached, I laid out my plan, I had many clients and I wanted them to lend to my clients and I laid out a plan that I wanted to do that and when he was there, he was interested,” , said Chaudhary.
“He said he wanted to do it with me, I told him the risk of injury and he is still willing to continue.”
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Chaudhary is a good deal for brokers as it handles all the documents and they only need to submit the completed application.
He said the brokers took 25 percent of the commission they received from the bank and paid it in cash. He also charged his customers a percentage of the deposit.
Jai Kant Chaudhary admitted to altering documents to help his clients get loans from banks. He said the software is not difficult for anyone who knows how to use it. ()
He said he believed the people he worked with knew what he was doing. And arranged personal loans for some properties.
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The mortgage brokers he worked with have all been banned, but Chaudhary says many of the real estate agents who introduced clients are still in business.
Using the example of a self-employed plumber, Chaudhary says many people earn more than their tax records show.
Patel read the document in the previous file, citing a criminal investigation into a real estate agent used by a “straw buyer” to buy a house and a reference to the employment of what appeared to be a fake record company.
Chaudhary’s wife, a former real estate agent who now runs a catering company, was barred from becoming a mortgage broker or mortgage broker last October for her role in facilitating her husband’s activities.
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Chaudhary does not seem surprised that he has been able to operate as long as he has.
“The way I set it up, it looks like the system works pretty well for the most part. Everybody wins and I get paid a little bit,” he said.
“I guess that’s why there were no complaints. If everyone won and no one got hurt, there was no reason to complain about me.”
Jason Proctor is a reporter for the British Columbia News in B.C. The courts and the justice system more broadly. Mortgage brokers are free, trained professionals licensed to represent you and provide the best advice for your mortgage needs!
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