Fannie REO Specialist Faces Kickback Allegations
A former Fannie Mae sales associate faces charges for allegedly providing listings from Fannie’s REO inventory to a real estate broker in exchange for kickbacks.
In Armando Granillo’s job as a former REO specialist for Fannie Mae, he would review applications submitted by real estate brokers who wanted to list properties that had been foreclosed on by Fannie Mae.
But a Tucson-based real estate broker contacted federal agents, alleging that Granillo had told the broker that he’d supply listings in exchange for paying him a percentage of the commissions — about 20 percent — on what was earned in selling the Fannie Mae properties.
The broker alerted federal law enforcement officials. Granillo allegedly told the broker, in a recorded conversation by investigators, that kickbacks are a “natural part of the business.”
Granillo was arrested March 5 and faces three counts of wire fraud. He could face up to 20 years in federal prison for each count of wire fraud.