A mortgage banker out of Pennsylvania has lost its approval to originate government-insured loans because it submitted false financial statements.

Seckel Capital LLC, which maintains its headquarters in Newtown, Pennsylvania, was opened in 2008 by John Seckel, its owner and president.

Seckel, who spent four years at Wachovia Bank, N.A., before opening the firm, has grown the company to more than 75 employees, according to his LinkedIn profile.

Source: Mortgage Daily