Experience
Jim Larson has more than 24 years mortgage experience including designing fraud prevention systems implemented by mortgage banking companies and more recently serving as a consultant, expert witness and grand jury witness for various U.S. Attorney Offices and banks. Having reviewed over 7,000 residential loan files consisting of conforming, sub-prime, jumbo and Alt A products, Jim brings a unique ability to quickly analyze complex cases and make them understandable to bankers, law enforcement and jury members.
Certified a mortgage industry expert witness by the Federal Courts, Jim Larson has testified in such cases as the Michael Lock trial in the Eastern District of Wisconsin as well as multiple cases in Iowa and the Western District of Wisconsin and consulted on cases resulting in multiple convictions including Thomas Younk and Lock.
In an appearance on episode 61 of CNBC’s ‘American Greed’ titled “Pimp, Preacher, Profiteer”, Jim is identified as an expert as he explains his role in the mortgage fraud investigation and conviction of Michael Lock. The Lock case is identified by law enforcement as the second largest crime case in Milwaukee History.
Expert Witness and consulting cases include civil and criminal complaints involving fraud schemes, wire fraud, broker misrepresentation of facts, falsified loan documents, appraisal fraud and property flips and predatory lending. Jim has significant experience working with U.S. Attorney offices, FBI, IRS, local police and District Attorney’s including serving on the United States Justice Departments Mortgage Fraud Task Force.
Loss Mitigation Services/LMS of Wauwatosa
October, 2008- Present
Loss Mitigation Services specializes in analyzing fraud in the financial industry serving banks, attorneys and government agencies. Performing forensic analysis to assess fraud including appraisal fraud, occupancy fraud, documentation fraud and warehouse line fraud enables Loss Mitigation Services to aid law enforcement and corporate security personnel in investigating and preventing fraud in an efficient manner. As Business consultants Loss Mitigation Services helps clients mitigate potential REO losses by identifying fraud and fraud schemes. We then develop a strategy to mitigate losses and design processes to prevent further potential losses.
Recent cases involve work with U.S Attorney offices in the Eastern District of Wisconsin, Iowa and the Western District of Wisconsin as well as multiple civil cases.
BWM Mortgage, LLC
November 1995 to October 2008
First Union Home Equity Bank (n.k.a Wells Fargo) Branch Manager
June 1991 to October 1995
Norwest Financial (n.k.a Wells Fargo) Branch Manager
November 1987 to June 1991
Jim Larson has more than 24 years mortgage experience including designing fraud prevention systems implemented by mortgage banking companies and more recently serving as a consultant, expert witness and grand jury witness for various U.S. Attorney Offices and banks. Having reviewed over 7,000 residential loan files consisting of conforming, sub-prime, jumbo and Alt A products, Jim brings a unique ability to quickly analyze complex cases and make them understandable to bankers, law enforcement and jury members.
Certified a mortgage industry expert witness by the Federal Courts, Jim Larson has testified in such cases as the Michael Lock trial in the Eastern District of Wisconsin as well as multiple cases in Iowa and the Western District of Wisconsin and consulted on cases resulting in multiple convictions including Thomas Younk and Lock.
In an appearance on episode 61 of CNBC’s ‘American Greed’ titled “Pimp, Preacher, Profiteer”, Jim is identified as an expert as he explains his role in the mortgage fraud investigation and conviction of Michael Lock. The Lock case is identified by law enforcement as the second largest crime case in Milwaukee History.
Expert Witness and consulting cases include civil and criminal complaints involving fraud schemes, wire fraud, broker misrepresentation of facts, falsified loan documents, appraisal fraud and property flips and predatory lending. Jim has significant experience working with U.S. Attorney offices, FBI, IRS, local police and District Attorney’s including serving on the United States Justice Departments Mortgage Fraud Task Force.
Loss Mitigation Services/LMS of Wauwatosa
October, 2008- Present
Loss Mitigation Services specializes in analyzing fraud in the financial industry serving banks, attorneys and government agencies. Performing forensic analysis to assess fraud including appraisal fraud, occupancy fraud, documentation fraud and warehouse line fraud enables Loss Mitigation Services to aid law enforcement and corporate security personnel in investigating and preventing fraud in an efficient manner. As Business consultants Loss Mitigation Services helps clients mitigate potential REO losses by identifying fraud and fraud schemes. We then develop a strategy to mitigate losses and design processes to prevent further potential losses.
Recent cases involve work with U.S Attorney offices in the Eastern District of Wisconsin, Iowa and the Western District of Wisconsin as well as multiple civil cases.
BWM Mortgage, LLC
November 1995 to October 2008
- Designed quality review system to prevent fraud including systems for appraisal, document and broker review. Implemented and worked within system resulting in the detection and prevention of fraud including appraisal fraud, occupancy fraud and document fraud.
- Accountable for quality loans being sold to all investors. Loan types include Conforming, Sub-Prime and Alt A.
- Established warehouse line of credit for BWM Mortgage, LLC in order to fund loans prior to sale. This included creating procedures and following bank guidelines necessary to access the warehouse line.
- Researched various state and federal licensing and mortgage banking laws in order to obtain the proper licenses and create procedures, which included providing the proper corporate documentation to comply with state mortgage and federal banking laws.
- Responsible for setting up application software, documentation preparation system, loan tracking system and the hardware necessary to operate a mortgage banking company. Developed procedure to take loans from application to submission to document preparation to sale.
First Union Home Equity Bank (n.k.a Wells Fargo) Branch Manager
June 1991 to October 1995
- Managed staff of employees in a branch designed to produce loans and generate both interest and fee income.
- Accountable for underwriting loans submitted by brokers to ensure loan quality. Experienced at grading loan quality A through D in the sub-prime market.
- Responsible for collecting delinquent accounts, initiating foreclosures and managing REO’s to sale. Accountable for determining value of REO’s and mitigate losses.
Norwest Financial (n.k.a Wells Fargo) Branch Manager
November 1987 to June 1991
- Responsible for opening new branch for company expanding in the Milwaukee area.
- Accountable for credit quality in the branch including both mortgage loans and sales finance purchases.
- Marketed sales finance products by calling on appliance and furniture stores. Developed relationships to enable company to make bulk purchases.
Memberships and Community
Services
- Director Education Foundation of Wauwatosa (1999-2009) President 2005-2008
- Member and Treasurer of Wauwatosa School Board of Education (1992-1995)
B.A. Ripon College 1982-1986
- Degree in Economics