Thank you for the clarification. Is this person (MIKE) a licensed mortgage professional?
"Elements of Loan Fraud Loan fraud involves making false representations in order to obtain a loan of a larger amount of money than the borrower is entitled to under the lender's guidelines.
The primary elements of loan fraud are:
1. an intentional misrepresentation of fact
2. to a lender, mortgage broker, other loan originator, underwriter, governmental agency, or any person or agency serving a lender, underwriter or government guarantor
3. for the purpose of obtaining more money than the borrower could otherwise obtain
with the expectation that the mortgage broker, originator, lender, government agency or underwriter will rely on the false information.
In almost every loan fraud, false documents are created and supplied to lenders, closing attorneys, real estate agents, and others involved in the transaction. The loan-to-value ratio is a factor in virtually every loan fraud case, with the borrower attempting to manipulate the ratio to obtain more money than for which he or she would otherwise qualify." http://www.ncrec.gov/Pdfs/bicar/LendingLawsandLoanFraud.pdf
Depending on whether this person is licensed or working in the industry determines if this is predatory lending under the act.
That being said, if he does not meet the requirements of lender under the act we may have an action against him under other grounds.
The site should prompt you for a phone call.