Agent fined for role in mortgage fraud

An Andover real estate salesman agreed to give up his license and pay a $75,000 fine after he forged his wife's signature on documents related to eight properties she purchased and planned to flip. Matthew D. Birt and his wife used inflated appraisals and falsified applications to secure loans for as much as $139,000 more than the listing price, according to a consent order signed with the Minnesota Department of Commerce. Sellers either gave the Birts a cash kickback or the money was funneled through limited liability companies, the order said. All eight properties fell into foreclosure at "significant losses to the lenders." In October, Birt's wife, Kristina, was fined $25,000 and lost her real estate sales license for her role. Read the consent order here.