First American Title Insurance v. Vision Mortgage Corp.

The opinion of the court was delivered by

LONG, P.J.A.D.

In August, 1989, James Saunders, a realtor, along with Kenneth J. Levenson, an attorney, and Sant P. Chima, the owner of property at 19 West Amherst St. in East Brunswick, masterminded a scheme to defraud the defendant, Vision Mortgage Corporation. They applied to Vision for a loan in the name of Gregory Zarifian to purchase Chima’s house. Zarifian was unaware of the transaction.

As a result of the documents submitted establishing Zarifian’s financial status (tax returns, bank statements, etc.) and an independent appraisal, Vision approved…