The former head of the Iowa Association of Mortgage Brokers has been convicted in a multi-million dollar mortgage fraud case.

A federal jury has found 42 year-old Paul Kramer of Granger guilty of 18 counts of wire fraud and bank fraud.

The Kramer Mortgage Company and Iowa Closing and Escrow owner and 38 year-old Lane Anderson of Altoona were both convicted in connect with the case Wednesday.

According to authorities, Kramer and Anderson worked together to obtain nearly $1.5 million in mortgage loans by using a fake name of a contractor who did not actually qualify for the loans.  The actions of the pair resulted in at least five families being put in jeopardy of foreclosure.

Each of the 18 counts of wire fraud and bank fraud carries a maximum penalty of 30 years in prison and a fine of up to $1 million.

Sentencing is tentatively set for March.