 He continued to claim the same income on loan applications completed after he had quit his job.Serin stated that several of the properties were purchased with owner-occupied loans; these generally provide more favorable terms than loans for investment properties.A "Voice of San Diego" article suggests that Serin's initial loans may not have appeared in credit reports pulled for subsequent loans because he purchased properties in several states over a relatively brief period, so that "the banks couldn't trace the pending loan documents to check up on his story."