The fake reports enabled the customers to obtain millions of dollars worth of home loans.
Mortgage fraud has been blamed for triggering much of the nation's ongoing mortgage crisis, which has put thousands of homes into foreclosure.
The criminal case involved homes purchased in Kansas and California.
Prosecutors say the two suspects built fake credit histories so they could make money rather than getting their clients loans.
Prosecutors said the suspects used phony social security numbers, and reported false bank accounts and payment information to the credit bureaus that looked real.