Marcus Copeland, 44, lied about the profits of his business and made inflated claims about his clients' wages in mortgage applications.
Copeland, from Denganwy, Conwy, has admitted fraud and deception charges.
A judge told him at Caernarfon Crown Court on Wednesday "imprisonment remains an option" before adjourning his case.
The defendant ran Copeland Mortgage Services in Prestatyn, Denbighshire, and was named Best Mortgage Broker in the Midlands and Wales, at the Pink Home Services Awards Night in 2007.
During the hearing he admitted a count of fraud by way of a false representation made to bank Abbey National in March 2007.
The court heard he had said the net profit of his business was higher than it was in reality.
Copeland, previously of St Asaph, Denbighshire has already pleaded guilty to another fraud charge and five deception offences.
The deception offences took place in 2006 and involved £686,000, the court heard.
Defence counsel, Jonathan Austin, said they involved applications for mortgages on behalf of clients he had advised as a broker.
Mr Austin said: "All these mortgages, I am instructed, proved to be affordable. The obligations were met."
Judge Gregory Bull QC bailed Copeland so that pre-sentence and medical reports could be prepared before he is brought back to court to be sentenced.
He warned him: "You are not to read anything into the likely sentence. Imprisonment remains an option."
An award-winning mortgage broker who cheated lenders out of almost £700,000 has been told he could face jail.