FBI agents spent about three-and-a-half hours inside a Port Orange storage facility Thursday, trying to figure out how a group obtained tens of millions of dollars through the mortgage process.

The raid was conducted at the home of Waverly Media, LLC, which is on Dairy Court, just off Spruce Creek Road.

We're told it's part of a nearly three-year investigation conducted by a Mortgage Fraud Task Force, made up of the FBI, Daytona Beach Shores Police Department and Florida Division of Financial Services.

Agents were looking for paperwork and computers as part of this investigation.

Typically, how this works is there's someone working from the inside of a real estate transaction, either an attorney or a closing agent. They'll add in extra money into a mortgage application on the seller's end and walk away with the extra cash. They can even do this with the same property over and over again before just walking away from it, leaving it in foreclosure -- which could take years.

Agents say actions like this makes it that much more difficult for honest homebuyers to get the loans they need for legitimate purchases.

These properties were located in Volusia County, as well as Pinellas, Pasco and Orange Counties. We're told they were extremely high-end properties.

No arrests have been made. The warrant used to conduct this raid has been sealed.

Agents on the scene say this case may have grown out of a federal investigation into South Daytona's former mayor and special magistrate, and their role in a condominium complex in that city.

Ronald Clifton and Jerome Mitchell both pleaded guilty to bribery.

Clifton also pleaded guilty to making false statements to the FBI.