Talk about timing: Mortgage mogul Glenn Stearns is set to star in a reality TV show about fast-and-furious entrepreneurship less than a month after the mortgage company he founded, Stearns Lending LLC, filed for bankruptcy.

  • In “Undercover Billionaire,” Stearns is sent to Erie, Pennsylvania with just $100 and 90 days to create a venture worth $1 million. The rules called for him to do it without using his real name or access to his real-life connections, according to a statement from the Discovery Channel.
  • Top performing employees will earn a stake in the company and “a key role in running...