Who doesn’t like a good BRAWL?
50 2 1 1 1 1
So who doesn’t like a good BRAWL?
Brokers Rallying Against Whole-Tail Lenders (BRAWL) is a network of independent mortgage brokers who have joined together against unethical practices by wholesale lenders.
The group has created the term “Whole-tail”, a combination of wholesale and retail for those lenders who close both wholesale and retail mortgages. The group claims that some bad wholesale lenders are using the brokers to obtain client information to solicit clients directly through the lenders own retail divisions and affiliates.
“Mortgage brokers are beyond tired of various wholesale lenders acting like they’re on our team, when they’re actually just leveraging our relationships to steal our clients for their own retail divisions,” said Anthony Casa, President of Garden State Home Loans and a founding member of B.R.A.W.L. “Mortgage broker shops come in all different sizes, and many rely on the technology and resources of wholesale lenders to keep their businesses operational, let alone competitive.”
Does this not resonate with appraisers; more specifically, the AMC staff appraiser competing directly with local independent appraisers?
Like appraisers, mortgage brokers took a lot of heat for the financial crisis and many brokerage offices closed. Mortgage brokers are now making a comeback, just like small appraisal firms are starting to reappear. State Appraisal Coalitions are gaining momentum and the Network (NSAO) has made great leaps towards a more level playing field.
To be honest…..
There are bad players in every industry and every position.
Patrick Lee, a dual citizen of the US and Ireland was extradited from Ireland to the US for arraignment in Boston on 51 counts of mortgage fraud. This includes 29 counts of wire fraud, 6 counts of unlawful monetary transactions and 16 counts of aggravated identity theft for his participation in a mortgage fraud scheme.
Mr. Lee is accused of stealing an appraiser’s identity and license to produce fraudulent appraisals in his scheme.
We all know appraisers should never include E&O in your reports, but what about a copy of our license? Does this make it easier for our identity to be stolen?
Read the complete details of the case on HousingWire.
Thank you for supporting VaCAP!