Who doesn’t like a good BRAWL?

BRAWL - Who doesn't like a good BRAWL ?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.

For more information on BRAWL, check out these articles: PRNews, and HousingWire

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.

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VaCAP Board
Image credit flickr - NAPARAZZI
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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4 Responses

  1. Baggins Baggins says:

    What came to mind for me; That’s what amc’s did when they required lender references during the sign up process. Nobody saw it coming and by the time they did it was too late. What the mortgage industry failed to recognize was that after they cast away the appraisers, there might be nobody left to stand up for them. The petition appears to be from Ryan McKenna, Garden State Home Loans. I may be wrong, just 2 minutes of research there. Do they use amc’s? If they do…  I think all originators need some sort of detailed specific XML coding approach to keep them in better alignment with each other, and all applications should be held in a CU 2.0 system designed specifically for originators. Per the ireland guy, honestly the wire fraud sounds easier than squeezing C&R from amc’s… Some forms of theft are legal, others are not.

  2. Baggins Baggins says:

    Hey, in the interest of a good old fashioned brawl, pick your poison and be my guest.

    Lender Loan Detail 2017

    If you’ve ever bought a leads list, go ahead and kick yourself right now.

  3. Great article but not new.

    The same pondscum that try to coerce appraisers and that wont pay fair fees should not surprise anyone to learn they also cheat their own commission loan brokers. The reason this probably hasn’t gotten more play in the past is that loan brokers have themselves always poached their competitors deals whenever possible.

    The effort to curb this and hopefully also curb poaching competitors clients is one we should all support. Good luck to them!

  4. Pierce G Blitch III on Facebook Pierce G Blitch III on Facebook says:

    Speaking of Brawls, Jonathan Miller’s Housing Notes this week has a good piece on the Brawl between the Appraisal Institute and The Appraisal Foundation. http://www.millersamuel.com/note/november-17-2017/


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Who doesn’t like a good BRAWL?

by VaCAP Board time to read: 1 min