In an article published by Origination News, Mitch Freifeild, president of Global Net Branch Solutions, admits to having a criminal background that involved charges for passing bad checks and credit card fraud. Freifeld also admitted to having been addicted to prescription drugs.
Although I find it admirable for him to come clean with his criminal past, I can’t help wonder about its timing. Freifeld and Ron Litt of Advantage Credit launched the Coalition Against Broker Fraud during the NAMB convention in Philadelphia last week.
STUART, FL - The National Community Reinvestment Coalition (NCRC) filed a civil rights complaint with the United States Department of Housing and Urban Development (HUD) against Allied Home Mortgage Capital Corporation, the nation’s largest privately held mortgage broker/banker.
The complaint states that several Allied branches quoted less favorable rates and fees to minorities, displayed disrespect, and made racists comments to African Americans.
NCRC conducted the first-ever Broker Fair Lending Audit where mystery shoppers "tested" over 100 mortgage brokers from February 2005 to June 2006 in Atlanta, Georgia; Baltimore, Maryland; Chicago, Illinois; Los Angeles California; St. Louis, Missouri and the Washington, D.C., metro areas.
NCRC’s complaint alleges that Allied and it’s brokers engaged in racially discriminatory lending practices against African Americans and inhabitants of African-American communities by 1) Quoting different interest rates & fees on the basis of race; 2) Steering African American Consumers to more expensive non-prime products; 3) Not treating African-American applicants for mortgages as seriously as their white counterparts, despite their being more qualified; 4) Providing African-Americans with substandard & discourteous treatment; 5) Limiting access to credit on the basis of race; 6) Differential treatment on the basis of race in representing policies & practices; and 7) making inappropriate comments regarding the characteristics of communities.
Hilary Shelton, director of the NAACP Washington Bureau, called upon HUD to investigate the audit results.
I am writing a small article on Amstar and their alleged problems with their banking division. They have not responded to my request for their comments on the topic so if anyone has relevant information please send me an e-mail in confidence.
So far there are unconfirmed rumors that they have lost their warehouse lines because of fraudulant loans.
I got this e-mail today and after reading it realized that the most important part had been left out. How much do they pad their rates in order to offer you true 100% comission? My guess is 250 bps. I know, I know, it is a small detail and they don’t like to sell price. Right.
ATTENTION: Branch Managers, Loan Officers
Are you tired of paying hundreds,
even thousands of dollars for every loan you close?
DO WHAT YOU DO BEST & MAKE THE MOST FOR YOURSELF
Are you ready to manage your own branch?
We make it easy!
As one of the largest mortgage lenders in the United States, Freedom Mortgage has a unique opportunity for experienced managers and loan officers that are looking for the financial and professional benefits that come with managing a successful branch.
Our training and support makes setting up and running your own branch simple and profitable. Our system allows you to do what you do best - originate loans, while allowing us to handle the operational headaches for you.
If you are originating just 3 loans per month, you could be ready to become a Freedom Branch Partner. Stop thinking about the next step in your career and get more information by clicking here. If not now - When?
- NO PER LOAN TRANSACTION FEE
- LEND IN 50 STATES
- TRUE 100% COMMISSIONS
- YOU KEEP THE ENTIRE YIELD SPREAD
- FREE LEAD PROGRAM (fresh mini 1003’s)
- MORTGAGE BANKER / BROKER
- HUGE LENDER LIST
- YIELD SPREAD IS YOUR SECRET
- MEDICAL, DENTAL, VISION BENEFIT PROGRAM
- SELLING SMARTER SALES TRAINING
- ENCOMPASS LOS SYSTEM
I can’t wait to sign up.
