A new movement among mortgage brokers, BRAWL, Brokers Rallying Against Whole-tail Lending, is now petitioning for the National Association of Mortgage Brokers’ president to step down or be fired.
The group of mortgage brokers recently decided to stand up against the way things have always been in wholesale lending, thus creating BRAWL.
The group's basic premise is that some wholesale lenders steal clients from brokers by cross selling to borrowers through their own retail channel and are therefore unsafe, while others are “good” lenders that avoid these practices.
But lenders on the “bad” list stepped up to defend themselves. Quicken Loans insisted BRAWL’s entire premise is misguided, and there are no “good” and “bad” lenders, while loanDepot explained that it does, in fact, exclude wholesale loans from its company retention efforts. What’s more, the company said it even notifies the broker when a payoff notification is received.
Now, BRAWL started a petition against NAMB President John Stevens, calling for him to resign or be fired.
The petition claims, in part, “John Stevens is the Vice President of National Retail Business Development for PRMG, a large mortgage banker. The primary objective of his position is to recruit retail branches. Of course, he does not support brokers! He is focused on growing retail.”
The petition currently has 535 signatures, with an ultimate goal of 1,000 signatures.
HousingWire reached out to NAMB to ask its opinion on the matter, but the organization refused to comment.