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QuoteMeARate.com, a Houston-based net branch operator, has closed its doors amid allegations of loan fraud, Origination News has learned.
Net branch operators who worked for the company at press time had set up a website to catalogue their complaints, claiming to be owed thousands of dollars each.
Close to 600 loan officers were believed to be registered with the company, which also had a correspondent division.
At press time, company president Richard Barroso could not be reached for comment.
In a letter sent to employees and net branch operators on March 28, he blamed QMAR's problems on declining loan volumes and the cost of defending the company in a lawsuit.
In the letter he...