AIME’s Chairman sued for defamation by Quicken Loans EVP’s spouse

By now, many in the mortgage industry have become aware of a defamation civil complaint filed against Anthony Casa, Chairman of the Association of Independent Mortgage Experts (AIME).

HousingWire reported that Theresa Niemiec, wife of Quicken Loans Executive Vice President Austin Niemiec, sued Casa for comments he made about her “in defamatory video clips and text messages” he filmed and sent to her husband and others in the mortgage industry.

Among others, Theresa Niemiec’s complaint is seeking:

The immediate publication of a full retraction by Casa to each of the recipients of the defamatory statements by Casa, where “he personally makes clear that the each of the defamatory statements was false, untrue and fabricated and issuing a full apology to Theresa Niemiec and her husband without sarcasm or ridicule.”

An order of judgment in favor of Theresa Niemiec and against Casa that consists of – A. Special Damages in an amount in excess of $25,000; B. Exemplary damages in an amount in excess of $25,000; C. Interest, costs and attorney fees; D. Such other and further relief as is appropriate.

The case was filed at the Circuit Court for the County of Oakland, under 2020-182256-NO, Plaintiff Theresa Carole Niemiec, Defendant Anthony Casa, Judge Rae Lee Chabot, an eFiling Case.

Casa sent NEXT almost the same statement he sent to HousingWire. The following paragraph was an addition at the bottom of the original wording already published by HousingWire.

“…AIME is an organization that has been and continues to be a big supporter of the Me Too movement. That is proven by the fact that the gender ratio of our organizational leaders is predominantly female. We support equal opportunity employment and we are proud to be an ongoing leader in the mortgage industry in this regard.”

Casa reportedly founded AIME in 2018 “to fill the void of a dedicated trade association for the wholesale broker channel” and regularly posts video presentations.

Over this weekend, however, mortgage banker emails lit up with a story of Casa’s videos and other communications “showing nasty incivility by prominent industry executives,” wrote mortgage industry icon Rob Chrisman in his daily market report. And it is not clear at this time “what, if anything precipitated the exchange.”

“You don’t have to like your competitors, but there is no place in mortgage banking for childish and/or vulgar bullying among competitors, and it certainly does not help our industry,” Chrisman wrote, “Quite the opposite!”

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Reggora offers free fintech guide for lenders

Fast growing appraisal fintech Reggora has launched an A-to-Z best practices guide for lenders contemplating the implementation of new technology through collaborative partnerships with Fintechs.

Reggora’s Mortgage Lenders’ Guide to Working with Fintechs is now available in a PDF brochure format. The guidebook offers tips on the entire fintech evaluation process and is available to download free of charge.

It features commentary and insights from industry leaders, along with summary descriptions of the benefits of working with fintechs, and advice on how to make the process easy to navigate. Furthermore, the guide’s content will be the topic of an upcoming online event.

More specifically, it includes feedback on why it is worth working with fintechs; how to assess business needs; and how to find the right fintech; and how to implement, adopt and evaluate the effectiveness of products/services and return on investment. 

In just a few years, Reggora has grown into an appraisal technology partner for various regional and national mortgage lenders, gaining valuable expertise in dealing with the challenges lenders face “each time they consider teaming up with fintech companies,” the Boston based fintech explained in a company statement.

Reggora works with lenders and appraisal vendors. Its two-sided software streamlines the appraisal process “through advanced and customizable workflows,” according to the company website. Core features include payment processing, algorithmic appraisal ordering, automatic rule-based reviews, appraisal delivery, status updates.

Lenders often grapple with a number of fundamental questions, wondering why to invest in fintechs, how to find the best fit and avoid compliance risks, or how to choose between outsourcing and building out an internal solution. In response, the fintech brought together thought leadership and advice from both the lender and fintech space.

Participating industry experts include NEXT Alumna, Sherry Graziano of Suntrust (now Truist), Kevin Peranio of PRMG, Trip Jendron of Wyndham Capital, Jason Sorochinsky of Digital Federal Credit Union, and Paul Orlando & Christy Soakhamneut of Flagstar Bank.  

Wilshire Quinn provides $4.5M blanket refi loan in Cal

The San Diego based, private mortgage fund of Wilshire Quinn Capital, Inc., Wilshire Quinn Income Fund, has provided a $4,500,000 blanket refinance loan that covers two properties in Hillsborough and Oakland, California.

“As traditional banks fund loans at a sluggish pace, Wilshire Quinn continues to quickly underwrite loan requests in metropolitan areas, as many real estate investors are requiring immediate financing decisions during these volatile economic times,” said Daniel Goldberg, Wilshire’s director of origination.

The first property is a 2,450 square-feet single-family residence located in the affluent Hillsborough neighborhood, on the San Francisco Peninsula, 17 miles south of San Francisco. The second property is a 19,140 square-feet industrial building sitting on a 0.56 acre lot near the Oakland International Airport.

In June, these properties collectively appraised for $7,135,000, giving Wilshire Quinn a total loan-to-value of 63% on the transaction, the company said in a statement.

The hard-money lender typically funds loans in five to seven business days. Wilshire is a California licensed bridge loan lender that originates bridge loans ranging from $200,000 to $20,000,000.

Wilshire works directly with real estate owners and mortgage professionals nationwide, serving “a fairly diverse customer base.” The hard-money lender operates in San Diego, Los Angeles, and San Francisco, but lends on properties located nationwide including Portland and Seattle.

Borrowers range from builders looking for rehab financing, to individuals who are looking to purchase or refinance an investment property. Wilshire provides financing “to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property,” according to the company website. Wilshire Quinn Income Fund, LLC, (managed by Wilshire Quinn Capital, Inc.), makes or arranges loans “only through the Private Placement Memorandum of Wilshire Quinn Income Fund, LLC.’

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