Randall Smith - USAMP - U.S. Association Of Mortgage Processors - MBX - Western Mortgage Group of Texas illegally holding CA Broker's funds! Ripoff Houston Texas

This report involves Randall Smith of Houston, Texas, Mortgage Broker License#23790, the Director of USAMP (U.S. Association of Mortgage Processors) (800)313-0817, MBX (Mortgage Broker Exchange) (same contact number) and President of Western Mortgage Group (800) 958-3797 - all located at 11200 Westheimer, Suite 900, Houston, TX. 77042. Summary: Randall Smith/USAMP/MBX is illegally holding and refuses to send our Broker's funds for a loan of ours that closed January 26, 2006, and it is almost March.


STORY:
Our California Brokerage had a real estate loan close on January 26, 2006. The loan was processed and closed with New York Broker, Aspen Funding LLC and NY Banking attorney. The reason we were able to do an out-of-state loan is because of USAMP (U.S. Association of Mortgage Processors)- www.usamp.org, which is also MBX (Mortgage Broker Exchange. Aspen Funding LLC, by contract with USAMP/MBX, had the right to hold the funds for 10 days. Despite Aspen Funding LLC telling our Broker "he was sending the funds" every time our Broker inquired, Aspen Funding LLC held onto the funds every bit of the ten days - even breached the contract with USAMP/MBX by holding the funds several days extra - and finally sent our funds (after our Broker called USAMP/MBX to intervene) to USAMP/MBX on February 13, 2006.

While we were communicating with USAMP/MBX, they promised to "not hold our funds" and forward them to us the moment they "get them in hand". However.....

Since Aspen Funding LLC sent them our funds, USAMP/MBX has been difficult with us and REFUSES to wire the funds to us. Despite our efforts, they now refuse to communicate with us and are not responding back to any of our emails/voicemails. They are wrongfully holding our money. They terminated our Broker's contract with them, which disables him from being able to log on to their website - all because Randall Smith claims we were "harassing" him by "repeated" emails and calls. This is not true. When they told us they were wiring over our money, we let things rest. But after a WEEK went by, we started inquiring again. That IS normal, right? Would that be considered harassment? Besides, we would not have had to even EMAIL him, OR call, if he would have JUST SENT US OUR MONEY AS PROMISED AND AGREED. I have a COMPLETE email trail of everything stated here. We were being told they were wiring the money consistently, only to never receive it, and instead receive excuses that they were "having problems with the bank", that an employee received instructions to wire out in the "wrong name", etc. They even sent us an email from some "Banking Manager" on 2/17/06 (the day before the President's Weekend Holiday). Here are several "PROOF" emails (and we have much more), as follows:

-----Original Message-----
From:
Sent: Thursday, February 16, 2006 4:00 PM
To: Tammy Martin
Subject: ?
?

anything?

Thanks,
Michael Weeks

----- Original Message -----
From: Tammy Martin
To:
Sent: Friday, February 17, 2006 7:29 AM
Subject: RE: ?

Michael,
I am sorry, but we sent a wire on Wed. and the wire was never put into her account. The bank is having a problem. We are going to the bank today to find out what the problem is. I just wanted to remind you that we just received the funds this week. I am working hard to make sure that you will receive it by today.
Regards,

Tammy Martin

U.S. ASSOCIATION OF MORTGAGE PROCESSORS
Headquarters: 11200 Westheimer # 900, Houston, TX 77042
DC Office: 1725 I Street Suite 300, Washington DC 20006

Phone: 800-313-0817
Fax: 281-829-0468

Email:
-----Original Message-----
From:
Sent: Friday, February 17, 2006 10:42 AM
To: Tammy Martin
Subject: Re: ?
Who is "her account" and what exactly is going on, it doesn't take more than 2 hours to wire funds, I do it all the time.

This has really turned into a bad experience and based on some of the correspondence I have read between USAMP and other brokers, I first gave the benefit of the dought to USAMP, but that may have been a mistake. Was it?


Michael Weeks

In a message dated 2/17/2006 9:14:18 AM Pacific Standard Time, writes:

----- Original Message -----
From: Tammy Martin
To:
Sent: Friday, February 17, 2006 8:57 AM
Subject: RE: ?

I am sorry, we sent a wire to another member's account and we are having a problem with the bank.Please try to be patient, I have only had the funds since Tuesday and I am working hard to make sure you receive the funds today.
Regards,

Tammy Martin

U.S. ASSOCIATION OF MORTGAGE PROCESSORS
Headquarters: 11200 Westheimer # 900, Houston, TX 77042
DC Office: 1725 I Street Suite 300, Washington DC 20006

Phone: 800-313-0817
Fax: 281-829-0468

Email:

In a message dated 2/17/2006 10:38:56 AM Pacific Standard Time, support@usamp.org writes:

Loan closer is terminated. The agreement is with Mr.Weeks not you. The account is terminated for harassing me and making threats. I balance my schedules with 4 companies and 4 assistants and my agreement state wires are pushed through on Friday, not Tuesday,not Wednesday or Thursday. Tammy was under the impression that I was at the bank for you guys when in-fact I was not. However I am leaving for the bank shortly and Loan Closer will receive your wire as agreed.

Your email will be blocked from USAMP.org as I do not care to get repeated multiple emails from you.

Randy

Sent: Friday, February 17, 2006 5:04 PM
To: Rosa Hawkes;
Cc:
Subject: RE: Wire
I'm sorry the instructions given to my office were to wire funds to the wrong name. It is too late to get this wire re-sent today. This matter will not be cleared until our next business day.
Hector Torres
Assistant Vice President
Banking Center Manager

See what I mean? To date, Randall Smith, USAMP/MBX will not respond to us and is holding our money!!!!!

Our Broker told me that while he WAS still able to log-on to USAMP's website, he found complaints from other Brokers of whom USAMP had done the same thing to. I checked the Better Business Bureau, but there is no USAMP (even in its full name extension) registered or searchable. The Texas Department of Savings and Mortgage Lending has a report of all of this, and reported back to me this morning that there are OTHER complaints filed on Randall Smith as follows:

"There are several complaints against Randy Smith, one remains open and assigned to investigator Justin Accola."

We think they are just flat out stealing our money. It is ours, we do not have it, and they are holding it. These are the FACTS.

We are in California, so they probably think we'll just forget about it. However, why would we? That loan, that client, that money - all belongs to US. No matter what the excuse, they are in the wrong for NOT WIRING IT TO US AS AGREED.

If ANYONE ELSE has been a victim, or is currently a victim of this wrongful and illegal action, PLEASE, PLEASE, PLEASE come forward and speak!!! This man/this company has NO RIGHT to do this to anyone! This is what Randall Smith wrote in one of his emails on 2/20/2006 12:45:44 PM Pacific Standard Time:


"For the record I am no chief and certainly not a big shot. I close my own loans, manage what I can and delegate the rest. I work with many Texas legislators and currently on the ballot for Texas House of Representatives. Early voting starts next week and I have been busy. I maintain and run a tight shop but when someone threatens my integrity they have crossed the line."

Can we AFFORD to have someone like this go on FREELY ripping off unsuspecting Brokers who just want to close out-of-state loans with ease!!!! We have indeed been ripped off! What do we do now - just let him/them get away with this?

SOMEBODY, ANYBODY, PLEASE HELP!!!!!

This is the EXACT role Randall Smith played in this case:

About the Mortgage Broker Exchange (MBX):
The Mortgage Broker Exchange is a division of the U.S. Association of Mortgage Processors that gives a private network of seasoned exclusive mortgage brokers and bankers the ability to capitalize on loan revenue in all 50 states. Adhering to RESPA compliance laws by only assisting in the processing of the loans and working with the state licensed brokers while being compensated for working on the files as a processing assistant and being paid through USAMP.

The Mortgage Broker Exchange (MBX) provides innovative marketing solutions, partnerships and multi-state networking which ensures that our member roster includes the leaders and top producers of processors and brokers in the industry while still providing the most affordable service. USAMP's and MBX's efficiency and contacts allow you to do what you do best: close loans.
Requirements:
Only 4 exclusive brokers* may be approved per state. Each member must be licensed in home state. Only one state per member and members must hold active license and have a minimum of 10 approved wholesale lenders to choose from. * exception FL and CA will allow up to 6 members *stand by members
Membership Fee:
Annual membership fee for USAMP (MBX) is only $395 for the first member of each state and $795 per year to those who sign up afterwards. MBX offers an exceptional return on your investment.
Compliance and Management:
Senior Processor must be a CMP (Certified Mortgage Processor) In-state broker must send certified checks to USAMP. note- MBX members are credited up to 5 CMP processors.
Enforcement:
Any member reported who engages in loan officer activity in a state where not licensed will have membership terminated. Any member who initiates discussion with other member to bypass USAMP reconciliation process will be terminated.
The Process:

1.Out of state Brokers contacts In state broker with loan scenario

2.Members discuss loan. In state Broker contacts borrower and informs that he/she is the loan officer/originator and Out-of state broker will be assisting with the processing.

3.In state broker will discuss rate and term with borrowers.

4.A CMP Processor is chosen by the In-State Broker. Out- of state broker will assist in the processing.

5.After File funds In- state broker sends copy of certified HUD and Fee sheet to USAMP with 100% of fees minus the $695 admin fee.

6.USAMP's independent accounting firm deducts and pays processing fee and $220 USAMP reconciliation fee.

7.Checks are mailed from USAMP to Out- of state broker/member and CMP Processor from USAMP for processing services

HELP US, PLEASE!!!!!!!!!!!!!

Unsatisfied Brokerage
Los Angeles, California
U.S.A.

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