QuoteMeARate.com, a Houston-based net branch operator, closed its doors this week amid allegations of loan fraud, MortgageWire has learned. Company president Richard Barroso could not be reached for comment but a letter he sent to employees and net branch operators blames its problems on declining loan volumes and the cost of defending the company in a lawsuit. One net branch operator told MW that at one time QMRC had 600 franchisees. The operator, requesting her name not be used, said guards are now stationed at the front door of the company in Houston. (For more details see the Monday, April 3 issue of National Mortgage News.)
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