Global Mortgage, Inc. - Net Branch Operation


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Update - 2008-03-13: Chapter 7 Bankruptcy papers are available here (.pdf) for Global Mortgage, Inc.

Update - 2008-03-07: In an email that certainly appears as sent from Global Corporate on Friday, March 07, 2008 at 2:52 PM they announce that "Global Mortgage is shut down:"

"We regret to inform you that Global Mortgage, Inc. has shut its doors. Global Mortgage is in the process of filing for bankruptcy protection under Chapter 7 of the bankruptcy code..."

Original Listing - 2008-03-06: It looks like net branch Global Mortgage Inc. is no more. From one email we received today:

"Its official, Global Mortgage of Clearwater will be shutdown within the next week. The President has quit, the owners are done paying people, they fired the corporate staff and have a BK attorney on staff. Most of the remaining branch managers are jumping ship. Currently they have just under 100 branches. The FBI has been notified by several branches of corporate keeping in some cases 100k in branch money."

Branch managers we spoke with also confirmed receiving the following email:

"To protect my money I have made this email. I am a global branch and spoke with the Clearwater FBI branch today. They are looking into this matter but we need everyone to email, the FBI about what you are going through and how much money they have of yours. The reason they need this is because once the money figure hits a certain amount they must take action. For your best interest I would email the FBI asap.

here is the email and number I spoke to:

phone # 727-461-7055"

The Implode-O-Meter called this number and the FBI asked us to pass along a message: "Please stop calling for the moment. Email is better. We cannot verify if an investigation is going on, but we're very busy right now."

Several sent us a copy of this email sent out by former COO Joseph Schafer, who was fired on Monday 2008-03-03 according to a branch manager we spoke with. Schafer has also set up a forum here (registration required) and appears to be trying to help Global folks find a new home:

"Dear Branch Manager,

I have had to resign my position with Global Mortgage to protect my ethics, integrity and morals. Over the last several weeks, there have been many issues surrounding the accounting at the corporate office. There was a problem with the migration between the two software programs and there was a problem with holds on deposits. The biggest problem has been that when Global pooled all of the accounts into one main operating account, the money was spent in a matter of weeks on corporate bills, payroll and money to the owners. Global is now operating on the funding checks that come in each day. That is why you have not had your expenses paid, payrolls run and are not getting any answers from anyone. I could no longer continue to work for Global Mortgage once I BECAME AWARE OF THE MAIN REASON YOU COULD NOT GET PAID."

A few weeks prior on 2008-02-19, Mr. Schafer had sent this "comfort letter" to branch managers:

"As I know the frustration that many of you are experiencing, I want to fully explain the significant issues that have caused many of the problems we are dealing with. When we began the migration from QuickBooks to Peachtree, there were allot of unanticipated mishaps that occurred. When all of the accounts were transferred into 3 main accounts, the bank began putting holds on our daily deposits. We have never had holds put on our deposits prior to this migration. For 5 business days, holds were put on all of our deposits. As we continued to operate normally, the holds on funds we believed to be available, caused significant overdrafts on payroll checks and vender checks.

We are running payrolls for the branches from the corporate office. Once the payroll checks from three weeks ago have all been cleared and any remaining checks from the over drafted account cleared, TRICOR will resume payroll as normal."

Licensing info on their web site is confusing. On their "About Us" page, it claims 41 states and access to 243 lenders. Their home page says 43 states and over 300 lenders. The link to their licensing info only lists 13 states. So which is it? An accurate count of branches and employees was not to be had either, but one tipster suggested over 500 affected.. Another tipster says "Currently they have just under 100 branches." shows 22 offices in 14 states.

A check of public records does not show a recent BK filing for Global or its principals. A Google search for the current owners Scott and Debra Losch brought up this 2007-10-19 article in the Tampa Bay Business Journal regarding a $46 million judgment against Business Mortgage Inc. (dba BMI Financial Services) also in Clearwater, FL. A search of FL business filings yields a number of other businesses with Debra Losch listed as Officer/Registered Agent, including the following:


If you can provide more accurate info as to the size of their operation and number of employees, please contact us.

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.