Summaries

Synopsis

The Brokerage Bible of Banco Rule #1: It all starts with a phone call.

Tampa Florida, home to a chop-shop mortgage brokerage called Empire Funding - a dilapidated old building turned boiler room. The year is 2007, Ian (Adam Lopez) phones a client and begins to sell her on the value of his proposed mortgage and the respectability of his company. Meanwhile, an older broker by the name of Nick watches from his desk, disgusted in both himself and the unethical nature of his peers.

A few months later at a breakfast diner, a broker named David sits with his boss Michael Banco (Mike Santi) and the two discuss the recent subpoena and confiscation of Empires files. David is in apparent trouble and Banco shows no signs of support.

We flash back to 2001 as Nick recounts the genesis of the Subprime mortgage industry. David is in a burgeoning relationship with Nora and Empire Funding is a modest operation. Within Empire, a group of brokers listen to a radio broadcast of the World Trade Center terrorist attacks. As the majority of the office seems sincerely concerned over the occurrence, Ian pays the tragedy no mind and unabashedly sells a potential client on the savings he can provide.

The Brokerage Bible of Banco Rule #2: The best borrower either doesnt know any better or has no other options.

Early 2002, David is being interviewed by Michael Banco for a position as a Loan Officer at Empire Funding. Banco explains the ethos of the Subprime mortgage industry and the expectations of a new hire. David finds the manipulative approach off-putting but takes the job on the assurance of a six figure salary.Later that night at his home, David recounts his first day to his girlfriend Nora. Nora is uncomfortable with the activities within the office that David is describing and urges him to find different work. Not having an education or any experience, David explains that no other line of work will pay him as well as Empire will. The two hold hands uncertain of their personal and financial future.

The Brokerage Bible of Banco Rule #3: An old client is a sold client.

With a false smile, Jered (Jo Crandall) greets his former client Mrs. Lipton at the door of Empire Funding. Meanwhile Ian, and Barry, an account executive with Empires biggest lender B&B Funding, are arguing over pricing for a loan. Ian fears Banco will fire him if he doesnt charge at least 5 points and tries to get a larger premium from Barry. Barry wont budge and the two break their argument to watch Kyles unsuccessful phone pitch.

In the closing office Jered continues with his false smile and consoles Mrs. Lipton over her recently deceased husband. She can no longer afford her mortgage and Jered explains how the new loan will help her get by in his absence. Kyles client hangs up on him, and Kyle immediately calls back. He is hung up on again and Ian criticizes Kyle for agreeing with the borrower. Barry explains to Kyle the simple philosophy of "The customer is always wrong."

Back in the closing office, Jered has Mrs. Lipton sign the last few documents of her new loan, assuring her that the rate is fixed. While collecting the documents, Jered hides the pages that read Adjustable Rate Mortgage. Neglecting to give her a copy of the documents, he promises that he will bring her a check from the cash out in a few days along with everything she signed.

Hours later Jered slams the signed documents on his desk, boasting of his conquest and how it makes him the number one salesman within the office. Nick wont allow him to put the fees on the board as he assumes Jereds client will rescind. Jered explains that this is impossible since he did not give her the rescission documents. As Jered adds his numbers to the office sales board, a sexy realtor named Jen enters the office.

In the parking lot Banco stands next to his Porsche explaining his expectations to David who has recently passed his brokerage exam. Banco, points out how the Subprime mortgage industry allows them to close every loan no matter how bad it may be. All that is required of David is to be creative. Banco instructs David to talk to Ian for a clarification and he leaves for the night.

David returns to his desk and meets Jen who takes a liking to him. Jen invites David to Mons Venus in celebration of Nicks big closing. David accepts, despite having to break plans with Nora.

The Brokerage Bible of Banco Rule #4: You want more leads? Fuck a Realtor.

David, Jen, and Nick arrive at the strip club, and Nick is pulled aside by a stripper for a lap dance. Jered and Barry are at the stage tipping while Jen and David take a seat and hold hands. Jen flirts with David for a bit and introduces him to an investor named Brett. While throwing money at the stripper on stage, Ian shares his theories on how to get laid, to Kyle. David takes Kyle's seat as he gets up for a beer and immediately asks Ian for clarification on what Banco meant by be creative. Ian explains the occasional need for doctored income and identification documents, but seems more concerned over whether or not David is going to have sex with an apparently willing Jen. Shortly thereafter Jen pulls David to the back of the club to presumably have sex.

Through montage, Nick explains the zeitgeist of the Subprime mortgage industry and the rise of Empire Funding. As the montage ends, we find Banco towering over Kyle who is not confident with the high interest rate on the loan he is selling. Banco coaches Kyle on the importance to sell payment and not rate and why he should forge documents that the client wont agree with.The Brokerage Bible of Banco Rule #5: Pay your appraiser well and he will see things YOUR way.

Nick explains the different options that David has for one of Davids trouble files, the Dixon loan. Ian overhears their discussion and suggests David call his appraiser Bobby Jones, who will gladly inflate the value of the property for a small fee.

Bobby Jones arrives at Mrs. Dixons house and although the recent hurricane has left the roof damaged and leaking, Bobby is confident the property is worth twice Mrs. Liptons estimated value. After the appraisal, Bobby phones David and explains the parameters of retaining him as his appraiser. David is instructed to talk to Ian for the details which seem to involve an extra monthly payment.

At the office David is astounded at the value Bobby has given Mrs. Dixons property. Jen then enters, ready for dinner and a night on the town. Before they can leave though, David receives a fax informing him that Mrs. Dixons loan is cleared to close. However, his fee has been drastically cut by the Lender. Nick suggests he close it anyway but David refuses if hes not going to make money on it. Jen recommends that David tell Mrs. Dixon shes been declined and advise her to sell her house before shes foreclosed on; he could then call Brett who would flip the property and split the profits with David. While considering, Jen raises the stakes of the proposition by requiring David to be her date on New Years Eve which would again force him to break his plans with Nora.

December 31st, 2006 David has sex with Jen in a bathroom at Bancos New Years party. Jered stumbles through the crowd by the pool and finally meets Ian at the bar who is snorting cocaine. After rejoining the party, David hands Bobby Jones an envelope of money while he and Jen make their way to the dock.

Upon arrival at the dock Jen and David join Brett and two girls who are all high on cocaine. In celebration of the Dixon loan they have recently flipped, Brett offers David a Cohiba and a line of cocaine. David declines the drugs but is pressured by Brett and after Jen whispers something into his ear, he accepts. The group then makes a pact to flip as many of Davids bad loans as possible, while the new year is announced at the party behind them.

The scam montage begins with David phoning his old clients who can no longer afford the mortgages that he gave them. He then tells them theyve been declined for a refinance and their only option is to sell before theyre foreclosed on. Jen then finds them an immediate buyer in Brett who purchases the house well below market value. Bobby then appraises the property well above market value and the house is sold to a Straw Buyer who is paid a small fee. The borrower loses their equity and home while David, Brett, Jen, and Bobby make out like bandits.

David drives Nora to a surprise destination. The two arrive at an upscale home and David informs her that he has purchased it for her. The two enter their new home, embrace, and kiss.

The next night at the office, David tells Nick that he has bought a home for Nora, and a Condo downtown for Jen. The two then briefly discuss an audit that is scheduled for the next day. Nick leaves to get drunk at the bar down the street and David receives a call from Brett. Bobby has been blacklisted from the Lender and their loan is now dead. Brett insists that David must be creative.

The Brokerage Bible of Banco Rule #6: Copy, paste, cut, delete youre not done until the loans complete.

David deletes Bobbys signature and license from the appraisal and replaces them with the signature and license of an approved appraiser. He then prints the document, places it in his top drawer, and leaves for the night.

Nora gets home from work as David is leaving the house. They have an argument and he leaves to play poker.

The gang is playing poker at Kyles house when David enters. The group argues over the result of the impending audit and Jered implies that he will go to work at Second Chance where there is a more favorable cut. Ian then questions Bancos hiring tactics and the group resolves that hes having sex with the women he interviews.

The Brokerage Bible of Banco Rule #7: Check your personal life at the door. Close loans and cover your ass.

The next morning David wakes up late for work at Jens condo, and realizes he is in trouble with both Nora and Banco. At the office, Banco complains to Nick about the liability of having Sun State Auditing reviewing everyones files. Meanwhile the Auditor pulls the fraudulent appraisal from Davids desk and makes a copy of it. Back at Davids house, he pulls into his driveway to find Nora is leaving him. They have a brief spat and she departs.

Later that night David sits in his car in the Empire parking lot and considers calling Nora but instead does a few bumps of cocaine. He then enters the office to find Jered bragging about closing Mrs. Lipton again while Banco finalizes things with the Auditor. After walking the Auditor to the door Banco tells everyone that although they passed the audit, things are going to change and those who dont comply will be fired.

The Brokerage Bible of Banco Rule #8: Twenty thousand dollars a month in fees, or get a box.

Ian has been fired and is now working for Second Chance Lending. Kyle asks him questions about his new employer, over the phone, assuming he will be the next person fired. Jered enters with an application signed by Mrs. Lipton. The potential closing will put Jered at the top of the sales board once again. Meanwhile, Banco is having a phone conversation with Nick who has not come to work in over a week. Banco explains that if he doesnt produce $20,000 in revenue before months end, he will be fired too. Nick insists that he has sold his own home and financed the purchasers loan putting him over twenty thousand. David then makes Jered a $1,000 bet that not only will the Lipton loan never close, but that he will also be fired by weeks end. Jered quickly accepts the wager and is called into Bancos office.

Jered sits down and Banco fires him. The majority of Empires Subprime Lenders have gone out of business the previous night and Jered will not be able to close Liptons loan. Jered storms out of Empire and Kyle is called into Bancos office to presumably be fired as well.

One of the employees has filed a Criminal Affidavit Report with the State Attorneys office and Sun State Auditing is contacted.

That night at a club, Barry and David have drinks with a group of girls and Barrys company B&B is now out of business. David does drugs and the group party into the night.

Meanwhile at Empire, a group of police arrive and confiscate the offices files to Bancos chagrin.

The next morning David is contacted by Banco who insists on meeting.

The Brokerage Bible of Banco Rule #9: Youre either on board with me, or youre not.

At a breakfast diner, David sits with Banco and the two discuss the recent subpoena and confiscation of Empires files. Banco wants to know who blew the whistle but David doesnt know. Before leaving, Banco lets David know that he will not be helping him and that he is on his own with whatever criminal charges arise.

David drives home unsure of what to do, until he ultimately begins to cry over his newfound situation unemployed, alone, with legal troubles on the horizon.

A group of overworked brokers sit at a bar drinking and smoking cigarettes. Nick sits among them and ponders the root cause for the pandemic of foreclosures - It all starts with a phone call.

Ian sits at Second Chance lying to a customer over details of a loan.

Mrs. Lipton stands alone in her recently foreclosed home.

Back at Second Chance we see Jered who is also on the phone and sitting next to Ian.

David is escorted in handcuffs from the Empire Funding premises.

The Brokerage Bible of Banco Rule #10: The large print giveth. The small print taketh away.

In a new office, Banco attempts to train a naïve young broker on the art of selling mortgages. He explains that, If you do what I say and remember one thing, you will make money in this business. The large print giveth, and the small print taketh away.