My guess is
a warped rotor.

Do you feel any pulsation while braking, especially hard braking to slow down from highway speed? It could also be a loose caliper. Do these cars have any rubber hardware in the caliper mounts that could be shot? If so, this and a loose caliper coupled with a warped rotor would make a good bit of noise/thumping.

Kevin in Hillsboro Oregon
1973 220D

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