Reviews: 1


Total views: 2206

Published: 04 February 2021

Posted by: Anonymous

This is an insider report from someone that is fed up with crooks in the mortgage market place swaying like reeds of grass in the breeze in order to bend just to the brink of breaking the rules. Whether you are a unsuspecting mortgage shopper or an unsuspecting unemployed worker in the mortgage industry looking for a mortgage origination position, this is a company that you definitely want to avoid – if you want the best deal on a new mortgage or if you are looking for an employer that will treat you in a fair and ethical manner they will not take a fiduiciary (not required by law but should ethically be common practice) position. As far as a new mortgage shopper is concerned, beware of this company. They try to act like a lender when in essence they are simply a BIG FAT MIDDLE MAN BROKER cloaked with a credit line of $5 MILLION DOLLARS which is used to fund loans after closing and give them the ability to meet the minimum requirements to be considered a lender in the eyes of the LLR ($5 million dollars is nothing when trying to fund 20-50 deals from as many loan officers). After they transfer the loan to Wells Fargo, Amtrust, First Franklin, Chase, Citibank or any other TRUE LENDER that has the best going rates at a particular market pricing snapshot in time that will in essence service your loan, they get you by charging well over $1050 (administration fee, UW Fee, Processing Fee, Doc Prep/Flood Cert Fee, etc.-JUNK FEES-in the 800 numbered section of the Good Faith Estimate at Closing) before the loan officer is able to earn a commissionable charge either by an origination fee or a higher interest rate (typically at least .125, .25, .375, .5 or more to your final interest rate that your payment is based upon) to increase yield spread premium. It doesn’t take a rocket scientist to figure that on a 30% commission split, in order for the loan officer to make any money, he/she would have to charge you several thousand dollars in extra fees to make $600.00. These loan originators also have families and bills to pay and believe me when I tell you that no one works for free and that this company is truly inept when it comes to processing a loan and limited by $5 million dollars. For every deal that gets funded within the lock period there are 4 to 5 loans that are faced with lock extension fees and that do not get funded within the terms of the lock agreement and it should not be hard to figure that more than likely you will be the unlucky person 45 to 60 days later to be faced with making the decision as to whether or not you want to pay the extra premium for 15-30 days (lmitations apply to number and lenght of lock periods and are typicall .125% of the loan amount per day minimum) or walk away from the deal. At any rate if you would want to close and you have an originator that gets preferential processing treatment they may work with you or sit on your loan to jeopardize your lock terms if a lock commitment is breached. It is all about who is in the superior position as far as benefit from a customer standpoint to a need for income from an originator standpoint. If you are looking to work for this company, be willing to shell out well over ONE THOUSAND DOLLARS to meet the licensing requirements for 1 STATE and after you are hired on as an employee, you can be guaranteed that CEO and Owner Kieth Leudeman will send out a company memo to cut agreed upon contract splits and if you don’t agree, HIT THE BRICKS PAL! Whatever you are told about earning potential, you can go ahead and multiply that X 1/9th of total commissionable fees (attributed to: 1) slack processing – because does not retain underwriters, but ships/edocs your package to the TRUE LENDER’S UW. 2) hire processors that do not have a clue as to what is required to fund a deal after submission 3) funding limitations $5,ooo,ooo 4) Incompetance . With all of this said, I welcome anyone to request dialogue from me and I will be HAPPY to enlighten you as to any questions you have about the potential for a new mortgage and the competitive nature of your offer and tell you how you can save money which you will not ever have to repay.

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