QUICK LOAN FUNDING RIPOFF IRVINE California

People are next until we do something about this dirtbag!!!

My biggest concern is the next person that is scheduled for their closing date. To help them is the only way we can make this work. I feel for those homeowners out there that really still have trust in these animals.

Due diligence officers are very good in finding what they are supposed to look for. Lets get them as one. A responsibility to others still we have to keep. thank you very much.

Consumer Beware

Quick Loan Funding is treading dangerous waters. Their ad repeats the notion that they can fund a loan in 5 days. This is next to impossible in any mortgage loan.

Next, there are fees associated with these loans. Origination, appraisal, and closing. These fees must be fully disclosed upfront before any paperwork is signed by the borrower. Usually, these fees are incorporated into the total loan amount, and rarely are paid up front or out of pocket by the borrower.

Finally, any lender that caters to those who have credit issues are called "Sub- prime Lenders". The name sounds bad- but really is not. All that means is that they offer their loans at higher interest rates than the Prime Rate as set by the Federal Reserve and publishe in the Wall Street Journal. Which they are allowed to do within the limits of state[s] laws because they cater to those with less than perfect credit.

Here's where the consumer beware part comes in. It's nice to see those commercials on T.V. that seem to show a company that will get us out of financial trouble. They may seem to be exactly what we are looking for- but we as consumers need to learn to scrutinize anything that appears to easy or to good to be true.

Thankfully, the internet is a great resource- but again, beware. Go to many different sites and judge for yourself which are credible.

Also, educate yourself on these matters from reliable sources. That way you'll know if something sounds odd [funding a mortgage in 5 days for example] or unethical. That way, you'll be able to identify a potential consumer trap or scam- without taking an unecessary risk or loss.

you don't realize what these guys do...

Chuck describes what would be a normal mortgage loan "turn-down".

Those happen, but I worked there !!! The owner Nazil Daniel Sadek has a relationship and deal with the appraisal company Landmark. When I was a loan officer with them, the celebration wasn't for a closed loan but for the appraisals! The bonus or reward for the day was to gain as many appraisal orders as possible. Fred from Oceanside got stung!

I was told by the team manager not to worry about the OBVIOUS loan stopping details; "We can do loans others can't" was their line to the more knowledgeable and questioning loan officers. That's why you see such young people on the commercial as loan officers. They aren't actors, those are really the "green peas" that handle your loan! They want the "Hitler youth" so they don't ask any questions and just read the script.

Because of this and the boiler room environment, I got out fast before I was forced to rip off anymore unsuspecting borrowers of their $450. What happen to their "Free Appraisal" commercial. No doubt, Daniel is in more "hot water" litigation over that fraud.

The truth hurts

Your report sounds like you were sold.
First of all, all mortgage loans take 30 to 45 days... remember when you bought the house? how long it took?

Other point, is that state regulations do not allow the lender to make a profit from the appraisal, so in actuality the $450 was the appraisal fee that is typically charged by appraisers regulated by the state; NOT quick loan funding

Unfortunately, the communication you had with the loan officer didn't make it clear toyou that the appraised value of the house is what actually can be used for the loanb parameters.
Borrowers often believe their house is worth a lot more than it actually is.

They also don't disclose to loan officers the conditon of the house.

When the appraiser gets there, WHALA, a surprise is often found. Things like missing walls, doors or other stuff.

You should have told the loan officer that the house didn't have a good condition or the value wasn't real.

For the future, keep in mind, that there will always be a an appraisal needed.
That's the $450
Appraisals can take up to 3 weeks
It's only after the appraisal that the figures become actual.

A good loan officer would tell you that.
Remember that everything is typical and not actual until the appraisal comes back.

A good loan officer would have also been honest with you and turned you down a few days after he got the appraisal back.

Unfortunately, there are loan officers that are salesman and have no guts to tell you the truth.
they are too driven to get a loan for you.

Good luck next time.