• Report: #354613

Complaint Review: Foundation Financial Group - FFG

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  • Submitted: Wednesday, July 23, 2008
  • Last Posting: Wednesday, October 13, 2010
  • Reported By: — Clearwater Florida
Foundation Financial Group - FFG
Tampa Florida U.S.A.

Foundation Financial Group - FFG You'd be crazy to borrow from these guys Tampa, Florida

*Consumer Comment: Worked with me on our appraisal fee


1Author 0Consumer 1Employee/Owner

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I was an employee of Foundation Financial Group for 4 months as a Loan Officer/ Telemarketer. They promised everything under the sun but delivered nothing. They charged 3 points right off the bat for conventional loans and 1.5 points for FHA loans. They get their customers information through Equifax which sells your information to them. Credit score, Name, Address, Mortgage Balance, and when last refinanced. They target low credit score customers that don't really have a choice but to go with them. At least that's what they want their customers to feel. They are a correspondent lender which means they only originate the loan but sell it to a company like Citi, Countrywide, or an FHA lender and charge their fees right up front and roll them into the mortgage. Just know that there are a lot of "Reputable" lenders that can do a loan for customers with poor credit and charge 1/3 of the cost. Plus they added a bunch of junk fees to the loan to get MORE money.

With Fannie and Freddie, government sponsored programs, loosening up underwriting guidelines, it's enabling people to find financing in more places which is making FFG's advantage obsolete. I got tired of their scams and predatory lending practices so I left and thank goodness I did. Two weeks after I left they closed the Tampa office and didn't tell any of the employees until the day of.

So choose wisely. Do your research. There are companies out there you can trust beyond large banks and credit unions. I've since took a position with another Mortgage company that is VERY reputable, honest, and fair. Unlike the other guys.

HERE's a very important question to ask someone that calls you out of the blue to assist you with a mortgage. Ask them if their office meets with their clients face to face. If they don't, you can bet that there's not going to be any accountability.

Good Luck

Watchout
Clearwater, Florida
U.S.A.

This report was posted on Ripoff Report on 7/23/2008 8:49:48 AM and is a permanent record located here: http://www.ripoffreport.com/mortgage-companies/foundation-financial/foundation-financial-group-f-65d53.htm.

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REBUTTALS & REPLIES:
1Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 Employee

Response

AUTHOR: Anonymous Employee - Atlanta (U.S.A.)

SUBMITTED: Monday, September 08, 2008

I would like to respond to the complaints that have been posted on this site in the past. First of all, not only myself, but over a hundred employees have gone to upper management, Legal, and compliance at FFG asking for permission to respond to the few complaints on this site. In every instance the corporate stance is that FFG will not respond to a complaint unless it comes from the BBB or a state regulatory agency such as a states Department of Banking and Finance. I would like to set the record strait for any customers reading these complaints that:

1. Foundation Financial has closed well over a Billion dollars in mortgage transactions. The amount of complaints on this site pale in comparison to the percentage of complaints by other MAJOR mortgage lenders. (put in the name of any other lender such as Countrywide, Quicken loans, Wells Fargo, Washington Mutual).

2. Right now the lending industry is in TOTAL disarray. Home values are plummeting and homeowners are losing their home equity by the month. Foundation Financial is honest and upfront about the appraisal process. FFG does not profit one penny from the appraisal process. Unfortunately, with home values dropping, many homes are appraising today for less than what they did in the past. At times, customers get angry with this and place that blame and their frustrations on Foundation Financial. We have an extremely high closing ratio, but when you deal with the volume of clients that we do, many are not able to be helped due to values falling.

3. There are literally hundreds of employees that have posted internal emails requesting to respond to these posts and the corporate response has always been: 'we speak with our actions, not our words'. I believe that this is a noble Idea, and I believe that it is visionary concepts like this that has allowed this company to have literally THOUSANDS of satisfied customers with VERY few complaints. I have been with this company for over 3 years and I am risking my job by posting this, but on behalf of hundreds of employees love and care about this company, and who are helping thousands of customers through EXTREMELY difficult times I felt no other choice than to write this.

You can visit MortgageImplode if you ever want to see a TRUE snapshot of the mortgage industry in general. It is a sight that has been on NBC, CNBC, The Wall Street Journal, etc. Foundation Financial has been rated by this VERY CREDIBLE industry source as 'A' rated. FFG is listed in two sections as one the top 5 NON-imploded lenders in the United States.

Thank You,

Anonymous employee
atlanta, Georgia
U.S.A.
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