• Report: #818288

Complaint Review: American Financial Resources, Inc.

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  • Submitted: Thu, January 05, 2012
  • Updated: Tue, January 31, 2012

  • Reported By: Michael Gleason — Bethlehem Pennsylvania United States of America
American Financial Resources, Inc.
9 Sylvan Way Parsippany, New Jersey United States of America

American Financial Resources - AFR Stole $10,000 in Commission Parsippany, New Jersey

*Author of original report: Loan Officer Paid

*REBUTTAL Owner of company: Loan Officer WAS Paid

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As a former employee of American Financial Resources, Inc. I have give this company millions of dollars in business. After being promised leads from this company, I drove 1 hour and 30 minutes into the office everyday only to sit and shuffle paperwork. After some time, I was able to put three loans into process. The loans were entered in August 24, 2011. AFR normally prides itself on getting loans done in under 30 days time. As per my employment contract, In the event you resign or are terminated for any reason other than for cause, you shall receive your Earned Commissions on all loan volume that closes within thirty (30) days from the date of cessation of employment.  No commissions will be paid on loans closed after 30 days have elapsed after termination.

I finally decided I needed to make a change in companies. I made a decision to leave AFR to work for another company closer to home and will provide leads, as promised. The three loans I left behind were personal friends and hoped the loans would be handled and closed in a timely fashion, after all, the closing time was supposed to be under 30 days. The loans were pushed way past the 30 days, into 60 and finally closed after 90 days time. This allowed American Financial Resources, Inc. to enforce the 30 day employment contract and keep my commission, over $10,000. I called the President/Owner of the company Corey Dubnoff and tried to get an explanation. I was told 30 days is more than fair. I asked for an explanation as to why the loans that were ready to close when I left took 90 days to close, the response was a chuckle. I am pursuing this matter with the proper authorities, The Department of Labor, The Department of Banking and the American Arbitration Association. I am writing this complaint so I can let other loan officers  know what type of companies are out there. I guess I should not be surprised...

This report was posted on Ripoff Report on 01/05/2012 08:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Financial-Resources-Inc/Parsippany-New-Jersey-07054/American-Financial-Resources-AFR-Stole-10000-in-Commission-Parsippany-New-Jersey-818288. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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

#1 Author of original report

Loan Officer Paid

AUTHOR: Brian Tanner - (United States of America)

After posting this on Ripoff Report, AFR contacted me via email and told me I would be receiving a check the next day. To my surprise, the check was there at my door step. Thank you Ripoff Report for helping the little guys.

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#2 REBUTTAL Owner of company

Loan Officer WAS Paid

AUTHOR: AFR - (United States of America)

AFR was suprised and disappointed about this post.  The loan officer that posted this was paid in full even though the time had elapsed contractually.  We consider our loan officers(both past and present) family and go out of our way to make sure they are treated fairly.  AFR closed over 7000 loans , funding over 1.45 Billion dollars in 2011 and its not in our best interest to withold any commissions due.  Our contract is written to ensure that if a loan officer leaves and is unable to complete their contractual duties another loan officer can take over the file and get paid.  Even though time elapsed we still paid this loan officer prior to seeing this post.  We hope he sees this and rebutes his prior post.  We take all complaints seriously and work to rectify any issues that inevitably arise when dealing with such a large volume of loans and such a stressful industry. 
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