I used to be an employee for Money Tree Mortgage. While employed for this company, I was witness to certain thing that were morally wrong and caused me to leave this company.
When I first started working for Money Tree, I was hired for doc prep and to answer the phones when the receptionist left at night. At that time I had no idea what was really going on until I was promoted to processor. I can remember the stress that was on the other processors back at the time before I became a processor myself. Randy Webster (the president of the company) was stressing on how many loan were going to close for the month. Well, I took the promotion anyway, although hesitant, because I wanted to learn how to process.
Well, after about a month the pressure was on me also. One day in April, Randy went off on all the processors, including his mother (made her cry), while an investor was in the office. He cursed us out and told us we had until the end of the month to close 10 loans a piece or whatever number we gave him at the beginning of the month (which most processors gave him a ridiculous number b/c they knew he did not want to hear the truth), or he was going to fire all of us and replace us w/seasoned processors.
Well it did not happen, but we did not get fired. Instead Randy decided to hire 2 seasoned processors to help us out. The funny thing is, his mother has been processing for 8 years and she was barely closing 5 loans a month, but let Randy tell it, it was the processors not the loans. Well the 2 processors came in and were only there for 2 weeks. One had 4 years experience and the other I believe was over 6 years, but it didn't matter, because they both said had they have known the files were as sh*tty as they were, they never would have taken the job, so they quit.
Well slowly one by one, processors were quitting left and right, because they were saying there was no stability. Everytime one would quit, the files were being loaded up on me. Well, I stayed until the end, but I was barely working, instead I looked for jobs on the internet, would come in early in the morning and fax and email my resume, would go outside and take 30 mintue breaks to do phone interviews, until I was hired somewhere else.
July 4th weekend, Randy called me in his office and advised me that he was about to go out of town and if I did not have any loans closed by the time he returned, he was going to let me go. His mother tried to convince me that he was not going to fire me, but I wasn't taken any chances.
During my last 2 weeks @ Money Tree, I had some clients that were calling me on the hour, every hour. Finally, I got to a point where I started avoiding the phone calls. Then one day, I got on the phone and I starting telling the clients my reasons for not taking their phone calls. I had about 30 loans in my pipeline and out of the 30, 25 of the loans Money Tree was not licensed in the state to do the loan.
So, I had loans that had everything and were ready to close, but could not, because of the license issue. Once, I had a message from this female borrower. I put the message on speaker phone so everyone could hear how upset she was. Apparently the LO told her she was approved for a certain loan and when I got the file, she did not qualify for the loan she was originally sold and she had to come up with over $20000, to close. She called and on the message she started out very calm, and then from there she started crying and screaming about how Money Tree was a fraud and how they stole her money. But the bad part was she had children and she had sold her house and was staying with realtives until the loan closed. Now she had no place for her or her children to stay. Me being a mother myself, I really felt for her.
Money Tree gave this woman false hope and shattered her dreams. Well, I started getting on the phone and telling the clients that we were not licensed to do business in the state, and to call the Department of Banking and Finance in their state and report this. These people paid their $300.00 in good faith, believing that Money Tree would help them out and Money Tree knew from the start that it was impossible.
I refused to be a part of his deceit. Also, if you try to call Randy Webster or Darcie Olson (his assistant), you can forget it, because they don't take clients calls. They only take calls from the Department of Banking and Finance(and they don't really want to take those calls).
Money Tree can barely close 2 loans a month. They will take your application fee and won't close your loan and then try to give you some excuse why your application fee is non-refundable. Anybody who has been had by this company, please don't let this go. There are people out there who can help you get your money back or at least help get to a point to put Money Tree Mortgage in Woodstock, GA out of business for good, so that it won't happen to anyone else.
The Department of Banking and Finance in your state can be of some help. From my understanding the Kansas city office has already shut down. There is also check fraud going on in their office. This company is bogus. They can not close loans.
I could go on and on for hours about how bogus, and fraudelant, and deceitful Money Tree is, but fortunatly I work for a company that closes loans every month and I have work to do. I think I've got my point across. I hope this entry will help people who have been took by Money Tree. And I hope Randy and Darcie are reading this. I use to think Randy was really trying to help people. I thought he was the answer to prayers for people with bad credit, but he just a hustler.
Don't let them pull your credit and don't send them the $300.00 application fee. You can only get the application fee back if you close on a loan. That's the whole scam. If you have bad credit, Money Tree will give you an approval based on one score (instead of three like the majority lenders) and if that score is not your middle score and your middle score is lower than say your high or low score. (Example: Say your scores are 475, 500, and 550, but the LO pulls the 550 score technically, you could possibly qualify for a loan, but the 550 has to be your middle score.) Based on the example, your middle score is 500. When the lender pulls a tri-merge, they'll see this and it causes the whole loan program to change, if you are able to get a loan with a 500 mid score. If your scores are below 500, you will not be getting a loan from any lender. If you had good credit and were approved, then Money Tree usually is not licensed in the state.
Believe me you will not be getting a loan from Money Tree or any other lender. Money Tree can not work miracles. If you can't get a loan with any other lender, what makes you think Money Tree can get you a loan?
Try this example on for size: The GA office collects 50 apps at $300 per week and KS collects 50 apps at $300.00, per week. That's $30000 in application fees per week. In a good month they may close 15-20 loans. So what happened to the other 385 people? This is what Money Tree was doing every month. Please take heed to what I am telling you.
Call your local Department of Banking and Finance and have Money Tree shut down for good! Also, Angie if you're reading this, you were wrong for sleeping with Todd! You couldn't have paid me a big enough bonus to sleep with Todd!