• Report: #185984

Complaint Review: Pan American Bank / Mortgage LLC

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  • Submitted: Tue, April 11, 2006
  • Updated: Tue, April 11, 2006

  • Reported By:pinellas park Rhode Island
Pan American Bank / Mortgage LLC
6232 N. Pulaski Chicago,IL 60646 Chicago, Illinois U.S.A.

Pan American Bank, Mortgage LLC PAN AM LIED TO ALL OF US AND HIRED US UNDER FALSE PRETENCES Chicago Illinois

*Consumer Suggestion: That sucks, but...

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I REPLIED TO AN EMPLOYMENT AD THAT STATED PAN AM WAS LOOKING FOR LOAN OFFICERS TO WORK FROM HOME.

ALSO STATED THEY COULD LEND IN ALL 50 STATES. I WAS HIRED FOR ABOUT ONE WEEK AND THEN THEY FOUND OUT THAT THEY DIDN'T HAVE THE ABILITY TO LEND IN ALL 50 JUST ONE.

I SPOKE TO THE PERSON WHO HIRED ME AND HE SAID I WOULD HAVE TO WAIT FOR THE COMPANY TO GET LICENSED IN ALL THE STATES NEEDED FOR ME TO WORK.

HE ALSO SAID DON'T FEEL BAD NOT ONLY DID YOU LOSE YOUR JOB BUT 30 OTHERS WERE LEFT WITHOUT A JOB.

I PERSONALLY QUIT MY LAST JOB TO JOIN THIS AMATEUR COMPANY THAT TALKED A BIG GAME AND NOW I FIND OUT THAT THEY ARE AMATEUR AT BEST.

WAS THIS LEGAL TO HIRE PEOPLE UNDER FALSE PRETENCE AND LIE TO ALL OF US? IM SURE I AM NOT THE ONLY ONE THAT HAS LOST A LOT.

I HAVE SPOKEN TO THE OTHER EMPLOYEES AND WE NEED HELP. WE NEED TO SUE THIS CON ARTIST FAKE COMPANY.

Steve
pinellas park, Rhode Island
U.S.A.

This report was posted on Ripoff Report on 04/11/2006 12:12 AM and is a permanent record located here: http://www.ripoffreport.com/r/Pan-American-Bank-Mortgage-LLC/Chicago-Illinois-60646/Pan-American-Bank-Mortgage-LLC-PAN-AM-LIED-TO-ALL-OF-US-AND-HIRED-US-UNDER-FALSE-PRETENCE-185984. 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:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

That sucks, but...

AUTHOR: Steve - (U.S.A.)

Is this the company to which you are referring? In any case, yes it sucks to be lied to especially as this involves a job change.

But, look on the bright side. The ad is recruiting experienced loan officers so I assume you are experienced. If you can sell mortgages you should be able to get employed at any place you choose, maybe even at an increased split/compensation.

Why can I say this? I have been a mortgage broker for over 10 years now and if there is one thing I know in this business, if you can sell mortgages and make money for your employer and yourself, then gaining employment shouldn't be tough.

>>>>>Pan American Mortgage is a Wholly Owned Subsidiary of Pan American Bank, a Multi-Billion Dollar Illinois-state chartered bank, with multiple locations and the ability to originate loans nationally. We are looking for experienced loan officer to work remotely in the Los Angeles area.

Pan American Mortgage takes a very unique approach to our business model unlike anyone else in our industry. We have an established realtor recruiting campaign that is guaranteed to have realtors calling you. As a bank, we are able to compensate realtors (by making them a junior LO) on the financing side of their business, thus increasing our loan officers overall income.

Pan American Mortgage provides the following:

Licensed to originate in all 50 states with several lenders
No origination license required, as we are a bank
In house real estate company, Pan American Realty Group, LLC
Realtor program where realtors send YOU business (guaranteed)
Loan officer referral fee (5% override)
Flexibility to work remotely
In house processing
290 loan officers currently originating
Aggressive commission splits (Ave. loan officer is at 64% split)


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