We are a Mortgage Brokrage firm located in Florida.One day I got a call from Mr. Gary Elkin from Precision Funding ( aka PMC,Inc ) from New York. He said they were a Mortgage lender and asked me if I had any tough loans that I was working on that they could fund. I had just such a loan that no lenders wanted to fund due to high DTI ratios. After talking to Gary Elkin, He told me that they could do the loan. ( This was an FHA loan that we assign a case # to ) Gary Elkin said to submit the file to him and he would send it to the underwriter for approval.
Since we had never done a loan with this company, we had to get " set up " with them with a broker package before they could underwrite it. Gary Elkin suggested that I release the FHA case # to Precision's retail side to expidite the process. I told Mr. Elkin he was insane, and that I would wait for the broker package to be approved and then submit the loan. From that point on, I spoke to Jon Wallace- Mr. Elkins " Associate "
After working for about a month on this file, getting all the conditions cleared-Two days before closing Jon Wallace calls to tell me that their investors were no longer buying any " Third Party Originated loans " and that in order to close the loan, we would need to release the FHA case # to their retail side so they could originate the loan-and they would send us our broker fees after closing. At this point the borrower had zero chance of any other lender funding her loan, so I made the decision to release the case # to them so my borrower could get her loan.Of course they closed the loan,and Jon Wallace and Gary Elkin kept our broker fees and never sent us a check.They ripped us off for $4,000. If Either one of these guys calls your office looking for loans,hang up the phone, it's a SCAM !!!