• Report: #237102

Complaint Review: World Leadership Group, Global Equity Lending, Global Realty Marketing

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  • Submitted: Mon, February 26, 2007
  • Updated: Mon, June 30, 2008

  • Reported By:San Diego California
World Leadership Group, Global Equity Lending, Global Realty Marketing
6465 East Johns Crossing Deluth, Georgia U.S.A.

World Leadership Group, Global Equity Lending, Global Realty Marketing pressure you to join and are dishonest about what really goes on and does not take care of employees or borrowers, lots of hidden fees and systems Deluth Georgia

*UPDATE EX-employee responds: I know what you mean

*UPDATE EX-employee responds: NewKey is good, WLG bad

*UPDATE Employee: Actually, you were nice. WLG is a complete joke.

*UPDATE Employee: Actually, you were nice. WLG is a complete joke.

*UPDATE Employee: Actually, you were nice. WLG is a complete joke.

*UPDATE Employee: Get reliable facts!

*Author of original report: newkeyhomelending

*Consumer Suggestion: New Key is Same type of MLM BS

*Author of original report: NewKey Home Lending

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Hey guys. I joined WLG (World Leadership Group aka Global Equity Lending) and about a month ago I quit. All they wanted me to do was recruit, recruit, recruit. I have been doing loans for 3 years and things were just not adding up. They did not care if I did loans, they just wanted me to recruit. Their systems I think are pathetic. They make you give up the duties of a loan officer to a processor and a loan coordinator that you will probably never meet.

They want you to recruit, recruit, recruit because everyone is pressured into joining all three of their companies, that each cost money. You pay to join World Leadership Group, you pay to join Global Equity Lending, and you pay to join Global Realty Marketing.

Also, they charge the customers upfront to run their credit and qualify them! Are you serious? Why would I charge someone $100 just to find out their credit score and to see if they will qualify in the GEL guidelines? They also have a say in what lender you use.

I looked in the back office of the company and one of the biggest producers there, one of the top 5 in the company was submitting over 200 loans a month and less than 50% of these loans were closing. That probably because they just want any JOE of the street to join the company and they don't know a loan from an insurance policy. Also, when you give up your loan to their system, who knows what happens to it. Obviously a lot of loans are falling out due to some major inefficiencies in their system. This top guy had thousands of people on his team and they were only submitting on average 200 loans a month! That is a scary number, because it means that thousands of people have signed up for the company and are not producing loans.

The commission splits are small. Its hard to get real loan officers to join the company because you start out at a 30% commission split and then you must split your first three loans with a trainer. Well, like I said, I am experience and I still had to do this.

I quit quickly, as soon as I found a company I could trust. One that treated me like someone more than just a recruit.. XXXXXXX is also a XXXXXXX marketing company and they take care of us employees. They offer 80% commission splits from day 1. And you can get 100% commission split after just 10 loans. No upfront fee to the borrowers. Everyone starts the company on the same commission split! 80%! It would take years to get there at WLG. In fact, I don't think ANYONE at WLG can make 80% commission splits.

Seriously, you should look at your options! I didn't until I poured too much money into WLG... don't make the same mistake I did. This new company is not all recruit, recruit, recruit. We want people to do loans and that is why we pay such high commission splits!

We are not all about recruiting, but you will soon see you can make some serious dough if you do build a team of producing individuals. Which isn't very hard when everyone gets paid 80% on day 1! We will even show you proof. My coach showed me her residual checks for the last year and I don't think you could get anyone at WLG to do that for you. Beware of the HYPE and go to where people can prove their success!

JSR
San Diego, California
U.S.A.

This report was posted on Ripoff Report on 02/26/2007 08:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/World-Leadership-Group-Global-Equity-Lending-Global-Realty-Marketing/Deluth-Georgia-30097/World-Leadership-Group-Global-Equity-Lending-Global-Realty-Marketing-pressure-you-to-joi-237102. 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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#1 UPDATE EX-employee responds

I know what you mean

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

I understand where you are coming from. I am a former processor and I quit in Aug of 2007 because all my upline leader wanted me to do was recruit on top of processing all loans going into our processing center. I love to process loans but the fees we charged and the actual fee I received not fair. I did not care about recruiting and he would get real upset if I didn't come to one of his meetings which were held in the evenings and was around 40 miles one way from where I lived. Hubert Humphrey is getting very rich off of little people like us. Hey, look at his house he had built.
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#2 UPDATE EX-employee responds

NewKey is good, WLG bad

AUTHOR: Newkeybusiness.com - (U.S.A.)

World Leadership Group aka Global Equity Lending is not a mortgage company. I think they are "take advantage of you" MLN. They make you give up your loan to their system, they will give you the pricing and you have no choice in what happens to do.

There was another company mentioned here before that they claim is similar when in fact it is not even close. Everyone at this other company is paid 80% commissions form day 1 and when their gross commissions reach $50,000, then they are paid 100%! So no one is brought into the company and taken advantage of, thus it attracts real estate professionals, not just anyone off the street. You retain control of you loan, you choose your processing or your own, you choose lender or bank, you choose what you charge, and you get your own conditions. this is the newkey way of running your own shop. virtual mortage franchise is what you get. not to mention they have a royalty system if you want to build a team, but they will not force you to, or ask for 50 names of your friends and family! you do what you want! what to just get paid on your loans at 100%, great. want to build a team and receive royalties for life, passive income, great too! newkey home lending is real, they are a reputable company, they treat their customers right because the loan officers keep control of their loans. no passing them around. good stuff. thanks,

James
San Diego, CA
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#3 UPDATE Employee

Actually, you were nice. WLG is a complete joke.

AUTHOR: Socal Man - (U.S.A.)

I was involved with WLG for over a year and was completely disappointed. I was brought into WLG by a "friend" of mine and his brother who of course "sold" me on the wonderful business opporturnity.

All I know is that WLG makes over $300 per new recruit whether they produce any revenue or not. None of this money goes out to the field. When money is produced, WLG takes about 30-35% before any of it is actually paid to the people that produce it. Although there is training available, no one is given any incentive to use it. Basically, Hubert makes a ton and you get snowed.

Stay away, you can make a ton more working for a legitimate company.
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#4 UPDATE Employee

Actually, you were nice. WLG is a complete joke.

AUTHOR: Socal Man - (U.S.A.)

I was involved with WLG for over a year and was completely disappointed. I was brought into WLG by a "friend" of mine and his brother who of course "sold" me on the wonderful business opporturnity.

All I know is that WLG makes over $300 per new recruit whether they produce any revenue or not. None of this money goes out to the field. When money is produced, WLG takes about 30-35% before any of it is actually paid to the people that produce it. Although there is training available, no one is given any incentive to use it. Basically, Hubert makes a ton and you get snowed.

Stay away, you can make a ton more working for a legitimate company.
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#5 UPDATE Employee

Actually, you were nice. WLG is a complete joke.

AUTHOR: Socal Man - (U.S.A.)

I was involved with WLG for over a year and was completely disappointed. I was brought into WLG by a "friend" of mine and his brother who of course "sold" me on the wonderful business opporturnity.

All I know is that WLG makes over $300 per new recruit whether they produce any revenue or not. None of this money goes out to the field. When money is produced, WLG takes about 30-35% before any of it is actually paid to the people that produce it. Although there is training available, no one is given any incentive to use it. Basically, Hubert makes a ton and you get snowed.

Stay away, you can make a ton more working for a legitimate company.
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#6 UPDATE Employee

Get reliable facts!

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

When I first looked into the business, I found similar articles throughout the web concerning the WLG, but was surprised that I did not find any from a company that actually reports news, or any professional publications that wrote any negative information regarding the company or the founder, or Presidents of the various companies. And it occurred to me while reading all the other stuff, that if I was really going to look into the company, I needed to go to REPUTABLE publications to find out about the company that I was joining, or at the very least, to REPUTABLE news agencies and find out what they said, somewhere that they had to document the information based on FACT, not just cutting down a company because someone had a bad experience.

What I found, is there has not been any. I heard that WLG / GEL / GRM was being investigated by XXX authority in XXX
State. Unlike some others, I contacted those states, and ASKED. Funny thing, they never heard of any ongoing investigations.

Is WLG / GEL a network marketing company. Yep. if you are involved with any business, mortgage, real estate, and on, you are in a network marketing company. Surprise! You network to get leads, or you purchase your leads one way or another. Lead systems, advertising, and so on.

Are there people that have not done well. There sure are. Why, the effort required to receive a reward was TOO GREAT. These individuals enjoy receiving "Leads" from the shops they work in and are not willing to put any EFFORT in to win in business. These are GREAT EMPLOYEES, but not so good at building a business.

On the Realtor / Mortgage Broker relationship. States differ, check with your state to find out if it is allowed or not. Use common sense, find out.

On the cost to start. Go start your own mortgage company and tell me that you are doing it all on your own for less that $40,000+.

For those against teaching America how to wisely use there money, please continue where you are, I love to take your business! You are the very people that make the mortgage business bad.

On not knowing your products. Most brokers do not know their products, see ref. above. ALL individuals selling mortgages should know their product! If you do not know what an OPTION ARM is, DON'T SELL IT! I require my borrowers using option arms to explain the loan at closing to the closing agent!

On the loan process, garbage in = garbage out. Good loans are closed, just as in any mortgage other company. Bring a Clear, Full File, it will be closed, generally at a better rate than you are receiving now. I have had good loans close without a problem, which leads me to believe that those that complain about the loan system probably had issues BEFORE they came to WLG / GEL.

Do the employees have an opportunity to receive override income. Yep, so did I when I ran my own branch of a mortgage company, that is why I paid the fees I paid, to be able to do that.

Does the company have a few issues that it is working on. Yep, just as EVERY company throughout the World does! The question should be, are they working to overcome these and make them better. I honestly believe so.

Do your research, make a choice, move on...
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#7 Author of original report

newkeyhomelending

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

I continue to hear of people leaving World Leadership Group and Global Equity Lending. Please make sure you ask about the pay structure for your loans, and ask about their turn over rate. They continue to hire people that dont know anything about the business.

James
San Diego, CA
Feel free to email me at for more information.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#8 Consumer Suggestion

New Key is Same type of MLM BS

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

James, hate to tell you, but New Key is also the same type of MLM scam. They have a similar recruit mentality, although I will tell you not quite as pervasive.

I've worked for the same legit mortgage brokerage for 8 years in Corona, CA. Some guy from New Key who I met at the gym suggested I go to one of their recruitment meetings in Riverside. I said OK, I'm not really looking for a job, but I was curious as to how they were touting this "residual passive income. I went to the meeting over at their Magnolia office in Riverside. After just a few minutes, it wasapparent that of the 20 people there, I was the ONLY person with mortgage industry experience.

This little chickie named Angie Ramirez was making a big deal about her paychecks, flashing around photocopies. I've been to a few job interviews in my life and NEVER has anyone flashed cash like this. She was making a big deal about OWNING her $1.2 Million dollar home in Canyon Lake, CA. and about her TWO Mercedes.

As I said, I've been in this business for a long time and I can call BS with the best of 'em. I looked up the title on her home and she has 2 mortgages on her property of $760,000 and $338,000, her house is worth maybe $1.1 million. Do the math on that and you see a property that is mortgaged to 100%. Oh, and do you know the 1st mortgage is an Option ARM? How smart is that in this economy?

Her 2 Mercedes cars? Both leased.

I did a property search for her name in LA, Riverside, Orange, San Diego and San Bernardino counties and no other properties like she was bragging about.

80%-100% commission splits? So what? If you can't get the loans closed because their contract processors suck, that looks like 100% of nothing to me.

They try to sell you on the idea that if you are DRE licensed, then you could be the buyers RE agent and get that 2%-3% RE split AND provide a loan and make 1% on the front and 3%-4% in YSP. That my friend is absolutely a violation of DRE canons of ethics. Why? The buyers RE agent has a fiduciary duty to see that the buyer gets the very best mortgage financing that the buyer qualifies for. Do you think the best mortgage is one that is significantly more expensive? A high school kid could see a conflict of interest in that equation.

Training? HAHAHAHAHAHAHAHA I asked some routine questions that a new loan officer in training would ask just to test them. They tried to BS me with answers because they clearly didn't know. Example: Explain how an Option ARM and negative really works. They push this type of loan to unsuspecting borrowers. (not what they would tell a borrower) Dude, this guy was clueless

A guy named Sean Verrete (something like this) was talking about how he was going to retire by the time he was 25. Ya right. Again, a little research showed the guy doesn't even own a home, and had been evicted from his last apartment on Magnolia in Riverside.

All a bunch of BS. Think about this FACT. They are actively recruiting people who have ABSOLUTELY NO EXPERIENCE IN THE MORTGAGE BUSINESS! They are flashing around big checks as enticement to people desperate to make more money then they get paid selling phones at a kiosk at the mall.

One more thing. The mortgage business is shrinking very quickly right now. There have been about 25 non-prime wholesale lenders that have gone out of business since Oct. 2006. Guidelines are tightening up throughout our industry. There are less and less prople buying homes and refinancing because rates are higher. Back in 2002 though 2005 I was closing 12-15 loans per month easily. Now, it is about 6-8 per month.

In closing, if you are any good at this business get with a legit brokerage that actually HAS training, has experienced and knowledgable management, supplies real leads, helps you build a referral based business with realtors, gives you all the tools you need to be successful.

I absolutely hate it when companies like this recruit totally inexperienced, unlicensed people to handle an American's single largest financial obligation---their mortgage.

Wouldn't you agree this business model is a financial tragedy waiting to happen to the homeowner?

Steve - Corona, California
U.S.A.
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#9 Author of original report

NewKey Home Lending

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

Thanks.
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