Report: #256741

Complaint Review: Ripoff Report | American Financial Resources

  • Submitted: Mon, June 25, 2007
  • Updated: Wed, August 27, 2014
  • Reported By: Boca Raton Florida
  • American Financial Resources
    273 E. Main St.
    Denville, New Jersey

American Financial Resources (AFR) REVIEW: American Financial Resources, Inc. (AFR) clients, feel safe, confident & secure when doing business with American Financial Resources, Inc. AFR dedicated to client satisfaction, exceptional client experiences, & success. Commitment to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction & confidence when doing business. Nationwide
*UPDATE: American Financial Resources recognized by Ripoff Report Verified™ as a safe business service.

Show customers why they should trust your business over your competitors...

REVIEW UPDATE July 19 2017: American Financial Resources remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. American Financial Resources is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, American Financial Resources has made good faith efforts to resolve all complaints reported on Ripoff Report. Based on our experience, the member business has proven to be among the top members of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business™.

Over time and since becoming a member, American Financial Resources has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever American Financial Resources remains committed to improving customer satisfaction. [continued below]....


Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at

Ripoff Report Verified™ REVIEW:

EDitor’s UPDATE: Positive rating and recognition has been given to
American Financial Resources, Inc. (AFR) for its commitment to excellence in customer service.

Ripoff Report’s discussions with American Financial Resources, Inc. AFR have uncovered an ongoing commitment by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any complaints or concerns. American Financial Resources, Inc. AFR listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

American Financial Resources, Inc. AFR principal, Richard Dubnoff, has informed us that his personal philosophy is that his clients are a precious resource. As a successful businessman, Mr. Dubnoff feels it is critical to listen to his clients and respond properly. By always putting his customers first, Mr. Dubnoff hopes to maintain American Financial Resources, Inc. AFR as a successful enterprise both now and for many years to come.

Another top executive of the company told us that Mr. Dubnoff’s personal business philosophy is based on the premise that "strives to add value in its services as they understand that a successful business model is based on value-added services, and client care”. American Financial Resources, Inc. AFR’s mission statement says it all: "Our goal is to provide our clients the best quality, value and professional excellence in the industry. American Financial Resources Inc. AFR is committed to providing consistent hard work, dedication, adaptability and innovation to its clients and partners through sound leadership, unparalleled industry expertise and unwavering commitment to service… with a personal touch!" Some of the other things Ripoff Report learned in the course of its review is that typical customer feedback reads: “AFR’s Mr. Dubnoff truly communicates all aspects of the job in a timely and effective manner. We are very pleased with the responsiveness that he and his employees show us. They are serious about meeting commitments, and deliver on all their promises.”
AFR is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..

The information provided in this report below is based on comments made by Angel Bell during an on-site inspection held by a third party verification company with no biases toward the American Financial Resources.

The American Financial Resources is a nationwide home mortgage lender. AFR Mortgage delivers home mortgage solutions to customers. It also provides low mortgage rates in spite less than perfect credit history. AFR Mortgage operates in the U.S. AFR Mortgage has been in business for over 15 years and have funded over 2.7 billion dollars in the past year alone.

According to Angel Bell, a representative of the company, all leads are acquired on multiple levels. Part of the leads is purchased through online lead companies. A good portion of the leads come through referrals. Potential clients will indicate interest by calling in, engaging in chat, or now available is video chat through the website. A potential client will participate in a chat with an employee regarding AFR Mortgage products and services, or will call AFR Mortgage directly. After expressing interest in AFR Mortgage products/services, either by calling the company or being called, AFR Mortgages staff will explain the company’s products and services and answer any and all questions that the person may have. Usually asking what the rates are for the mortgage packages.

After the potential client receives clarification and answers to questions they may have the process will move forward. Next, they are sent over to a licensed loan officer to continue with finding the best plan for the client. AFR Mortgage’s staff then asks potential customers a series of questions to determine their credit and establish the lowest rate possible. As well as establishing a payment plan. The staff will provide customers with information about the current rates of mortgage packages and what the process with AFR Mortgage entails.

According to Ms. Bell “The only time a customer is not satisfied with the level of service or product they receive is only when they do not get the rate they want.” However, this complaint is not a common one. In this case, a customer is quoted an initial rate and package during the first interaction between the customer and loan officer. This is suggested by the loan officer to lock in that rate at that time. In this scenario, a customer will not lock in the rate at that time and end will end the conversation with the loan officer. At a later date that customer will call back in and request the same rate and package that was offered previously. Seeing how these rates are regulated by the government and are subject to change. This is where the complaint comes into play. When this happens, the president of AFR Mortgage will then proceed to contact and further educate the customer. The president will go over rates and packages and come to an understanding. After these phone calls the customer understood that rates and happy time was taken out to explain the situation.

American Financial Resources, Inc. Customer Satisfaction & Care

After an issue is resolved, AFR Mortgage will proceed with setting the customer up with a package if they wish. Ensuring the customer fully satisfied with their package and the final resolution. AFR Mortgage “attempts to keep customers information private and will not rebut if the customer goes online with the complaint” states Ms. Bell. AFR mortgage will always contact the customer via private phone call or e-mail to resolve each customer’s issue. Ms. Bell notes that the purpose of this is to protect the customer. This will also to ensure the highest quality service.

AFR Mortgage is a direct FHA lender. AFR is also an approved Fannie Mae Seller/ Servicer and Freddie Mac Seller/Servicer, licensed under the laws of the State of Texas, Nation Mortgage Licensing System, and several other licensing qualifications in other states. Additionally, AFR Mortgage has an A+ Rating with the Better Business Bureau and Copyrighted with Federal Housing Lender. Lastly, AFR Mortgage is a trademark/service company. As a result of the complaints, AFR Mortgage continually aims to increase the quality of its customers’ experience. The rates and packages are explained thoroughly so the customer is not surprised by different rates. They understand the rates quoted are always subject to change and no rates are final until the client is “locked in”. This is in a constant effort to make sure that a dispute may not occur and accurate information about the rates and packages can be relayed to all parties.

Ms. Bell and her team recognize the value of working with Ripoff Report and the Corporate Advocacy Business Remediation and Customer Satisfaction Program, and the platform it provides for businesses and clients to interact and resolve issues. She stated it is important to have a good reputation and work together with the advocacy teams.

American Financial Resources, Inc. (AFR) / Statements from the owner.

"Most of our complaints are due to customer expectations of their home values not meeting the appraised values, thus resulting in us not able to provide new mortgage financing. Other issues relate to miscommunication between our sales force and customers. As one of America's largest independently owned mortgage lenders, we chose to practice the highest of standards and courtesy in discussion threads in cyberspace. We believe that practicing good “Netiquette” (network/internet etiquette) helps better overall communication via the web without creating misunderstandings. While we attempt to safeguard against cyberspace differences, we understand that through the course of doing business, an occasional disagreement will arise- especially when working with thousands of clients per month. At AFR, we take even the smallest of criticism seriously and make every effort to address any misunderstanding immediately.”

AFR’s sales team have expressed that they feel very confident doing their job. The team lead at AFR stated "I have seen Mr. Dubnoff take personal interest in customer satisfaction. With his years of expertise in the mortgage services arena, I know that he has the best residential home loan provider experience. Our relationship with our client does not end after the transaction is complete.”

AFR takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this: “AFR provides a very positive environment to work. Opportunities for suggestions and improvements are encouraged. Mr. Dubnoffcares about (AFR)’s employees and continues providing growth opportunities for us. He takes the time to listen and communicate with employees and customers alike." Ripoff Report was pleased to learn that AFR’s past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.

American Financial Resources – Your Direct Lender

"American Financial Resources is a direct Federal Housing Administration (FHA) lender. In fact, we are one of the top FHA lenders in America. FHA loans offer many unique benefits, including some of the lowest fixed rates available, loans up 97.75% of your home’s value, and down payments as low as 3.5% on home purchases. AFR Mortgage is also an approved Fannie Mae Seller/Servicer and Freddie Mac Seller/Servicer.”

Why choose American Financial Resources as your mortgage company?

"We know you have a lot of options when it comes to your home financing. We will work hard to earn and keep your business, and promise you the following:

Convenience – Apply by telephone at 800-316-9508 or Get Started Online. Either way, you’ll have the confidence of knowing a knowledgeable mortgage consultant is available to guide you through the loan process from start to finish.

Speed – Our own in-house underwriting helps us move loans quickly from application to close.

Simplicity – Since we are a direct lender, there is never a broker or middleman. That means lower costs for you and your personal information is not shared with any third parties except our essential business partners.

Flexibility – Even if your credit is less than perfect, we may be able to get your application approved. Being a direct FHA and FNMA lender gives us many more options to help you qualify for a home purchase or refinance.

Knowledge – Every one of our Mortgage Consultants has in-depth knowledge of mortgage financing and each has completed all of the necessary education and state licensing requirements.

Quality Customer Service – Your AFR Mortgage consultant will be with you every step of the way – from time of application to the funding of your loan. They will be available to you to answer your questions and give you peace of mind.”

American Financial Resources - Mortgage Consultants

"When you select American Financial Resources for your home financing you choose to work with some of the most dedicated and knowledgeable mortgage consultants in the business. Our loan officers are all highly trained professionals – each mortgage consultant has completed national and state licensing requirements through the National Mortgage Licensing System (NMLS). This system ensures state licensing guidelines are met and is designed to streamline the licensing process, improve supervision, and increase transparency in the mortgage industry.

A commitment to serve our customers

In a service industry like ours - there is nothing more important than ensuring our customers feel confident and comfortable. Our mortgage originators are available to you throughout the stages of your loan to answer your questions and to guide you through the mortgage approval and underwriting process. Never hesitate to contact your mortgage consultant if you have a question or concern. Our goal is to make this transaction smooth and stress-free.


American Financial Resources, Inc. (AFR) recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Rip-off Report’s Investigation American Financial Resources, Inc. (AFR) has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with Mr. Dubnoff, Ripoff Report is convinced that American Financial Resources, Inc. (AFR) is committed to quality delivery of services resulting in total client satisfaction.

American Financial Resources, Inc. (AFR) Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

American Financial Resources, Inc. (AFR) Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Programthey agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer ..



American Financial Resources mortgage ripoff and delay in loan causing rates and points to increase Denville New Jersey

I made application with broker on May 31st, 2007 with all paperwork and appraisal costs paid. At first they promised me a jumbo loan at 6.25% but after 2 weeks they said that only a loan at 6.50% was available. I went ahead with the higher cost loan and they jerked me around until June 25th, when they called and said that even though i had a commitment letter from the bank, that my loan was not approved and that there was nothing they could do. Now I must go and start all over again and rates have increased and I am out of pocket for the costs I paid upfront. Stay away from American Financial Resources Inc. at all costs!!

Boca Raton, Florida
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This report was posted on Ripoff Report on 06/25/2007 01:05 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

How Much Money Are You Out?

AUTHOR: Bman - (United States of America)

Thank you for this report. I have had an issue with QUICKEN LOANS, where they use bait and switch and have keep deposits as a source of free money and pressure to use their service. I am checking into refinancing again. I have found no complaints yet about

Integrated Financial Group Inc.

In terms of information, here are some possible sources for you to contact about this company:

Contact Your United States Senators


Every state has two United States Senators. Senators are elected on a state wide basis and represent your entire state in Washington D.C.. Your United States Senators have enormous power and enormous influence. A simple letter or phone call from a U.S. Senator's office can move mountains. Every United States Senator has an office that deals with constituent complaints involving a number of issues -- every problem imaginable are handled by your United States Senators' office. Plus, they want to get re-elected and they serve their voters not the business.


Contact Your United States Congressman/woman


Unlike Senators, your state has anywhere from one to over 50 United States Congressmen/women. In your congressional district, you have ONE United States Congressman/woman. Like Senators, members of Congress deal with a huge amount of voter problems -- you name the topic, and they can and will help you.


Contact The United States Department of Justice


The Department of Justice is the federal government's chief law enforcement agency and prosecutorial office.


And my favorite:

Contact The Federal Trade Commission (FTC)


It is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy. The FTC pursues vigorous and effective law enforcement; advances consumers interests...

This is the agency that companies fear.


Contact The Securities and Exchange Commission (SEC)


This agency regulate all companies that are trading stock publicly. They also are very concerned with companies who engage in fraudulent activity which might manipulate their stock price and give investors a false picture of the truth of a company's heath.


Contact The Internet Crime Complaint Center (IC3)


Report the offending company to this feared and effective government task force. Your aim here is to highlight the criminal and fraudulent nature of the companies activities. You must be able to detail how they wronged you and stole your money.


Contact The Council of the Better Business Bureau


The Better Business Bureau is another group that many businesses need to answer to -- first it has enormous influence and second, many businesses are members. Since it is paid for by businesses it may not be as effective as the government agencies that are created to protect you.


Contact The National Consumer Law Center


"The National Consumer Law Center (NCLC) is the nations consumer law expert, helping consumers, their advocates, and public policy makers use powerful and complex consumer laws on behalf of low-income and vulnerable Americans seeking economic justice.

Todays consumer marketplace is complex and full of potholes, even for those of us with all the necessary skills and advantages. For unsuspecting low-income consumers its far more treacherous - even the smallest misstep can lead to financial ruin and a sense of hopelessness that paralyzes individual progress."


Contact The National White Collar Crime Center (NW3C)


They will help you with filing a complaint against the company showing you how to do it and provide other resources. White collar crime is a term coined for something that many businesses engage: it is fraud and outright theft committed by those wearing a white shirt and tie to work everyday.




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#2 Consumer Comment

Person probably didn't understand the rules

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

Until you actually lock in a rate, it varies, even daily.  This person probably didn't realize that until certain paperwork between the seller, realtor, title company, and mortgage company (AFR in this case) is signed, the rate doesn't get locked.  In this case, it went up by .25%.  Oh, well - blame the Fed, not AFR.  Then, the person said they didn't ultimately get approved for the loan.  That is because, to get a home, they do a pre-qualification screening and give you a letter based on your current credit report score and debt-to-income ratio.  If that changes, or any other factors (i.e. other major purchases, credit use and lack of full or even partial repayment, loss of job) change in between that pre-qual and your final qualification, well that affects your ability to get the loan.  People need to understand that and not just blame a bank because they initially qualified, but then things changed and they didn't get the loan, after all.  Be grateful that a bank is lending at all, these days.
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