• Report: #641255
Complaint Review:

Flagship Financial Group

  • Submitted: Thu, September 16, 2010
  • Updated: Wed, December 26, 2012

  • Reported By: Jake — Tooele Utah United States of America
Flagship Financial Group
3130 West Maple Lehi, Utah United States of America

Flagship Financial Group Will Farrar Flagship Rip Off Lehi, Utah

*General Comment: Employee Statement

*Consumer Comment: Very pleased with Flagship!

*Consumer Comment: Flagship is a Lying Cheating Company

*Consumer Comment: End result to my report shown above

*Consumer Comment: My Experience not so Good

*UPDATE Employee: Who are you working with at Flagship in UT

*Consumer Comment: Flagship Financial was EXCELLENT

*REBUTTAL Individual responds: Flagship issues

*Consumer Comment: Starting a new refinance with Flagship

*Consumer Comment: Flagship Financial Corrected Everything!!!

*Consumer Comment: Flagship Financial Excellent Service!

*Consumer Comment: Jake Peterson

*Consumer Comment: If you don't like it don't read it...????

*Consumer Comment: Response

*Consumer Comment: Response

*Consumer Comment: ENOUGH already

*REBUTTAL Individual responds: Hey John, sorry to hear that

*Consumer Comment: Keep Up The Good Work......

*REBUTTAL Individual responds: John Tamel, I never worked with you.

*Consumer Comment: Flagship Financial is a Chop Shop House of Mortgage Brokers - They Are Not Direct Lenders

*REBUTTAL Individual responds: Flagship Financial - no idea who this consumer is

*Consumer Comment: Confirming ripoff and name of agent

*Consumer Comment: BBB?

*Consumer Comment: Flagship Financial is not to be trusted

*UPDATE Employee: I work at Flagship and want to clarify

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We were contacted by phone by a representative from Flagship Financial Group claiming to be a Loan Officer in the state of Utah.  After much thought, we decided to use Flagship for our very important home loan.  Important because we only had 30 days to close in order to receive our $8000 tax credit.

The representative emailed our application along with a list of needed items.  In addition, we were asked to sign a blank credit card authorization form which should have been our red flag.

We had emailed back our application to find our credit score was above 720 and our debt to income ratio was "fine"  In other words, we were told not to worry, our transaction would be fine.

Two weeks later and $1,100 in appraisal credit and deposit fees later, we were notified the loan officer was no longer with the company.  With the aid of my Real Estate Agent, I discovered, the person representing as a loan officer with Flagship Financial, was not even licensed.

Our file was then handed off to a person claiming to be a manager named Mari Mautner.  We had explained to this person that we MUST close withing 15 days to receive our tax credit.  She assured me she would rush the file right through.  This was the first and last time we spoke.

Mari along with Will Farrar, Anette Lowder, Liz Harris and Ben Curtis were and still are unable to be reached.

Three week into our home buying adventure, we were forced to switch mortgage companies.  Although they were able to close us in two weeks, we still missed out on our $8,000 tax credit.

In all, we were never refunded $1,100 from Flagship plus we had to pay a new appraisal and credit fee of $450 and an escrow extension fee of $35 per day.  Even though the $8,000 was a lost opportunity, my family still missed out on a sizable nest egg not to mention the approx $1500 out of pocket with $1100 stolen by this company.

Shame on you Flagship!  I will be forwarding this to all interested government agencies and essentially anyone who will listen.  THIS IS NO WAY TO TREAT PEOPLE!  You are a bunch of thieves without regard for very community you are trying to do business in.


This report was posted on Ripoff Report on 09/16/2010 02:23 PM and is a permanent record located here: http://www.ripoffreport.com/reports/flagship-financial-group/lehi-utah-/flagship-financial-group-will-farrar-flagship-rip-off-lehi-utah-641255. 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 General Comment

Employee Statement

AUTHOR: Luke - ()

To the employee who wrote this. I received a letter regarding refinance of my home from Flagship Financial Group saying that they can refinance my mortgage with 1.75%(2.59). This was an attractive offer, so I set out to do some research on Flagship and 98% of what I found was bad. This put up red flags for me and so I dug a little deeper.

According to the statement that I am responding to, the person who is an employee said they have an "A" rating with the Better Business Bureau and are in good stating with the Dept. of Veteran affairs. This is a lie; according to the BBB, they are not a BBB member and have B- rating as of 2/19/14. The Dept. of Veteran Affairs does not recommend or keep any record of lenders; in fact, they do not even work directly with the lender and only approve the price of the home. The VA only requires a lender to meet basic requirements (i.e. they have to meet federal requirements, but are not regulated by the VA).

It would be one thing if a small percentage complained about the company or different issues, but according the complaints I have researched 98% percent were complaints of the same or similiar issues (lying about rates, not being able to contact employees, illegal fees, etc..) The fees if accurate, we really high and according to the law, thay are not allowed to charge more that 1/2% in fees in a loan; meaning if one was financing a home loan for $300,000.00, the lender can only charge $1500 in fees. On December, 11 2012, the State of Washington V. Flagship Financial group, William K. Farrar III, Chet Johnson Wall, the designated broker (Order no# C-09-181-12-CO01) were fined $165,000.00 as well as other fines and license was revoked for two months and prohibited from performing any mortgage transactions in the state of Washington for violation of the state's Mortgage Brokers Act. Consequently, Mr. Wall was prohibited from ever performing or working as a Mortgage Broker for life in the state of Washington. In the deposition, Flagship reported quote, "Respondent Flagship admits that in some transactions, Respondent Flagship used unlicensed loan originators to originate residential mortgage loans in Washington."

Needless, to say, this company is probably not to be trusted and one should probably get several opinions from various financial institutions when refinancing their VA mortgage (Military.com). Hope this helps.


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#2 Consumer Comment

Very pleased with Flagship!

AUTHOR: klapa - ()

I had a rather difficult VA refinance as my previous loan was actually an assumption.  This means that the previous closing package I had was not exactly the "standard" which made this a rather unique situation.

I had received a flyer in the mail from Flagship and thought I would at least call them and hear what they had to say.  I spoke with Randy Linford who turned out to be my loan officer that "sheparded" my refinance through all the curves in the road and finally closed it.

I found Randy to be very up-front and honest about my various choices - and came to admire the way he called me on almost a daily basis with updates, while dealing with all the issues particular to my own situation.

I cannot come up with enough superlatives here - I don't think I would have made it without Flagship.  I locked at 3.25% just in time - by the time I closed the rate was closer to 4.7%.

Thank You Flagship and Randy Linford for a Job Well Done!

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#3 Consumer Comment

Flagship is a Lying Cheating Company

AUTHOR: ifiddler - (United States of America)

OK, you want names, dates and numbers?  I got 'em!  Zach Nielson and K'sun Joseph of your company sold me a bill of goods on the refinance of my home, which I have ultimately lost and now have a civil unlimited action in Southern California.  

During that notorious time of 2008 they contacted me under the auspices of teaching me how to purchase real estate, which ended up with them getting a refi on my home that was done illegally and by them padding the documentation, just so they could get their broker's fee of $8,000.

  1. They told me the loan was on "stated income" that I could get it set to "fixed" after being with the lender 2 years under the same "stated income."

  2. They told me to lie about my income so that I could get the refinance (which I did not)

  3. They made the loan for over $8,000 over my requested amount so they could pre-charge me interest AND add $100 for Public Officials, which was never told to me beforehand

  4. They told me use a co-signer to obtain the loan

  5. The had 4 different interest rates on the loan documents 

  6. They told me that by only paying interest the monthly rate would go DOWN, but instead it went UP 125% every year!

  7. They told me that after I got the refinance I could change the Grant Deed back to my name without telling me that by doing so it would void my loan!!!!!!!

  8. They lied on the loan documents stating that my co-signer also owned real property, which was literally untrue.
BEWARE of these crooks.  Tell the Office of the Comptroller of the Currency (federal agency).  Tell the media.  Tell your District Attorney and State Attorney General regarding their Fraud.
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#4 Consumer Comment

End result to my report shown above

AUTHOR: Twiddles - (United States of America)

I spoke with Jeff directly after filing my report and i would like to clarify a couple items from my earlier report:

1) My Loan is completed 2) My original lender was far less than cooperative (Wells Fargo) 3) My refinance on a loan of less than a year old was more than a full percentage point drop and resulted in substantial savings to me. 4) Conducting business via email and phone calls (except for final signing) can be a frustrating experience when you don't understand all the steps involved. If your not asking questions except every couple weeks you may be frustrated by the lack of communication, my advice call or email more often and don't wait for them to call you. I never waited more than a business day for a response once I started pursuing answers. 5) At closing the explanations for rates, charges, tax burden etc were very well laid out. A note here, the reason for the delay in my loan was because taxes were not covered correctly. I could have paid far less per month and then been hit with a huge bill at the end of the year and an increase in my monthly charges the following year. Jeff caught this mistake and explained the issue in detail (my original loan had me paying a large chunk of taxes out of pocket instead of from escrow account)

At the end of the day I am happy with the service I received although I wished communication had been a little better earlier, then again, I have never bought a house via email and phone before so I really had no idea what to expect.
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#5 Consumer Comment

My Experience not so Good

AUTHOR: Twiddles - (United States of America)

I have been waiting over two months now. I was contacted quite often up front for all types of personal information and paperwork which I provided very quickly. After providing what Flagship needed and being told my rate was locked in, nothing but crickets. I had to call to check on status and was told "we are waiting on the bank" 2 weeks later i was called and told "we are waiting on the bank". When i questioned this response and told Jeff Lees assistant that I was already told that two weeks prior he became rude and stated "we are not lying to you". I never suggested he was, simply stated that I had been told that before and I was seeking more information. I didn't get any more information.... Called Jeff and again got his voicemail, actually havent spoken with him in almost two months.

Sound like stellar service to you? I think i will be starting this process over again with a different company.
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#6 UPDATE Employee

Who are you working with at Flagship in UT

AUTHOR: lowvarates - (United States of America)

I am a branch manager and would like to learn from any mistakes we have made.  Would you be so kind to share the name(s) of who you feel has been unprofessional so we can work on improving?
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#7 Consumer Comment

Flagship Financial was EXCELLENT

AUTHOR: Arizona Vet - (United States of America)

As I previously stated, I am a Veteran of the USAF AND USN. I have a Bachelors Degree from Regent University and have been a working professional for over 30 years. I used Flagship Financial to refinance my loan earlier this year and found their staff to be outstanding, efficient, and thorough. My loan process was very simple and quick. They were able to significantly lower my interest rate. The staff anwered every one of my calls within 24 hours and provided me with detailed answers to all of my questions. I would highly recommend them to anyone in my family or circle of friends and associates. 

As to the people who have had an uncomfortable experience with this company, I would urge you to keep in mind that people are human beings with character defects that occasionally rise to the surface despite the best of intentions. WE ALL FAIL OR MAKE MISTAKES AT SOME POINT IN OUR LIVES. There is no one the face of this earth that is perfect, nor has there ever been, except for one man - Jesus Christ. Maybe you need to ask for His help to forgive and have a little compassion for your fellow human being. 

Overall, this is an outstanding company with a heart of gold.

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#8 REBUTTAL Individual responds

Flagship issues

AUTHOR: Frank P - (United States of America)

I have been working with flagship financial in UT for the past two months since my first contact in July 2012 and I am beginning to see some of the same discrepancies mention in this report will keep you

I am a VET with a BS in Computer Science, Master in Business Administration and have over 25 years experience as a professional. However, I can say that there is a lock of professional conduct on the part of Flagship staff in UT even though I can only say this because of the individual I have talk/corresponded with in the past two months.

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#9 Consumer Comment

Starting a new refinance with Flagship

AUTHOR: Drew - (United States of America)

I just submitted my application for a refinance and received an email yesterday (06SEP2012) that my loan is now being processed.

They were quick to respond and sending the paperwork to me. After I sent the required documentation back to the loan officer, I received an email within hours stating that my loan had already been sent to their loan processing department. Processing could take anywhere from one week to one month. So let's see how long before I hear back.

I was a little skeptical at first. It seems like one of those 'to-good-to-be-true' deals with no minimum credit score, no employment verification and no appraisal but I figured I'd give it a shot. They offered me an awesome interest rate so I'm really hoping they'll be able to stick to their promises.

I'll update this post as my loan application goes through the process. I hope Jed won't let me down.
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#10 Consumer Comment

Flagship Financial Corrected Everything!!!

AUTHOR: John - (USA)

After my posting listed above, I received a call from the president and owner, Mr. Will Farrar. We talked for a while, and he was extremely apologetic about the bad experience I had. Then, he made everything right by getting the refinance taken care of by his personal staff. When that happened, I never had a better experience getting a refinance. Thank you Flagship!!

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#11 Consumer Comment

Flagship Financial Excellent Service!

AUTHOR: Arizona Vet - (United States of America)

I am an Arizona Veteran. I was looking for a way to lower my interest rate and my mortgage payment in January 2012. Another Vet at the Phoenix VA recommended Flagship Financial as someone she had worked with and received fantastic results. I contacted them in January, specifically, I spoke with Randy Linford. Randy thoroughly explained every detail of the process to me and helped me with the paperwork. He answered all of my emails and phone calls promptly - within 1 to 2 days. I also worked with Jen Pierce, I believe his associate, and found her to be friendly, knowledgeable, and offered me the highest customer service. My refinance package went through the process quickly and we closed in March 2012. Flagship Financial lowered my interest rate from 6% to 3.75% and the savings on my monthly mortgage payment was a huge blessing. Along with that, I received two refunds from my previous mortgage lender that were sorely needed. 
I have found Flagship Financial to be an outstanding company that provides loyal and honest service to Veterans with the highest integrity. I recommend them to any Veteran who needs to save money and is looking to buy or refinance a home. 
I give them 5 Stars!!!  *****  :>)
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#12 Consumer Comment

Jake Peterson

AUTHOR: JA - (United States of America)

I am one of those consumer who research companies that I deal with. Currently, I am working to refinance my home and is working with Jake Peterson. Every company has their good and bad and you can't always go by with complaints that you read. Not every Employee/Company is perfect, however my experience with Jake so far is fabulous. As a matter of fact, I spoke to him this evening. Am I skeptical? Sure. That's normal. Which I told him I was. But I can't complain about him communicating with me. I am very impressed! He's been on top of answering all of my questions and informing me of information that I never knew. I called him at a late hour and he still responds. When I asked him to email me, he follows up even at midnight. Any promises that he has made, he's met. He will tell YOU depending on the situation, if he thinks the loan will close or not. Honestly, I don't get a vibe that he is a liar. I really think he's genuine and sincere. He did make one tiny mistake which I asked him about and I looked passed it. Even with my current job, I make small errors so I can't expect someone else not to small pity errors. I am honest and an upfront person, who doesn't beat around the bush. If I felt that Jake did terrible, I would have said it; but he's been excellent and keeping in touch with me with all my questions and concerns. I have yet to see what is next in closing and if it doesn't work out, I still feel that Flagship has a valued Employee and that is Jake Peterson.

Judy A.
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#13 Consumer Comment

If you don't like it don't read it...????

AUTHOR: RA - (United States of America)

If you don't like it don't read it???


That's a bit fallicious, don't you think?

How is anyone supposed to dislike or disagree with written word BEFORE they read it? Perhaps one could learn to "unread".

Nobody is saying you don't have a RIGHT to post it (as does anyone). What I was respectfully trying to point out is that you have valid points. 

After my own dealings with Flagship, I don't doubt the veracity of your claim; but going back and forth is an exercise in futility on the 'net. It turns into "he said-he said".

If you're posting because it makes you feel better, go for it!

In any case, I wish you luck.

Happy New Year!


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#14 Consumer Comment


AUTHOR: John - (USA)

Mr. Peterson, you sound sincere when you say all these things, and I appreciate that to a certain extent.
However, that doesn't justify the lies/deception Flagship perpetrated against me to secure my business. For that, I will write, and will continue to write, posts like this all over the net detailing my experiences.

There is no getting around the fact that Flagship:

1. Lied about being a direct lender

2. Lied about underwriting the loan in-house (they referred all underwriting to Wells-Fargo)

3. Did not honor the GFE (Good Faith Estimate) they presented to me. The loan terms were changed abruptly and I was told by my loan officer, Brian Bailey, that "If I wanted to do the loan, this is what we would need to do now" or words to that effect. It was a classic Bait-and-Switch situation.

4. Terribly misreported closing times (supposedly because Wells-Fargo was backed up, which was an indirect result of Flagship Financial lying about underwriting the loan in-house. If they would have done that, there would not have been a conflict with Wells-Fargo). I never could get the loan closed and finally had to pull out.

5. Unprofessional and extremely rude people to deal with. Brian Bailey initially handled my loan and was extremely unprofessional. He would often laugh/chuckle when I questions him about my above-stated concerns.

6. Is terribly overpriced and will cost the veteran more if Flagship decides and the veterans agree to have the loan brokered. This is exactly what they attempted to do with me.

So Mr. Peterson, this is what happened to me. You guys down there in Utah can spin it any way you want, tell people I'm crazy, lie to yourselves about what happened, etc, I don't care. But, if posting my experiences helps at least 1 veteran, I'm satisfied. I'm sure you know that I'm not the first person this has happened to.

I posted all over facebook, military.com, rip off report, yelp, angies list, and I will continue to write. The goal here is to get veterans to start checking up on companies that are screwing over their customers. Any veteran wanting to perform their due-dilligence on Flagship should find these posts.

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#15 Consumer Comment


AUTHOR: John - (USA)

Sir, if it bothers you that much, then I suggest you don't read it

Its not your place to tell people what to write - that's one of constitutional guarantees as long as the information presented is not libelous

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#16 Consumer Comment

ENOUGH already

AUTHOR: RA - (United States of America)

This has ceased to become informative and as turned into a little flame war which nobody is going to win.
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#17 REBUTTAL Individual responds

Hey John, sorry to hear that

AUTHOR: Jake Peterson - (United States of America)

Hey John, 

Sorry to hear that was the case.  I appreciate the advice.  I can assure you that is not the norm at Flagship.  Flagship operates as a number of individual branches, some may not be as good with their ability to process and close loans, but all have good intentions that i have dealt with. Especially on my team, there is only 7 of us on my team, but 2 of us have MBA's, the others have graduated from college.  We have one former marine, who served in Iraq, and our only goals are to make vet's lives better.  I truly am sorry for your troubles John.  Most situations regarding frustration with customer service usually lead back to one thing.  Communication issues.  I work hard to handle these with every consumer.  

The only reason i came on here was to address a comment that was tied to a thread that had nothing to do with me.   After reading the comment, i went through every loan that for one reason or another didn't close in the fall to know exactly who posted the thread that mentioned my name.  Fortunately there were not very many loans that i wasn't able to close or had cancel and discovered that it was Kaye Roosen of Anita Ave, Grover Beach, CA.  Her husband Edwin Smaltz was the veteran.  Kaye was a nice lady and i worked my butt of to get her  loan closed.  She was skeptical the entire time about the flyer being a scam.  This i believe was related to her age.  She was 65 years old and the way mortgages are originated is much different than 30 years ago when you went to your local bank to get a mortgage.  I spent hours and hours on the phone with her and trying to close her loan.

Anyway the details on her loan is we had an approval on her loan that matched exactly what we had spoken about on the original phone call.  The closing costs were being taken care of.  She had a lot of unusual requests like paying her escrows at closing instead of building the account into the loan, but whatever, i structured the loan accordingly.  She wanted her balance on her loan to stay as close to where it was at that time.  We did what we could to accommodate her every request.  The going back to underwriting that she mentioned was because she doesn't understand the entire loan process.  I tried to explain this to her, but apparently we weren't on the same page, this goes back to the communication item that i listed above.  Anytime a loan is underwritten, you usually get an approval w/ conditions.  This is kind of like dotting the i's and crossing the t's of what the lender wants in order to get the loan fully approved so that they can get the loan certified by the VA.  We fulfilled the conditions and were looking to get the loan closed.  Kaye cancelled by email.  I called her and left her a couple of VM's to try and resolve her concerns and get her loan closed.  She never responded.   I'm too busy to chase borrower's that don't want my help, so a couple follow up calls after a cancel is about all i will do.  Fortunately i experience very little fall out, but if they don't call back, i'm not going to keep bothering them.  

All i try and do is help people, if its not something we can do, i am straight up honest with them of whether or not it is a good financial decision for them.    I ask them what their goals are, and then assess what options are available to them.  If there isn't a program that gets them where they want to be, i let them know what i would do if i was in their situation.  I have told a number of vets not to refinance because it didn't match their overall goals.   Also, just so you know, my job is not a sales job. We don't have any quotas or anything of that sort.  My entire goal is to help vets get into a better financial situation.

In the end John, it sounds like you got your refinancing taken care of, which is great.  I would have been happy to help.   If you did just refinance I would assume you will probably not need that service since rates are pretty much at their all time lows, but if you ever do, please call me.  I will make sure you are well taken care of.

Good luck with everything,

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#18 Consumer Comment

Keep Up The Good Work......

AUTHOR: John - (USA)

Mr. Peterson, Why don't you try asking what happened instead of assuming what some idiot wrote in your internal files

I'm telling you that Flagship lied their asses off to get my business. You work in sales Mr. Peterson, and as you know, salespeople are trained to foster an environment for potential clients, in order to reel in the business

You know this, as I'm sure you're aware of the tactics Flagship uses to secure and retain business. Are you really going to sit there and argue that Flagship hasn't perpetrated any wrongdoing?

You sound like a young man Mr. Peterson. I encourage you not to be a doormat to Flagship. Do you really think they give a d**n about you? As soon as you miss your sales quota once or twice, you'll be out the door like all of the others. I encourage you to find more reputable employment.

Everything I stated in my post was true. Flagship did not honor the GFE, did not underwrite the loan, and kept it going over 60 days and nothing happened. Again, they lied their asses off.

So Mr. Peterson, are all of these complaints about Flagship false? These vets complaining can't all be idiots. Are we all the problem, or is it just Mr. Farrar's bullsh*t?
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#19 REBUTTAL Individual responds

John Tamel, I never worked with you.

AUTHOR: Jake Peterson - (United States of America)


I have not had any dealings with you.  Your comment is full of anger and frustration.  I'm sorry to hear you had a bad experience with your LO, but it was not me.  I will address your complaint in the order of your false statements in your thread.  

1.  I have never lied to a consumer or anyone i have worked with.

2.  My comment never once mentioned the BBB.  

3.  Why would you imply i would be flipping burgers?  You do not know me, I would imagine that i am more employable than yourself.  I have a Masters degree in business and i have been very successful at every aspect in my life.  I spent 2 years of straight charity work trying to improve the world.  I don't work because of the money, i work because i like helping people improve their situation.  My grandpa himself is a Vet from WWII.  He is one of the best men i know.  I don't need the money and frankly i have done a number of loans for free to help individuals get in a better situation.

4.  I don't care how much you say on the net as long as your claims are accurate and of fact.  The statements directed towards me are not.  I have never spoken to you and i don't know who you are.  I would definitely encourage anyone with frustration to first understand the situation fully of what it takes to get a mortgage loan done. Second, ask for a detailed outline from the person that they are dealing with directly.  All loans are different, there could have been a number of situations of why it took your loan a while to close.  Based on the notes in the file your loan was locked and about ready to close.  You cancelled the loan because you were frustrated with the service.  It also states that you are spamming facebook and a number of other sites with slanderous statements that are false and destructive in nature.  

In the end John, not every individual in a company is the best at what they do.  Mortgages are an interesting and very complicated process.  I try and make sure anyone that i deal with understands the process the best i can and is kept up to date on their loan.  I'm sorry you had a bad experience with the individual you dealt with, but it was not me.  

I have no idea why you would have so much anger and frustration directed towards me, when i had nothing to do with you.  It looks like you got everything taken care on your loan, so i am happy you are in good shape now.  If not, I would have been happy to help you and i would have probably offered my services free of charge.  I think after your dealings with me directly you would not have the same outlook.  But then again if have this much anger directed towards me, who is someone you have never talked to or dealt with, my thoughts are you would probably still continue throughout your life angry.  

If your loan is completed, my advice to you would be to move on.  Try and make the world a better place.  Spend your time doing charity work and serving your fellow men.  That is what i would do if i were in your shoes.  Life is too short to waste time being mad at the world.


Jake Peterson
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#20 Consumer Comment

Flagship Financial is a Chop Shop House of Mortgage Brokers - They Are Not Direct Lenders

AUTHOR: John - (USA)

It amazes me how people from this company, such as Mr. Peterson, are quick to point out their "self-reported acheivements" but will not address the hundreds of veterans they allegedly lied to and defrauded to obtain business.

There is that old saying - "People who camouflage themselves in good deeds are often the perpetrators of bad ones." This is entirely the case with Flagship Financial, out of Lehi, UT. You should see their facebook page, its a joke. They have these 25 and 50 dollar giveaways of people who go to their site to post positive comments and make themselves look good, but if you search the net you will find a great deal of complaints about this crappy company and the veterans they have screwed over.

Dealing with Flagship Financial was a complete nightmare in my case. First, they state on their website that they are a direct lender, and my loan officer (I forgot the toads name) informed me that all of the underwriting would be done in-house. This was completely untrue, and they lied right from the start. Flagship decided to brokerer the loan right from the start, and never had any intention of underwriting the loan, in-house. They lied entirely, and brokering a loan is quite different than performing in-house underwriting. Flagship was trying to sell the loan to Wells Fargo, which meant they had seek their approval for all issues in underwriting. Wells Fargo was backed up about 45 days, which meant Flagship was having a hard time closing the loans. When asked why they decided to broker the loan instead of underwrite it themselves as they told me, the response was "its too much risk right now" or words to that effect. The manager running that place was completely incompentent. After dealing with this chop shop mortgage brokering company, I decided to pull the plug after they refused to honor the GFE (Good Faith Estimate) that they gave me. I was never clear on the reasons why they wouldn't honor it, but, they just wouldn't do it. The manager there couldn't give a rat's a*s either....
I stayed with them for quite a while but they just couldn't get anything done, and they kept lying to me. I eventually went to WestStar Mortgage. They did a fabulous job and we are closing next week. Talk to Van Richardson.

As far as Mr. Peterson's comment about the BBB, he is correct. They do have a positive rating. However, what he is not telling you is that most businesses start out with that rating. Its almost like a classroom rating, which means you start the course with an A and have nowhere to go but down. Same concept here. There are several direct complaints about the company, and Flagship does not subscribe to them either. In order for them to get the crappy rating they deserve, more veterans need to step forward and complain about how they've been screwed over. The rating will eventually change if this happens. We also need to speak out on the net, so everyone gets the message about this company.

I would also encourage all veterans to file complaints with the UT Mortgage commission and the Office of the Comptroller of the currency. I filed complaints against the broker and the organization for the alleged fraud and lies they kept perpentrating. If you get lied to or screwed over by your broker, it is important to file a complaint against the broker's license. Vets, you have to report it, otherwise they just keep doing it. Enough complaints come in and they shut down the scam or pull the broker's license. For the gentlemen who dealt with Mr. Peterson, I urge you to go online and file a complaint against Flagship and his sorry a*s for doing that to you. Then, when his license gets pulled, he'll be back to flipping burgers.

Fellow Vets, I strongly discourage you from using this company. They will say almost anything to get your business, and they don't want anyone going on the net saying anything about the bad experiences they've had either. Don't take my word for it, go on the net and do your own research, the complaints are telling. It does not matter how many supposed awards they have for being the best broker. All that award means is that they've closed more loans than others. Don't be fooled by that. They are just out for themselves and don't deserve your business. There are plently of other reputable companies out there that will be honest with you and do a good job. Unfortunately, Flagship Financial is not one of them.

John Tamel

(Here's my name Mr. Peterson, lol)

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#21 REBUTTAL Individual responds

Flagship Financial - no idea who this consumer is

AUTHOR: Jake Peterson - (United States of America)

To whom it may concern:

I would like to address the before mentioned comment.  My name is listed in the paragraph and frankly i have nothing to do with this thread.  This thread was brought to my attention from management.  I specialize in Government loans and do not work in the purchase department of Flagship Financial.  So the original thread has nothing to do with me.  

As for this last comment on this thread, it would be nice if the author would have been brave enough to include his full name.  It would have been a lot easier for me to address his concerns or know what the situation was, and therefore provide accurate details to what transpired.  His side of the story obviously doesn't have any details relating to the loan in and of itself.  If you are the author of the previous thread please respond with your full name, so that i may address your concerns.  If we did not get the loan closed i can assure it was not from a lack of effort.  I find it interesting that the author states that he cancelled the loan, but yet somehow blames me for the loan not closing.  

The One thing that most individuals don't understand is that every loan is different.  If the loan is not what we would call a clean file, it is possible for a loan to take months to clean up to the point that an underwriter would approve the loan.  There are a number of items that could cause issues with a file.  That is most likely the case here.  This file had to have been a trouble file, either bad credit, no value in the property or some other issue that would have kept the underwriters from approving his loan upon initial submission.  

I probably spent hours and hours on this file trying to get it to close.  I obviously am not afraid to address this individual's concerns.  I mean you have to ask yourself, if i get paid to close loans, don't you think i would want to close it?  Do you honestly think that i became #12 in the country from not closing loans?  We close a ton of them, and we are very good at what we do.   If this individual would like to respond i would be happy to write a detailed outline here of why his loan did not close, or better yet if we would have been able to get it closed ask him why he cancelled.

We house 7 of the top 15 VA Loan originators in the country.  My team specializes in VA loans and we work around the clock to help veterans lower their interest rates on their properties. We exhaust every option possible and are fortunate enough to provide excellent service to thousands of homeowners every year.  You may contact me anytime regarding your mortgage needs.  My team in my humble opinion is one of the best teams in the country.


Jake Peterson
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#22 Consumer Comment

Confirming ripoff and name of agent

AUTHOR: unhappy - (United States of America)

I also had a bad experience with Flagship. I started the loan in August 2011, was promised $8,000 in closing costs refund & a 30 day close. I submitted all the paperwork to Jake Peterson. After it couldn't get through underwriting because they were so busy, I paid my mortgage to avoid a late fee. Jake said it had to go back through underwriting even though we were approved just as I had already made my payment. This went on through November 7, (I have all the emails from Jake Peterson). I decided the loan would never go through & cancelled it. I emailed Jake & asked him to confirm the cancellation. I never heard back from him or anyone in his company again. I am convinced that this company is a scam. To the lady that works for Flagship----the name is Jake Peterson. "If it's too good to be true, it probaly is." 
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#23 Consumer Comment


AUTHOR: RA - (United States of America)

BBB? You want us to believe BBB? Please!

ANY company can buy a good rating from BBB.

Sites like this are much more valuable to consumers.
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#24 Consumer Comment

Flagship Financial is not to be trusted

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

Fellow Veterans, Flagship Financial has a problem with telling its clients the complete truth. Like any good salesman that wants your business, they will give you part of the truth and the rest is bs.

When I say this, I mean Flagship Financial promises terms in Good Faith Estimates they can't deliver. Second, they promise closing times they cannot deliver. Third, they tell you things in regard to your loan that are erroreous, or in some cases, lying. Fourth and finally, they are disrespectful people to work with, and make nothing but excuses for their own shortcomings and failures.

What's most insulting about this business is that they are not direct lenders as they state on their website, they are brokers, big difference. A direct lender will perform the underwriting in house, lend the money, and do most things, in house. This is not the case with Flagship - they get all  or most of of their underwriting approved directly from the investor buying their loan. So, this drags the process out a ridiculous amount of time.

I'm sure that some of their clients are fully satisfied, I'm not saying that. But for the majority of their customers, I'm sure its been quite a headache.

Do yourself a favor and pass - there are plenty of other lenders out there that will give you better service and not lie to you.

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#25 UPDATE Employee

I work at Flagship and want to clarify

AUTHOR: lowvarates - (United States of America)

What is so frustrating about sites like this is that anyone can say what they want and does not have to back it up.  For example, if you were able to name Liz, Mari, Annette and Will, why can you not name the individual that you were working with all along who turned out not to be an employee of the company?

It is obvious that any company can have an employee mess up from time to time or even offend or frustrate a customer.  However, to think that the company is to be blamed and shamed on as you put it is just wrong.

Go to google and search for Flagship Financial better business bureau or bbb flagship financial group and you will see an A plus rating.  7 of the Nation's top 25 VA loan officers as reported by 3rd party Mortgage Market Guide all work at Flagship, not to mention the #1 VA loan officer. 

You can call the VA in your area and get confirmation that we are on high standing with the VA and won the UTAH best of state two years straight. 

So did you get wronged?  Apparently so.  I also however am certain you are not out $1100 as you put it.  I don't even know what branch of Flagship supposedly wronged you, but show me the receipts for the full amount you stated and I will personally refund the money.  Appraisals are not any more than 500-600 bucks.

On behalf of Flagship, I am sorry you did not get the outcome you wanted.  On behalf of all the employees and thousands of happy clients I want anyone reading this to know they will be very happy with the service flagship provides. 
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