ED Magedson – Founder
LEI Financial / American Bank5431 Kearny Villa Road San Diego, California United States of America
LEI Financial REVIEW: LEI Financial was a victim of the housing crisis just like many Americans San Diego, CA, Coronado, CA, Phoenix, AZ, Scottsdale, AZ, Las Vegas, NV,
Ripoff Report Verified REVIEWED: EDitors UPDATE: Positive rating and recognition has been given to LEI Financial for its commitment to excellence in customer service. Ripoff Reports discussions with LEI Financial have uncovered a commitment by the company to total client satisfaction. This means that former clients of the company worked towards finding a mutually satisfactory resolution to any complaints or concerns. LEI listened carefully to client concerns and saw them as an opportunity to learn from past mistakes and become more efficient as a company in the services they offered and the support for those services. ALL COMPANIES GET COMPLAINTS, BUT HOW THE COMPANY HANDLES THOSE COMPLAINTS, SEPARATES GOOD BUSINESSES FROM BAD BUSINESSES.
LEIs principal, informed us that his personal philosophy is that clients were a precious resource. As a successful businessman, the owner of LEI feels it is critical to always listen to your clients and respond properly, no matter what business he is in. By always putting customers first, he grew LEI Financial to one of the largest mortgage companies in San Diego and the country, helping 1000's of homeowners with their financing needs until the national credit crunch in 2007. LEI had 100's of loan officers that originated over 6,000 loans. Ripoff Report was informed that LEI was sued a total of 14 times by clients who felt they did not receive the mortgage they wanted. All of these lawsuits have been either resolved, settled or dismissed. Due to the mortgage crash LEI closed its doors just like most other mortgage companies. Although lawsuits are unfortunate they are common for a business of that size (especially a mortgage business with that many employees). 14/6000 or 2/10ths of 1% is not a bad track record. LEI's principal, admits that the company had challenges that every company does. He listened, he learned, and acted with integrity and only good intentions. The company made mistakes by growing too quickly, hiring the wrong people and not firing those wrong people and takes full responsibility for not taking the right actions sooner. LEI was a victim of the housing crisis just like many Americans. This happened to many good people across the country. The company was started in order to offer opportunity, and make a positive change in others livesand when the market crashed it became exactly the opposite of what the company first intended we saw peoples true colors. Scared people got scared, Evil people got evil (but still managed to be wolf in sheep's clothing), sociopaths became real, bad apples became rotten, finger pointers blamed others, and good people became better people. LEI strived to add value in its services and educate its customers. LEI's mission statement says it all: "Our goal is to provide our clients the best quality, value and professional excellence in the industry." Some of the other things Ripoff Report learned in the course of its investigation: typical customer feedback reads: LEI Financial truly communicates all aspects of the process in a timely and effective manner. We are very pleased with the responsiveness that the LEI team showed us. They are serious about meeting commitments, and delivering on all their promises." LEI took employee satisfaction seriously as well. Employee feedback and surveys revealed comments such as this: "LEI provided a very positive environment to work. Opportunities for suggestions and improvements were always encouraged. Leadership is truly concerned about our contribution to the company and providing growth opportunities for us. The company takes the time to listen and communicate with employees and customers." Ripoff Report was pleased to learn that LEI Financial wanted to set the record straight. And wanted everyone to know they had always pledged their commitment towards client and employee satisfaction. In business they know they cannot satisfy 100% of the people 100% of the time. LEI 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. They did not want to leave behind any unsatisfied customers In summary, after our investigation, which included discussions with the former CEO and many of his past and current associates, Ripoff Report is convinced that LEI was committed to quality delivery of services resulting in total client satisfaction. 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, its a long name for a program that does a lot for both consumers and businesses alike. Read about Rip-off 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 Program they 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 .. Ripoff Report tied to contact the Author of the Report below they never contacted us back so LEI Financial could make things right with them. ===================== NOW TO THE ORIGINAL REPORT THAT WAS FILED =====================
The motivation for LEI Financial promoting this mortgage was totally self-serving. They wanted to free up monthly cash flow for the borrower so LEI coaches could sell them a whole life insurance policy. This self-serving proposition was promoted to people to generate more fees and higher commissions. All at the expense of the customers. No legitimate financial advisor would ever recommend such a foolish, reckless and harmful move.
Bill recruited his sales team from such qualified backgrounds that included bartenders, valets, fast-food workers and painters. He put these people on the phone, called them coaches and had them pitch toxic loans. Coaches? You can put lipstick on a pig, but its still a pig.
These people were not qualified to make recommendations on financial matters. You could get better advice from Bozo the Clown. LEI has hurt the financial lives of hundreds possibly thousands of people. And now, Bill has the audacity to ask his victims to pay him to fix the mess he created. LEI LoanModification and Lei Debt Solutions. Stay from him and his harmful schemes. I wouldnt let this guy mow my lawn.
Debt reduction is a program Bill should kwow something about. Hes a candidate for his own services. Many vendors and other companies Bill has done business with have not paid. Check out the San Diego County Court records. Bill and his companies have been the defendant in dozens of lawsuits and he has judgments in the hundreds of thousands of dollars against himself and the LEI companies.
Bill stiffed his landlord at the office he was renting to the tune of $179,000. (See document #37-2008-00088632 in SD court records) He didnt even have the decency to move out of a space he wasnt paying for and forced the property manager to file an unlawful detainer action. (See San Diego Court records, document#UC311493).
This report was posted on Ripoff Report on 10/24/2009 12:09 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lei-financial-american-bank/san-diego-california-92123/lei-financial-review-lei-financial-was-a-victim-of-the-housing-crisis-just-like-many-amer-514359. 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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