• Report: #342534
Complaint Review:

Lighthouse Financial Group

  • Submitted: Fri, June 20, 2008
  • Updated: Tue, November 24, 2009

  • Reported By:Elkton Oregon
Lighthouse Financial Group
401 S. Main Vancouver, Washington U.S.A.

Lighthouse Financial Group Mortgage Broker Lied About Loan Approvals Strung Us Along for 3 months Vancouver Washington

*UPDATE EX-employee responds: Fraud and Lies at Lighthouse financial Group

*UPDATE EX-employee responds: customers that dont tell the whole truth or know the process of a loan

*UPDATE EX-employee responds: Unfair Justice

*UPDATE EX-employee responds: You're not alone

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My husband and I obtained a loan in 2007 to purchase a business I helped build. My partner was going to sell out to a larger, franchised company and I didn't want all of my hard earned work to go for naught so I borrowed money against my home; refinanced and took cash out.

I contacted Lighthouse Financial to do another refi with more favorable terms; interest rate, etc., because the loan taken out in 2007 had a balloon payment due a year later. They informed me, because of identity theft my husband and I suffered shortly after I bought out my business partner, our credit needed to be repaired, but they could help us do that.

Lighthouse Financial contacted us within 30 days and told us that our scores were improving and they could begin soliciting lenders for us.

A week went by and Joel Rosebahl called and told us that we had not one but two loan approvals. I immediately asked for a Good Faith Estimate and HUD-1 so that we could review both approvals and decide which one was best for us. Joel told us that his assistant, Chadwick Amstead would be contacting us for all the additional information they may require. Chad Amstead called us the next day and told me that he needed two years bank statements and the last two years tax returns plus a current appraisal, if we had one. We did ,so I forwarded that to them at the same time.

I emailed all of the information to him and heard nothing for three days. I called every day thereafter for four more days and finally got Joel back on the phone. He was apologetic and said that Chadwick had been removed from our file and that we would now be dealing with his new assistant, Shawn McCrary. I contacted Shawn McCrary that told me a lot of items were missing from our file and asked if I could re-email them. I told him yes.

Another week went by and we received no Good Faith Estimates or contact from Lighthouse Financial. I called and managed to get Joel on the phone (after eighteen voice messages and as many emails) and he asked that I send him all 2008 bank statements and our 2007 Tax return. I asked him, if we had two loan approvals, why did he need updated information. He said one of the two lenders asked for it. And they also needed the appraisal updated to include the name of EquiFirst, one of the approving banks.

We jumped through additional hoops and got all the info he requested by close of business that day. We went another week before we hounded them enough that they called us back. We were then informed that the appraisal needed to be again updated and sent to them in Lighthouse's name. Again we did this. Five more days passed with a minimum of four voice mails and four emails left daily. When Joel finally called us back, he said that Shawn McCrary had been removed from our file and he would be handling it personally. I told him that we were going to contact other lenders at this point because we had zero faith in him. He said if we did that, it could prove detrimental because a bunch of other people would be pulling our credit report and the scores would plummet, making us ineligible for any other loan. Believing him, we stayed. He also told us that we could call his cell phone after 7pm and he would have a more comprehensive view of what was happening with our loan(s). When we called his cell phone, his mail box was full and we couldn't leave a message there. We tried every day for two weeks to make contact to no avail.

I received a phone call from a title company asking for the information to get a payoff for our loan. Thinking that escrow was opened because of this request, I provided the information to the title company.

Last week, frustrated to the brink of insanity, I contacted Lighthouse's compliance officer and explained what was happening. She had an administrator/loan officer call us back. It was Chad Amsted. He told us our file had been turned down eight weeks earlier. We explained that Joel had told us that he was "all over" our file and had hand walked it to one bank in Vancouver and had emailed it to a company called LTV Lending. (LTV Lending does not EXIST!!!) It turns out that both Chad Amstead and Shawn McCrary were Joel Rosebahl's supervisors. Chad Amstead went on to tell us that Joel was their top producer and had a never say die attitude meaning he rode a file until he was told not to, but Chad also told us that Joel was supposed to contact us and let us know that there was nothing they could do to help. Why weren't we told this initially. Perhaps that additional time could have been used to procure financing through a private party.

After all of this waiting and lying; our note has been called due and we have very little time to secure a new loan thanks to Lighthouse Financial. We are not going to be able to keep our home. We are set to lose it on the 21st day of July.

We believed everything we were told. The escrow company was also of the impression that we had loan approval, otherwise escrow would not have been opened. In my opinion and my interpretation, Lighthouse Financial is guilty of larceny by false promise or at the least tortious interference.

Don't believe anything this company tells you. You'll be giving away your pets and trying to figure out how to live in your car.

Elkton, Oregon

This report was posted on Ripoff Report on 06/20/2008 06:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lighthouse-financial-group/vancouver-washington-98601/lighthouse-financial-group-mortgage-broker-lied-about-loan-approvals-strung-us-along-for-3-342534. 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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Updates & Rebuttals

#1 UPDATE EX-employee responds

Fraud and Lies at Lighthouse financial Group

AUTHOR: anonymous - (United States of America)

I do not believe that Justice4u or Mr. Diamond have a firm grasp on the going-ons at Lighthouse Financial Group. Like Anonymous I also previously was employed at Lighthouse and left due to unethical tactics that most loan officers and processors practiced. I also am verifying that the facts mentioned in Anonymous rebuttal are 100% truthful and correct. Yet Mr. Diamond is also correct that they were top producers in the company and in theory they did not need to run their business in that fashion. Sadly they consistently over promised and under delivered, stringing along many customers who just wanted a solution to their problems. Another thing neither Mr. Diamond nor Justice4u may know are the recent news stories regarding Lighthouse Financial Group. Currently 3 of Lighthouse's past employees have been charged and indicted of charges ranging from mortgage fraud, money laundering, and even identity theft. Kamau Herndon (who was Amsden and Rosabal's business partner) has been indicted on 11 charges. Kristen Buse was charged with money laundering processed many loans for Amsden, Rosabal, Hills, and McCrary. One additional loan officer Marty Folwick was given 5 years in prison for 70 fraudulent deals. So yes Shauna and her husband could have complained to Sheldon, but what could he have done. It seems that he was fully aware how customers were treated. I am sympathetic to Shauna and her husband many families contact mortgage brokers in hopes they can solve their problems. The reality is that all Shauna was to them was a file or a paycheck. Update: Amsden is no longer nor will ever be able originate loans so rest assure future customers your money is safe. As for Rosabal and McCrary they are still working together and also work with Timothy Hills. I would think twice before putting all your financial faith in them. Make sure with any loan officer that you have proof and verify verify verify everything they are saying and doing.

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#2 UPDATE EX-employee responds

customers that dont tell the whole truth or know the process of a loan

AUTHOR: Jason Diamond - (U.S.A.)

I know these individuals in this story and i can say that they do more business than any loan officer i know. I can understand where the customer is coming from although if you look at the time of when they were trying to get their loan, you can see that over a 100 subprime companies had fallen with tons of current clients in their pipeline ( mortgageimplode.com) . I know this because it happen to me. I approved a customer with 4 banks after each one kept closing their doors, it sucks for the loan officer and the customer. If this client had credit problems then they had to go subprime and if they were doing there loan in 2008 then they were a victim of the market and bank closures. There would be no reason for top producers to string along a client when they had tons of business unless they felt they had a chance of getting that client a loan. once again it sucks what happen to these people and i can see there frustrations but i think they are taking it out on the wrong guys. I am only writting this because i know these guys and they close alot of loans. I dont see any reason why they would have strung these people along when they had so much business it would be counter productive.I know that they probably wanted to help them so bad they kept trying to get the loan done until they ran out of options. I can say it's tough enough getting loans done with good credit let alone with ok or poor credit... Also there was a subprime comany called LTV lending and they did alot of funky stuff i have used them myself...
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#3 UPDATE EX-employee responds

Unfair Justice

AUTHOR: Justice4u - (Thailand)

After reading your compliant it was upsetting to see you ramble on knowing that you successfully completed a loan with them previously. First off you blame the Broker Sheldon Harmon, true he should be held accountable for his loan officers; you try to make him solely responsible for something he knew nothing about. I never heard you say once that you called Sheldon to let him know you were having trouble so that he could possibly reassign your loan.

If you have bad or challenged credit then you're not going to get an final yes right away. You said that they were instrumental in raising your credit score, which not all loan officers will do because it's pro bono, they do your work for you for free. They may have been negligent in telling you that while you may get a yes at first they are conditional even with good credit. They must see all documents and with challenged credit, it could be just one little thing that makes it go sideways. Another thing, Banks typically ask for additional information more than once. This is where the bank goes on an investigation into your ability to repay the loan; the loan officer is only a liaison between you and the banks. It is the underwriter that makes the final decision on your loan and they always ask for the same documents more the once, sometimes to see if you really do have an original or maybe they're looking for multiple copies and prefer you pay to for it.. You want to play a victim when you should be taking responsibility for your own actions, because from the sounds of it your credit is questionable. This means it takes both, the loan officer and the banks a lot longer to put it together.

As for the ex employee giving advice in such away as it was given, I could only guess that she would like to send you into a whirl wind of problems. If I thought something had truly been done illegal then I would surely tell to contact an attorney. However it is obvious that the ex employee is giving you bad advice as to where your attention should be.

To sum it up, loans do take time even in the best of conditions, if you throw questionable credit into the mix for what ever reason, then you should be patient and before you place blame or complain about a company make sure you did everything right by going through the chain of command, in this case you should only be complaining about the loan officer not Light House Financial and you should of went into the office or called Sheldon before you waged a public war on him Because you never spoke with Sheldon so I believe this feed should be removed.
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#4 UPDATE EX-employee responds

You're not alone

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

Shauna ... I really feel sad for your situation.

I used to work for this company, but got out when I saw some of the unethical activity going on. Here's a few comments or suggestions:

1) File a complaint with Oregon's Department of Finance (OR DFCS). You can Google the webpage. It sounds like they may have committed some level of fraud or deceptive practice. Not giving you full disclosures and GFE's within 3 business days of pulling your credit is illegal. Also, check your credit again to confirm how many times they pulled it. More than once is also illegal.

2) File a complaint with the Better Business Bureau. Can be done online as well.

3) This company is also known as Crown Point Enterprises, Elife Financial, Harmon Holdings, and Sheldon Harmon is the main guy there. They have used a variety of names structures. Made me uncomfortable.

4) File a complaint with the FBI Portland office. They have just recently convicted other people from this company of fraud and still to m knowledge have an open investigation. Your info might be useful to them.

5) Joel Rosabal is not registered as a loan originator for Oregon, which means he cannot have legally done anything on your file as he had. He would have had to put all his business under Chad or Shawn's name, which is also deceptive and illegal.

6) Chad Amsden doesn't have a Washington loan originator license. It was denied due to a conviction in the past. He shouldn't even be still working at Lighthouse Financial, but is most likely putting his loans under someone else's name. He was one of the company's top producers last year. How can he work for a WA-based company and produce like that without being eligible for a license?

7) Don't give up. Make these people pay a price for what they did to you. If you lose your home as a result of their tactics (I would even question the loan they put you in with a balloon), you may have recourse and be able to recover a financial settlement. I never put anyone in anything with a 1yr balloon. Your original loan sounds shady.

Good luck, and know there are ethical people out there, but we all need to root out the bad apples.
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