Report: #139417

Complaint Review: NLC

  • Submitted: Tue, April 19, 2005
  • Updated: Tue, December 26, 2006
  • Reported By: valley stream New York
  • NLC
    3673 Westcenter Drive
    Houston, New York

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

Please read this if you are thinking of joining NLC, a multi-level marketing fraud company similar to Amway. Since I have heard about horror stories on Amway losses, I limited my losses to $125 after foolishingly joining this fraud pyramid scheme. Here is how I lost $125 and some valuable time.

I didn't have a job and wanted to get in to something as a beginner. A new friend at a common meeting place lured me to NLC as a great place for making money & the possibility for working from home at your own hours (would be ideal for a mother of 2, right!) She mentioned mortgage business and all names like Washington Mutual, Chase, Citi, and all such big banks are the primary sources for their lending business. At a Business presentation meeting at the Richmond Hill, NY office, Mr. Rio, a branch manager presented how great the business is and said they generate thousands of loans more than their competitiors which keeps their costs so low and very competitive to local banks and brokers. He also mentioned that they dealt with every bank. They mentioned that NLC can even gurantee rates in the middle of night when other brokers and banks are closed for business. They help everyone succeed and offered free classes to train everyone become a loan officer. His contention was they make money when I bring a loan. Even though I am skeptical, I thought at least I can learn about the business for $125 even if their rates and fees are not as good as they promise.

They held classes every week for about 2 months, but that covered only how to fill in a loan application. That's it! Classes are over.

Since I didn't know how to proceed when I had a client, I asked for help from my immediate superior who introduced me to this and promised me all the help. Verbally a rate was quoted by this superior and when the customer insisted on written quote, an outrageous expensive quote was sent.

We sent a honest information seeking eMail to Mr. Sookram (Branch Manager for this NLC and top of our heirarchy, New York), but he never replied. We asked him simple questions like, Where do I find the various bank's broker quotes for NLC (general area at myNLC gave quotes only for 3 banks out of which HSBC was the only brand name recognizable), who is my superior to work with in clearing loans and getting proper good faith estimate, what are the steps in training, what kind of customers should I target, etc. Our immediate superior had no answers either and we bruised our relations with them.

Realizing that we lost our $125 and valuable time, we decided to stay away from them and also advised any one that we know to stay away from NLC.

Lesson learned! If you can't lie to your teeth and don't bother about converting friends to enemies, stay away from NLC and similar multi-level fraud schemes.

valley stream, New York
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This report was posted on Ripoff Report on 04/19/2005 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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Updates & Rebuttals


#1 UPDATE Employee

Get The Facts

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

First and foremost, NLC of New York is a Mortgage Brokering firm and as such is strictly regulated by the New York State Banking Department. Any gross irregularities in the operations of any mortgage brokering firm would be sufficient cause to completely shut down their operation and indemnify those affected.

In fact, they New York State Banking Department is so concerned with protecting the public that they even post a list of all reputable mortgage brokers authorized to operate in the state of New York. Take a minute and look us up:

Moreover, the extraordinary reputation we have earned for ourselves thanks to the passion we have for providing our clients with the very best service possible has generated so much business for us that our operation has grown to include 7 additional offices. Again, all strictly regulated and scrutinized by the New York State Banking Department. (

But that's only the half of it. You see, NLC of New York, Inc. is a branch of NLC whose corporate headquarters is located in Houston, Texas. This means that we not only have offices in New York but we also have dozens of locations all across the country. Each heavily regulated and closely scrutinized by the respective banking departments of each state.

At the pace we're going, we know that 2007 will bring continued expansion and growth not only in the US but also around the globe. It's no wonder that we are the fastest growing international mortgage brokering firm in the nation!

If the negative comments regarding us were completely true wouldn't the New York State Banking Department have revoked our license and fined us for defrauding the public?
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#2 Consumer Comment

Nate how do we contact you?

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

Nate, in your comment you said we can email you but you forgot to include your email address

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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#3 Consumer Suggestion

Hello Nate...Is NLC really that bad?

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

What were some of your other reasons for leaving NLC? Which MLM company are you with now? Thx Nate for your help.
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#4 UPDATE EX-employee responds

I am no longer with National Lending

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

Because of the Politics and the way the office is handled I am no longer with NLC and my name is officially out of the company hierarchy and my office is empty. Believe me, you can make alot of money, but after building a huge downline and seeing only small income from the loans I just don't think it is worth it anymore. I decided to go to a network marketing company that didn't deal with financial services. For real estate and loans, I do them myself...I get more commission (100% and 70% respectively). I know alot of Branch Managers out there have their reasons and you know what? I have my reasons too. National Lending is the best mortgage network marketing company out there. It will be the best. It just isn't for total cash flow was way too low. I decided this on my own behalf. If anyone is thinking about e-mailing me...I will gladly tell why I left and the details...Other than that...I'm pretty much done with NLC.

Heres a part of the reason why I left: The comp plan is based on 2% of the loan. That is no longer the norm. As a loan officer I charge now 1 percent or .5 or whatever is lower. The competition is stiff and people are becoming more knowledgeable about loans. I can't see myself getting all these people for high priced loans when they can do t somewhere else for much cheaper. And in the few years who knows where the mortgage industry will be. .5% of a 200,000 loan at 20% is $200. I can make that in another network marketing company in a day. Is the time and effort worth it? The theory is get alot of greenies in mortgage and make money off loans. A mortgage broker may be at 64% and greenies at 20% and make alot of money. Plus retention...well I can go over than in an e-mail. Basically what I am saying...for me..the market isn't there marketing for finances doesn't cut it for me. I prefer going a different route...its made me more money than NLC so I went that way. Who knows whats best for you? Make a INTELLEGENT decision..really think about it? do you have alot of people who will get loans? Are your loan supervisors willing to go as low as .5 percent? That is the mortgage industry gotta learn to adapt.

Take care now and God Bless
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#5 UPDATE Employee

Branch Manager

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

Like in any other business, you will get mixed reviews and different openions about national lending corp or NLC. however,These openions will differ based solely on the person's own experience and how well they do after making the commitment of joining the company.
I agree that as a new member you need not only training but also mentorship.
You need to set down with your upline and discuss how and when you will be trained , ask for a spesific time, location and what subject you will be trained on.
Honestly speaking , with all that NLC has to offer it's hard not to learn and succeed in the mortgage business using a system like the one we have, specially with all the online training that we have on MYNLC.COM and MYNLCTV.COM. So wheather you are a mortgage broker, loan officer, realestate profissional, or just someone without experience you have a chance to hit it big with NLC.
The beauty of NLC is the system. If you truly use the system it will run your business for you and before you know it your hirearcy will grow and so will your bank account.
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#6 UPDATE Employee

Outsourced IT Consultant ..I agree that all NLC members should refrain from typical MLM recruiting tactics of forceed dream building

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

NLC also known as National Lending Corporation is an exciting and very profitable business opportunity for the correct person. I agree that all NLC members should refrain from typical MLM recruiting tactics of forceed dream building, it takes a person with a good work ethic to make NLC work, I know because i also run my own seperate IT consulting business which takes up many hours of my day to resolve customer issues. One thing i can tell you about NLC is that you need to learn the system of networking and mortgages together, otherwise you are just investing time in a good practical knowledge on Loan orgination. I personally help NLC Branch Managers open up offices and run BPM's (Business Presentation Meetings) as a volunteer. So if you want to get rich quick...this is not for you. Anyone looking to build a serious business needs to work hard and smart. NLC did not change the mortgage business, NLC just made it better for all of us NON-MORTGAGE people to get into an exciting business which is helping people fund their American Dream of owning a home and becoming Financially Independent. I would recommend anyone reading this to look into the company website at and when i joined i was given the ID# A24406 which means out of all the members to we have surpassed 37000 members, i was number 24406. as for the enrollment fee its really a nominal cost which is easily recoverable with one closed loan. YOU DONT EARN COMMISSION FROM RECRUITING, unlike other MLMs.

So for all those curious but skeptical folks who have been invited to join NLC, i welcome you and highly suggest you get the facts, and speak to the Branch Manager in your Local NLC office (we have over 90 offices nationwide see our website)this is not a scam, if someone fails its probably because they thought they where going to get rich off a $200 investment without really working...LOL...

1) See the system, join and learn it.
2) network, advertise or recruit to find loans
3) close the loans with over 200 banks nationwide
4) NLC cuts all the checks to you (direct deposit)they are the license holder.
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#7 UPDATE Employee

National Lending is a Legitimate and Ethical Company...for the most part

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

Hey there, Nate here from the Cerritos Branch in California. I have nothing to hide. I read this report and this is in response to the complaint about NLC. NLC is definately not a scam. It is a legitimate business. You see, my parents raised me to be very ethical in my dealings and also my business practices. NLC is a system...some people abuse the system..some ignore..but others (like me) use NLC as a excellent business tool. I know about the history of some of the members of NLC (Such as National Manager Rio Hioe or etc..) But you know what? You can rip the whole company on how your upline treats you. Just because one McDonalds treats you bad doesn't mean the others will. I am pretty shocked myself to hear all you learned was only how to fill out a loan agreement. In my team I teach them everything step by step so they get the full worth of their membership. I teach them the value of credit and many other things associated with personal finance. I want people to feel that even if they leave the company, that they don't feel cheated as you do. The company is not a fraud, it is licensed currently in 46 states (awaiting Arizona, Washington and Soon Hawaii). To anyone looking into NLC, its a great opportunity, for others its a bad experience. For me it's a great opportunity for I am currently a 100% commission earner in another real estate copany and use NLC as my mortgage advantage. The system works...the only problem is that if you don't know how to run a business...then you won't know how to take care of your agents. That goes for ANY NLC AGENTS OUT THERE. Do not FORCE anyone to join, do not PRESSURE anyone to join, in other words DON'T DO ANYTHING STUPID. I run my business with ethics and character. Treat your agents like you would want to be treated. Don't ignore them when they need questions asked. In other words, be ethical. To anyone considering NLC, make sure you're joining under someone competent. The full training is online, hard to get lost to be honest. If anyone needs any questions answer feel free to shoot me a email @ Hey if the opportunity isn't for you then it isn't for you. If the company starts doing anything unethical..believe me..i'd be the first to leave. But I don't forsee that happening. The CEO has been working vigorously to make sure the mistakes of the past arent echoed in National Lending.

God Bless,
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