Complaint Review: Pac West Funding - Lake Forest California
- Pac West Funding 2 South Pointe Dr Ste 250 Lake Forest, California U.S.A.
- Phone: 985-893-0823
- Web:
- Category: Mortgage Companies
Pac West Funding ripoff dishonest lied about being a direct lender no inhouse underwriter Uneducated consultants imexperience company Lake Forest California
*Consumer Suggestion: A few simple steps to protect yourself in the future...
*Consumer Comment: They are able to do both
*Consumer Comment: They are able to do both
*Consumer Comment: They are able to do both
*Consumer Comment: They are able to do both
*Author of original report: They are not a direct lender
*Consumer Comment: They are down the street from me
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When I first chose to do business with this company, we had a great advisor. Once I was passed on to somebody else because the former consultant is no longer with the company, I was lied to.
I was promised numerous things such as fee's being lower, money wired to my account directly, things going to be done very shortly. The advisor made a lot of money from me in which I feel that the fee's he charged did not make sense.
I was told that thing are going to happen, and nothing did happen. I was getting falso hopes and promises of future business being easier and that he will assist me in any way.
Til this day I have not heard anything from my consultant as he is spending his commission money away. Obvisously they do not do back ground checks over there and I felt like I was dealing with a kid.
Nobody there is professional, it felt like a game everytime we are on the phone.
Stay away!!! There are other companies out there! If you use their service, make sure you question their knowledge. Seems like they hire people with NO experience!
Wendy
Covington, Louisiana
U.S.A.
This report was posted on Ripoff Report on 03/02/2007 11:52 AM and is a permanent record located here: https://www.ripoffreport.com/reports/pac-west-funding/lake-forest-california-92603/pac-west-funding-ripoff-dishonest-lied-about-being-a-direct-lender-no-inhouse-underwriter-237804. 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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#7 Consumer Suggestion
A few simple steps to protect yourself in the future...
AUTHOR: Kim - (U.S.A.)
SUBMITTED: Saturday, March 17, 2007
Wendy,
As any consumer should know and be aware, it is always good to know if you are dealing with a reputable company. Sometimes it is difficult to know when dealing over the phone or the internet. Even if you have companies to your home, you should still "check them out" before you waste any time or money.
PacWest Funding is in California.
I would check these sites in this order:
1. dre.ca.gov
2. bbb.org
3. ripoffreport.com
For anyone doing business in California, you can check: dre.ca.gov to see if your agent is licensed with the Department of Real Estate. California allows companies to run their business under Dept of Corporations, California Financial Licensing, etc. So when dealing with these types of companies, you would want to check to see if your agent holds a license. Just because the company is licensed doesnt mean you are dealing with an expert.
Also check the Better Business Bureau rating. It will tell you a little about the company. Ethically and otherwise, its important, so you can at least query your agent.
If you were going to have brain surgery, you wouldnt have the nurse or the intake desk clerk do your surgery would you? If you knew a company had a bad rating, you wouldnt hire them would you? These are a few safeguards for us as consumers. Deal with an expert. Somebody who is licensed and has someone to answer to. The owner of the company should be able to respond to your questions. They dont want to be sued...Im sure they cant afford it.
FYI on the Broker vs Banker comment by Trevor. If PacWest was truly a Banker, they would draw their own loan documents and they would fund the loan in their own name. They would hold what we call "warehouse lines of credit" with various banks. I am pretty confident they do not. They are in slang terms a "branker". They can act in capacity of a direct lender without all of the benefits of it. You can typically tell by reviewing your Final Settlement Statement/Final Hud 1. If there are more names on it than PacWest in the lending charges, there is your answer. There is no benefit however by using a broker or banker or branker for that matter. You have to choose a good, reputable company, a loan officer with integrity who cares about you!
The mortgage industry is in troubled times and Im sure this site will be getting many more hits over the next several months.
#6 Consumer Comment
They are able to do both
AUTHOR: Trevor - (U.S.A.)
SUBMITTED: Monday, March 05, 2007
There are a couple of people that I know who have worked there in the past. They Bank or fund there own loans as a direct lender when it is a loan that meets there peramiters, if it doea not they will broker the loan to a seperate entity similar to how any other broker would. ALso a Mortgage banker or direct lender does not have to disclose by law how much money they make in selling you a higher intrest rate, this would be called there "rebate" or "yeild spread" which a broker and banker can both make. But when your signing your loan documents with a broker it will show exaclty how much the broker is making in offsetting the closing costs with a higher rate.
Direct lenders are funding there own money so they are not required to disclose exactly what they will make by selling that loan off That would be the only advantage financially to Pac west, Fund the smaller loan amounts inhouse as a direct lender, because there are limits depending on what state your in most people are capped at 5.99% of the loan amount. Where as a direct lender could probably get away with an extra 2 or 3 points without anyone knowing about it.
#5 Consumer Comment
They are able to do both
AUTHOR: Trevor - (U.S.A.)
SUBMITTED: Monday, March 05, 2007
There are a couple of people that I know who have worked there in the past. They Bank or fund there own loans as a direct lender when it is a loan that meets there peramiters, if it doea not they will broker the loan to a seperate entity similar to how any other broker would. ALso a Mortgage banker or direct lender does not have to disclose by law how much money they make in selling you a higher intrest rate, this would be called there "rebate" or "yeild spread" which a broker and banker can both make. But when your signing your loan documents with a broker it will show exaclty how much the broker is making in offsetting the closing costs with a higher rate.
Direct lenders are funding there own money so they are not required to disclose exactly what they will make by selling that loan off That would be the only advantage financially to Pac west, Fund the smaller loan amounts inhouse as a direct lender, because there are limits depending on what state your in most people are capped at 5.99% of the loan amount. Where as a direct lender could probably get away with an extra 2 or 3 points without anyone knowing about it.
#4 Consumer Comment
They are able to do both
AUTHOR: Trevor - (U.S.A.)
SUBMITTED: Monday, March 05, 2007
There are a couple of people that I know who have worked there in the past. They Bank or fund there own loans as a direct lender when it is a loan that meets there peramiters, if it doea not they will broker the loan to a seperate entity similar to how any other broker would. ALso a Mortgage banker or direct lender does not have to disclose by law how much money they make in selling you a higher intrest rate, this would be called there "rebate" or "yeild spread" which a broker and banker can both make. But when your signing your loan documents with a broker it will show exaclty how much the broker is making in offsetting the closing costs with a higher rate.
Direct lenders are funding there own money so they are not required to disclose exactly what they will make by selling that loan off That would be the only advantage financially to Pac west, Fund the smaller loan amounts inhouse as a direct lender, because there are limits depending on what state your in most people are capped at 5.99% of the loan amount. Where as a direct lender could probably get away with an extra 2 or 3 points without anyone knowing about it.
#3 Consumer Comment
They are able to do both
AUTHOR: Trevor - (U.S.A.)
SUBMITTED: Monday, March 05, 2007
There are a couple of people that I know who have worked there in the past. They Bank or fund there own loans as a direct lender when it is a loan that meets there peramiters, if it doea not they will broker the loan to a seperate entity similar to how any other broker would. ALso a Mortgage banker or direct lender does not have to disclose by law how much money they make in selling you a higher intrest rate, this would be called there "rebate" or "yeild spread" which a broker and banker can both make. But when your signing your loan documents with a broker it will show exaclty how much the broker is making in offsetting the closing costs with a higher rate.
Direct lenders are funding there own money so they are not required to disclose exactly what they will make by selling that loan off That would be the only advantage financially to Pac west, Fund the smaller loan amounts inhouse as a direct lender, because there are limits depending on what state your in most people are capped at 5.99% of the loan amount. Where as a direct lender could probably get away with an extra 2 or 3 points without anyone knowing about it.
#2 Author of original report
They are not a direct lender
AUTHOR: Wendy - (U.S.A.)
SUBMITTED: Friday, March 02, 2007
If they are a direct lender, why do they outsource the people to draw documents? Does not make sense.
#1 Consumer Comment
They are down the street from me
AUTHOR: Trevor - (U.S.A.)
SUBMITTED: Friday, March 02, 2007
and i know people who work there and, your right there not very bright, they are a direct lender though
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