FREMONT INVESTMENT AND LOAN STUPID PEOPLE AT LARGE ripoff SAN BERNARDINO California

As far as the ex-employees comments. I am a mortgage professional and that is why this is so frustrating. People who obtain jobs in fields they are not a Professional of should learn all they can. I am sure Fremont has practices employees must follow however these same practices should be argued by the employees when they are deceptive etc...

The problem with Fremont and simlar lenders is that they gave up quality for quanity.They hire under qualified people, such as the ex-employee, and set them free to ruin the servicing of our loans.

I am still praying they sell my mortgage, I have even offered to help them sell the inventory, as that is what I do for a living.

Stupid people create stupid problems on these loans. And the lack of educated employees at Fremont was tremendous.

First of all, how can you say that you cannot wait for people to lose their jobs? Did you ever stop to think that maybe the employees are not the ones who think up of these COMPANY guidelines? That maybe we were just trying to do our jobs the way that we were told to?

Regarding the changes made to your loan before you closed, have you ever worked for a lender before? I spoke with brokers every day and I can assure you that we were not the bad guys when it came to changes on loans.

It's called a bait and switch. Your broker promised you something that after underwriting, could not be kept. Your broker led you on to think that everything was ok when either one of several things happed and made us to seem like the bad guys to cover themselves; One thing that could have happened was you were not approved based on the original terms the broker told you and because of that, we had to change those terms to get you approved.

Another common thing that would happen is that the broker would add yeild spread, which are back end points paid to the broker by the lender at the cost of your interest rate which goes up for every point the broker adds. These back end points are disclosed on the final good faith estimate and chances are, if you asked about it, the broker would make no mention of that fact that your interest rate suffered so they could make a couple of extra thousand dollars.

Another thing that happened quite often is that the broker would add additional fees right before the closing.

As far as your escrow account goes, if the broker was claiming to us that your insurance was already paid, we would ask to see a paid receipt. If one could not be provided or if the broker didnt feel like calling to find out if it was paid and to get a paid receipt, they would have us process it as not paid.

Another thing that could have happened is if the broker failed to tell us that the insurance was to be paid at the closing, we would need to go ahead and set up the escrow account as not being paid.

As for your adjustable rate, I am sorry to hear that nothing could be done regarding a modification. However, when you sign the papers at closing, it is disclosed that your interest rate will go up after two years.

You need to realize that over 3000 people lost their jobs. People with families, single parents, people with serious medical conditions, no longer have an income or health insurance to support themselves or their families. It was NOT THE EMPLOYEES FAULT that their company lied to them. We were also cheated out of our retirement funds. Because of that, most of the older employees who planned on retireing in a few years, no longer can.