Complaint Review: goodmortgage.com - Greenville South Carolina
- goodmortgage.com 3325 South Tryon Street Greenville, South Carolina United States of America
- Phone: 1-877-523-3886
- Category: Mortgage Companies
goodmortgage.com - Barron's Mortgage Group Deceptive Communication Practices Greenville South Carolina
*Consumer Comment: I used goodmortgage.com
*REBUTTAL Owner of company: Information
*Author of original report: 33 YEAR CAREER
*Consumer Comment: Some clarification for the confused.
*Consumer Comment: Acct Exec
*Consumer Comment: Owner Of Goodmortgage.com
*Author of original report: http://www.mortgagebankingsolutions.com/warehouse_line_of_credit.html
*REBUTTAL Owner of company: This is just silly
*Author of original report: MY Two Cents REPLY
*UPDATE Employee: My two cents.
*Author of original report: $5 Million Line of Credit or $50 Million Line of Credit
*Author of original report: Filthy Crooks
*UPDATE Employee: Response from Long Time Employee
*REBUTTAL Owner of company: Response from Company
*UPDATE Employee: My reply
*UPDATE Employee: A Positive Response
*UPDATE EX-employee responds: Unbelievable
*REBUTTAL Owner of company: Some Facts
*Author of original report: 100% Truthful Insider Knowledge
*UPDATE EX-employee responds: I agree that it is not a good place to work
*Author of original report: C'mon Man Get With It"SMELL THE COFFEE"!
*UPDATE EX-employee responds: How do you explain the recent mass defections?
*REBUTTAL Owner of company: Hard to Argue
*Author of original report: Update for Deceptive Lending and Hiring Practices
*REBUTTAL Owner of company: Response from Company
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This is an insider report from someone that is fed up with crooks in the mortgage market place swaying like reeds of grass in the breeze in order to bend just to the brink of breaking the rules. Whether you are a unsuspecting mortgage shopper or an unsuspecting unemployed worker in the mortgage industry looking for a mortgage origination position, this is a company that you definitely want to avoid - if you want the best deal on a new mortgage or if you are looking for an employer that will treat you in a fair and ethical manner they will not take a fiduiciary (not required by law but should ethically be common practice) position. As far as a new mortgage shopper is concerned, beware of this company. They try to act like a lender when in essence they are simply a BIG FAT MIDDLE MAN BROKER cloaked with a credit line of $5 MILLION DOLLARS which is used to fund loans after closing and give them the ability to meet the minimum requirements to be considered a lender in the eyes of the LLR ($5 million dollars is nothing when trying to fund 20-50 deals from as many loan officers). After they transfer the loan to Wells Fargo, Amtrust, First Franklin, Chase, Citibank or any other TRUE LENDER that has the best going rates at a particular market pricing snapshot in time that will in essence service your loan, they get you by charging well over $1050 (administration fee, UW Fee, Processing Fee, Doc Prep/Flood Cert Fee, etc.-JUNK FEES-in the 800 numbered section of the Good Faith Estimate at Closing) before the loan officer is able to earn a commissionable charge either by an origination fee or a higher interest rate (typically at least .125, .25, .375, .5 or more to your final interest rate that your payment is based upon) to increase yield spread premium. It doesn't take a rocket scientist to figure that on a 30% commission split, in order for the loan officer to make any money, he/she would have to charge you several thousand dollars in extra fees to make $600.00. These loan originators also have families and bills to pay and believe me when I tell you that no one works for free and that this company is truly inept when it comes to processing a loan and limited by $5 million dollars. For every deal that gets funded within the lock period there are 4 to 5 loans that are faced with lock extension fees and that do not get funded within the terms of the lock agreement and it should not be hard to figure that more than likely you will be the unlucky person 45 to 60 days later to be faced with making the decision as to whether or not you want to pay the extra premium for 15-30 days (lmitations apply to number and lenght of lock periods and are typicall .125% of the loan amount per day minimum) or walk away from the deal. At any rate if you would want to close and you have an originator that gets preferential processing treatment they may work with you or sit on your loan to jeopardize your lock terms if a lock commitment is breached. It is all about who is in the superior position as far as benefit from a customer standpoint to a need for income from an originator standpoint. If you are looking to work for this company, be willing to shell out well over ONE THOUSAND DOLLARS to meet the licensing requirements for 1 STATE and after you are hired on as an employee, you can be guaranteed that CEO and Owner Kieth Leudeman will send out a company memo to cut agreed upon contract splits and if you don't agree, HIT THE BRICKS PAL! Whatever you are told about earning potential, you can go ahead and multiply that X 1/9th of total commissionable fees (attributed to: 1) slack processing - because goodmortgage.com does not retain underwriters, but ships/edocs your package to the TRUE LENDER'S UW. 2) hire processors that do not have a clue as to what is required to fund a deal after submission 3) funding limitations $5,ooo,ooo 4) Incompetance . With all of this said, I welcome anyone to request dialogue from me and I will be HAPPY to enlighten you as to any questions you have about the potential for a new mortgage and the competitive nature of your offer and tell you how you can save money which you will not ever have to repay.
This report was posted on Ripoff Report on 04/23/2010 12:48 PM and is a permanent record located here: https://www.ripoffreport.com/reports/goodmortgagecom/greenville-south-carolina-29601/goodmortgagecom-barrons-mortgage-group-deceptive-communication-practices-greenville-595881. 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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