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Report: #595881

Complaint Review: goodmortgage.com - Greenville South Carolina

  • Submitted:
  • Updated:
  • Reported By: Inside Victim — Charlotte North Carolina United States of America
  • goodmortgage.com 3325 South Tryon Street Greenville, South Carolina United States of America

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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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Updates & Rebuttals

REBUTTALS & REPLIES:
8Author
11Consumer
6Employee/Owner

#25 Consumer Comment

I used goodmortgage.com

AUTHOR: Ann - (United States)

POSTED: Monday, January 21, 2019

I used goodmortgage.com in 2014, and have nothing but good things to say.  I'm currently looking for another mortgage, and came upon this report.  This report was was in 2010, so maybe things got better after that. 

My experience was that goodmortgage.com had the best rate and the lowest fees.  My real estate agent was shocked at the low closing cost, saying that "She has never seen that before".  Now, it could have been because we have excellent credit scores (>800). 

In any case, I was happy that I chose goodmortgage, as everything was easy and we got the best rates.  I'm hoping they can do it for us again, but as always, I shop around.  To anyone looking for a mortgage, the most important thing is to get the truth-in-lending form.  If a company doesn't want to give that to you, run away.

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#24 REBUTTAL Owner of company

Information

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Tuesday, October 12, 2010

Rob - I have to respond to one of your comments because it's so untrue and over the top. 

We have never had a convicted felon (or even anyone charged with a felony).  That is not allowed per licensing in several of the states we are in 13 now - moving to 15.  In particular - Georgia.  We do background checks on all our employees and if they have any issues with the law - they are not hired by goodmortgage.com. 

And one of the reasons lenders (with a warehouse line or not) get better pricing than brokers is the 20-30K you claim to make.  Think about it - that's a lot of overhead adding to pricing.  Lenders get a better deal for customers.

I don't recall your company, but I also don't recall any company we chose to work with turning us down before we stopped brokering years ago.  We have a strong set of partners. 

The rest don't dignify a response.  I do have doubts you are who you say you are, because anyone I know wouldn't hold a grudge after 5 years living in San Diego and retired at 38. 

Regards - Keith

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#23 Author of original report

33 YEAR CAREER

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Thursday, September 23, 2010

After reading your report, I really feel sorry for you. A 33 year career and look where you have ended up. At goodmortgage.com-the name alone signifies a tip off to them telling you what they think you want to hear in order to get your loan-LOL. At any rate, it sounds to me like you are stuck in a dead end job in a dying industry and have no where else to go. So, no need to dirty your nose at this point in time - oh yes, you have no where else to go or you are just stupid - you pick. It must be really scary for you, especially in this economy. Coupled with the high fees goodmortgage.com requires you to charge, just so you can pass them through to you know who and line his pockets, and the constant customer rejections and loss of business to competitors, you are a ripe candidate for a major myocardial infarction. Well Captain, I guess you are going down with the ship - glub, glub, glub.

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#22 Consumer Comment

Some clarification for the confused.

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

POSTED: Thursday, September 09, 2010

You aren't too bright are you?  Either that or you're trying to protect the income you get from Goodmortgage.com.  Or both. 

First you incorrectly assumed THEY opted not to work with me.  WRONG.  I opted not to work with them.  Sometimes in business, as you might learn someday, the best deal is the one you don't make.  Keith L liked our pricing/submission/approval process and was agreeable to submit deals to my company however after looking over the operations and meeting with him in person, I didn't want the headaches regardless of the money involved.  I never moved forward in the process.  One of his employees was a convicted felon and sent a very nasty, threatening email to one of our female employees.  I know this because she came to me for advice and I paid to get a background search on this person.  In the end I told her to just let it go and not deal with them any longer. 

Secondly your statement that customers should only be using lenders and not brokers is misleading and ignorant.  You might also want to learn that a Correspondent Lender (read BROKER) or one with a warehouse line (as GM is) is simply a broker that closes in their own name in order to NOT disclose some very high fees.  Then they sell the loan to a another lender or servicer.  So again you are WRONG.

Not sure what your statement regarding my closing dollars and why I'm not in the business any longer is referring to?  I was closing $20 mil and making anywhere from $20K to $30K per month.  I own a large number of rentals and two pay parking lots in downtown San Diego, I'm pretty much retired at age 38 and split my time between a couple of places. 

Like I said, some things may be different there now but given the desperate sounding rebuttals by the owner and ones like yours, seems like business as usual.

So what would you like to discuss now? 

 

 

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#21 Consumer Comment

Acct Exec

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Tuesday, August 31, 2010

I am an account exec for a large lender that deals with goodmortgage.com on a correspondent lender basis.  IE - they are the lender and they sell us the closed loan afterwards.

Rob (or whatever your real name is) - I am sure they didn't do business with you because you deal with brokers.  This company is a lender, not a broker.  And since you were doing $20M through brokers that most likely is the reason you are a 'former' account exec.  Customers should be using lenders, not brokers. 

And you seriously wouldn't expect a company with a long history of relationships to change based on your 'charm' after one meeting, right?  And $20M is a week's worth of work for this company. 

I have found Gmtg.com and Keith and his staff to be of the highest ethical and professional standards.  This is based on a long relationship, not one meeting. 

In regards to the insults you have made about Keith - nothing I can say other than not professional, and in my experience, not close to being true.   Sounds like you have another axe to grind.

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#20 Consumer Comment

Owner Of Goodmortgage.com

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

POSTED: Sunday, August 22, 2010

As a former Acct Executive in the "A" Paper mortgage industry (closing approx $20 Million Per Month) I did have an opportunity to visit Goodmortgage.com on a sales call.  My take, it was a chop shop mortgage company and the owner Keith L is a smug A-hole.  I had been told this by a number of brokers I worked with as well as co-workers.  Had to see it for myself and it was definitely true.  What a class A jackass the owner is.  For that reason alone, I would never do business with them.

Might be different today but I'm sure the owner is still a total D-Bag.

 

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#19 Author of original report

http://www.mortgagebankingsolutions.com/warehouse_line_of_credit.html

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Tuesday, August 10, 2010
Follow the link in the update title and you too can learn what or how little it takes to get into a position to Rip people off.
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#18 REBUTTAL Owner of company

This is just silly

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Monday, August 09, 2010

We are licensed by the banking commissions in the states we are in - http://www.goodmortgage.com/legal/state_licenses.html

After all, this company has been cited with a heavy fine in the past by leaving a paper trail of inaccurate real estate mortgage documents.   NOT TRUE.  This is just a blatant lie.  No other way to call it.  Check it out and see for yourself?  OK - WHERE?

This is just out of control and silly - and not true. 

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#17 Author of original report

MY Two Cents REPLY

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Friday, July 23, 2010

I am glad you are happy and satisfied - "at the present time." I too felt the very same way - when I first went to work with this company. But, the fact remains that over time, the true nature of these fraud artists came to light. Plain and simply put, when someone representing a company misrepresents answers to specific questions, this is a fraudulent act in its nature. I asked every question, from knowledge derived from  a 20 plus year career history that includes very high levels of lending. I checked some of their representatives claims and found some minor discrepancies - which I dismissed. Shame on me! One discrepancy was that they were not a supervised lender in any states, which, at the time was not true. You see, that is how con artists work. They tell you what they think you want to hear over and over, or they plant that little sliver of doubt by verbally expressing that information is other than what it appears. After all, this company has been cited with a heavy fine in the past by leaving a paper trail of inaccurate real estate mortgage documents. Check it out and see for yourself. Since this time, many legislated acts have changed the landscape of the lending environment to try and fine tune compliance to consumer disclosure and a myriad of rules that affect the business model of the small, "want to be lenders with WHOLESALE lines of credit" like your company, to quell the amount of toxic assets that currently exist across our nation and were sold all over the world in the form of CDO's and MBS's investments. At any rate, you are entitled to your naive position, but do not question my knowledge of the truth. After all the ignorance of youth is bliss and I hope that you have success and that this company does not churn and burn you so that you are financially dragged through the gutter. Any venom you perceive is from my unfortunate relationship with this company. Whether or not you think it is professional is not for you to judge, but who even knows if you are a real person with something to gain from your spin or an officer of the company. At any rate, hind site is 20/20 and I hope your hind site is better than mine if you are even a real individual.

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#16 UPDATE Employee

My two cents.

AUTHOR: Current Employee - (United States of America)

POSTED: Tuesday, July 20, 2010

Like some of the other posts I too am a current employee, and I want to throw in my perspective on what has been an unimaginably positive career choice for me. In my time since joining goodmortgage.com I have found a young and progressive working environment, a world-class facility, and new friends in my co-workers that I actually enjoy spending time with. I've found work that challenges and satisfies me. I have management that values my opinion and treats me with respect. In an industry largely blamed for the current US economic woes, I found a company that is forward looking and committed to doing things the right way for employees and customers.


Truthfully, I love my job and am offended by insults to it, especially ones made by twisting the facts.


I could go on to address any individual point, but they've been handled so well above that I can't add much without repeating them unnecessarily. I reject the unprofessional tone this began with. Ill also echo that sometimes any employer might not be a good fit for someone or vice versa, but that absolutely does not justify a personal vendetta like the one Ive witnessed here. Anyone that reads it should consider the venom it was written with and question why anyone spouting it should be worth listening to.


I'll just close by saying that in my opinion, there are two types of people: those that rise to high expectations, and those that run from them into bitterness. I consider myself among the first, and Im also proud to take the high road.

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#15 Author of original report

$5 Million Line of Credit or $50 Million Line of Credit

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Monday, July 19, 2010

The information about the warehouse LOC came direct to me from the mouth of upper management with goodmortgage.com and is based on a snapshot in time during my tenure with the cmpany. To my knowledge the LOC was in the process of trying to be increased in early 2010, but had not yet been granted according to this same management source. So, now they are saying they have had a $50 million LOC in place. If that is the case, can this company afford to carry the minimum payment required on $50,000,000? Or would that number based on loan volume and fee and ysp revenue be closer to $5,000,000? Another point of contention if they have all of this funding capacity is that how come a majority of the loans submitted exceed the promised lock periods? Point being, they still can't gaurantee that your lock will expire before your loan closes and funds. So, which is it? Obviously, management cannot be relied upon by an employee to relay factual information concerning funding capability that would affect a homeowner submitting a mortgage application with this company. So, which is it? How about a straight answer for a change instead of spin?

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#14 Author of original report

Filthy Crooks

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Thursday, July 15, 2010
Wow, I love the responses to my ongoing posts. I told you that that there was more to come and there you have it. The funny thing about it is one in particular fact my Grandfather told me is actually true: "You give a dog enough rope, son, and he will hang himself." No offense to any 4 legged variety. I have never seen a more blatant public exclamation for a total disregard for the most important person in the whole mortgage transaction and that is the person who lives in the "HOME" "The Homeowner". All these idiots talk about is sales and actually verify the facts of the HIGH employee turnover that were mentioned. The funny thing about this whole line of communication is that these idiots are defending themselves with biased (people trying to swindle your dollar) opinions of truths that they are exposing about the inner workings of their crooked dealings. Let me explain. They trade on the fact that most people do not have enough time in their day to talk to all the people trying to offer terms in order to verify the validity of each offer. This is further cemented with relentless automated emails to make their presence seem like more than it is because simply put this is an online scheme to get at your money through a high cost mortgage transaction. If you don't believe me just retain your own attorney to read their paperwork in detail and explain your exposure to any liability and costs. Anyway, I especially liked the moron that said "I have 33 years of experience". He probably worked in the subprime market. That is something to verify, if he is even a real person. Well folks ultimately you decide and just because a company appears to be in compliance does not mean that they are acting on your behalf and trust me these idiots are not acting on your behalf. Yours Truly, A Happy Enlightened Person  In This Walk Of Life
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#13 REBUTTAL Owner of company

Response from Company

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Wednesday, July 14, 2010
I think you can tell from "Ahab's" reply that he is dis-gruntled, so I guess you know now that our demoted sales manager went to work for a bank and he's trying to steer you that way. 

It's best as always to respond with facts, and not emotion.  Though I have to admit is not always easy to be personally attacked as he has done. 

My knowing we have an excellent management staff and team on board at goodmortgage.com makes it easy to move forward and brag on my team a bit.  Come talk to our team and get the facts for yourself.

The Facts:

We have never had a layoff, no matter how tough the mortgage business has become.  We have grown each year.

Our employee retention is higher than the industry average.  There is a lot of turnover in the mortgage world, we are lower than average. 

Our rates are lower than a banks, and our commission splits much higher.  We even just increased the splits and perks.

Our office has many perks - basketball court, ping pong, full gym and locker room - all free of charge.  Like the free drinks and waters.  See more here - http://www.goodmortgage.com/Jobs/Office/Index.html

We have great benefits - matching 401K, health, life, disability, and more.  We pay for state licensing for our producing LO's.  All of our LO's are licensed and certified by National and State agencies - unlike the bank's LO's.  They have to pass tests, background and credit checks. 

I am glad he reconizes our attention to clean and professional business conduct, that is a requirement to work her.

The BBB is a fair arbitrator, and it is true we have zero unresolved issues with customers.  We do what is right.

Don't let a few disgruntled former employees stop you from exploring what could be the easiest mortgage, or the best job out there.  Decide for yourself which message is constructive, and which is destructive. 

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#12 UPDATE Employee

Response from Long Time Employee

AUTHOR: Long Time Employee - (United States of America)

POSTED: Wednesday, July 14, 2010

Having been in the industry for 33+ years, a 9 year employee with goodmortgage.com, worked for the entire menu of supervisors and having both a personal and professional relationship with Keith Luedeman (the owner), I am qualified to say he is a fine manager that has both grown the company, and his employees.

I have left other employment at other companies due to dysfunctional management   I am intolerant of those character traits. It does not exist at the top of goodmortgage.com, however like any company there have been a few bad apples in middle management along the way.  No longer.

In my dealings with Keith, I have found him to be businesslike, professional, understanding, exhibiting genuine care for the employees and not afraid to ask for input from those who may have a different perspective on the subject or more knowledge regarding the issue at hand as well as letting his management team manage and make decisions.  He understands thoroughly the employees make a company successful not the owner and he rewards their hard work, contributions and loyalty with an outstanding profit sharing program.

While he is demanding in his expectations he is not overbearing nor does he micro manage.  After all we are in the mortgage business, enduring unprecedented changes an elevated levels of scrutiny while we are tasked with assisting consumers in navigating the single largest, most expensive transaction of their lives, leaving us little room for error, excuses or lack of technical knowledge.  Honesty, full disclosure and a clear understanding of program and product knowledge are paramount.  Lack thereof presents serious consequences for the consumer, employee, owner, and the company.  On the occasions when I needed a swift kick, I was treated respectfully in a professional and businesslike manner.  I was not belittled, berated, or insulted.

I have found that if you are unhappy in your work environment then the best course of action for all concerned is to become a former employee.  Not only is that the right thing to do for yourself but for all concerned.  However, to personally attack the owners character and integrity is unprofessional, lacking in any sense of business etiquette, rude and displays the very character flaw you seem to dislike.

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#11 UPDATE Employee

My reply

AUTHOR: Current employee - (United States of America)

POSTED: Wednesday, July 14, 2010

I am current as well as a happy employee of goodmortgage.com.

I find it interesting that folks who are unhappy with their past experience here overlook the good that I know they witnessed while employed.

This is a top notch organization with awesome employees and a great management team!  Our new sales manager brings fresh ideas, cares about his sales team, and offers many ideas on how to improve.  The previous sales manager was an egomaniac who only cared about running other parts of the organization rather than concentrating on how to build sales team unity.  He would rather belittle his employees behind their back to other managers OR reprimand them in front of the sales force.  He was better at tearing down confidence rather than using his talent(which he had) to build confidence and improve sales.  He was more focused on his personal issues with the CEO and in many cases pranced around telling folks he was better qualified to run the business.  Since he was replaced, the work environment has changed for the better and everyone is much happier and productive.  All you have to do is look at the sales, it's pretty obvious.

Is Keith a tough manager and CEO?  Yes, but do you know of another CEO who is not?  While he can be tough, he also trusts his employees/managers to do their job.  I have personally witnessed him come to the help of an employee who was having a personal issue while out of town, and Keith stepped right in to assist.  No questions asked.

I've worked in other industries and had one CEO who continually would get in face of his sales people and threaten to "fire their a*s". 

And, why would you want to try another bank for your financing?  We ARE a lender bottom line and do not treat our customers as "a number".  The loan officers care about each and every client and give 110% effort in getting their loans closed.  If you go to the bank for your loan, you will pay at least 1/8 to 1/4% higher in rate and HOPE you will close in 60-90 days!

If you're an unhappy employee, just leave it that way.  No need to keep harboring the resentment.  Use that energy to better yourself and move on.

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#10 UPDATE Employee

A Positive Response

AUTHOR: Long Time Employee - (United States of America)

POSTED: Wednesday, July 14, 2010

Having been in the industry for 33+ years, a 9 year employee with goodmortgage.com, worked for the entire menu of supervisors and having both a personal and professional relationship with Keith Luedeman (the owner), I am qualified to say he is a fine manager that has both grown the company, and his employees.

I have left other employment at other companies due to dysfunctional management   I am intolerant of those character traits. It does not exist at the top of goodmortgage.com, however like any company there have been a few bad apples in middle management along the way.  No longer.

In my dealings with Keith, I have found him to be businesslike, professional, understanding, exhibiting genuine care for the employees and not afraid to ask for input from those who may have a different perspective on the subject or more knowledge regarding the issue at hand as well as letting his management team manage and make decisions.  He understands thoroughly the employees make a company successful not the owner and he rewards their hard work, contributions and loyalty with an outstanding profit sharing program.

While he is demanding in his expectations he is not overbearing nor does he micro manage.  After all we are in the mortgage business, enduring unprecedented changes an elevated levels of scrutiny while we are tasked with assisting consumers in navigating the single largest, most expensive transaction of their lives, leaving us little room for error, excuses or lack of technical knowledge.  Honesty, full disclosure and a clear understanding of program and product knowledge are paramount.  Lack thereof presents serious consequences for the consumer, employee, owner, and the company.  On the occasions when I needed a swift kick, I was treated respectfully in a professional and businesslike manner.  I was not belittled, berated, or insulted.

I have found that if you are unhappy in your work environment then the best course of action for all concerned is to become a former employee.  Not only is that the right thing to do for yourself but for all concerned.  However, to personally attack the owners character and integrity is unprofessional, lacking in any sense of business etiquette, rude and displays the very character flaw you seem to dislike.

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#9 UPDATE EX-employee responds

Unbelievable

AUTHOR: Ahab - (United States of America)

POSTED: Monday, June 21, 2010
The owner of the company is simply delusional. The "happy" employees he is describing must be the same core of 5-6 loan officers who have stayed for more than 2 years. If any former employees were allowed to visit the facility, they would be shocked to find the same 5-6 faces juxtaposed with the plethora of new faces. Or maybe they would not be shocked.

The owner has perhaps the worst reputation among loan officers I have ever witnessed. He is still able to lure new employees with a refurbished warehouse which, after adding a new coat of paint, passes as his state of the art facility. Once hired, however, most new hires find the lack of support they receive appalling. In any case, no matter how may coats of paint you slap on an old building, you cannot create a pleasant work environment. In fact, if Disneyworld is the happiest place on Earth, this company is its antithesis.

On the business side, I will concede that most of the business done there is clean, with the exceptions being work done by employees who would have acted immorally irrespective of their employer. Unfortunately, as stated before, most loan officers are greeted with incredulous indignation when presenting a need for assistance with a loan, without regard for the customer. This comes directly from the top.

Every buck is passed by management to the owner who, in turn, berates, belittles, and insults his employees for not knowing what they were not taught. The man is a narcissist of the highest order. His only friends are those who stand to gain or lose business and/or money, and his only loyalties are with his checkbook.

I AM a former employee, but disgruntled I am not. I simply cannot let this conversation exclude the feelings I have shared, because they are not mine alone. This information is pertinent to the ripoffreport, as the company exemplifies the actions and character of the owner. The A+ rating with the BBB reflects simply on the owner's ability to argue against a claim. There have, indeed, been many complaints against the company to the BBB, but none have gone unresolved.

The bottom line for customers: try your bank first. The bottom line for prospective employees: the commission splits are low, the morale is lower, and employee retention is lower than today's rates. The bottom line for masochists: welcome home.
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#8 REBUTTAL Owner of company

Some Facts

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Friday, May 21, 2010
Some facts:

One sales manager left over a year ago after 4 years with the company for a better opportunity for him and his family.  Amicable.  Last month we demoted the sales manager that replaced him, then that former sales manager left soon after.  No surprise.  The recently promoted sales manager (promoted from within) is positive and motivating and great addition to the team!

One processing manager left after 5 years, and returned to the company 3 months later and is still here.  The most recent one stepped aside due to family, but is still with the company in a reduced role.  The current processing manager is fantastic and very sales oriented.  The team is getting the job done.

After 7 years of employment, the position out grew the operations manager, and she stepped aside. The replacement, after 2 months, realized it was not a good fit, and we have a new Ops manager in place with the skill set to take us to the next level.

The recruiting manager moved to California to be closer to her family. The current processing manager has known the owner for over 20 years and is a great asset to the company.

We have had Loan Officers that don't fit in a lender environment, better suited for broker shops.  We've had some that can't pass the new testing or don't want to deal with licensing issue.  We wish them well in their new pursuits. 

We also have many long term employees with a growing career.  Not everyone that has worked here is happy.  But considering the turmoil the mortgage business has seen the past few years, the company has never had a layoff, or pay cuts. 

The company is larger now than it was one year ago, and has created jobs. 
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#7 Author of original report

100% Truthful Insider Knowledge

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Wednesday, May 12, 2010

Dear Responder,

Once again I appreciate your comments as to the long list of souls this company has chomped on in the pursuit of the all mighty "DOLLAR". Again, every word I type in this report is 100% the raw, adulterated, naked truth as to how this company operates. I sincerely also appreciate your concern, however I find this excercise to expose criminal sales organizations as fullfilling and spiritually enlightening. Further, I have more information for a later post. I can hardly wait. So until then, May God Be With You as He Is With Me

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#6 UPDATE EX-employee responds

I agree that it is not a good place to work

AUTHOR: Another Former Employee - (United States of America)

POSTED: Wednesday, May 12, 2010

To the original poster, no reason to attack me for pointing out that not all of your facts are entirely accurate.  I agree with you that it is not a good place to work at, I just don't think it is in your best interest to continue to dwell on the past.  I know how the owner is, that is one of the primary reasons I left. 

I stated in my previous post that hopefully the owner will realize that there is a serious problem.  From March 2009 until now (basically a little over a year) he had two sales managers resign, two processing managers resign, two HR/operations managers resign and a recruting manager resign.  My friends and I lost count as to how many loan officers and processors resigned in that time, however at some point you have to think that the owner will realize it is him and not all of these people. 

Anyway, I am glad to be out of that organization and the only reason I know any of this is that I have friends who are still there (who are looking to get out) who share this information with me.

I wish the original poster well, and hope that he/she can move on much like I have and let the animosity go.  It is not healthy, and frankly the owner of this company is not worth it.

 

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#5 Author of original report

C'mon Man Get With It"SMELL THE COFFEE"!

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Tuesday, May 11, 2010
I appreciate your follow up concerning my post for the way goodmortgage.com treat's it's "employees" (or better yet a better reference for employees, as defined by goodmortgage.com, would be: meat for the grinder-carcasses for blood to suck-skeletons or bones to walk over as a path to fullfill company objectives to make more money for the lock natzee Kieth Leudeman). I feel that you are extremely gullable and nieve. First of all, since you obviously lack the business sense and expeience to identify what this company is up too, they prey on individuals. If you are a previous employee like myself, you have been tendered as prey and you are a victim of this company. Their whole business model is set so that the margin for a mortgage originator to eek out a living is non-existant. Hello, that is why you are not dtille there. They are simply put "LIARS" at yours and my expense. If you want proof as to what I say, look at the time that you have invested over your term of employment, look at the heartache you had to endure to get a loan processed, factor any compensation if you were lucky enough to retain any that was not lost to lock extensions, and subtract all the money out  that you could have earned at a minimum wage job over the same amount of time and then you tell me if it comes out to anywhere near $80,000-$100,000 per year which was the figure that the recruiter promised me. Now, after you finish figuring this, really sit down and think about the cost to your family. Everything that I have documented is 100% true as fact from my experience with this company. If there truly has been any change to the credit line it came into being after I left the company. So, you have a right to your opinion about what I write, but the simple truth is that these are substantiated facts through first hand knowledge and experience. Let me also say, I have a "VENDETTA" and that I will never let this go. I will respond to every post to this expression of my 100% accurate truth. So, please inform yourself and do your research before you try and label someone as being inaccurrate with facts from first hand knowledge. :-)
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#4 UPDATE EX-employee responds

How do you explain the recent mass defections?

AUTHOR: Another Former Employee - (United States of America)

POSTED: Monday, May 10, 2010

One question I have for the owner of this company is if the employees are truly happy, how do you explain the recent mass defection of so many employees?


At last count in less than a month the sales manager left and no fewer than six loan officers have resigned. I somehow doubt all of these employees were happy, otherwise I doubt they would have left.


Although the original poster definitely has some inaccuracies (i.e. the warehouse lines are $5 million), he is fairly accurate in his assessment that a correspondent lender (which is what goodmortgage.com is) is really just a fancy broker. Opposed to a direct lender (such as Wells Fargo) who is a direct lender and is not reliant on borrowing money from a warehouse line of credit in order to fund your loan.


Several direct lenders actually provide warehouse lines to correspondent lenders.


Am I a fan of goodrmortgage.com?  Absolutely not, however it is as inappropriate for the original poster to make false allegations as it is for the owner of the company to make false statements such as his employees are happy.


At the end of the day the original poster should just leave goodmortgage.com behind, and the owner should consider that maybe there is a problem if all of these people are leaving and that some feel obligated to make such posts on the internet.  Hopefully he will consider this as there are still a number of good people at goodmortgage.com.

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#3 REBUTTAL Owner of company

Hard to Argue

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Wednesday, May 05, 2010

It's hard to argue with someone that makes up facts that are just not correct.  Many of these are easy enough for any customer to verify. 

I do notice that he does try to steer business to himself in the first post - I will leave it to you to decide what is the true motive here.

Junk fees - not true. Global Economic crisis caused by us - not true.  Unhappy employees - not true.   Unhappy customers - not true (ask the Better Business Bureau as an independent source).

That the author uses spell-check - also not true.

I encourage anyone who is interested to contact us to get the facts. 

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#2 Author of original report

Update for Deceptive Lending and Hiring Practices

AUTHOR: BaitandSwitchVictim - (United States of America)

POSTED: Tuesday, May 04, 2010

Hi Everyone, This is a response to the typical "disgruntled employee" reply. It is very easy to use a deceptive statement to try and undermine anyone's character position, but that is not what these posts are about. They are about exposing the truth of what is right and the fact that there is nothing right about the mortgage industry as evidenced in the pilfredge that has gone on withih the industry and has caused a global economic crisis based on "Part of the Story and Bait and Switch Tactics".  If you were lucky enough to come from a family with 2 parents as a mentor or you were lucky enough to find someone to mentor you in a less than advantaged family situation, then they probably told you a nugget of truth, such as: "It's not what they tell you that you have to be concerned with, but it is what they don't tell you that you need to stay awake at night and worry about". With that said, this company has provided all the documetation along the way in trying to tear down anyone that has worked for them as further evidenced in their reply to my post -dismissive in nature as a digruntled employee-far from the truth. Let us say that - you - have an opinion based on fact and someone dismisses you as "disgruntled" how would that make you feel? Anyway, here is a marscel of proof as to what I say. When I left the company there were nearly 60 loan officers. Go to their website under find your LO or all LO,s and pull up the Loan Officers still employed. These are the preferred LO's I mentioned in my previous post less than 30. Anyway this is not over people and there will be more to come. So, word to the wise, don't let this company churn and burn you as an employee or if you are looking for a mortgage just go direct to the lender that will service your loan as previously mentioned.

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#1 REBUTTAL Owner of company

Response from Company

AUTHOR: goodmortgage.com - (United States of America)

POSTED: Tuesday, May 04, 2010

Goodmortgage.com has been in business for 11 years and has an A+ rating at the Better Business Bureau.

 

Our loan officers are licensed (education, continuing education each year, and testing) in the states they do loans in.  The licensing process is way less than $1000, and this amount is determined by each state.    This posting is obviously written by a disgruntled former employee and has many factual errors.  We encourage you to contact us directly to decide for yourself.

 

We are a Lender, not a mortgage broker.  Our funding capacity is much larger (10X) than the posting says.  Our fees and rates are lower than the national banks due to our lower overhead.

 

We have never reduced pay plans for our employees.  We do not bait and switch customers.  

We have many long term employees and many repeat customers we can provide as proof against the ramblings you read in the initial posting.

Contact us and decide for yourself we will have the best rates and fees and our employees are treated well in a professional work environment.
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