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Report: #1241978

Complaint Review: Ripoff Report | Market Place Mortgage TRUSTED Business | Verified Safe™ …businesses consumers can trust. Market Place Mortgage an independent mortgage bank founded in 2008, dedicated to client’s goals of homeownership with low or no closing costs at very low interest rates. Market Place Mortgage’s ethical business model requires the company to internally cap its revenue from the secondary market in order to rebate back to the borrower extra profit to reduce their costs.

  • Submitted:
  • Updated:
  • Reported By: Maritza — South elgin Illinois USA
  • Market Place Mortgage TRUSTED Business | Verified Safe™ …businesses consumers can trust. Market Place Mortgage an independent mortgage bank founded in 2008, dedicated to client’s goals of homeownership with low or no closing costs at very low interest rates. Market Place Mortgage’s ethical business model requires the company to internally cap its revenue from the secondary market in order to rebate back to the borrower extra profit to reduce their costs. USA

Market Place Mortgage Verified TRUSTED Business REVIEW: An innovative mortgage bank providing very low rates, no closing cost options, excellent customer service and the full spectrum of loan options. Trusted by thousands of satisfied customers.
*UPDATE: Market Place Mortgage pledges commitment to Ripoff Report Corporate Advocacy, Business Remediation & Customer Satisfaction Program. A program that benefits consumers, ensuring complete satisfaction, confidence when doing business with a member business. Market Place Mortgage recognized by Ripoff Report Verified™ as a safe business service.

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EDitor's UPDATE: Positive rating and recognition has been given to Market Place Mortgage for its full commitment to quality customer service.

Ripoff Report's discussions with Market Place Mortgage have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Market Place Mortgage listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

One of the things Ripoff Report learned in the course of its review is that Market Place Mortgage are passionate mortgage banking professionals with one goal in mind: make clients their priority. [continued below]....
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Market Place Mortgage is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..



The information provided in this report below is based on comments made by the owner during an onsite inspection held by a third-party verification company with no biases towards Market Place Mortgage.

Market Place Mortgage is a mortgage bank founded in 2008 to help consumers obtain the best mortgage in the market. They've sought to fill a gap in the market by offering transparent personalized service, very low rates and closing cost credits that other companies did not offer to the degree that we do. The owner stated the following about his company, "Our goal is to fulfill our client's goals and fully advise them on all the full spectrum of mortgage options at the least costs and a low rate of interest for them to be able to pay it off with the hope of a secure retirement."

Leads for Market Place Mortgage are obtained primarily through repeat and referral business. When a potential client inquiry about their services the first think Market Place Mortgage does is explain as transparently and honestly as possible how the process works. The owner further expressed, "I personally like to meet a customer in person for maybe an hour and sit down with them and understand their goals. And then explain how the industry works." From their Market Place, Mortgage and the prospective client can work together to decide if a partnership is in the best interest of both parties.



CUSTOMER CARE & COMPLAINT RESOLUTION – MARKET PLACE MORTGAGE

The owner was asked to describe a situation where a client was not satisfied with the level of service they received. The owner expressed that complaints can arise when the client has challenges obtaining the initial loan, "so based on their personal economics of their own personal situations they have certain challenges. Like I said we are more patient than most companies where we will try to work through with a customer to work through the issues. We are not miracle workers so we will give them a realistic expectation but we are not in control of all 3rd party events that happen around us."

When asked to comment on complaints posted on Ripoff Report's website The owner expressed that there are two complaints on the website, one of which is completely false. The second complaint, "the simple fact is this borrower did not have sufficient funds to close in her bank account because of her county property taxes were due to be paid in June and August. An FHA streamlines mortgage does not allow the original loan amount to be raised at all to roll in closing costs or funds for escrows for taxes and insurance. There are always closing costs to do any mortgage, however, in this case, we were offering to pay this for this client. We were providing a generous $5422 closing cost credit for a mortgage of $185,391. This large credit was more than sufficient to pay all closing costs and leave enough credit towards helping with the new escrow account which technically is not a closing cost. The customer's current servicing company at the time would not reduce the customers pay off by the amount currently held in the escrow account which is commonly known as netting the escrow. Due to the fact that the county property taxes were due at this time of year it meant a larger than average amount was needed at the time of closing for the escrows and the current lender would not net the current escrow and subtract it from the loan balance to wash out the amount needed for the new escrow. The funds to close were more than originally predicted. The customer did not have sufficient assets in their bank account to fund their own escrow temporarily while they were waiting on a refund from their current lender after closing. As a result, we requested the customer to wait until the escrow requirement was at its lowest point in the calendar year and this would meet how much they had in their last bank statement. The situation was communicated by the loan officer to the customer once the facts became apparent in underwriting. The customer filed this report online before that point in the calendar year where we could help her based on her assets and terminated the relationship before her escrow amount matched her bank statement so we were not able to help this customer for reasons beyond our control." In order to further assure future and current clients Market Place Mortgage is state licensed and are apart of several professional organizations including Women's Council of Realtors, Greater Midwest Lenders Association, and the Better Business Bureau.

When asked what type of changes they have made to honor their commitment to making things right with the consumer per the request for Ripoff Report, The owner stated, "We have met with loan officers and underlined the importance of responding to every call the same day, the importance of escalating to a manager even if they don’t think the customer is frustrated but to avoid further frustration we have asked for them to advise us. We have asked for additional feedback from the processors and operations staff on files so that we can address the customer before an issue bubbles up. We do sit down and meet with the loan officers on a weekly basis for the status of their clients."

Market Place Mortgage is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program, "we do share the belief that Ed has in helping consumers and obviously making sure consumers get the best level of service. So we do see it from the other side of the fence now but our values are the same in that we want to educate and inform consumers. We want consumers to know there are good companies out there. Obviously, it does help us because social media does help us communicate with people throughout the country."



MARKET PLACE MORTGAGE – STATEMENT FROM THE OWNER

" Hello, I am the owner of Market Place Mortgage Corp. I would like to thank you for taking the time to review Market Place Mortgage Corp. I have been in the mortgage industry for 28 years. In 2008 I boldly founded Market Place Mortgage in the middle of a mortgage crisis because I knew that I had to make a change to the industry even if others would not at the time. I wanted to treat a client as I would wish to be treated and not be told to overcharge a customer by my employer. I also wanted to make sure the customer had every option for lending in the Market Place and not just what best suited my employer. We have grown with our passion over the years by inviting former colleagues, friends and even clients to work with us to help advocate for you. To date we have closed thousands of loans for satisfied customers and have made a very real and positive difference in their lives. We appreciate your support in helping us make a difference over the past ten years. We appreciate your continued business with us and we hope you become part of our extended family and a client for life. Thank you.

Ripoff Report was pleased to learn that Market Place Mortgage’s past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.



STATED IMPROVEMENTS FROM MARKET PLACE MORTGAGE

Market Place Mortgage recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Market Place Mortgage has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with all members of the executive team, Ripoff Report is convinced that Market Place Mortgage is committed to quality delivery of services resulting in total client satisfaction.



How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of. They have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Market Place Mortgage meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint, so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses, so we can insure that the member business did right by their customer.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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Market Place Mortgage Lombard, Illinois 

 I contacted Steven Stechnij in March inquiring about a streamline loan for my home. I received his number from mail about lowering rates, it also said I would skip 2 mortgage payments, great right? So I took the bait. It is now mid July and nothing g has been done and he will not return my phone calls either. I signed paperwork, fave him all the info he requested, bank statement, paycheck stubs etc. He said we would close when my tax installment was paid, well it's been paid and still nothing. He had me rush and get last minute ppw. Sent to him for nothing. I called his manager since he was not contacting me and his manager said I would close the following week but would not receive 2 months without mortgage payments and that no one should ever state that. But he would give me a 1000.00 credit by this time I already had to pay a late fee to my mortgage. He then told me to pay my mortgage that day so they can get the payoff amount. The request for the payoff amount wasn't even sent in for another two days. Never heard back from the manager Galvin, and last I heard from Steven was a week ago saying we will close soon. This place is a joke will waste your time, give you false hope and waste your money.

This report was posted on Ripoff Report on 07/15/2015 07:39 AM and is a permanent record located here: https://www.ripoffreport.com/reports/market-place-mortgage-trusted-business-verified-safe-businesses-consumers-can-trust-market-place-mortgage-an-independent-mortgage-bank-founded-in-2008-dedicated-to-clients-goals-of-homeownership-with-low-or-no-closing-costs-at-very-low-interest-rates-market-place-mortgages-ethical-business-model-requires-the-company-to-internally-cap-its-revenue-from-the-secondary-market-in-order-to-rebate-back-to-the-borrower-extra-profit-to-reduce-their-costs/-/market-place-mortgage-lombard-illinois-1241978. 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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