Quick Loan Funding rips off investors too Costa Mesa California

Hello there Rip Off World. I stumbled across this site today, and see that nothing has been posted in a while. However upon reading the ENTIRE thread, I feel as though I need to contribute MY story. 

Krista,

I am curious...there has not been a post to this site in a while and from what I understand Quick Loan Funding is no longer in business? Am I right? So why all of the sudden are you making a post to this string in defense of Mark U? Has something additional happened that would prompt you to defend him?

I'm also curious about the difficulties Mark U had in selling the Quick Loan Funding loans that you talked about. Would you contact Mark U. Would you contact or have someone contact Mark U and ask him if he would be interested in talking on this forum about the difficulties he had selling the QLF loans? I'm interested in a public forum with him on this topic so that other mortgage professionals can pose questions to him directly on this subject. Many of us in the business are very interested in what he has to say about his experience with QLF.

Thank You.

I worked for QLF directly under Mark U. and I have to say he is one of my mentors. I loved working for Mark; he taught me so much about banking. I think people need an escape goat and he was it. Most people don't know the struggles that were between Mark, Daniel and the hired trader. Most of our pools were set up completely wrong for the investor we were selling them to. We had files that should have been scratch and dent in a pool at 103. Mark came in and helped set up the QC department as well as bulk the loans up properly. I would love to work for Mark U any day. I do remember when all this law suit stuff was going on. I don't have much of an opinion on that due to the fact I wasn't there. I will say this no matter how hot and smart you think you are there were 250+ hot and smart girls working at QLF and Mark never had any problems with any of them. I hope your bitterness goes away, Mark is a really great guy and his family is just as wonderful. You have to know by keeping this going you are only hurting them not so much Mark. I am sure he has a hard spot about this already. Please move on and just let him be. I am not saying QLF was the most honest place there was but then again I have seen many companies close down with the FEDS bring out boxes of files to audit. So in the mtg business who is on the straight and straight? You don't know the politics that are behind why people do what they do. Just move on and let it go. Mark if you read this I loved working for you and I owe so much to you. I hope you are doing well. Krista

According to an article in the OC register Quick Loan Funding closed it's doors August 16, 2007.

Another person has pointed out to me there is yet another court case filed in the Central District -Los Angeles, Federal Court. Quicken Loans VS. Quick Loan Funding. Intellectual Property CV02836.

When it rains, it poors.

I had a feeling this was going to happen. The name is just SO CLOSE. Is there anyone "official" at Quick Loan funding who would like to comment publicly on this matter? The question is...is there ANYONE LEFT???? LMAO!!!!

My name is Nicolas and supposedly I posted a comment in regards to Quick Loan Funding titled "Witness To Accusations." Completely FALSE. I did NOT post any comment being that I left QLF on outstanding terms and still keep in contact with many of the employees. I worked at QLF for almost two years and did NOT witness any such actions as noted in the comment posted under my name. I suggest you revise your privacy guidelines, being that obviously anyone can write a comment using someone elses name; attempting to ruin the inncocent's reputation. I request that you delete this "comment" as soon as possible. Thank you.

Kim,

Thanks for the article. I did miss the article. Thanks for pointing it out to me and other consumers.

The author was correct on many points including how little it takes to become licensed as a sales person. I have a sales license that I let expire due to the fact that I was no longer engaged in selling. Before I took it, I was told by my boss at the time, that it was a hard test and that he had to take it 3 times! Well, I studied for 1 week and passed the test the first time. I consider myself slightly above average in intelligence.

There really should be more regulation in this industry. I have a college degree and MOST of the people I've met in the industry do not. Many of my fellow underwriters do not have a college degree. And if they do, they have it in an unrelated field.

If you were to see my resume, I have more actual classroom training than most underwriters in the industry. I feel many of the problems we are seeing are because the industry as a whole is not educated. Basically, getting into the mortgage industry is done largely through social promotion. It's something you can get into with very little educational training if you know the right people.

I'm a minority and I was taught at a very young age that you have to work twice as hard to get anywhere. As a result, I take my profession very seriously. In fact, I recently moved from California so that I could attend a university in New York that offers a REAL education in Real Estate Finance, because this is what I love to do.

I foresee the industry WILL make a REAL education in real estate finance mandatory for those who want to call themselves PROFESSIONALS (as it should have done many years ago).

Thank You

Here is an article that printed in the local paper the other day. If anyone didn't catch it ... here it is. Also, if Nicole's comments are true; altered closing statements? This guy should be in a world of hurt soon! Time is the biggest tell tale on fraud! Eventually it catches up with you, no matter how much money!

High roller of home loans
Over five years, Quick Loan Funding wrote $3.8 billion in mortgages to people with shaky credit.
By JOHN GITTELSOHN and RONALD CAMPBELL

THE ORANGE COUNTY REGISTER

Daniel Sadek played Orange County's subprime lending boom like a card shark dealt the ace and jack of spades.

Just five years ago he was selling cars.

Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, Quick Loan Funding.

Over the next five years, Quick Loan wrote $3.8 billion in mortgages, lending money fast and often on onerous terms to people with shaky credit.

Boosted by high fees and interest rates high even for the subprime industry Quick Loan's after-tax profits averaged 29 percent of revenue. In 2005, Quick Loan's biggest year, profit topped $37 million.

Sadek used the earnings to live the high life, buying a fleet of Ferraris, Lamborghinis and Porsches, dating a soap opera starlet and producing movies. He flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort.

He cultivated a rebel image, wearing a beard and hair to his shoulders, dressing in T-shirts and flip-flops, eschewing the typical mortgage banker's pinstripes.

"How many thieves are wearing a suit?" he asks, sitting in the kitchen of his $4 million Newport Coast mansion.

Quick Loan Funding's name still crowns a Costa Mesa office tower. But Sadek, like the subprime lending industry, is holding a bad hand.

His staff, once 700 strong, has shriveled to about 125. Monthly loan volume plunged to $30 million from a record $218 million in December 2005.

"I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max."

Sadek is more than a poster child for the riches produced in the Orange County-centered subprime industry. His career arc shows how:

In California, almost anyone could open a lending business. It's harder to get a barber's license.
Subprime lenders reaped billions in profits by charging high fees and interest rates. For the most part, these practices are legal.
Borrowers often either misunderstood, were misinformed or simply paid no attention to the loan terms. Thousands would lose their homes.
State oversight is almost non-existent, with 58 examiners to oversee 5,000 lenders, some doing billions in business.
Quick Loan has been accused of predatory lending, deceptive underwriting and fraud in at least eight lawsuits. In addition, Department of Corporations records show 33 complaints against Quick Loan, most alleging unfair business practices. Most of the lawsuits were settled out of court. And state regulators have never disciplined Quick Loan.

Sadek denies that Quick Loan ever broke the law or engaged in unfair business practices.

"I work very hard to do the best I can, to keep the mortgage company as clean as possible," he says. "Simple as that. I can't say it to you any better."

Truth in lending

Roman and Maria Partida of National City won a $28,696 settlement last November after they sued Quick Loan for understating the interest rate on a $150,000 mortgage. They received notice of the higher rate 16 months after they signed the loan agreement.

"I can't compare them to others in the business, but I know in my clients' case it was an open-and-shut case of violation of the Truth in Lending Act," says the Partidas' attorney, Matthew Powell.

Dinora Nava-Oleson of Yucaipa learned about Quick Loan through a late night TV infomercial in the summer of 2005. At the time she was desperate to refinance $524,000 in debt.

Quick Loan's slogan was "You can't wait. We won't let you."

Within days of her call to the company, Nava-Oleson was offered a $530,000 loan to consolidate all her debts and refinancing costs. The papers she signed in September 2005 raised her total mortgage to $543,000, the total boosted by loan fees and a 9.75 percent interest rate.

The rate was fixed for 30 years. Monthly payments were $4,678.45.

"My attitude was just get me out of my mess and I'll deal with the rest later," Nava-Oleson says. "I admit I'm partially to blame. But at the same time I don't believe people should be taken advantage of."

Nava-Oleson, who recently started working as a mortgage account executive, believes that given her credit score she could get the same loan today for a 6.75 percent interest rate. That would slash her monthly payments by almost one-third.

Nava-Oleson sued Quick Loan for predatory lending last year. The lawsuit alleged Quick Loan double-billed Nava-Oleson for a $475 appraisal and questions $1,500 in other charges.

Sadek says it was not the company's practice to pad fees or jack up interest rates.

Nava-Oleson settled the case to avoid foreclosure on her home, after working out a deal with two companies that had assumed Quick Loan's mortgage. Quick Loan was not a party to the settlement.

Subprime lenders typically charge 2.75 percentage points above the prime rate, says Michael Lacour-Little, a professor of finance at Cal State Fullerton who has researched lending practices. At the time of her refinancing, Nava-Oleson's loan was 4 percentage points above prime.

A Register analysis of federal mortgage data shows Quick Loan's median interest rate was about 5 to 6 percentage points above prime in 2005. The average for the subprime industry was 4 to 5 percentage points above prime.

In 2005, Quick Loan was the 49 {+t}{+h}-largest subprime lender in the nation, according to Home Mortgage Disclosure Act data, charging "high rate" interest for 94.6 percent of its loans. High rate loans are 3 percentage points above prime for first-lien mortgages. Only two other lenders relied more heavily on high-rate loans Finance America LLC, an Irvine company owned by Lehman Brothers, and Brea-based ResMAE Mortgage Corp., which filed for bankruptcy in February.

Financial statements filed with the Department of Corporations show Quick Loan's revenue in 2004 was 7 percent of its loan originations. Its revenue in 2005 was 6 percent of originations.

There were two sources for that revenue: Fees for processing loans and interest rate spreads the gap between what Quick Loan charges borrowers and what it costs to raise money for loans through Wall Street securities.

Jeff Lazerson of Laguna Niguel, president of MortgageGrader.com, a company that evaluates mortgages online, says Quick Loan's revenues "seem eye popping. Mortgage profits are always at the consumer's expense."

No cop on the beat

Nava-Oleson's mortgage included a prepayment penalty six months of interest, or more than $28,000 if she refinanced within two years. She will keep paying the loan until August.

Prepayment penalties are banned in 10 states, according to the Center for Responsible Lending. They're legal in California. That's one of several reasons companies like Quick Loan thrive here.

Another reason is the lack of oversight. The state Department of Corporations employs 58 examiners to oversee about 5,000 licensed lenders and brokers in California.

In 2005 and 2006, the department filed only 11 enforcement actions for lending violations, typically after another agency, such as the state attorney general, had already acted.

Department of Corporations records list 33 complaints against Quick Loan since 2002, 24 of them alleging fraud, underwriting errors or other unfair business practices.

Mark Leyes, spokesman for the Department of Corporations, says no action was taken against Quick Loan because the number of complaints is relatively small less than 1 percent of its loans. He says enforcement action will occur if a company repeatedly violates the law or the violation is egregious and the company does not make refunds or corrections required.

Leyes notes that last week's budget proposal by Gov. Arnold Schwarzenegger would add 25 people to the department's oversight staff. He also says the department is sponsoring a bill that would give it authority to suspend or bar licenses if a lender loses a criminal or civil judgment, a power consumer groups complain the department lacks.

"They have not been the cop on the beat," says Paul Leonard, director of the California office of the Center for Responsible Lending.

They have not been much of a gatekeeper, either.

To obtain his lending license, Sadek completed an application, passed a criminal background check and posted a $25,000 surety bond.

There is no required training or degree; no exam.

Barbers need 1,500 hours of training to get a state license.

"The barriers to entry are rather low," Leyes concedes.

Skin in the game

Quick Loan targeted customers who needed cash fast to refinance, consolidate debt or use their home equity as a piggy bank. Ads on billboards and TV informercials offered money on easy terms: "No income verification. Instant qualification!!" said one Quick Loan ad offering 1 percent financing.

Monthly payments on $1 million for qualified borrowers would be as low as $3,216.40, the ad said. "Prior bankruptcy. Tax Liens. Foreclosures. Collections and Credit Problems. OK!"

Like most subprime lenders, Quick Loan financed loans based on stated income, known in the industry as "liar loans." The rates were typically adjustable, and could notch up 3 percentage points after two years, driving many borrowers to default if they couldn't refinance.

"He did some of the nastiest, dirtiest loans out there, loans other companies wouldn't touch," says Lou Pacific, a Mission Viejo Realtor and former vice president of Quick Loan's real estate division. "But he had a lower default rate."

Sadek says he had lower losses than other subprime lenders because he avoided 100-percent financing and focused on refinancing, not purchase loans.

"I want the borrowers to have skin in the game," he says. "If I'm maxed out on my house and I have no equity left, what's the easiest way to go? Walk out."

At Quick Loan, Sadek set the pace for hard work and salesmanship.

"At sales and executive meetings, he'd have calls routed through and answer them to show the loan officers how it's done," Pacific says. "He wouldn't stop asking questions until he got what he wanted. What's your Social Security number? Do you want an appraisal? He wouldn't let the guy hang up until he said yes."

Some ex-employees accuse Quick Loan of pressuring or misleading borrowers.

Mai-Hanh Tran, who worked as a senior loan funder, alleged in an Orange County Superior Court suit that she was fired in January 2005 in part because she complained about "a pattern of unlawful and deceptive practices by QLF employees and agents," including forging borrowers' signatures on loan documents and violating truth in lending laws by under-disclosing fees.

Quick Loan countered that Tran was fired for chronic tardiness and failing to meet loan quotas. Tran's suit was dismissed last year after a confidential settlement.

In another suit pending in Orange County Superior Court, Tabatha Owens of Temecula alleges she was fired as Quick Loan's director of training after she attempted to get the company to comply with industry disclosure and truth-in-lending laws.

The suit says managers told employees to ignore her, when Owens attempted to stop loan officers from fabricating borrowers' incomes and "bullying, lying to or harassing consumers."

Sadek says people sued because they saw a deep pocket, because they were jealous of his success and because they are prejudiced against him because he's from the Middle East. He says if he had broken any laws, someone in the state would have taken action.

As evidence of his company's fair practices, Sadek cites its "BBB" rating from the Better Business Bureau, a rating for companies that "would not have a significant number of complaints or other considerations that could pose a problem to consumers."

'Risk everything. Fear nothing.'

Sadek is, in many ways, a classic immigrant success story. He was born in Tripoli, Lebanon, in July 1968, the son of a construction manager who worked overseas. When Lebanon's civil war broke out in the 1970s, Sadek got caught in the crossfire.

Sadek says he stopped attending school after third grade. He points to a white scar on his right forearm that he says was from a gunshot wound when he was 9. He points to a bump behind his ear, a piece of metal from another wound he suffered at age 12. He says he has no idea who shot him.

"Unfortunately, wars traumatize people," he says. "They also make people, in some ways, stronger."

In 1987, at age 18, he followed an older brother to California. Speaking only a few words of English, he landed a job at a gas station in Cypress.

"I believe if you want to do something, America's got the tools and the opportunities to do it," he says.

Friends said he got the idea of going into lending after selling so many Mercedes-Benz at Fletcher Jones Motorcars to customers in the mortgage business. Sadek says he got the idea when he bought his first home in 2001; a friend who brokered his loan pocketed thousands of dollars in fees for a few hours' work.

"It's the least expensive way to own your own business," Sadek says. "It doesn't require a lot of capital."

Even so, it took more money than he first had.

"I had to go to Vegas once to make payroll," he says. "I put a $5,000 chip on a blackjack table and I came home with the money I needed."

Quick Loan soon became a cash cow. In its Department of Corporations filings, Quick Loan reported net profits of $1 million in 2002, $5.8 million in 2003, $20 million in 2004, $37.4 million in 2005 and $15.8 million in 2006 a total $80 million in five years

Sadek shared the wealth supporting an employee diagnosed with cancer, giving jobs to friends of friends, donating to AIDS charities. He threw office parties at Tentation Ultra Lounge, a Newport Beach night club he co-owned, paying for everyone to ride home in a taxi.

He also lavished money on his cars and gambling. On one November 2005 trip, bank records show, he signed three markers at the Bellagio for a total $1 million.

"It's my personal money," Sadek says. "There's only one owner of the company. It's me. So, I'm not gambling your money. I'm not gambling the public money."

Perhaps his greatest extravagance was "Redline," a movie Sadek wrote, produced and bankrolled about ultra-rich people betting on illegal road races. Its ad slogan was "Risk everything. Fear nothing." Sadek says "Redline" cost $17 million to shoot and $16 million to market and distribute.

It starred comedian Eddie Griffin, whose biggest previous role was the lead in "Undercover Brother," and Sadek's former fiance, Nadia Bjorlin, who played Chloe Lane on the TV soap opera, "Days of Our Lives."

For one "Redline" scene, Sadek crashed and destroyed his $575,000 Porsche Carrera GT. During a March publicity event at the Irwindale Speedway, Griffin wrecked Sadek's $1.3 million Ferrari Enzo.

Critics panned "Redline." The Boston Globe called it "an action flick loaded with cars, chrome, and silicone everything you'd expect it to be, and yet so much less: less character development, less believability, and most unforgivably, less escapist entertainment."

The $33 million movie grossed $3.8 million on opening weekend and soon vanished from theaters.

"Redline" premiered as layoffs, asset sales and bankruptcy filings soared in the subprime industry a fate that threatens Quick Loan, too.

Sadek says Quick Loan had to buy back $29 million in loans that defaulted in the first two months. That's a number that's likely to grow.

Today he is $16 million in debt, he says. Sadek says he raised $13 million for Quick Loan by selling his cars and refinancing his Newport Coast mansion, an Irvine penthouse and a Las Vegas condo.

He believes the company is a good bet.

"Tough times don't last," he says. "Tough people do."

Here is an article that printed in the local paper the other day. If anyone didn't catch it ... here it is. Also, if Nicole's comments are true; altered closing statements? This guy should be in a world of hurt soon! Time is the biggest tell tale on fraud! Eventually it catches up with you, no matter how much money!

High roller of home loans
Over five years, Quick Loan Funding wrote $3.8 billion in mortgages to people with shaky credit.
By JOHN GITTELSOHN and RONALD CAMPBELL

THE ORANGE COUNTY REGISTER

Daniel Sadek played Orange County's subprime lending boom like a card shark dealt the ace and jack of spades.

Just five years ago he was selling cars.

Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, Quick Loan Funding.

Over the next five years, Quick Loan wrote $3.8 billion in mortgages, lending money fast and often on onerous terms to people with shaky credit.

Boosted by high fees and interest rates high even for the subprime industry Quick Loan's after-tax profits averaged 29 percent of revenue. In 2005, Quick Loan's biggest year, profit topped $37 million.

Sadek used the earnings to live the high life, buying a fleet of Ferraris, Lamborghinis and Porsches, dating a soap opera starlet and producing movies. He flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort.

He cultivated a rebel image, wearing a beard and hair to his shoulders, dressing in T-shirts and flip-flops, eschewing the typical mortgage banker's pinstripes.

"How many thieves are wearing a suit?" he asks, sitting in the kitchen of his $4 million Newport Coast mansion.

Quick Loan Funding's name still crowns a Costa Mesa office tower. But Sadek, like the subprime lending industry, is holding a bad hand.

His staff, once 700 strong, has shriveled to about 125. Monthly loan volume plunged to $30 million from a record $218 million in December 2005.

"I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max."

Sadek is more than a poster child for the riches produced in the Orange County-centered subprime industry. His career arc shows how:

In California, almost anyone could open a lending business. It's harder to get a barber's license.
Subprime lenders reaped billions in profits by charging high fees and interest rates. For the most part, these practices are legal.
Borrowers often either misunderstood, were misinformed or simply paid no attention to the loan terms. Thousands would lose their homes.
State oversight is almost non-existent, with 58 examiners to oversee 5,000 lenders, some doing billions in business.
Quick Loan has been accused of predatory lending, deceptive underwriting and fraud in at least eight lawsuits. In addition, Department of Corporations records show 33 complaints against Quick Loan, most alleging unfair business practices. Most of the lawsuits were settled out of court. And state regulators have never disciplined Quick Loan.

Sadek denies that Quick Loan ever broke the law or engaged in unfair business practices.

"I work very hard to do the best I can, to keep the mortgage company as clean as possible," he says. "Simple as that. I can't say it to you any better."

Truth in lending

Roman and Maria Partida of National City won a $28,696 settlement last November after they sued Quick Loan for understating the interest rate on a $150,000 mortgage. They received notice of the higher rate 16 months after they signed the loan agreement.

"I can't compare them to others in the business, but I know in my clients' case it was an open-and-shut case of violation of the Truth in Lending Act," says the Partidas' attorney, Matthew Powell.

Dinora Nava-Oleson of Yucaipa learned about Quick Loan through a late night TV infomercial in the summer of 2005. At the time she was desperate to refinance $524,000 in debt.

Quick Loan's slogan was "You can't wait. We won't let you."

Within days of her call to the company, Nava-Oleson was offered a $530,000 loan to consolidate all her debts and refinancing costs. The papers she signed in September 2005 raised her total mortgage to $543,000, the total boosted by loan fees and a 9.75 percent interest rate.

The rate was fixed for 30 years. Monthly payments were $4,678.45.

"My attitude was just get me out of my mess and I'll deal with the rest later," Nava-Oleson says. "I admit I'm partially to blame. But at the same time I don't believe people should be taken advantage of."

Nava-Oleson, who recently started working as a mortgage account executive, believes that given her credit score she could get the same loan today for a 6.75 percent interest rate. That would slash her monthly payments by almost one-third.

Nava-Oleson sued Quick Loan for predatory lending last year. The lawsuit alleged Quick Loan double-billed Nava-Oleson for a $475 appraisal and questions $1,500 in other charges.

Sadek says it was not the company's practice to pad fees or jack up interest rates.

Nava-Oleson settled the case to avoid foreclosure on her home, after working out a deal with two companies that had assumed Quick Loan's mortgage. Quick Loan was not a party to the settlement.

Subprime lenders typically charge 2.75 percentage points above the prime rate, says Michael Lacour-Little, a professor of finance at Cal State Fullerton who has researched lending practices. At the time of her refinancing, Nava-Oleson's loan was 4 percentage points above prime.

A Register analysis of federal mortgage data shows Quick Loan's median interest rate was about 5 to 6 percentage points above prime in 2005. The average for the subprime industry was 4 to 5 percentage points above prime.

In 2005, Quick Loan was the 49 {+t}{+h}-largest subprime lender in the nation, according to Home Mortgage Disclosure Act data, charging "high rate" interest for 94.6 percent of its loans. High rate loans are 3 percentage points above prime for first-lien mortgages. Only two other lenders relied more heavily on high-rate loans Finance America LLC, an Irvine company owned by Lehman Brothers, and Brea-based ResMAE Mortgage Corp., which filed for bankruptcy in February.

Financial statements filed with the Department of Corporations show Quick Loan's revenue in 2004 was 7 percent of its loan originations. Its revenue in 2005 was 6 percent of originations.

There were two sources for that revenue: Fees for processing loans and interest rate spreads the gap between what Quick Loan charges borrowers and what it costs to raise money for loans through Wall Street securities.

Jeff Lazerson of Laguna Niguel, president of MortgageGrader.com, a company that evaluates mortgages online, says Quick Loan's revenues "seem eye popping. Mortgage profits are always at the consumer's expense."

No cop on the beat

Nava-Oleson's mortgage included a prepayment penalty six months of interest, or more than $28,000 if she refinanced within two years. She will keep paying the loan until August.

Prepayment penalties are banned in 10 states, according to the Center for Responsible Lending. They're legal in California. That's one of several reasons companies like Quick Loan thrive here.

Another reason is the lack of oversight. The state Department of Corporations employs 58 examiners to oversee about 5,000 licensed lenders and brokers in California.

In 2005 and 2006, the department filed only 11 enforcement actions for lending violations, typically after another agency, such as the state attorney general, had already acted.

Department of Corporations records list 33 complaints against Quick Loan since 2002, 24 of them alleging fraud, underwriting errors or other unfair business practices.

Mark Leyes, spokesman for the Department of Corporations, says no action was taken against Quick Loan because the number of complaints is relatively small less than 1 percent of its loans. He says enforcement action will occur if a company repeatedly violates the law or the violation is egregious and the company does not make refunds or corrections required.

Leyes notes that last week's budget proposal by Gov. Arnold Schwarzenegger would add 25 people to the department's oversight staff. He also says the department is sponsoring a bill that would give it authority to suspend or bar licenses if a lender loses a criminal or civil judgment, a power consumer groups complain the department lacks.

"They have not been the cop on the beat," says Paul Leonard, director of the California office of the Center for Responsible Lending.

They have not been much of a gatekeeper, either.

To obtain his lending license, Sadek completed an application, passed a criminal background check and posted a $25,000 surety bond.

There is no required training or degree; no exam.

Barbers need 1,500 hours of training to get a state license.

"The barriers to entry are rather low," Leyes concedes.

Skin in the game

Quick Loan targeted customers who needed cash fast to refinance, consolidate debt or use their home equity as a piggy bank. Ads on billboards and TV informercials offered money on easy terms: "No income verification. Instant qualification!!" said one Quick Loan ad offering 1 percent financing.

Monthly payments on $1 million for qualified borrowers would be as low as $3,216.40, the ad said. "Prior bankruptcy. Tax Liens. Foreclosures. Collections and Credit Problems. OK!"

Like most subprime lenders, Quick Loan financed loans based on stated income, known in the industry as "liar loans." The rates were typically adjustable, and could notch up 3 percentage points after two years, driving many borrowers to default if they couldn't refinance.

"He did some of the nastiest, dirtiest loans out there, loans other companies wouldn't touch," says Lou Pacific, a Mission Viejo Realtor and former vice president of Quick Loan's real estate division. "But he had a lower default rate."

Sadek says he had lower losses than other subprime lenders because he avoided 100-percent financing and focused on refinancing, not purchase loans.

"I want the borrowers to have skin in the game," he says. "If I'm maxed out on my house and I have no equity left, what's the easiest way to go? Walk out."

At Quick Loan, Sadek set the pace for hard work and salesmanship.

"At sales and executive meetings, he'd have calls routed through and answer them to show the loan officers how it's done," Pacific says. "He wouldn't stop asking questions until he got what he wanted. What's your Social Security number? Do you want an appraisal? He wouldn't let the guy hang up until he said yes."

Some ex-employees accuse Quick Loan of pressuring or misleading borrowers.

Mai-Hanh Tran, who worked as a senior loan funder, alleged in an Orange County Superior Court suit that she was fired in January 2005 in part because she complained about "a pattern of unlawful and deceptive practices by QLF employees and agents," including forging borrowers' signatures on loan documents and violating truth in lending laws by under-disclosing fees.

Quick Loan countered that Tran was fired for chronic tardiness and failing to meet loan quotas. Tran's suit was dismissed last year after a confidential settlement.

In another suit pending in Orange County Superior Court, Tabatha Owens of Temecula alleges she was fired as Quick Loan's director of training after she attempted to get the company to comply with industry disclosure and truth-in-lending laws.

The suit says managers told employees to ignore her, when Owens attempted to stop loan officers from fabricating borrowers' incomes and "bullying, lying to or harassing consumers."

Sadek says people sued because they saw a deep pocket, because they were jealous of his success and because they are prejudiced against him because he's from the Middle East. He says if he had broken any laws, someone in the state would have taken action.

As evidence of his company's fair practices, Sadek cites its "BBB" rating from the Better Business Bureau, a rating for companies that "would not have a significant number of complaints or other considerations that could pose a problem to consumers."

'Risk everything. Fear nothing.'

Sadek is, in many ways, a classic immigrant success story. He was born in Tripoli, Lebanon, in July 1968, the son of a construction manager who worked overseas. When Lebanon's civil war broke out in the 1970s, Sadek got caught in the crossfire.

Sadek says he stopped attending school after third grade. He points to a white scar on his right forearm that he says was from a gunshot wound when he was 9. He points to a bump behind his ear, a piece of metal from another wound he suffered at age 12. He says he has no idea who shot him.

"Unfortunately, wars traumatize people," he says. "They also make people, in some ways, stronger."

In 1987, at age 18, he followed an older brother to California. Speaking only a few words of English, he landed a job at a gas station in Cypress.

"I believe if you want to do something, America's got the tools and the opportunities to do it," he says.

Friends said he got the idea of going into lending after selling so many Mercedes-Benz at Fletcher Jones Motorcars to customers in the mortgage business. Sadek says he got the idea when he bought his first home in 2001; a friend who brokered his loan pocketed thousands of dollars in fees for a few hours' work.

"It's the least expensive way to own your own business," Sadek says. "It doesn't require a lot of capital."

Even so, it took more money than he first had.

"I had to go to Vegas once to make payroll," he says. "I put a $5,000 chip on a blackjack table and I came home with the money I needed."

Quick Loan soon became a cash cow. In its Department of Corporations filings, Quick Loan reported net profits of $1 million in 2002, $5.8 million in 2003, $20 million in 2004, $37.4 million in 2005 and $15.8 million in 2006 a total $80 million in five years

Sadek shared the wealth supporting an employee diagnosed with cancer, giving jobs to friends of friends, donating to AIDS charities. He threw office parties at Tentation Ultra Lounge, a Newport Beach night club he co-owned, paying for everyone to ride home in a taxi.

He also lavished money on his cars and gambling. On one November 2005 trip, bank records show, he signed three markers at the Bellagio for a total $1 million.

"It's my personal money," Sadek says. "There's only one owner of the company. It's me. So, I'm not gambling your money. I'm not gambling the public money."

Perhaps his greatest extravagance was "Redline," a movie Sadek wrote, produced and bankrolled about ultra-rich people betting on illegal road races. Its ad slogan was "Risk everything. Fear nothing." Sadek says "Redline" cost $17 million to shoot and $16 million to market and distribute.

It starred comedian Eddie Griffin, whose biggest previous role was the lead in "Undercover Brother," and Sadek's former fiance, Nadia Bjorlin, who played Chloe Lane on the TV soap opera, "Days of Our Lives."

For one "Redline" scene, Sadek crashed and destroyed his $575,000 Porsche Carrera GT. During a March publicity event at the Irwindale Speedway, Griffin wrecked Sadek's $1.3 million Ferrari Enzo.

Critics panned "Redline." The Boston Globe called it "an action flick loaded with cars, chrome, and silicone everything you'd expect it to be, and yet so much less: less character development, less believability, and most unforgivably, less escapist entertainment."

The $33 million movie grossed $3.8 million on opening weekend and soon vanished from theaters.

"Redline" premiered as layoffs, asset sales and bankruptcy filings soared in the subprime industry a fate that threatens Quick Loan, too.

Sadek says Quick Loan had to buy back $29 million in loans that defaulted in the first two months. That's a number that's likely to grow.

Today he is $16 million in debt, he says. Sadek says he raised $13 million for Quick Loan by selling his cars and refinancing his Newport Coast mansion, an Irvine penthouse and a Las Vegas condo.

He believes the company is a good bet.

"Tough times don't last," he says. "Tough people do."

Here is an article that printed in the local paper the other day. If anyone didn't catch it ... here it is. Also, if Nicole's comments are true; altered closing statements? This guy should be in a world of hurt soon! Time is the biggest tell tale on fraud! Eventually it catches up with you, no matter how much money!

High roller of home loans
Over five years, Quick Loan Funding wrote $3.8 billion in mortgages to people with shaky credit.
By JOHN GITTELSOHN and RONALD CAMPBELL

THE ORANGE COUNTY REGISTER

Daniel Sadek played Orange County's subprime lending boom like a card shark dealt the ace and jack of spades.

Just five years ago he was selling cars.

Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, Quick Loan Funding.

Over the next five years, Quick Loan wrote $3.8 billion in mortgages, lending money fast and often on onerous terms to people with shaky credit.

Boosted by high fees and interest rates high even for the subprime industry Quick Loan's after-tax profits averaged 29 percent of revenue. In 2005, Quick Loan's biggest year, profit topped $37 million.

Sadek used the earnings to live the high life, buying a fleet of Ferraris, Lamborghinis and Porsches, dating a soap opera starlet and producing movies. He flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort.

He cultivated a rebel image, wearing a beard and hair to his shoulders, dressing in T-shirts and flip-flops, eschewing the typical mortgage banker's pinstripes.

"How many thieves are wearing a suit?" he asks, sitting in the kitchen of his $4 million Newport Coast mansion.

Quick Loan Funding's name still crowns a Costa Mesa office tower. But Sadek, like the subprime lending industry, is holding a bad hand.

His staff, once 700 strong, has shriveled to about 125. Monthly loan volume plunged to $30 million from a record $218 million in December 2005.

"I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max."

Sadek is more than a poster child for the riches produced in the Orange County-centered subprime industry. His career arc shows how:

In California, almost anyone could open a lending business. It's harder to get a barber's license.
Subprime lenders reaped billions in profits by charging high fees and interest rates. For the most part, these practices are legal.
Borrowers often either misunderstood, were misinformed or simply paid no attention to the loan terms. Thousands would lose their homes.
State oversight is almost non-existent, with 58 examiners to oversee 5,000 lenders, some doing billions in business.
Quick Loan has been accused of predatory lending, deceptive underwriting and fraud in at least eight lawsuits. In addition, Department of Corporations records show 33 complaints against Quick Loan, most alleging unfair business practices. Most of the lawsuits were settled out of court. And state regulators have never disciplined Quick Loan.

Sadek denies that Quick Loan ever broke the law or engaged in unfair business practices.

"I work very hard to do the best I can, to keep the mortgage company as clean as possible," he says. "Simple as that. I can't say it to you any better."

Truth in lending

Roman and Maria Partida of National City won a $28,696 settlement last November after they sued Quick Loan for understating the interest rate on a $150,000 mortgage. They received notice of the higher rate 16 months after they signed the loan agreement.

"I can't compare them to others in the business, but I know in my clients' case it was an open-and-shut case of violation of the Truth in Lending Act," says the Partidas' attorney, Matthew Powell.

Dinora Nava-Oleson of Yucaipa learned about Quick Loan through a late night TV infomercial in the summer of 2005. At the time she was desperate to refinance $524,000 in debt.

Quick Loan's slogan was "You can't wait. We won't let you."

Within days of her call to the company, Nava-Oleson was offered a $530,000 loan to consolidate all her debts and refinancing costs. The papers she signed in September 2005 raised her total mortgage to $543,000, the total boosted by loan fees and a 9.75 percent interest rate.

The rate was fixed for 30 years. Monthly payments were $4,678.45.

"My attitude was just get me out of my mess and I'll deal with the rest later," Nava-Oleson says. "I admit I'm partially to blame. But at the same time I don't believe people should be taken advantage of."

Nava-Oleson, who recently started working as a mortgage account executive, believes that given her credit score she could get the same loan today for a 6.75 percent interest rate. That would slash her monthly payments by almost one-third.

Nava-Oleson sued Quick Loan for predatory lending last year. The lawsuit alleged Quick Loan double-billed Nava-Oleson for a $475 appraisal and questions $1,500 in other charges.

Sadek says it was not the company's practice to pad fees or jack up interest rates.

Nava-Oleson settled the case to avoid foreclosure on her home, after working out a deal with two companies that had assumed Quick Loan's mortgage. Quick Loan was not a party to the settlement.

Subprime lenders typically charge 2.75 percentage points above the prime rate, says Michael Lacour-Little, a professor of finance at Cal State Fullerton who has researched lending practices. At the time of her refinancing, Nava-Oleson's loan was 4 percentage points above prime.

A Register analysis of federal mortgage data shows Quick Loan's median interest rate was about 5 to 6 percentage points above prime in 2005. The average for the subprime industry was 4 to 5 percentage points above prime.

In 2005, Quick Loan was the 49 {+t}{+h}-largest subprime lender in the nation, according to Home Mortgage Disclosure Act data, charging "high rate" interest for 94.6 percent of its loans. High rate loans are 3 percentage points above prime for first-lien mortgages. Only two other lenders relied more heavily on high-rate loans Finance America LLC, an Irvine company owned by Lehman Brothers, and Brea-based ResMAE Mortgage Corp., which filed for bankruptcy in February.

Financial statements filed with the Department of Corporations show Quick Loan's revenue in 2004 was 7 percent of its loan originations. Its revenue in 2005 was 6 percent of originations.

There were two sources for that revenue: Fees for processing loans and interest rate spreads the gap between what Quick Loan charges borrowers and what it costs to raise money for loans through Wall Street securities.

Jeff Lazerson of Laguna Niguel, president of MortgageGrader.com, a company that evaluates mortgages online, says Quick Loan's revenues "seem eye popping. Mortgage profits are always at the consumer's expense."

No cop on the beat

Nava-Oleson's mortgage included a prepayment penalty six months of interest, or more than $28,000 if she refinanced within two years. She will keep paying the loan until August.

Prepayment penalties are banned in 10 states, according to the Center for Responsible Lending. They're legal in California. That's one of several reasons companies like Quick Loan thrive here.

Another reason is the lack of oversight. The state Department of Corporations employs 58 examiners to oversee about 5,000 licensed lenders and brokers in California.

In 2005 and 2006, the department filed only 11 enforcement actions for lending violations, typically after another agency, such as the state attorney general, had already acted.

Department of Corporations records list 33 complaints against Quick Loan since 2002, 24 of them alleging fraud, underwriting errors or other unfair business practices.

Mark Leyes, spokesman for the Department of Corporations, says no action was taken against Quick Loan because the number of complaints is relatively small less than 1 percent of its loans. He says enforcement action will occur if a company repeatedly violates the law or the violation is egregious and the company does not make refunds or corrections required.

Leyes notes that last week's budget proposal by Gov. Arnold Schwarzenegger would add 25 people to the department's oversight staff. He also says the department is sponsoring a bill that would give it authority to suspend or bar licenses if a lender loses a criminal or civil judgment, a power consumer groups complain the department lacks.

"They have not been the cop on the beat," says Paul Leonard, director of the California office of the Center for Responsible Lending.

They have not been much of a gatekeeper, either.

To obtain his lending license, Sadek completed an application, passed a criminal background check and posted a $25,000 surety bond.

There is no required training or degree; no exam.

Barbers need 1,500 hours of training to get a state license.

"The barriers to entry are rather low," Leyes concedes.

Skin in the game

Quick Loan targeted customers who needed cash fast to refinance, consolidate debt or use their home equity as a piggy bank. Ads on billboards and TV informercials offered money on easy terms: "No income verification. Instant qualification!!" said one Quick Loan ad offering 1 percent financing.

Monthly payments on $1 million for qualified borrowers would be as low as $3,216.40, the ad said. "Prior bankruptcy. Tax Liens. Foreclosures. Collections and Credit Problems. OK!"

Like most subprime lenders, Quick Loan financed loans based on stated income, known in the industry as "liar loans." The rates were typically adjustable, and could notch up 3 percentage points after two years, driving many borrowers to default if they couldn't refinance.

"He did some of the nastiest, dirtiest loans out there, loans other companies wouldn't touch," says Lou Pacific, a Mission Viejo Realtor and former vice president of Quick Loan's real estate division. "But he had a lower default rate."

Sadek says he had lower losses than other subprime lenders because he avoided 100-percent financing and focused on refinancing, not purchase loans.

"I want the borrowers to have skin in the game," he says. "If I'm maxed out on my house and I have no equity left, what's the easiest way to go? Walk out."

At Quick Loan, Sadek set the pace for hard work and salesmanship.

"At sales and executive meetings, he'd have calls routed through and answer them to show the loan officers how it's done," Pacific says. "He wouldn't stop asking questions until he got what he wanted. What's your Social Security number? Do you want an appraisal? He wouldn't let the guy hang up until he said yes."

Some ex-employees accuse Quick Loan of pressuring or misleading borrowers.

Mai-Hanh Tran, who worked as a senior loan funder, alleged in an Orange County Superior Court suit that she was fired in January 2005 in part because she complained about "a pattern of unlawful and deceptive practices by QLF employees and agents," including forging borrowers' signatures on loan documents and violating truth in lending laws by under-disclosing fees.

Quick Loan countered that Tran was fired for chronic tardiness and failing to meet loan quotas. Tran's suit was dismissed last year after a confidential settlement.

In another suit pending in Orange County Superior Court, Tabatha Owens of Temecula alleges she was fired as Quick Loan's director of training after she attempted to get the company to comply with industry disclosure and truth-in-lending laws.

The suit says managers told employees to ignore her, when Owens attempted to stop loan officers from fabricating borrowers' incomes and "bullying, lying to or harassing consumers."

Sadek says people sued because they saw a deep pocket, because they were jealous of his success and because they are prejudiced against him because he's from the Middle East. He says if he had broken any laws, someone in the state would have taken action.

As evidence of his company's fair practices, Sadek cites its "BBB" rating from the Better Business Bureau, a rating for companies that "would not have a significant number of complaints or other considerations that could pose a problem to consumers."

'Risk everything. Fear nothing.'

Sadek is, in many ways, a classic immigrant success story. He was born in Tripoli, Lebanon, in July 1968, the son of a construction manager who worked overseas. When Lebanon's civil war broke out in the 1970s, Sadek got caught in the crossfire.

Sadek says he stopped attending school after third grade. He points to a white scar on his right forearm that he says was from a gunshot wound when he was 9. He points to a bump behind his ear, a piece of metal from another wound he suffered at age 12. He says he has no idea who shot him.

"Unfortunately, wars traumatize people," he says. "They also make people, in some ways, stronger."

In 1987, at age 18, he followed an older brother to California. Speaking only a few words of English, he landed a job at a gas station in Cypress.

"I believe if you want to do something, America's got the tools and the opportunities to do it," he says.

Friends said he got the idea of going into lending after selling so many Mercedes-Benz at Fletcher Jones Motorcars to customers in the mortgage business. Sadek says he got the idea when he bought his first home in 2001; a friend who brokered his loan pocketed thousands of dollars in fees for a few hours' work.

"It's the least expensive way to own your own business," Sadek says. "It doesn't require a lot of capital."

Even so, it took more money than he first had.

"I had to go to Vegas once to make payroll," he says. "I put a $5,000 chip on a blackjack table and I came home with the money I needed."

Quick Loan soon became a cash cow. In its Department of Corporations filings, Quick Loan reported net profits of $1 million in 2002, $5.8 million in 2003, $20 million in 2004, $37.4 million in 2005 and $15.8 million in 2006 a total $80 million in five years

Sadek shared the wealth supporting an employee diagnosed with cancer, giving jobs to friends of friends, donating to AIDS charities. He threw office parties at Tentation Ultra Lounge, a Newport Beach night club he co-owned, paying for everyone to ride home in a taxi.

He also lavished money on his cars and gambling. On one November 2005 trip, bank records show, he signed three markers at the Bellagio for a total $1 million.

"It's my personal money," Sadek says. "There's only one owner of the company. It's me. So, I'm not gambling your money. I'm not gambling the public money."

Perhaps his greatest extravagance was "Redline," a movie Sadek wrote, produced and bankrolled about ultra-rich people betting on illegal road races. Its ad slogan was "Risk everything. Fear nothing." Sadek says "Redline" cost $17 million to shoot and $16 million to market and distribute.

It starred comedian Eddie Griffin, whose biggest previous role was the lead in "Undercover Brother," and Sadek's former fiance, Nadia Bjorlin, who played Chloe Lane on the TV soap opera, "Days of Our Lives."

For one "Redline" scene, Sadek crashed and destroyed his $575,000 Porsche Carrera GT. During a March publicity event at the Irwindale Speedway, Griffin wrecked Sadek's $1.3 million Ferrari Enzo.

Critics panned "Redline." The Boston Globe called it "an action flick loaded with cars, chrome, and silicone everything you'd expect it to be, and yet so much less: less character development, less believability, and most unforgivably, less escapist entertainment."

The $33 million movie grossed $3.8 million on opening weekend and soon vanished from theaters.

"Redline" premiered as layoffs, asset sales and bankruptcy filings soared in the subprime industry a fate that threatens Quick Loan, too.

Sadek says Quick Loan had to buy back $29 million in loans that defaulted in the first two months. That's a number that's likely to grow.

Today he is $16 million in debt, he says. Sadek says he raised $13 million for Quick Loan by selling his cars and refinancing his Newport Coast mansion, an Irvine penthouse and a Las Vegas condo.

He believes the company is a good bet.

"Tough times don't last," he says. "Tough people do."

Hello everyone,

I don't know WHY I did not think of this sooner, but my loving husband-to-be pointed out to me that in the court papers between me and Usselman, I included e-mail correspondence between me and Usselman (the same letters I have posted to this site). ROR blocked off my e-mail address but in the court papers in San Diego County, my e-mail address is now public record.

It's very easy to remember, it's my first name and last name, them "1" at "JUNO" (figure out the rest).

If it's still too complicated to figure out or if ROR decides to remove my clues, then you can still contact the San Diego County civil court division and ask for a copy of the Usselman VS. Singleton court case filed in Civil court in 2005. My email address is listed on the correspondence between me and Usselman. And yes, "Nicole" is my REAL name :) It will probably cost you only $5.00 to get a copy of it.

If anyone needs me to write a statement for them or anything, I GOT YOUR BACK!! If you need me to be the central point for contacting other former employee's or for getting credible information that is suitable for a court case, I welcome being the go-between for everyone legitimately in need of help and I will do my best.

Regards,

Nicolas,

Is there some other way I may contact you? As you can see, ROR deleted your email address.

Tell us all about what you witnessed first hand if you can. If you can't, thats okay too.

Nicole.

I was a former employee of Quick Loan Funding and worked in the underwriting department headed by Mark as CCO. I have witnessed most of the accusations noted in this posting regarding character and policy within QLF as a whole; one of the many reasons I am no longer with the company. If you would like to discuss these matters please email me at: (((ROR REDACTED E-MAIL ADDRESS FOR SECURITY PURPOSES))). I wish remain anonymous in this matter because of the connections of the executives within the company.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

FYI: Dina Andrews had not been with quick loan funding for about three months now, and as of the morning of 4/20/2007, Usselman is also no longer with the company either. No other information can be provided by me

Dear Chris (and loyal follower's of this entertaining drama)

How I WISH I could tell you what I know. He's in HOT water right now and the persons I am getting this information from have specifically requested that I not go into the details as of yet. The information is so sensitive it might give away who they are because Usselman does watch this site. As soon as these idividuals give me the A-OKAY, I will blast his latest fumble all over the internet, and with pleasure.

I have been in and out of California on various assignments, plus putting the final touches on my wedding plans. I'm SORRY (to everyone. You deserve to know MORE) but at this time I have to refrain so as to ensure the BEST outcome for the people involved.

I can't believe a man who is as old as he is can't control his impulses. I am so PROUD of myself for turning this psycho - male down for sex.

As for Dina Andrews...she's a fly on a windshield, as far as I am concerned. I have better things to do than to worry about someone who is so much lower than me on the totem pole of the mortgage industry.

As for her ridiculous comments toward me, I am sure people close to her and around her have told her how stupid she made her self look.

She has a good 30 more years to find herself in situations where she will privately tell herself "Darn, I must have been stiupid...".

As soon as I can let everyone know, Chris, I will tell you all...PROMISE.

Have a good day!!

Take Care.

I have this bookmarked because I'm so interested in the outcome. Has anyone sued Usselman for sexual harrassment yet? Has this idiot's job or marriage been affected by his shenanigans yet? I wonder if the starry-eyed "Dina" is still there?

Chris,

How ya doin? From what I am hearing, Usselman is constantly being exposed for the PREDATOR he is. From what I am hearing, he's gotten himself in a few more 'situations'. I am hearing alot of things, but I am being cautious about putting it in writing at this moment. I like to have more proof than word of mouth. But believe me, once I get it, you and my other loyal fans will be the first to know. From what I hear, he is catching HELL...And I am beaming with a smile on my face.

Life is good. THANK YOU RIPOFFREPORT.COM!!!

Love
Nicole.

What ever happened with QLF and the scumbag Usselman? Is he thoroughly exposed for the predator he is?

"T"

I have not received anything from you yet. Do you have an attorney? What is your case called? I.E. (name vs. name). I will look YOU up and contact you. I even wrote ROR and asked them to give you my contact information. I don't know what else to do.

Do you have any type of contact information whatsoever that is public information and can be used on this page? Such as a public court case name and the county it's filed in or an attorneys name with his/her city? I can call them and then they can call you.

Hi Nicole from Temecula,

We spoke a while back and you suggested I contact the San Diego court to locate your info and send you a letter. have you received anything from me yet? I desperately need to talk to you about QLF before next week.

This is T in Murrieta? Any chance we can meet up somewhere in Temecula or Murrieta?

I just checked this story after several weeks and I'm so glad to see that people are actually being educated about this scumbag. It's nice when the truth gets out and people learn from it. Please keep us updated on this situation!

Veronica,

Thank you for your support! It's encouraging! I'm glad there are people smart enough to see through his stories. This kind of thing happens often and people are too afraid to speak out, which I can understand. But I had to speak out, because I did NOTHING wrong.

Usselman has just spun this whole thing out of orbit. No employee should ever go through what I have gone through at the hands of their supervisor, but thanks to your support (and others) I feel like a human being again!

But I have to tell you, be very careful. These people are like cult members! Anyone who blindly hates another human being because another person tells them to is dangerous.

There was actually an incident that I am not going to give the details on-line about, except to say that it caused me concern for my safety.

...I have not ruled out a a law suit (against QLF)

Thanks again for your support!

Veronica,

Thank you for your support! It's encouraging! I'm glad there are people smart enough to see through his stories. This kind of thing happens often and people are too afraid to speak out, which I can understand. But I had to speak out, because I did NOTHING wrong.

Usselman has just spun this whole thing out of orbit. No employee should ever go through what I have gone through at the hands of their supervisor, but thanks to your support (and others) I feel like a human being again!

But I have to tell you, be very careful. These people are like cult members! Anyone who blindly hates another human being because another person tells them to is dangerous.

There was actually an incident that I am not going to give the details on-line about, except to say that it caused me concern for my safety.

...I have not ruled out a a law suit (against QLF)

Thanks again for your support!

Veronica,

Thank you for your support! It's encouraging! I'm glad there are people smart enough to see through his stories. This kind of thing happens often and people are too afraid to speak out, which I can understand. But I had to speak out, because I did NOTHING wrong.

Usselman has just spun this whole thing out of orbit. No employee should ever go through what I have gone through at the hands of their supervisor, but thanks to your support (and others) I feel like a human being again!

But I have to tell you, be very careful. These people are like cult members! Anyone who blindly hates another human being because another person tells them to is dangerous.

There was actually an incident that I am not going to give the details on-line about, except to say that it caused me concern for my safety.

...I have not ruled out a a law suit (against QLF)

Thanks again for your support!

Veronica,

Thank you for your support! It's encouraging! I'm glad there are people smart enough to see through his stories. This kind of thing happens often and people are too afraid to speak out, which I can understand. But I had to speak out, because I did NOTHING wrong.

Usselman has just spun this whole thing out of orbit. No employee should ever go through what I have gone through at the hands of their supervisor, but thanks to your support (and others) I feel like a human being again!

But I have to tell you, be very careful. These people are like cult members! Anyone who blindly hates another human being because another person tells them to is dangerous.

There was actually an incident that I am not going to give the details on-line about, except to say that it caused me concern for my safety.

...I have not ruled out a a law suit (against QLF)

Thanks again for your support!

Hello Nicole,

I am a current employee of QLF. We were all told not to post here, but I am doing it ....anyway!

1st of all--you are my hero! I LOVE YOU!

U-R-2 COOOOOOL!

My favorite part of your letter is --

"And since when has a 'stalker' ever turned down the person they are stalking for ?? YOU are the stalker. I turned YOU down for (and I can prove it) so YOU get over it".

And when you said to D.A. --

"You need to get a life and find your own husband"

(so true---TRUST ME--SOOOOO TRUUUUEEE!)

Can you believe there are still some people that support Usselman? YOU HAVE LETTERS AND A COURT ORDER FROM AN ACTUAL JUDGE BACKING YOU UP -- and he's the MARRIED SUPERVISOR (obviously a liar with serious problems) and some still want to help him -- and most of them are female!!! Talk about stuuuuuppppiiiiid!

I've heard stories about women who marry men in prison for ... I never thought I'd be working along side with these types of women supporting a married man who was caught with his pants down trying to have with his subordinate.

I don't feel like I work for a respected lending company--I feel like I work for a 'CULT'.

After the first of the year, I'm out of this place.

Nicole, I hope you sue QLF. Management should have posted a public apology for Dina and Steve's comments -- but they did not.

I hope you sue Usselman and QLF. I am related to an attorney and he has read everything and thinks you would win.

Thanks for exposing Usselman. He was trying to flirt with me too!

Wow! I'm impressed. Thanks for sharing that info with us.

I found out another piece of information that was encouraging. Another due diligence underwriter pointed out to me that Quick Loan Funding was DENIED a license in Virginia!

If you check out the scc.virginia and go to the section "The Compliance Connection - Mortgage and Consumer License Annual Report", it shows that Quick Loan Funding was denied license in Virginia in December of 2005.

They can't release the information as to specifically why they denied the license(or I would have posted it) but I think it's great news. Less people for them to prey on, which makes me feel better.


Great work, Robert!

Wow! I'm impressed. Thanks for sharing that info with us.

I found out another piece of information that was encouraging. Another due diligence underwriter pointed out to me that Quick Loan Funding was DENIED a license in Virginia!

If you check out the scc.virginia and go to the section "The Compliance Connection - Mortgage and Consumer License Annual Report", it shows that Quick Loan Funding was denied license in Virginia in December of 2005.

They can't release the information as to specifically why they denied the license(or I would have posted it) but I think it's great news. Less people for them to prey on, which makes me feel better.


Great work, Robert!

Wow! I'm impressed. Thanks for sharing that info with us.

I found out another piece of information that was encouraging. Another due diligence underwriter pointed out to me that Quick Loan Funding was DENIED a license in Virginia!

If you check out the scc.virginia and go to the section "The Compliance Connection - Mortgage and Consumer License Annual Report", it shows that Quick Loan Funding was denied license in Virginia in December of 2005.

They can't release the information as to specifically why they denied the license(or I would have posted it) but I think it's great news. Less people for them to prey on, which makes me feel better.


Great work, Robert!

Wow! I'm impressed. Thanks for sharing that info with us.

I found out another piece of information that was encouraging. Another due diligence underwriter pointed out to me that Quick Loan Funding was DENIED a license in Virginia!

If you check out the scc.virginia and go to the section "The Compliance Connection - Mortgage and Consumer License Annual Report", it shows that Quick Loan Funding was denied license in Virginia in December of 2005.

They can't release the information as to specifically why they denied the license(or I would have posted it) but I think it's great news. Less people for them to prey on, which makes me feel better.


Great work, Robert!

Sorry about that let me clarify what we have come across. What I was claiming is really what I meant. This was a consequence from helping a victim of mortgage fraud.

Littlerock, Ca.93543 unincorporated area in the Los Angeles County portion of the eastern Antelope Valley in Southern California.
Historically the area within the Antelope Valley where African-Americans were redlined into buying real estate until the passage of fair housing and nondiscrimination laws in the 1960s.

The North County Combined Highway Corridors is a freeway expansion project that connect the Antelope Valley to the San Bernardino area giving through access to the upcoming City of Los Angeles Worlds Airport in Palmdlale, Ca. This project happens to cut right through the center of Littlerock, Ca.93543 Eminent Domain will be excercised to secure the right of way in preparation for this expansion.

Now here is where the conspiracy is- properties all over Littlerock were once in the low $200,000 2 years ago exactly, now we saw the same property flipped to a $1,500,000.00 and another is up for sale for $3,650,000.00 and all the rest of the homes transacted are in the $350,000-$750,000 range.
Now this area has a per capita income of approx. $18,500.00 and
Base of $3,447.00
% % $15K-25K 10.8%
% $25K-50K 26.8%
% $50K-100K 41%
% $100K-150K 8.0%
% >$150K 2.8%

To compare Palmdale and Lancaster which is only minutes away, housing market has taken a drop as compared to Littlerocks brisk sales and inflated values. If you took a visual as to the actual properties listed and the values they are pegged to have will tell you that appraisals were done based on speculation. Lets put that aside and ask what the underwriting guidelines were used to consider loan approval, the affordability factor to secure those loans ($350,000 e.g. would mean that at a 7% APR 30 yr. FRM with 5% d/p paying 2 pts. .67% monthly mortgage insurance payment factor, 3% closing costs, following a 28%/36% housing expense to income ratio, would probably entail that the borrower should at least make $10,500-$11,000 a month approx.)With a demographical area like Littlerock where people drive at least 80 miles to a meager job one way with no industry around for miles to support such income much less have the majority of the properties now going at the same time makes a sore thumb stick out of an amputee.

To make it more exciting I pulled random title and lo and behold- STRAW, PHANTO buyers, vesting on title, air loans, double sold loans, one had a notice of default already drawn with the second TD all the rest were showing red flags all over the place. Of course my favorite Quick Loan Funding in the middle of the fray. In fact I made a website just for thiswww.avenue-s.org to have a specific home for this circus. I have more info in my site.

I hope I was able to clarify my codified strings awhile ago. anyway its nice to hear from you as well as from mm.

Sorry about that let me clarify what we have come across. What I was claiming is really what I meant. This was a consequence from helping a victim of mortgage fraud.

Littlerock, Ca.93543 unincorporated area in the Los Angeles County portion of the eastern Antelope Valley in Southern California.
Historically the area within the Antelope Valley where African-Americans were redlined into buying real estate until the passage of fair housing and nondiscrimination laws in the 1960s.

The North County Combined Highway Corridors is a freeway expansion project that connect the Antelope Valley to the San Bernardino area giving through access to the upcoming City of Los Angeles Worlds Airport in Palmdlale, Ca. This project happens to cut right through the center of Littlerock, Ca.93543 Eminent Domain will be excercised to secure the right of way in preparation for this expansion.

Now here is where the conspiracy is- properties all over Littlerock were once in the low $200,000 2 years ago exactly, now we saw the same property flipped to a $1,500,000.00 and another is up for sale for $3,650,000.00 and all the rest of the homes transacted are in the $350,000-$750,000 range.
Now this area has a per capita income of approx. $18,500.00 and
Base of $3,447.00
% % $15K-25K 10.8%
% $25K-50K 26.8%
% $50K-100K 41%
% $100K-150K 8.0%
% >$150K 2.8%

To compare Palmdale and Lancaster which is only minutes away, housing market has taken a drop as compared to Littlerocks brisk sales and inflated values. If you took a visual as to the actual properties listed and the values they are pegged to have will tell you that appraisals were done based on speculation. Lets put that aside and ask what the underwriting guidelines were used to consider loan approval, the affordability factor to secure those loans ($350,000 e.g. would mean that at a 7% APR 30 yr. FRM with 5% d/p paying 2 pts. .67% monthly mortgage insurance payment factor, 3% closing costs, following a 28%/36% housing expense to income ratio, would probably entail that the borrower should at least make $10,500-$11,000 a month approx.)With a demographical area like Littlerock where people drive at least 80 miles to a meager job one way with no industry around for miles to support such income much less have the majority of the properties now going at the same time makes a sore thumb stick out of an amputee.

To make it more exciting I pulled random title and lo and behold- STRAW, PHANTO buyers, vesting on title, air loans, double sold loans, one had a notice of default already drawn with the second TD all the rest were showing red flags all over the place. Of course my favorite Quick Loan Funding in the middle of the fray. In fact I made a website just for thiswww.avenue-s.org to have a specific home for this circus. I have more info in my site.

I hope I was able to clarify my codified strings awhile ago. anyway its nice to hear from you as well as from mm.

Sorry about that let me clarify what we have come across. What I was claiming is really what I meant. This was a consequence from helping a victim of mortgage fraud.

Littlerock, Ca.93543 unincorporated area in the Los Angeles County portion of the eastern Antelope Valley in Southern California.
Historically the area within the Antelope Valley where African-Americans were redlined into buying real estate until the passage of fair housing and nondiscrimination laws in the 1960s.

The North County Combined Highway Corridors is a freeway expansion project that connect the Antelope Valley to the San Bernardino area giving through access to the upcoming City of Los Angeles Worlds Airport in Palmdlale, Ca. This project happens to cut right through the center of Littlerock, Ca.93543 Eminent Domain will be excercised to secure the right of way in preparation for this expansion.

Now here is where the conspiracy is- properties all over Littlerock were once in the low $200,000 2 years ago exactly, now we saw the same property flipped to a $1,500,000.00 and another is up for sale for $3,650,000.00 and all the rest of the homes transacted are in the $350,000-$750,000 range.
Now this area has a per capita income of approx. $18,500.00 and
Base of $3,447.00
% % $15K-25K 10.8%
% $25K-50K 26.8%
% $50K-100K 41%
% $100K-150K 8.0%
% >$150K 2.8%

To compare Palmdale and Lancaster which is only minutes away, housing market has taken a drop as compared to Littlerocks brisk sales and inflated values. If you took a visual as to the actual properties listed and the values they are pegged to have will tell you that appraisals were done based on speculation. Lets put that aside and ask what the underwriting guidelines were used to consider loan approval, the affordability factor to secure those loans ($350,000 e.g. would mean that at a 7% APR 30 yr. FRM with 5% d/p paying 2 pts. .67% monthly mortgage insurance payment factor, 3% closing costs, following a 28%/36% housing expense to income ratio, would probably entail that the borrower should at least make $10,500-$11,000 a month approx.)With a demographical area like Littlerock where people drive at least 80 miles to a meager job one way with no industry around for miles to support such income much less have the majority of the properties now going at the same time makes a sore thumb stick out of an amputee.

To make it more exciting I pulled random title and lo and behold- STRAW, PHANTO buyers, vesting on title, air loans, double sold loans, one had a notice of default already drawn with the second TD all the rest were showing red flags all over the place. Of course my favorite Quick Loan Funding in the middle of the fray. In fact I made a website just for thiswww.avenue-s.org to have a specific home for this circus. I have more info in my site.

I hope I was able to clarify my codified strings awhile ago. anyway its nice to hear from you as well as from mm.

Dear Robert,

I can't quite understand your last 2 posts.

I read the posts you made on the other strings and I guess what you are trying to say is

Lenders (like Quick Loan Funding) make bad loans to (distressed) borrowers with terms in their contracts that are designed to lead (already distressed) borrowers into default.

After the borrowers default, real estate investors (who may have some type of affiliation with these lenders) come in and buy the (distressed) property for terms that reflect a distressed sale ( i.e., lower than the normal price in normal circumstances).

Then, the state comes in with a plan to build a freeway in the path of the affected neighborhood and declares eminent domain and then, legally, buys out the existing homes for less than what the homes would have sold for if companies like QLF had not made a predatory loan to borrowers in the neighborhood.

Robert, I agree with you on principal. I believe that these types of loans lead to a CYCLE that is damaging to ALL CITIZENS as a whole. But it sounds like you are putting this ALL together as a CONSPIRACY. I don't know if you have presented enough information to prove CONSPIRACY.

Who knows, you may be aware of something that the rest of us do not know about. You sound like a very SMART and INFORMED consumer. But you have to be careful about how you present your information. You would not want for these JERKS to use your words against you (and the rest of us).

Remember, I am on the side of the consumer (your side).

Take Care

Respectfully.

Dear Robert,

I can't quite understand your last 2 posts.

I read the posts you made on the other strings and I guess what you are trying to say is

Lenders (like Quick Loan Funding) make bad loans to (distressed) borrowers with terms in their contracts that are designed to lead (already distressed) borrowers into default.

After the borrowers default, real estate investors (who may have some type of affiliation with these lenders) come in and buy the (distressed) property for terms that reflect a distressed sale ( i.e., lower than the normal price in normal circumstances).

Then, the state comes in with a plan to build a freeway in the path of the affected neighborhood and declares eminent domain and then, legally, buys out the existing homes for less than what the homes would have sold for if companies like QLF had not made a predatory loan to borrowers in the neighborhood.

Robert, I agree with you on principal. I believe that these types of loans lead to a CYCLE that is damaging to ALL CITIZENS as a whole. But it sounds like you are putting this ALL together as a CONSPIRACY. I don't know if you have presented enough information to prove CONSPIRACY.

Who knows, you may be aware of something that the rest of us do not know about. You sound like a very SMART and INFORMED consumer. But you have to be careful about how you present your information. You would not want for these JERKS to use your words against you (and the rest of us).

Remember, I am on the side of the consumer (your side).

Take Care

Respectfully.

Dear Robert,

I can't quite understand your last 2 posts.

I read the posts you made on the other strings and I guess what you are trying to say is

Lenders (like Quick Loan Funding) make bad loans to (distressed) borrowers with terms in their contracts that are designed to lead (already distressed) borrowers into default.

After the borrowers default, real estate investors (who may have some type of affiliation with these lenders) come in and buy the (distressed) property for terms that reflect a distressed sale ( i.e., lower than the normal price in normal circumstances).

Then, the state comes in with a plan to build a freeway in the path of the affected neighborhood and declares eminent domain and then, legally, buys out the existing homes for less than what the homes would have sold for if companies like QLF had not made a predatory loan to borrowers in the neighborhood.

Robert, I agree with you on principal. I believe that these types of loans lead to a CYCLE that is damaging to ALL CITIZENS as a whole. But it sounds like you are putting this ALL together as a CONSPIRACY. I don't know if you have presented enough information to prove CONSPIRACY.

Who knows, you may be aware of something that the rest of us do not know about. You sound like a very SMART and INFORMED consumer. But you have to be careful about how you present your information. You would not want for these JERKS to use your words against you (and the rest of us).

Remember, I am on the side of the consumer (your side).

Take Care

Respectfully.

Dear Robert,

I can't quite understand your last 2 posts.

I read the posts you made on the other strings and I guess what you are trying to say is

Lenders (like Quick Loan Funding) make bad loans to (distressed) borrowers with terms in their contracts that are designed to lead (already distressed) borrowers into default.

After the borrowers default, real estate investors (who may have some type of affiliation with these lenders) come in and buy the (distressed) property for terms that reflect a distressed sale ( i.e., lower than the normal price in normal circumstances).

Then, the state comes in with a plan to build a freeway in the path of the affected neighborhood and declares eminent domain and then, legally, buys out the existing homes for less than what the homes would have sold for if companies like QLF had not made a predatory loan to borrowers in the neighborhood.

Robert, I agree with you on principal. I believe that these types of loans lead to a CYCLE that is damaging to ALL CITIZENS as a whole. But it sounds like you are putting this ALL together as a CONSPIRACY. I don't know if you have presented enough information to prove CONSPIRACY.

Who knows, you may be aware of something that the rest of us do not know about. You sound like a very SMART and INFORMED consumer. But you have to be careful about how you present your information. You would not want for these JERKS to use your words against you (and the rest of us).

Remember, I am on the side of the consumer (your side).

Take Care

Respectfully.

conspiracy to defraud eminent domain in Littlerock, ca.93543- together with new century mortgage. checked the singleton vs. usselman case and got info needed. anyway read about this new development nicole and we will see this dirtbag in court. by the way kelly vyong is the head snake fyi. we found her listed here of all places, scroll down to quick loan funding.
http://www.tennessee.gov/tdfi/compliance/LoanOrginators.pdf

robert

please let this be known, people will get hurt if this isnt shown or made aware. this is the biggest rip off happening. Littlerock, Ca. 935436

where the freeway is going to be expanding to connect san bernardino to the antelope valley and the new worlds airpport or lax extension.
we have to stop these people now. 4.8 billion in losses is way overboard. we cannot take another hit, the economy already is burdened.
this one is even worse... now what we have come across from helping a victim of mortgage fraud, in Littlerock avenue-sdotorg shows Eminent Domain threatened by flipping properties more than what they are worth so when it is time to secure right of way the values are already set to where these people made bank, to whose expense - everyone of us.

we are going to pay for their fraudulent practices in terms of dissipated loses.
to stop them now is the only thing to do. How? we must somehow all unite before its too late. to see it happening and not be able to do something about it is crap.

Yes, you may contact me. There are rules at Rip off report. And I think I cant give you my phone number here on line. The best way to contact me is to call the San Diego County Court Clerk, Civil Division. Ask the clerk to look up the civil case Usselman Vs. Singleton. Just call them, they will look it up. Ask for the address of Singleton, which is on my response. I have since moved, so you will have to write me and wait for the mail to be forwarded to me. If I do not respond to you, then just contact the post office and ask that they resend it registered mail. They will definately get it to me. I would give you my info directly, but I dont think Rip Off report would permit it.

I look forward to speaking with you.

Sorry Nicole,

I was so excited when I read your report that I called you Lori (the girl that sits next to me at work. So so sorry.

So anyway, Nicole, I could really use your help and live in Murrieta. How can we speak?

Hi Lori (from Temecula)

I could really really use your help - I too am a former employee of QLF.

How would I be able to contact you directly?

Along those same lines - and this one is very entertaining:

ripoffreport.com/reports/ripoff187945.htm

ROR always provides insight into the scumbags of the world, doesn't it?

Along those same lines - and this one is very entertaining:

ripoffreport.com/reports/ripoff187945.htm

ROR always provides insight into the scumbags of the world, doesn't it?

Along those same lines - and this one is very entertaining:

ripoffreport.com/reports/ripoff187945.htm

ROR always provides insight into the scumbags of the world, doesn't it?

Along those same lines - and this one is very entertaining:

ripoffreport.com/reports/ripoff187945.htm

ROR always provides insight into the scumbags of the world, doesn't it?

Read Message
Previous Next | Close
From : Mark Usselman | Block Sender
Subject : RE: monday
Date : Wed, May 05, 2004 08:38 AM
How dare you!!!
Just joking... No problem. Time will tell
MJU
will callyou later today

__________

From:
Sent: Tue 5/4/2004 8:25 PM
To: Mark Usselman
Subject: RE: monday
Mark,

Hate to do this through e mail, but your crappy phone is ruining my momentum. I may change
my mind the next minute. I have to say this now while I'm still drunk (smile). Erase this
msg after you read it.

This weekend I did alot of thinking. I have to to say "no" to the whole thing. I think you and I are better people than that. I think we both strive to be better people. I dont buy your lack of concern over the moral issue. And I hope you did not buy my act because thats really not who I am.

Nobody knows or can plan the future. If you should ever find yourself in a situation where
you could do this without hurting someone then E-MAIL ME IMMEDIATELY!!! (SMILE).

I really, really, really, really hope we can become good friends.

Later,
Nicole.

From : Mark Usselman | Block Sender
To :
Subject : RE: monday
Date : Tue, May 04, 2004 09:31 AM
My phone is junk!!!! Time to breakdown and buy a new one. Didn't get you message or
phone calls, sorry...
Wiill call you later to touch base......................

MJU

________________

From:
Sent: Tue 5/4/2004 5:48 AM
To: Mark Usselman
Subject: Re: monday
Hello Mark,

Is your phone "tweeked" ? Attempted to call you yesterday and this morning. You never picked up. My phone has been doing the same thing. I missed two calls yesterday with voice msg's.

Hope yesterday went well for you. Hope to hear from you soon.

Nicole.

Thank You Chris. You took the words right out of my thoughts. You are 100% right. I dont even feel right about feeling hostile toward this woman because I hear MYSELF years ago in her words. And I regret it. She will some day do the same.

Mark Usselman is a manipulator. I have it in black and white emails between us when we were friends and it just so happened on the day I responded to his proposition that his cell phone was on the blink. It was old, so I responded to him through email. Mark has zero proof of the horrendous things he has been saying about me. Absolutely zero. But there are people, young and old who actually believe him over me due to past false accusations made against me.

I ask you, who is the stalker when one person turns the other down and the person who is turned down snoops into that other persons court case. What motivation does a man have to check out a womans background when she turns him down? He was and is STALKING me. I'm sickened by it, and I just want him to stop.

Thank you. Words cannot express the gratitude I feel for your support. Thank YOU, Chris.

And pray for Mark. He is very confused and he is too embarassed to admit that all of this has been a scam, so he has to continue to do it. It's sad.

Nicole.

You know what, Dina Andrews, everything about what you have said and how you have said it shows that you have some issues of your own. I know exactly what you are trying to say to me and you are wasting alot of energy directing your hate toward me, because I turned the object of YOUR OBSESSION - DOWN for sex and I have the letters to prove it.

You are threatened by me for one reason and one reason only, because you FEAR what he really could be thinking.

Your man offered himself to me, I turned your man down because unlike you I dont need to share with anyone. I'M BETTER THAN THAT. I VALUE MYSELF MORE.

I will gladly marry my fiance. Thank you very much. And I will live happilly ever after. You need to get a life and find YOUR OWN HUSBAND.

I pointed out in court that Mark Usselman had called me many times and I had ignored his requests for a call back. I RECORDED those phone messages and played them for the court, in front of his wife, no less. He made an IDIOT out of himself in court. And because he is still embarrassed he has put you up to defending him (because he wants to make me jelouse). Nice try Mark Usselman, you still lose....because while he is going through a divorce with Susan...I'm getting married.

Good luck to you in your pursuit of Mark Usselman. He's not MY IDEA of a catch.

Nicole

You know what, Dina Andrews, everything about what you have said and how you have said it shows that you have some issues of your own. I know exactly what you are trying to say to me and you are wasting alot of energy directing your hate toward me, because I turned the object of YOUR OBSESSION - DOWN for sex and I have the letters to prove it.

You are threatened by me for one reason and one reason only, because you FEAR what he really could be thinking.

Your man offered himself to me, I turned your man down because unlike you I dont need to share with anyone. I'M BETTER THAN THAT. I VALUE MYSELF MORE.

I will gladly marry my fiance. Thank you very much. And I will live happilly ever after. You need to get a life and find YOUR OWN HUSBAND.

I pointed out in court that Mark Usselman had called me many times and I had ignored his requests for a call back. I RECORDED those phone messages and played them for the court, in front of his wife, no less. He made an IDIOT out of himself in court. And because he is still embarrassed he has put you up to defending him (because he wants to make me jelouse). Nice try Mark Usselman, you still lose....because while he is going through a divorce with Susan...I'm getting married.

Good luck to you in your pursuit of Mark Usselman. He's not MY IDEA of a catch.

Nicole

>>>>"I am using a fake name. But my real name is Dina Andrews and that is not fake. I was a little hesitant on putting my name since you are crazy, but I will definitely be the one to back Mark up in court if anything happens from this. And I can ensure you he is completely clueless on this site, along with most others at Quick Loan."
I have been reading this exchange from a couple of very immature females, each of whom is trying to have the last word. "Hell hath no fury as a woman scorned" is a perfect phrase to describe you two nuts. It is laughable at best, but it proves the contention from many men that "psycho chicks" are out there and we have to avoid them at all costs.

It really does not matter what either of you are saying, that is just stupid. If I were an owner or corporate officer of Quick Loan Funding, I would BE PISSED that you, Dina, Regina, or whoever you are, is choosing to prolong this b***h fight with Nicole and keep the post at the forefront of Ripoff Report!

If you would have just shut up after the first exchange and not had to have the last word, this thread would have died a very boring death and the company that you so dearly love would have its name out of the spotlights. YOU Regina, Dina Whoever, are doing more damage to your company's name than the other mental case Nicole.

I emailed your coplete exchange to your corporate office this afternoon so they are not clueless any longer.

Please copy and paste some of those emails so we can see what a jerk Usselman really is. I for one believe you, and this Regina...Dina...whatever...must be some kind of inexperienced twit to not even BELIEVE any part of it. She states that the guy "has a stalker." Of COURSE she's going to parrot whatever he says. (He probably urged her to post here in the first place.)

Someone in their 20's (probably EARLY 20's at that) will believe anything that their superiors tell them--especially if they're all impressed by their so-called wonderful job. They have ZERO knowledge of the world at that point, especially the type of knowledge that comes from dealing with the scum among us. When it comes to people who have so many lawsuits against them, where there's smoke there's fire. Normail, upstanding people with INTEGRITY don't have so many people unhappy with them that they're filing suit.

I am using a fake name. But my real name is Dina Andrews and that is not fake. I was a little hesitant on putting my name since you are crazy, but I will definitely be the one to back Mark up in court if anything happens from this. And I can ensure you he is completely clueless on this site, along with most others at Quick Loan. I received this as a link from someone outside of my company, and couldn't let people read this without hearing the truth.

But thank you for your last reply. I think it is a perfect example that you are completely insane. Anyone who bases their opinion of my company on your crazy comments would probably not be intelligent enough to own a home anyway. So thank you for proving yourself to be Mr. Usselman's stalker.

My advice to you- marry your fiance before he figures out you're actually madly in love with Mark Usselman. I don't blame you, he's a great guy. Good luck to you.

OH!, I get it, I have figured out your message and what it is really implying. "REGINA" is actually Mark Usselman, everyone.

But you still gave me what I wanted. You really need to stop hiding behind woman, even FICTIONAL ONES.

And since when has a 'stalker' ever turned down the person who they are stalking for sex??? You are the 'stalker'. I turned YOU down (and I can prove it) so YOU GET OVER IT!!!

You're just mad because you know I'm about to get married!!

LEAVE ME ALONE or I will press a restrainng order against YOU!!! And unlike you I'll actually WIN!!!!

Nicole.

Thanks Regina,

You just provided me the documentation I needed.

THANK YOU!!!!

I forgot to mention in my last response that Mark Usselman has a stalker. I have a feeling you are that person. I can't imagine a contract underwriter from another company being so passionate about hating Mark Usselman, the CCO. (And by the way I highly doubt that Mark would confuse his title with the head of our accounting department) A lot of those cases you are mentioning are probably your restraining orders. I have heard the stories and they are horrific. So you like him- get over him, he's married. You can call me a child all you want- I would rather be in my 20s than a stalker.

I love Quick Loan Funding. I have great benefits. I have more paid vacation time than I have ever had. I have a great boss. He has a great boss. I am privileged to work with such a great crew. Mark Usselman made the exceptions for my own purchase. Sure I paid for my loan even as an employee, but I own a home with 100% financing. Grateful cannot describe my feeling towards QLF and Mark.

Continue your hate spree and I will continue driving 1 1/2 hours one way to work at a company I love.

My appologies to Mark Usselman for "slandering" him by calling him the CFO. It was purely unintentional. But that is what he has been calling HIMSELF.

Whatever he is, he is HIGHLY unethical; In MANY areas of his professional life. He's disgusting!!

If he doesn't want people "slandering" him (as you define it), this narcasistic HYPOCRITE should not go around "slandering" other people.

Regina, let me inform you about what happened between Mark Usselman and myself. The following is public record and FACT, and I think it bears in to the general character of the management at Quick Loan Funding.

FACT: Mark Usselman was my supervisor at one time. He propositioned me for sex (and I have irrefutable proof).

Mark Usselman is married with 3 darling kids so I did what was MORALLY AND PROFESSIONALLY right and turned him down. And in response to turning him down do you know what your upstanding MARK USSELMAN did to me?? He went around telling everyone I worked with that I was "stalking" him.

I turned this pathetic slime ball down for sex and he retaliates against me by creating a hostile work environment for me, to protect HIS name from being "slandered", despite the fact that I have actual email correspondence from him that proves my claims as being COMPLETELY true.

He also went into my public records and disiminated the content of them to others in my work place while I was in the midst of a court case against someone. Every nasty thing this person falsely said about me in court papers, Mark Usselman actually smiled in my face while he was INVADING my privacy and spreading the content of the situation to my co-workers in the form of rumors. He was my supervisor. The man has the mind of a vendictive 4 year old.

This has had quite an effect on my ability to procure employment. This is what I get for doing what was right. My personal life dragged out in public and circulated among my work peers. I am a very skilled woman. I deserve to be known for my talent and not for slanderous (100% slanderous) lies and irrelevant rumors.

For your information, Ms. Regina, "slander" is when information that is NOT true is circulated about you and HURTS your reputation. Being called the CFO (when you are probably lower) does not fall in that catagory. But what Mark Usselman did to me DOES.

Fact: I was assualted by one of his sympathizers (from behind) at work.

Fact: I've had to press criminal charges against ANOTHER one of his sympathizers at another assignment. I know this woman as well as I know you (not at all).

Fact: I have had men come up to me while I am on assigment and say things to me like "honey, you can stalk me any day".

Last year someone annonymously accused Mark Usselman of something (that I am not going to even repeat) and Mark Usselman took me to court blaming the situation on me. I HAD NOTHING TO DO WITH IT. But the FACT is your Mark Usselman is allegedly going around telling people that he can prove it was me, RIDICULOUS!!! and SLANDEROUS!!

The result of the court case?? MARK USSELMAN lost!!!!!! I have yet to collect from CHEAP Mark Usselman for court fees and wages lost for having to respond to his JUVENILE accusations.

Regina, "birds of a feather flock together". I know the loans at Quick Loan Funding because I worked on them and I know what you people do for a living and the kind of people Quick Loan Funding hires to run the place... I'M NOT IMPRESSED.

FUTURE CUSTOMERS, CLIENTS, WORKERS BEWARE!!! If Mark Usselman is any representation of what goes on at Quick Loan Funding, you should believe me when I say to you, THEY HAVE ZERO INTEGRITY, AND ALL OF THEM SHOULD BE IN JAIL!!!

Regina, I dont know you and you dont know me but I can tell you that I have lived long enough to know what is important. For me, it's INTEGRITY. Integrity means doing what is right when no one is looking. Integrity means taking resposibility for your actions. Integrity means not ripping people off just because YOU CAN.

If a married man asks me to have sex with him, I'm going to tell him "no" because I have integrity, And if my employer asks me to rip off a borrower or another investor I'm going to report them, and help to put them out of business.

I hope one day you come to your senses (child) and defect to the other side, because all you are to them is another fool who is all too willing to sing their praises in some vain (and unrealistic) hope of receiving something in return.

I hope one day REGINA you grow to have enough respect for YOURSELF and the public at large to not work for a company that puts so little emphasis on professional CHARACTER.

Mark Usselman would not find himself in so many COURT CASES involving his business dealings, and attacks on his professional character if he had INTEGRITY about how he approached these matters. Lets just say... I'm confident he has a VERY LONG career ahead of him at Quick Loan Funding.

If Quick Loan Funding wants to be applauded for giving poor, unfortunate people loans to save their homes they should charge LOWER INTEREST RATES AND LOWER FEE'S (HEY, THERE'S AN IDEA). But instead, they rip people off when they are MOST VULNERABLE.

I CANNOT WAIT TO SEE YOU PEOPLE IN JAIL. I DREAM ABOUT IT!!!!

I should clarify that the incident between myself and Mark Usselman did NOT happen while on assignment at Quick Loan Funding. It happened at another employer BEFORE he was employed at Quick Loan Funding.

Sincerely

I have been in the subprime business for over 5 years and guess what- if you have bad credit and/or you are in foreclosure, you pay more. Simple as that. Mark U. paid his fees when we was in foreclosure, which is what makes him great at his job. He understands what people have been through and he makes exceptions. He doesn't create the fee table. ALSO Mark U. is NOT the CFO. You might want to get your story straight before you go after any of our executives.

I have been at this company for a year and a half. Yes, we charge. We also do a lot more than most companies would do in regards to guidelines. Yes we have had faulty loans. We're a new company and mortgage laws are CRAZY. Guess what? EVERY loan that is signed here and at any mortgage company disclose all fees before you sign, while you sign AND you have 3 days to read over these fees and cancel. If you don't like the fees, DON'T sign. If you do sign, you only have yourself to blame if you're not happy with the terms.

I have personally worked on MANY loans where people are happy to pay the fees to save their homes or to take cash out for whatever reason. I have received presents in the mail, thank you notes, people that cry because they are so happy that they still have their house. If you're in foreclosure, its either lose all of your equity to the courts, or lose a few thousand more than a normal refinance to SAVE your home. If you need cash out and you can't even get a credit card because your credit is bad, we are here for you. OF COURSE it will cost. Go anywhere else and you will experience the same fees, if nor MORE.

In short- if you own a home, read up on your rights. If you apply for a loan, READ the terms. And if you write a complaint, make sure you at least know the position of the person you are publicly slandering.

Robert,

Court cases are public records. Look up Mark Usselman Vs Singleton filed last year in San Diego Civil court. The address of Singleton is on the court papers, public records. Write Ms. Singleton and tell her about your complaints. She is a due diligence underwriter who has worked at Quick Loan Funding.

Have a nice day.

My biggest concern is the next person that is scheduled for their closing date. To help them is the only way we can make this work. I feel for those homeowners out there that really still have trust in these animals.

Due diligence officers are very good in finding what they are supposed to look for. Lets get them as one. A responsibility to others still we have to keep. thank you very much.

Update: I had to add this little bit of information for the humor factor it provides. Mark Usselman, the CFO of Quick Loan Funding (and whom I personally know) actually had a foreclosure (2 filings) in 1997/98 per San Diego court records viewable online. For those of you who are not yet laughing, it is unheard of - a person being appointed as an OFFICER of a lending institution (a real estate lending institution) being appointed as a CFO and he has a FORECLOSURE on his own record less than 10 yrs ago!!! Thats the quality of the people they hire at Quick Loan Funding. He also has about 20 (yes twenty) lawsuits against him in San Diego county, dating back about since 1990.

Additionally, I am not surprised to hear that there are complaints of people not getting paid. Mark Usselman, the CFO of Quick Loan Funding, does not know what he is doing. That's probably one of the main reasons the books are all messed up.

....Can't wait to see him arrested one day.

Thanks.