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Report: #170952

Complaint Review: QUICK LOAN FUNDING - Irvine California

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  • Reported By: Playa del Rey California
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  • QUICK LOAN FUNDING 3125 Michaelson Irvine, California U.S.A.

QUICK LOAN FUNDING ripoff Irvine California

*Consumer Comment: This Operation is VERY common

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I am a loan officer and recently in July 2005, I decided to work at Quick Loan Funding. I took their training, and got to say they have a very unique way of looking at consumers. After completing the course, I then decided after only a few days that I could not operate in this manner.

They first off tell everyone they are approved. The object is to get the money for the appraisal then they of course, feel you are hooked as you p aid $475 for an appraisal non refundable. The rates are outragous and they never quote it until after you paid them the money on your credit card is their preference. You can ask till uou are blue in the face and they won't quote a rate. The agents there are not licensed. I trained with agents who were personal trainers, sold cars at Fletcher Jones Mercedes, and frankly was the only one there who knows loans and is regulated by the Dept of Real Estate. I could not work there and it took me going to the Labor Board to get the hourly wages I eared while training.

There is no need to pay their outragous rates and lender fees.

They are unethical and care only about the money they are making from you - they go through loan officers like toilet paper and for good reason - you would have to be a snake in the grass to work there.

STAY AWAY FROM THESE PEOPLE. I CAN TELL YOU WHAT YOU QUALIFY FOR AND WILL GIVE YOU A RATE QUOTE AND MY APPRAISER IS HONEST AND CHARGES LESS THEN THESE FOOLS!

Susan
Playa del Rey, California
U.S.A.

This report was posted on Ripoff Report on 01/08/2006 01:47 PM and is a permanent record located here: https://www.ripoffreport.com/reports/quick-loan-funding/irvine-california/quick-loan-funding-ripoff-irvine-california-170952. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

This Operation is VERY common

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

POSTED: Monday, March 13, 2006

I'm not sure how many brokers you've worked for but this is the way most of them do business, and quite sadly it's the most successful one. People these days are only thinking about rates, this is just one part of the loan. At the end of the day the borrower is not going to worry about their rate being 7% Vs. 6.5%. What people worry about are their monthly payments, and Loan Officers understands this "weakness." If you have a borrower that's been in debt for the past 10 years, and his debt has been increasing or staid the same (which is the case for 95% of the subprime market), the rate will not get them back on their feet again, lower payments might.

If a loan officer gives the borrower the rate right off the bat, he will most definitely hang up and go somewhere else, and again, and again....People with bad credit have unrealistic goals of what they can qualify for, thanks to bait and switch techniques used by Ditech, Quick Loan Funding etc. "No Fees!" Of course there's fee's they're just hidden in the back of the loan so you can't see them.

Another trick that a lot of L.O's uses is the "rate trick." You say you want 6%, the L.O. says "I got you approved for that, with a $1,200 monthly payment." You think it's great! When you go to signing you find out that the rate is actually 7.5%, you call up your broker and inform him off this. He tells you that he's going to go over to the underwriting dept. to see what he can do. He call you back and says, "guess what, the rate is 7.5% but amazingly I managed to keep the monthly payments at $1,200/month." The borrower signs the deal, not even thinking twice the he was approved for 7.5% all along.

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