The people are the absolute worst. I had a friend of mine I was trying to get them into a house - I had called a few mortgage brokers with no success. I am a real estate agent and I was trying to qualify them for a home. Well I had a friend who worked with Primerica - she said she'd try to qualify them for a loan. She had wanted to go to their house, which I thought was odd - why didn't she want to just call them like the other three brokers did. So I told her to come to my house instead. She also wanted my friend to bring his wife, again, which was odd.
Anyway they all came to my house, and she had brought her "manager" because she was "still learning." After a brief discussion about how bad my friend's credit was, they start going into this heavy sales pitch about how they can make more money if they pay $200 to join Primerica. I was mortified. Here I am, I had trusted these people, and instead of helping my friends get a mortgage, they were trying to SELL them something?
I told the guy aka the manager - he was out of line and if he couldn't have given my friends a loan he could have said so over the phone and not wasted our time. I apologized profusely to my friends that were trying to get a loan.
The Primerica rep then tried to recruit ME into his scheme - I said no. Their Bi-Weekly mortgage payment program is based on ill logic. Using the Bi-Weekly payments, you make an additional mortgage payment each year. Then, I said, why don't you just advise your clients with a regular loan to send in an additional principal monthly payment each year, to achieve the same result?
He tried to do a Financial Needs Analysis for me - my husband almost left me for this one because I showed them our bank statements, etc. They would not give my FNA without agreeing to meet with them again, so I never got my FNA. Why they can't just send it in the mail, I don't know. But I am so angry at these people for taking advantage of me and my clients, and I don't think my friends will ever trust me again and I have lost the opportunity to help them purchase a home.
Stay far far away from Primerica. It's horrible. My other friend that had represented herself as a mortgage officer, admitted to me that she hasn't sold any insurance or loans since singing up with Primerica a year ago.
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