I took a loan with Mortgage Lenders Network just after the beginning of the new year. MLN as they are called, helped me a lot. Everything was done as expected. The problem came as I was getting ready to close.
I received a phone call from someone in the Virgin Islands telling me about the attorney I was going to be visiting. The VIRGIN ISLANDS? When I probed my mortgage rep about this company, he didn't have answers for why I was getting calls from the islands, or really what this company does. How does someone know so much about mortgages and not know how their own company works?
Then I find out that these people in the Virgin Islands are called EMAX. And on my mortgage papers MLN is charging me $400.00 for EMAX. I call again, this time I am told by my sales rep that EMAX does the title work. So they do title work from the Virgin Islands? Then at closing I am hit with the biggest stunner.
I tell this all to the attorney and he tells me. EMAX didn't do my title work, he has the title right here and it says right on it that it's another company that did the work. He says EMAX are the people that called him to set up this closing.
After closing we talked about this and he basically told me it seemed like an offshore Tax Shelter for some Shill company that may or may not even exist, but existance or not it was still a crummy way to operate a business.
So I left and did some research. The company has a website. An uninformative shell of a website that provides really no insight whatsoever into the companies business and offers no services. Funny how the website says " Emax Financial is located in St. Croix, U.S. Virgin Islands - (U.S. Territory) - not to be confused with an 'offshore' business that operates in a different country.". Why put that on your website unless you are worried people will think it?
I again called my sales rep after getting the money in my bank account. Everything went smooth. I asked him about EMAX again, and this time the story changed again. He now says they are responsible to setting up closing dates and times. Funny, but it seems that I could make those phonecalls a lot cheaper from the mainland US, and it wouldn't cost me anywhere near $400.00 to do it.
My experience was good but proved three points.
*sales reps don't know much, deal with a manager
*every company is a little dishonest
*EMAX is a joke, refuse to pay this fee or go somewhere else.
Anyone know if companies in the Virgin Islands have to pay Tax to the US Government? Would be a great way to avoid paying the feds.
Oh yeah EMAX was formed January 1,04 and the Login Link on their website doesn't work either. Probably never has and never will. Their website is http://www.emaxfinancial.com/index.htm
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