There is a Company by the name of Set2Go Loans Inc in the State of California that has highly suspicious procedures for doing Mortgage loans all over the USA.
The Owner of Set2Go Loans is James Ipek who also works for Genisys Financial Corporation as a Loan Officer, which I thought was Illegal to work for two Mortgage Brokerage Companies at the same time & submit loans through both of them plus others.
Set2Go lures Loan officers all over the USA through Monster Jobs, on the basis that they will get 80% Commission (1099 Paid not W2 against IRS & HUD regulations) of the fees Generated from a Mortgage Loan, which is not entirely true since Set2Go gets 20% or $995 which ever is greater. That means any total fees collected on a loan that are below $4975 will mathematically work out LOWER than 80% paid to the Loan Officer. Most Loans generate Loan fees much lower than $4975
Since Set2Go Loans Inc is NOT Approved as a Broker in Many States, As a Loan officer, you are required to run your Loan through Genisys Financial Corp a Company James Ipek (Owner of Set2Go) works for as a Loan Officer & requires an additional fee of $ 695. Or one of the many other broker companies they use with various add on fees.
I'm not sure about the legality of this whole procedure since Loan Officers are hired to work for Set2Go Loans Inc yet submit Loans to Genisys & Other Broker companies using James Ipek's name on Page 4 of the 1003 Loan application as the Loan Officer & Interviewer on the Loan.
In the Most States, the Average Fee collected on a Mortgage Loan is Around $3000. That means $3000 minus $995 (Set2Go Fee) minus $695 (Genisys Fee) = $1310 left to the Loan officer to pay all there expenses (leads credit reports phones software etc) The $ 1310 works out Mathematically to be around 44% commission. NO WHERE near the 80% Set2Go claims to give you on Monster Jobs.
The very Questionable procedures for Set2Go Loans is, they have their Loan Officers Originate Loans all over the USA regardless of Individual State Licensing Laws. Once a Set2Go Loan Officer gets a Client to sign the Loan Application, the page 4 on the 1003 Loan Application is required to have James Ipek's name on it as your Clients Loan Officer & Interviewer confirming he was the one that asked the required legal questions for every Mortgage Loan.
You are required to Fax this page 4 into the Set2Go Office for James Ipek's signature & yet James Ipek has not even talked to your client let alone do the interview Questions required by Law on all loans for page 4 of the 1003 Loan Application.
I don't know how many Loan Officers are employed By Set2Go but I imagine many loans are being done this way which I'm sure this could lead to some serious fraudulent activity since a lot loan officer's that work for Set2Go work out of their home & have no Responsibility or liability of doing a Loan truthfully since there name is never on any Loan Application? Just James Ipek's name is on it & he has no idea who the clients are because he never talks to them? Not once.
Set2Go Loans is in the process of becoming an actual Lender. I think any State should have serious concern, since Set2Go seems to have very suspicious Procedures as a Mortgage Broker under the umbrella of Set2Go Loans & Genisys and the Other Brokers they submit loans through at the same time! All over USA
List of other mortgage brokers used by set2go loans inc to submit loans
Columbia Trust Company
Interviewer's Name: James Ipek
Fees: 10% or $500 (whichever is greater)
States: New York
Pay-out: 1-2 Business weeks.
Genisys Financial Corp.
Interviewer's Name: James Ipek
Fees: $695 Checks under $10,000 (Checks over $10,000? Fee is $995)
We can only do 2nd mortgages in Ohio under Genisys Financial.
States: Genisys Financial Corp. Can operate in all states excluding: Rhode Island, Texas, Alabama, New Jersey, New York, Vermont, and only able to do 2nd Mortgages in the state of Ohio.
Pay-out: 2-6 Business Weeks
Lordsman, Inc.
Interviewers Name: Glenn Traylor
Fees: $750.00 Flat Fee per file
States: Hawaii, Idaho, Nevada, Alaska, and Utah
Pay-out: 2-4 Business days
Bridge Capital Group, Inc.
Interviewers Name: James Ipek
Fees: $500.00 on 1st's, $500.00 on 2nd's
States: Bridge can operate in all states excluding: New Jersey, New York, Texas, Vermont, Nevada, Alabama, Arkansas, Ohio, Rhode Island, West Virginia, and District of Columbia (Washington D.C.)
Pay-out: Commission check received with in 1-2 Business weeks.
Dana Capital Group, Inc.
Interviewers Name: Parvis Firouzgar
Fee's: $750 Flat fee per file
States: Dana Capital Group, Inc. Can operate in all states excluding: New York, Illinois, Nevada, and Louisiana.
Pay-out: Commission check received with in 1-2 Business weeks.
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