I signed up with this company on June 6 as an associate from Missouri asking for all 50 states.in addition, I was sent a lender list and reviewed a lender list on the web and was assured that we were using these lenders nationwide. I was sent a contract over allowing me access to all fifty states for a cost of $14,995.00. I immediately told Mr. Andrew Santoli who is the President of the company that I did not have that amount of money upfront and that I would like to pay a flat fee instead. He said ok. He then asked me what 6 states would I like to immediately start working in and that he would turn the rest of the states on as I needed them. So I gave him 6 states.in addition, we talked about FHA and Pacifics ability to do FHA in all Fifty states. I asked would associates be allowed to pull casenumbers and Mr Santoli stated that pulling case numbers would not be a problem. He then stated that my initial cost to sign up would be $3150.00. I signed the agreement and sent the cashiers check overnight.
Once Pacific Bancorp received the money. Everything changed. I had some deals that were FHA and I was told that I couldn't be approved until I was there for 90 to 120 days. I got some deals in Nevada and I was told that there would be a $495 QC fee and I had to pay an additional $150 per month for each additional state that I wanted before I could originate loans there.
So if I wanted to originate loans in all fifty states the fee would be $6000.00 per month. Nothing that Santoli and the rest of the staff said was consistant to what was said to me before they received my money which really makes me mad. So I requested my money back within about 5 days after signing up and I was told NO WAY. On June 22, I received a cease and desist order from them in the mail after taking my money. I never signed up with a lender, got a password, or anything. They did not like the idea of me asking so many questions.
I am now in the process of sueing them for my money and reporting them to several agencies. So if you are thinking about signing up with these people RUN, RUN, RUN.
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