What a Sucker Job this company is giving so far. If anyone has paid for these $40 Virtual Mortgage Franchise Opportunity dvds and contemplated joining Newkey Home Lending, keep your eyes on your wallet. Read the fine print first.in the contract they ask you to sign, it contains a 3 YEAR NONCOMPETE CLAUSE. Whatha? 3 years? Are they crazy? So, if you quit or get fired by them, they want you to get out of the industry and get lost, financially lost. Totally in contrast to the "uplifting and self empowerment philosophy" the CEO preaches to his following of loan originators.By the way, you don't get the agreement until after you have paid your $300 registration fee.
In addition, what they don't tell you is 100% is not 100%. The fine print and backend fees cost you almost $800 up front in Administrative Fees. And if you sign up as a Broker the price goes up higher. What this means is, any loan you submit through this company automatically profits them $800. Not to forget the $300 registration fee. $150 $600 annual cost for a website. They also attempt to sell you on a $1500 to $3,000 monthly lead generation package that works to make you Walk, Run or FLY into bankruptcy. $40 leads a pop!
I personally got suckered in and came to find out that they have weekly PRESIDENTIAL CALLS with the CEO Richard Lee. Who, by the way, is not even listed on the corporations' corporate filed records with our great State of California. On these weekly addresses Mr Lee gives these pep talks sounding more like an Anthony Robbins guru than a Mortgage Broker... With words like "You Guys, are you listening, write this down, yahooooo" evenly spread throughout the cheerleading inspired conference calls. His side kick "Ed McMahon" type Angie Ramirez is always there to confirm his preachings. Yet, never once giving an ounce of his Mortgage experience secrets away. Sounding more like he's heading a class of third graders, his mini me's are in total agreement to his every word. How he became a multi-millionaire eludes me. I've never heard him discuss any mortgage issues or give a lecture on what he knows about the industry. Although he gives credit to his mentor, whom he only mentions by first name, never does he reveal what industry this financial success derived from.
Before signing up I was promised to be partnered together with another Real Estate Agent/Mortgage Broker who was overwhelmed with loans and needed immediate help. Yet after many calls and emails, I'm still waiting for this overflow of work. Not that I can't generate my own business, yet you shouldn't promise what you can't deliver. After 10 years in the industry you would think honesty among mortgage brokers would improve.
To exsacerbate the situation, they claim to have every loan product under the sun, Commercial, FHA, Reverse lending. But, once you come on board their lenders list is pretty sparse, with quality of lenders average, and their website is far from technologically advanced. Though they claim to be the fastest growing Mortgage Company in the United States and have invested millions into the company's success. I've seen better and useful sites on Myspace from teenagers.
Tell me why then no one has heard of NewKey Home Lending, nor will anyone answer your corporate telephone number? After numerous attempts to contact your listed telephone number only an answering machine answers. There is no immediate customer or agent support and it takes them 24 hours to respond to any questions.
Can anyone tell me how the fastest growing corporation in the United States can function without a live help desk? Newkey also claims to be a Federally Chartered Mortgage Bank. We have the actual recording of your CEO claiming this on file. We have yet to find their Federal Charter Number. Would someone from this corporation clarify where you stand on these issues? Are you just another failed network marketing statistic waiting to happen? So far, you've given the California Mortgage Industry a poor example to follow. I can only hope someone will find this message and take heed. Loan Originators and Brokers beware! Newkey Home Lending is headed down the path of destruction.
0 comments