We are a Mortgage Brokrage firm located in Florida. One day I got a call from Mr. Gary Elkin from Precision Funding (aka PMC, Inc) from New York. He said they were a Mortgage lender and asked me if I had any tough loans that I was working on that they could fund. I had just such a loan that no lenders wanted to fund due to high DTI ratios. After talking to Gary Elkin, He told me that they could do the loan. (This was an FHA loan that we assign a case # to) Gary Elkin said to submit the file to him and he would send it to the underwriter for approval.
Since we had never done a loan with this company, we had to get " set up " with them with a broker package before they could underwrite it. Gary Elkin suggested that I release the FHA case # to Precision's retail side to expidite the process. I told Mr. Elkin he was insane, and that I would wait for the broker package to be approved and then submit the loan. From that point on, I spoke to Jon Wallace - Mr. Elkins " Associate "
After working for about a month on this file, getting all the conditions cleared-Two days before closing Jon Wallace calls to tell me that their investors were no longer buying any " Third Party Originated loans " and that in order to close the loan, we would need to release the FHA case # to their retail side so they could originate the loan-and they would send us our broker fees after closing. At this point the borrower had zero chance of any other lender funding her loan, so I made the decision to release the case # to them so my borrower could get her loan. Of course they closed the loan, and Jon Wallace and Gary Elkin kept our broker fees and never sent us a check. They ripped us off for $4,000. If Either one of these guys calls your office looking for loans, hang up the phone, it's a SCAM!!!
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