I was an employee of NK for a period of 3 years. And during this time I was told I could originate loans in almost every state in the union.in California we used our name and in other states we put someone elses name on our HUD applications. I was told we were part of a credit union "EMERY" which allowed us to do this under even the most strict FHA regulations. Everything was fine until it was taking weeks to get paid. Finally when I was paid my final checks they were short without any explanations.
The customer service is HORRIBLE. Their website doesn't list any telephone numbers to reach anyone on. They have a help desk that appears to only have one person that returns calls every other week.
When you call EMERY they have no idea who Newkey is. Kind of weird considering I signed up as an agent to do loans in all 50 states under their charter.
Up until recently I had no idea what I was doing was illegal until I was approached and recruited by my current broker. Even upon my departure my sponsor also advised me to just simply keep my mouth shut and not rock the boat. After that moment it didn't seem to fit with the integrity I had and the goals I set for myself.
After re-evaluating the company I also found this on a compliance website on the internet about the company.
"Beware of Newkey Financial Corp dba Newkey Home Loans. The pay structure (100% commissions and Royalty system) is 100% illegal under both HUD and the CA Dre regulations.
Agents please verify the pay structures with the DRE and HUD before entering into such agreements. You may become fully responsible which could compromise your licensing under the DRE and the ability to work with HUD in the future.
They are currently being investigated by both the DRE and DOC. See -http://www.corp.ca. Gov/FSD/08pdf/4130602. Pdf"
The NK company websites state they have perfect records with the compliance agencies. This appears to be the furthest from the truth.
It seems like the company is on the verge of being shut down by the Fed's.
Good Luck NK! - God Bless
Mtg Pro DeMarsh
San Diego, California
U.S.A.
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