Loan officers/loan seekers beware! Magnifund will rip you off!
Robert Innocello and Magnifund first approached our organization soliciting us on their wonderful service and FHA portal. They were very impressive in their presentation and we decided that of the multitude of solicitors we had on FHA that we would use them. Their mother company is PRMI, based out of Salt Lake City. Their "owner" Robert Innocello sat down and told us there would be no problem collecting pay, while we tried to get approved as a branch. We sent 5 loans in with them and our LOs did ALL the work from front to end. 3 different owners told us 3 differnt ways to collect pay in light of not being able to get approved as a branch. They told us to go through our approved processor to collect all pay, which presents a tax problem for her and is unethical. Another owner said that owner was no longer with the company and so they wouldn't honor that anyway. Robert Innocello told us that we would get paid as a "marketing fee" and that pay would be "no problem." Next, they told us to get a single individual approved, and when we did so, they informed us that they had already paid the loan officers on the file, i.E.- their reps! This route is also unethical and outside of FHA compliance! They stole roughly 17k from us and strung us along for months. They took in our deals out of FHA compliance and refused to pay us, with the excuse that it was out of compliance. They heisted us on our hard work. If you are going to use Magnifund for a loan, remember this story. This is how they treat loan officers that send them business once they realize that they aren't getting a branch out of those loan officers. They deserve to lose their FHA capabilities and we have filed a complaint with HUD and the BBB. If you are a loan officer, and Magnifund comes calling, run as far away as you can! They will steal ALL of your money and make no bones about it! They are simply the worst outfit in San Diego and we aren't the only one in SD who thinks so. Please spread the word, and be on the lookout for a website detailing Magnifund's unethical practices coming soon. Stay tuned to usacomplaints.com for more news to come on Robert Innocello and Magnifund.
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