MANHATTAN FINANCIAL GROUP is in the business of claiming they do Wholesale business then TRYING TO STEAL YOUR CLIENT and taking them through Retail. They use the term "retail" as a fancy word for "we're going to try to take your client and broker the loan ourselves".
I was referred to them by my client who is acquainted with an employee of Manhattan Financial Group. They are not a known, reputable company. They offer very few wholesale products, they don't even offer FHA through their so-called "Wholesale" channel.
I initially met with the supposed Account Executive, Soraya Hebert, at my clients office to discuss the details of the transaction. A week or so later I brought the complete file to her office and sat down to review all the information. She walked me around her office to introduce me to her broker, underwriter, etc and told me they would get the file into underwriting.
About a week later, the underwriter called me with a few questions and said the file would be underwritten within about 24 hours. 3 days later, I left a message and emailed Soraya Hebert for status with no call back. My client informed me that she contacted him directly to say that they could not do the loan wholesale but could go retail.
The manager nor the broker would call me to discuss the situation. Soraya Hebert tiptoed around the issue in her emails. She was so sloppy she sent me emails that were supposed to go to her associates saying "Oh my gosh. She is pissed. Lol". These are not the kind of people anyone would want to handle their personal financial information. I have yet to meet one professional in that company.
A. Wholesale Account Executives are forbidden to speak directly with the borrower, its not their job.
B. Standard procedure would be for a underwriter to deny the loan or send the LOAN OFFICER an approval with conditions.
The bottom line is that Manhattan Financial Group is a rinky dink company hardly anyone knows about. They claim to be a direct lender that offers wholesale products but they really just wait for brokers to submit files so they can call the borrower directly and try to take the deal from you after you have collected all the information from the borrower and structured the deal.
As anyone in the mortgage business knows, unless you are a bank lending your own money, there is no difference between retail and wholesale.
Manhattan Financial Group WILL TRY to steal your clients, I WOULD NOT ADVISE ANY MORTGAGE BROKER OR CONSUMER TO USE THEIR SERVICES. They UNEXPERIENCED, UNPROFESSIONAL and certainly not customer service oriented. They know nothing about how to be a direct lender or run a wholesale channel.
I have been in real estate finance for almost 8 years, I have a healthy client base that refer their family, friends and business associates to me. My family has been in real estate for at least 30 years. This is one of the most unprofessional companies I have dealt with in a long time.
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