Moneytree Mortgage
AAA Moneytree Mortgage, America's Best Mortgage. Former employee speaks out about this rip-off company

I happened upon these reports by accident and wish to include my comments. I also was contacted by the detective from Woodstock, Georgia about this company. I am an ex-employee but I only lasted a week there. I reported for work on a Monday morning in April and walked out on Friday of that same week. With approximately 28 years in the mortgage industry I immediately "sensed" something was wrong with this company. My comments:

1. My first week there I was instructed to answer the phone as "AAA Moneytree Mortgage". The name of the company was "Moneytree Mortgage". This was the first hint something was wrong.

2. Mr. Webster had video cameras throughout the office and a "viewing" bank of equipment in his office so he could watch everyone, all the time. Second hint.

3. You had to have a pass card to get in the front door. It remained locked to all but employees all the time. Third hint.

4. The language was atrocious and Mr. Webster "screamed" most of the time. Not the behavior of a respectable business person (in my opinion).

5. Business was conducted almost 100% via the fax machine. I never saw a client in the office. No loans were closed during that week. This isn't normal mortgage company activity.

6. Perhaps some of the employees were really "scammed" but, again, in my experience, a knowledgeable mortgage professional would have known very quickly there were unethical issues and would have left quickly (just as I did). I don't wish to step on any toes but, based on my observations that week, several employees were aware of this and were more interested in their own financial gain than in "doing the right thing".

7. Mr. Webster's wife and children were in the office late one afternoon, en route to a Braves baseball game. She seemed perfectly happy at that time. I question if the report from the "wife" is truly from the wife. And by the way, anti-semitism (or any other form of racism) just isn't acceptable and this certainly isn't the place to engage in such unattractive behavior or language.

8. The appaisers who are in trouble for bending to Mr. Webster's demands knew better and they could have (and should have) refused to waiver from acceptable standards and procedures. Don't waste your concern or pity on them. They, too, were engaging in criminal activities and should have to answer for "aiding and abetting" Mr. Webster's criminal behavior.

IF you're going to apply for a mortgage AND you have credit and/or income issues, you probably aren't going to get a mortgage. Or, if you do, you're going to get a much higher interest rate than the "A" paper customer. If something sounds too good to be true, it usually is. Check with the Department of Banking and Finance in your state before you engage in business with any mortgage company that wants fees up front. Check the website for the Secretary of State as well.

Reputable mortgage companies do not have an application fee except to cover credit report and appraisal expenses and, most of the reputable companies don't ask for that up front. It's a closing expense. If possible, deal with a "lender", not a broker. Do not misinterpret this statement. Brokers are reputable but you usually get faster service and lesser fees if you go directly to the lender.

Trust your instincts, check out any mortgage company before you enter into any business arrangement with them. Most of the mortgage companies are highly ethical and legal. Don't let a few bad apples convince you the whole barrel is rotten.

Finally, I was appalled to learn that Mr. Webster continues to operate a mortgage business in Georgia. Convicted felons are, by law, prohibited from engaging in the mortgage industry in this state (and most others) and by "skirting" the law and having the business licensed in the name of another person he proves he intends to continue to with his criminal activities.

'Nuff said.

Company: Moneytree Mortgage
Country: USA
State: Georgia
City: Woodstock
Address: 655 Molly Lane

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