7/26/07 After a week of deciding whether or not to purchase these EXCLUSIVE LEADS, i was told that the potential borrowers where looking for a mortage and that they had actually contacted CREDIT FIX NOW and that the applications were verfied by their call center. I was also told that the property values were analyzed by a third party, perhaps on online engine to give an idea of property values, and that these folks were definitely home owners! Also i was told that the smallest lead package was for $5000, yet i see that another loan officer was also ripped off but he paid $2,500 for 100 exclusive leads on the 30th of July... Yet what i was told is the complete opposite!
This can not be any further from the truth! The leads i have been provided are completely bogus
1) ALL of these leads are definitely not exclusive, the borrowers are very angry and nasty because I am the 7th or 8th person to call them regarding a potential refinance.
I PAID FOR EXCLUSIVE LEADS!!! NOT resold junk!!!
2) Many of these leads have incorrect telephone numbers
3) Many of these leads have already refinanced their homes weeks ago, with no chance of a refinance for another 2 or 3 or more years years
4) Many of these leads have inaccurate information specifically the potential borrowers are apartment renters and NOT actual homeowners Yet the lead forms indicate that the borrowers have owned the homes for a certain time frame, and also have bogus mortgage loan amounts with bogus interest rates on said bogus mortgage loans
5) some of these leads have extremely low credit scores to where we can not possibly refinance these borrowers (credit scores BELOW 600)
6) All of these leads have completely inaccurate property values! Yet when I asked the representative of Credit Fix Now how the property values were obtained I was informed that they were obtained through a third party This is impossible ALL of the values are off, by several hundred thousand dollars
7) Some of these borrowers just purchased their properties within the last 3 months! It is not possible to refinance a property that has just been purchased, Lenders require at least one year worth of property seasoning
8) Most of these leads only disclose one mortgage when the borrowers actually have 2 mortgages. It is impossible to get any quality out of these fraudulent leads.
Furthermore these leads are not qualified leads and the information is inaccurate.
I finally spoke with a gentleman who explained that he was called (he didn't know where his information was obtained) he told the CREDIT FIX NOW Operator that he was over 100% LTV... But he was told that this is NEVER a problem, yet his application shows that he is at 50% LTV and that his home is worth more than one million dollars
I signed the agreement believing the purpose of the agreement was to generate qualified and interested borrowers looking to refinance their current mortgages, and since CREDIT FIX NOW charges 10% of the gross profit on every deal i was told that the $5k deposit was to ensure that they would be paid their referral fees. I now KNow that this is simply their fraudulent way of manipulating brokers to sign these contracts. Furthermore, i am researching if it is legal to charge a shop a 10% fee of profits for a mortgage loan, as i am now told that this is a RESPA VIOLATION!
Furthermore i was never told about a legal 3 day right of recission neither in writing or verbally.
The young man who sold me on the agreement is named Kevin, he sounded very nice and i choose to believe that he is only doing his job. But he has never once answered any of my messages requesting a refund... instead the Exec VP David Gates called after numerous messages and emails, Mr. Gates told me that i had to continue working these leads. I told him that these leads are complete junk and many of them are not even home owners, i requested a refund of my money. Needless to say upon requesting a refund of my money Mr. Gates said that i will NOT be refunded the money and that i will continue to recieve these leads.in short he said that since i signed the contract i was not getting my money back whether i liked it or not~!
Boy how the events have changed they called very religously stating how there was a back up of Mortgage leads in VA and how i would be the only broker to have exclusivity of these leads.
What kind of business do these people have going on???
This company sells trash and i want a refund of my money!!!
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