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Top Dot Mortgage, New York, New York Complaints & Reviews - Fraud and scam

Top Dot Mortgage Contacts & Informations

Top Dot Mortgage

Posted:    Valerie

Fraud and scam

Complaint Rating:  88 % with 155 votes
Contact information:
Top Dot Mortgage
175 Old Country Road.long Island,
New York, New York
United States
topdot.com
So you see a fancy advertisement to refinance your high rate mortgage and 'take advantage' of new FHA lower rates and save $250-750 a month with Top Dot. But when you sit down for a quickly closing on a 'RE-FI' as they call it, tons of extra costs are added to your old note balance. $200, 000 old note at 7.5%, on the surface lowers the 7.5% to 6%, but the 200, 000 debt on your house/coop is now $236, 708.50.

When you walked in at 10am to their fancy office in jericho long island, you owed 200K at 7.5%, now you owe 36, 708.50 MORE!!! The monthly may appear lower by $140 dollars, but now your OLD-12-years-left-to-pay, is back up to 20-25-or even 30.

They use a factor LTV--loan to value-and work magic to 'approve your numbers', even do you a favor and let you add your mother-in-law, or son, or nephew, or friend to the 'note' so it looks like you have more income- DO YOUR SELF A FAVOR- wear a tape recorder-and play back the hypnotic jargon- because with five high pressure sales people surrounding you.smiling of course.
Comments United States Mortgage Companies
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 17th of Nov, 2008 by   Ze Shrike +2 Votes
This company is using deceptive television ads masquarading as news reports about the mortgage industry. They are also violating the Fedral do not Call Registry.
 26th of Jan, 2009 by   Lew +2 Votes
Dealt with them before, scumbag scammers trying to get away with as much money as possible. Get a Good Faith Estimate up front and shop around you will find better closing cost figures. They lie about everything, if they are talking they are lying. If nobody else can approve you except topdot then they can't approve you either they will just lie to you and waste your time/money. Fix your credit and wait till you can really afford to buy a home, if you are unsure about any lending institutions then use the bank you bank with. They have to see you every week and will be upfront and honest with you. You can also ask a Realtor who has been in the business for a while who they recomend. I am a Licensed Real Estate Professional who prides myself on honesty and integrity, something hard to find today in this world of chaos and deception.
Lew Skoko
New Home Galleria
Orlando, FL
 28th of Jan, 2009 by   william harrison -2 Votes
for the realtor above, how would you even begin to say "ask a realtor" lol. every realtor has a mortgage comany in thier back pocket and referrals are all part of the game. Talk about surviving off the dead.. And my refinance with topdot was incredible, i found this site before i closed, asked the questions and i closed with a rate my local bank couldnt offer and the costs were only 9k on a 279k loan. If you think thats bad than you need to shop around and get some truly bad qoutes. lol, or maybe ask a realtor HA
 5th of Feb, 2009 by   charlie +2 Votes
This company sucks! They told me that they could finance me and I asked if mobile homes was a problem and they said no. I then authorized a appraisal and spent many dollors for it, ... then tried to contact them back the next week and all they would tell me was that they not do mobile homes and now I am out all the money and time for the appraisal. All they did was lie and put me into a more finacial burden because if this.
 5th of Feb, 2009 by   Richie -2 Votes
I don't think topdot is that bad, they did a loan for me when no one else could and it worked out fine. Look at thier better business bureau profile, 19 years of business and 3 complaints, not too bad to me.
 16th of Feb, 2009 by   Jon McEwen +2 Votes
topdot aka bls funding is a total scam. Look at their commercials it says in big red letters "FHA HOTLINE" what a scam. Call this number and you will be directly linked to fha!!!

Of course the banking dept. miss this.

Stay away from these scam companies.
 19th of Feb, 2009 by   Roxanner +2 Votes
To all the consumers that have had a bad experience from TopDot I would suggest you go onto New Jersey Department of Banking and Insurance and file a complaint. I was working with the company on a FHA streamline and they not only had me to do an appraisal which is not necessary or a requirement for a streamline refinanice. When I went to close the loan TopDot had added 3.06% points to the loan which totaled over 12, 000.00 and this amount or points was never apart of the argeement nor was it listed on my goodfaith estimaite. When I asked for the HUD form which has all of the final numbers this is when I discovered the amount that was added without my knowledge. I called and spoke to the loan officer who states he has no idea why the ove 12k was added to the loan. It has been 24 hours and no update on the error. After reviewing the company's record of complaints I see that this is a regular pratice they have trying to take advantge of homeowners. It's a SHAM PLEASE DON"T USE TOPDOT YOU WILL OWE MORE THAN YOU KNOW...I have filed a complaint and I am requesting my appraisal fee back.
 23rd of Feb, 2009 by   sparky -2 Votes
TOPDOT IS THE BEST THAT HAS EVER DONE IT.
 23rd of Feb, 2009 by   sparky -2 Votes
topdot is a fair and professional organization built behind people who like to help other people. we are a company of integrity, honesty, and full disclosure.
 24th of Feb, 2009 by   kathyh5921 +2 Votes
I did a refinance with TopDot and the had me do an appraisal and said I had a value of $295000 and 2 months later our bank said the value was only $240000, also the appraisal says we live in a different county that we do and have a partial basement. We live in FLORIDA!!! No basement. Thinking about contacting a real estate lawyer but is has been 1 1/2 years. Think it will still help?
 9th of Mar, 2009 by   T fever +2 Votes
Worked briefly at TopDot back in 2007 in Jericho, NY - their Headquarters. They are all about bringing in more customers and closing the deal. A very competitive environment within. Most of their 'Mortgage Specialists' -as they prefer to be called- are money hungry get rich quick hustlers and hardly anyone had any educational background in finance. Every day, they would have a sales meeting at around 4pm in which was pretty much a 'pep rally' for the salesmen and for them to practice their pitches. Being there reminded me so much of the movie 'Boiler Room'.

They would regulary be training a 'new class' of mortgage specialist every week in their building which focused primarily on getting customers. Occassionaly, they would bring in some of their 'top producers' wo would boast about their techniques and the fees they charged claiming 'I'm worth it'. Big egos and attitudes and the company is very tightly controlled by family members who are all in key positions.

I once asked how could they approve a 75 year old man for a 350k -30 year mortgage with no visible income. Did they expect this guy to live to 105 years old? And his closing costs were in excess of 20k. I have done deals in the past with reputable banks like Wells Fargo for double the money but half the closing costs. I was quickly dismissed on the basis that I 'was not cut out for this' and that I asked too many questions. They were right, I'm not a snake oil salesman. Seeing the way the economy melted down, it is no doubt because of organizations like this. Be smart, go to a regular bank. If you get rejected for a loan, chances are you cannot afford it.
 10th of Mar, 2009 by   triumph1 -1 Votes
topdot is the most honest and caring company I've ever known. They treat you with the utmost respect and deliver great results. The employee's there are based around family and understand everybody's situation like it was there own. I would recommend topdot to everyone I know. A company that has been open for more then 15 years and is still running strong is a great company that will last forever.
 17th of Mar, 2009 by   des +1 Votes
Its funny a lot of the positive comments are written by the companies (Topdot)people. I agree with T Fever. When I saw what I suspected were 'questionable procedures', I was told that I ask too many questions too. These boiler room tactics are what got us here in the first place. While the economy is trying to recover this company and the other predator that advertises like they are part of the government (you knbow who you are) are sending a whole new set of deperados into trouble
 19th of Mar, 2009 by   stopthescam +1 Votes
I agree this company sucks the life out of everyone who works with or for it!! Their values are lie cheat and steal from clients and employees. Do not get invested with them you will lose 99% of the time.
 21st of Mar, 2009 by   Topdot Sucks +1 Votes
Topdot Mortgage is a SCAM and a RIPOFF!

They advertise on T.V. with a make believe news cast that states mortgage rates are at 5.00%. What they don't tell you is that it will cost you 4.5 points on every loan (on a $200, 000.00 loan you will pay $9, 000.00). Understand that if you shop around you can find 5.00% with zero points.

Do not do business with them; they are a SCAM and a RIPOFF.

On top of the $9, 000.00 fee, they will charge you a $1, 795.00 application fee. Plus they will charge you a doc prep fee, credit report fee and so on. Add that up! You’re paying over $12, 000.00 to Topdot for what. And don't forget that 5.00% is paying about one point (this means that Topdot is making 1% of your loan amount you will not see).

That means Topdot makes over $14, 000.00 on your $200, 000.00 loan.

If your mortgage balance is $200, 000.00 when Topdot is done with their fees you'll owe $225, 000.00.

Topdot was called BLS Funding. BLS Funding was a SUBPRIME lender.
Now they are called Topdot.
Now you know what the suprime lenders are doing.

If you think I'm making this up call Topdot at 800.965.6897 and say I saw your ad on T.V. and I want to refinance my mortgage with the 5.00% rate I saw on T.V.

Ask if there is an origination fee (Yes. One percent). Then ask if there is any discount fees (Yes. Three and one half percent). If they say there are no points then your rate is 6.5%. This means that because your rate is so high Topdot still makes 5.5 points on your loan.

Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.

It's plain and simple. Topdot Mortgage is a SCAM and a RIPOFF!

If you are reading this and think I am making this up and need more proof.

When you get to the closing take a guess who owns the title company.

Yes! Topdot.

So if you thought you were done being ripped-off your wrong. Now Kensington Title starts padding on their fees. Kensington Title charges about $2, 800.00 for title fee. Attorney fee $400.00, electronic documents $250.00, closing agent $795.00, document review $250.00. If you think I'm making this up ask to see a Good Faith Estimate.

Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate.

They normally send one out about one day before you are going to close. So you never know about the fees until it's too late and by this point you have paid from $300.00 to $450.00 for an appraisal.

Try it! Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

As far as:

topdot is the most honest and caring company I've ever known. They treat you with the utmost respect and deliver great results. The employee's there are based around family and understand everybody's situation like it was there own. I would recommend topdot to everyone I know. A company that has been open for more then 15 years and is still running strong is a great company that will last forever.

Topdot is the most honest. They're crooks. Honest crooks. But still crooks.

Try it! Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

Try it! Call 800.965.6897 and see for youself!

Try it! Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

topdot is a fair and professional organization built behind people who like to help other people. we are a company of integrity, honesty, and full disclosure.

Honesty. What their donig is robbing people!
Full disclosure. They will lie to you!
Integrity. See for yourself!

Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate. Honestly!

I don't think topdot is that bad, they did a loan for me when no one else could and it worked out fine. Look at thier better business bureau profile, 19 years of business and 3 complaints, not too bad to me.

Of course not! Your a crook. I don't think crooks are that bad. That' because your a crook!

Try it yourself!

Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

Tell them you read this report and want to know if they charge any fees.

Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate.

TOPDOT IS THE BEST THAT HAS EVER DONE IT.

Of course your a crook. "I think we're the best crooks." That' because your a crook!

Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

And my refinance with topdot was incredible, i found this site before i closed, asked the questions and i closed with a rate my local bank couldnt offer and the costs were only 9k on a 279k loan.

Topdot fees where only $9, 000.00!

Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.
 22nd of Mar, 2009 by   Mr. fokrap 0 Votes
i got a 4.5% 30yr fixed from them, honest, caring, and smart as anybody could be.
 22nd of Mar, 2009 by   Mr. fokrap 0 Votes
Topdot Mortgage is a national mortgage bank that provides personalized loan solutions in a friendly responsive fashion. We were founded in 1995 and we maintain our corporate headquarters in Jericho, NY. We have 13 branch offices and we are licensed in 41 states.

Our approach
At Topdot, we’re turning the mortgage industry upside down and shaking out all of the unnecessary jargon, mystery and confusion. The simple truth is that most people don’t know the first thing about what kind of mortgage is right for them or how to go about figuring it out. We want to end all of that by providing straightforward, low-stress loans that really make sense for the borrower. In fact, at our core lies the pledge that every Topdot mortgage must provide a tangible benefit to our client.

The truth about mortgages is that there’s no one standard solution that’s best for everyone. On the surface, the longest term might look good, but when we dig a little deeper, it could end up costing you more money than necessary. For example, if there’s a chance you may move within five years, a 30-year mortgage may be all-wrong for you. That’s why our customized approach is so important to figuring out what’s best for your individual needs. At Topdot, we spend that extra time getting to really understand you and building a loan that will truly benefit you.

Our website contains a lot of educational information on mortgages and the mortgage process. So feel free to read up and learn what you need to make this process less mysterious. Or leave the guidance to us by contacting one of our mortgage specialists or applying online through our online application. Either way, we are here to help you get the right mortgage for your personal lifestyle and situation.
 22nd of Mar, 2009 by   Mr. fokrap 0 Votes
Topdot Mortgage is a national mortgage bank that funds over $2.5 billion in residential, commercial and construction mortgages annually. Originally founded in 1995 as a broker, Topdot has since transformed into one of the nation's leading full service, privately owned mortgage lenders. We are headquartered in Jericho, NY, maintain 13 branch locations and are licensed to originate loans in 41 states.

Topdot Mortgage started off as BLS Funding in 1995. In 2001, the name was changed to Premium Capital Funding LLC (PCF). And on May 1, 2006, we began doing business as Topdot Mortgage (although our legal name remains “Premium Capital Funding LLC DBA Topdot Mortgage”).

In the mortgage industry, many companies change their name when they get into trouble or develop a bad reputation. This was not the case with either of our name changes. On the contrary, our name changes marked positive milestones in our corporate history. We became “PCF” when we added a bank to our already existing brokerage. Likewise with Topdot. We knew that our company was something really special and that we offered a markedly better service to our clients. We wanted a name and image to reflect our true personality and offering. “Topdot, ” a completely original word, and our vibrant, fun-loving identity do just that.
 22nd of Mar, 2009 by   Mr. fokrap 0 Votes
I USED THEM BECAUSE OF THE BETTER BUSINESS REPORT ON THE BBB.COM WEBSITE. I TRUST THE BBB MORE THAN ANY ONE PERSON ON AN EMAIL CHAIN. FACT IS NOT EVERY ONE CAN QUALIFY FOR A LOAN AND I AM JUST ONE OF THE LUCKY ONES I GUESS. TOPDOT HAS REMAINED IN BUSINESS WHILE MANY FDIC BANKS ARE GOING UNDER. I THINK THAT PEOPLE WHO ARE COMPLAINING ABOUT THIS COMPANY ARE DOING SO MERELY BECAUSE THEY WISH TO TARNISH THE NAME. I USED THEM, AND SO DO THOUSANDS OF OTHERS. DO NOT BE FOOLED BY RANDOM COMMENTS FROM PEOPLE WHO ARE OBVIOUSLY BIASED.

READ BELOW --> DIRECT FROM THE BBB.COM SITE...CHECK FOR YOURSELF...DO NOT BE A SHEEP.

New York BBB Reliability Report for
TOPDOT MORTGAGE

A BBB Accredited business since 03/08/2000

This business has a satisfactory record with the BBB





Business Contact Information

Name:TOPDOT MORTGAGEAdditional Business Names:Premium Capital Funding LLC
Address:125 Jericho Turnpike, Suite 400
Jericho, NY 11753View Location Map

Original Business Start Date:1/1/1995
Principal:David A. Brown, PresidentPhone Number:(516) 870-1000Additional Phone Numbers:(800) 269-6296


Fax Number:(516) 870-1124Email Address:ahorniq@topdot.comWebsite:www.topdot.comType of Business:Mortgages



The information in this report has either been provided by the company, or has been compiled by the Bureau from other sources.

Program ParticipationBack To Top This business participates in the Bureau’s MIP program and has committed to following ethical business practices. As part of this program, it has agreed to use special procedures consisting of mediation and arbitration, if necessary, to resolve complaints. Click here for more information on BBB accreditation standards.

Customer ExperienceBack To Top Based on BBB files, this business has a satisfactory record with the Bureau. A “satisfactory record” means that a company has been in business for at least 12 months, and has properly addressed complaints referred to it by the Bureau. The business cannot have an unusual volume or pattern of complaints, or any government actions against it involving its marketplace conduct. The Bureau must understand and have no concerns about the business’s products, services and type of business.

The company's size, volume of business, and number of transactions may have a bearing on the number of complaints received by the BBB. The number of complaints filed against a company may not be as important as the type of complaints, and how the company handled them. The BBB generally does not pass judgment on the validity of complaints filed.

Complaint Outcome Statistics:Back To TopComplaint Outcome Last 12 Months Last 12..36 Months Total
Resolved
Consumer received part of the requested resolution 2 0 2
Administratively Judged Resolved
The Company has responded to the complaint(s) addressing the disputed issues, however, the consumer remains dissatisfied 2 0 2
TOTAL 4 0 4
Complaint Issues:Back To TopPlease understand that complaints may concern more than one issue

Complaint Issue Last 12 Months Last 12..36 Months Total
Contract Disputes 1 0 1
Selling Practices 2 0 2
Service Issues 1 0 1
TOTAL 4 0 4

Report as of: 3/22/2009


Copyright © 2009 BBB of Metropolitan New York, Inc.

As a matter of policy, the Better Business Bureau does not endorse any product, service, or company. BBB reports generally cover a three-year reporting period, and are provided solely to assist you in exercising your own best judgment. Information contained in this report is believed reliable but not guaranteed as to accuracy. Reports are subject to change at any time.

The Better Business Bureau reports on members and non-members. Membership in the BBB is voluntary, and members must meet and maintain BBB standards. If a company is a member of the BBB, it is stated in this report.
 22nd of Mar, 2009 by   Topdot Sucks 0 Votes
Topdot is a SCAM and a RIPOFF!

Go to the Topdot website.

The interest they quote you is 5.00%

The APR is 6.75%

APR means all the fees Topdot will charge you!

The proof is in the pudding!

Topdot is a SCAM and a RIPOFF!

Call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.

BBB means nothing.

Call your state Banking Department and file a complaint!

Topdot is a SCAM and a RIPOFF!

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