Wire Fraud: This company will sell you on a mortgage and provide a false and misleading Good Faith Estimate based upon the borrower's most recent appraisal. Then they will send an appraiser with whom they have a "private agreement "to appraise your home based upon bank owned short sales. Thus the GFE is false and misleading. Avoid this company; report them immediately to your state banking regulator, BBB, and all other web scam sites. It is illegal to have "an arrangement" with appraisers Also FFG's closing costs are 100% higher than all other broker's GFE's. This should be a red flag to you that this is a scam artist company-whose primary business is selling appraisals.
I can't believe this is still going on with the customer stories on here boasting on how great thier experience with FFG was. First off, I'm sure some of these are real customer experiences. BUT, I can personally attest to writing numerous FAKE stories from customers on this site (among many others) and was forced to by upper management because of the extremely high volume of complaints this company recieves. The "wow" stories written by these customers about thier positive experiences match almost WORD FOR WORD compared to what I was told to write on here when I was a manager (Team Leader, Assitant Vice Present, etc). I can say that the company is a legitate business and regularly close loans within 15-20 days. The catch is thier closing costs are close to 3 TIMES the amount you would be charged with a bank or credit union. They use a "bait and switch" tactic (which was discussed daily in morning manager meetings) where you find your true closing costs days before closing. The hope is the customer will oblige beacause they are so close to actually closing the loan. As far as employment goes, they have some of the highest employee turnover in the industry. Once someone got the general idea of the process of the daily life of a "mortgage professional or m.p., 80% would bolt. If triple dialing (another tactic they use) leads for 9 hours a day for $7.25 an hour is something that excites you, then this is, without a doubt, the place for you. There is no need to worry about getting hired...The ONLY way you will be turned down for a position is if you have a prior conviction for fraud.
I was contacted unsolicited by Foundation Financial Group. They offered me a very attractive refinance offer but their estimate of my home value seemed high. I made them aware of this on more than one occasion but was reassured each time and was urged to submit my foundation deposit before the rates went up. On their assurance that the value was there I submitted my $490. They ordered an appraisal and low and behold it was too low and now I am out $490. They would not return my calls or emails for weeks and have refused to refund my money. They have all but admitted their mistake by offering me a much less attractive mortgage that they claim is with all of their fees waived. DO NOT USE THIS COMPANY!!. They will say anything to get your money and ignore you if they find that they can't make any more money from you.
These guys are sneaky and are pests even after you have told them to buzz off. In October I started looking to refinance my home. I filled out an online application at one of those general site ie. lending tree. FF got a hold of my app and called the first guy wanted me to sign that moment but I was doing my homework with other institutions, my bank and other reputable banks. After i told him that I was comparing prices and services he asked who i was comparing them to and I told him. Of course he bad mouthed them all and that his underwriter only worked on 2 clients a month to give great service. I then started asking questions and every question he could not answer. The underwriter was the only one that could answer my questions and he was always in a meeting. This guy would, in a round about way try to get me to committ by giving him my info for an appraisal. This went on for 2 weeks and I never gave in. I finally told him that if my questions could not be answered without paying them then stop calling me. Surprisingly, the underwriter was out of his 2 week meeting and was able to talk to me. He sounded like a new york mafia thug. We went through the routine questions and in the end he told me that he could get me a rate of 3.75% as i was getting from the other lenders. He wanted to charge me 2.75 points to get me there. The other lenders were at .325 this was a no brainer and i told him what I was getting and of course he said my other lenders were doing something wrong and that if I went with them the points would change to what he was quoting me. I took the info he gave me and called all of the lenders I was comparing to again compare apples to apples. They all gave me the lower rate. In the end I chose LoanDepot and they were wonderful, helpful, fast. 20 days to close my loan! Foundation Financial have found the loop holes in the new rules for lending and unsuspecting people who don't do their homework will get caught. DO YOUR HOMEWORK AND STAY AWAY FROM FOUNDATION FINANCIAL GROUP!
Foundation Financial Group is a great mortgage lender. Foundation Financial Group uses trigger leads to generate sales. People don't like telemarketing call and consumers don't like that their interest in a home loan is available via a trigger lead. That's not Foundation Financial Group fault. Blame the credit bureaus or the government. Once you give Foundation Financial Group a chance, you'll love Foundation Financial Group. I'm a very happy Foundation Financial Group customer. If you have questions about Foundation Financial Group, talk to customers, not people who have not done business with Foundation Financial Group. Just my opinion based on my positive experience with Foundation Financial Group.
Amanda and Casey really pulled the wool over on me. (BOLD FACE LIE) Tell you exactly what it takes to steal $490.00 (for the appraisal) and don't even have the spine to call you back and discuss the out come. You get an informal letter form some office out of state declining your application.
Like others they started calling the house. I never heard of Foundation Financial Group before then. Told me the other company I was dealing with wasn't legitimate and that they can guarantee the loan is a done deal.
Three weeks later no return phone calls nothing, you get a letter.
Let's discuss this appraisal, why would you go to one area of town (home starting at $275K, 2.5 acres and up) to appraise a home then drive to another area of another town and use home with trailers and rundown homes next door to compare with?
That's another complaint, I filed it with DCP.
I was bombarded by phone calls from this company, impersonating goverment employees that were trying to help me get to refinance sooner. They claimed that citimortgage, the company I was refinancing with, was going bankrupcy and that citimortgage was lying to people. Once they started to ask me for money for fees here and there I declined the offer. The man got very upset and was rude and unprofesional. I called my company they denied all the lies this FOUNDATION FINANCIAL had told me. Now I am worry because I fax them my two year tax return They would very easily do an identity theft with all my information in the hands of liers, scam artis. This just happen today 5/12/2010. I don't even know what is the next step to take to protect me from fraudulent company.
I recently Started the Process of Refinancing my house on Feb 20th 2010. I kept getting a lot of phone calls because my credit was pulled by Wells Fargo, who i originally inquired with. I picked up the phone because I was tired of the calls. I spoke with a young lady who actually made me think about a lot of things. I immediately googled FFG and saw this report about how the company was a rip off. The young lady had me go to the BBB website to assure that this article was about one person who had a bad experience and that Bank Of America Services their loans not Wells Fargo nor ASC. This objection was clarified in the 1st call. I must have spent 40 minutes on the phone. I was told that they can close in 15 days or less and Wells told me in about 2 months but wouldnt guarantee me a closing date. I decided to pick FFG because the young lady I spoke with actually cared about my goals with refinancing. After I got off of the phone with her I called Wels and I couldnt get the same person I originally spoke with on the phone. This concerned me. The next call I received was from the young lady's licensed loan officer who was absolutely on point. I received accurate numbers the same day and ordered the $490 appraisal fee the same day (a little bit pricy) but it was well worth it. The Appraiser came out the next day and I was now guaranteed a closing date on paper. I started with FFG on April 7th and Closed April 20th. Only 13 days total from start to finish. Now Bank Of America holds my loan and I went from a 6.375% interst rate to a 4.875% and paid off my credit cards. All in all I saved $382 per month and I definitely would tell someone not to be discouraged from working with Foundation Financial I would go out of my way to recommend them to any perosn who doesnt want to deal with the Refinance Headaches. They made it simple, fast and the rate they initially gave me did not change. Thank you Foundation Financial for helping me even though I too was skeptical at first
I got a call from an individual named Torry stating that he was working on my refinance and needed my social security number and credit card info to charge a $486 appraisal fee. I called my mortgage broker and found out that this was a scam. I filed a complaint against this company with the division of banks.
this happened on 10/5/09
They are scam artists! I used to work for them and they train you to say whatever it takes to get applications and belittle you if you don't. They buy leads from equifax. They pay minimum wage and if you don't close enough loans in a month they deduct money from your check. I worked for them for 5 weeks before I got a better job and didn't get paid more than $50.00. What a waste of my time. Do not do business with these scam artists!!!
I sent this email voicing a complain:
Mr. Paul Scott, CEO
Foundation Financial Group
Jacksonville, FL 32202
RE: Appraisal Fees
I am writing to you for help and to let you know how your employees are misleading your prospective clients. In May of this year I was contacted by one of your associates regarding an online inquiry I filled out. I told him I was looking to refinance my home and that I was working with a VA lender and the VA appraisal came in lower than my payoff. After answering a few questions he put me in touch with his manager Adam Haden. Adam explained that he had an in-house appraisal department and would check with them regarding the value of my home. Later he called back and told me my house would appraise for 210, 000 – 220, 000 more than enough to make the loan. I told him several times I did not want to pay for another appraisal that would come in low. He continually assured me that his appraisal would come in high enough to make the loan. With his assurance I decided to pay for a second appraisal. This appraisal came in lower than the VA one. After Christine called and told me that they could not do the loan I tried getting in touch with Adam. I left several messages for him and have yet received his return call. After a few days I had the bank reverse the $486.00 for the appraisal. On July 31 the charges reappeared. I have left several messages for Adam in the last few days with no response.
I feel that I was misled by Adam and the only reason I approved an appraisal was on his word. Why else would I pay for another appraisal only a few days after paying the VA one? He misrepresented your company and misled me. For these reasons I request the $486.00 be returned. Please contact me with any questions.
They decided I was not entitled to a refund. I feel I was misled and you should know the deceptive practice of this lender and the unwillingness to correct a wrong by their employee. If you have questions please contact me at [protected] or by my email [protected]@charter.net