someone approach's you and says that he is a broker but when you check with the CA DRE his license # states salesperson NBA he screwed us up

Asked by Bettyboop, California City, CA Sun Aug 1, 2010

royally he started the loan on April 27th Did the credit score in May and 12 other times after that to the point that our
credit score kept dropping, he kept telling us we would have money in hand, bills paid off, lower monthy
payments and as of July 27th nothing, and then find out when they do one more credit check it is too low
to do the refi. I want to hang this man by the anatomy between his legs..what recourse do we have? constant lie, doc's are ready to sign, you will sign today, tomorrow comes still not signing, sent a lettr to our attorney who was to be paid out in escrrow stating he was our broker but the CA DRE show his license as
salesperson NBA. We are at a loss as to what to do other than file a complaint with the DRE and send info
to NA Nationwide Mortgage Group who I guess employee's this freak somehow.

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Karen Parsons…, Agent, Laguna Beach, CA
Thu Aug 5, 2010
Hi Bettyboop,

Yikes....does this person have an office? If so....get to the real broker or manager and have them look over the situation. If you no longer qualify, they might be able to pay points to get your interest rate down to where you can qualify. You need to play hardball now....

If you have an attorney, use him...if not, then start with the mortgage company and then go from there. This is probably incompetance and not malicious...but a reputable mortgage company will stand behind it and do what they can for you.

If I can help in any way, please let me know...I do have some wonderful mortgage referrals for can shoot me an email and I can give them to you.

1 vote
, ,
Sun Aug 1, 2010
If your credit report was pulled for the first time in May, the credit score would be good until August, so there is absolutely no reason for him to re-run your credit. As far as using the term "mortgage broker", someone has to be licensed as a mortgage broker in order to use that term, in reality. However, it is common for people to refer to the "Mortgage Loan Originator", as the position is now called, as a mortgage broker. You even hear people on Trulia saying, "I spoke to my mortgage broker and. . . . . ", although they really mean their MLO.
Now, to clarify what Thom said: If someone works for a major bank or credit union, they are not a lender, but they are a loan officer or loan originator who does not have to be licensed.
If he works for a direct lender or mortgage broker, he needs to have passed at least 2 exams, the SAFE Act test for national loan originators that is admistered by NMLS, The National Mortgage Licensing System is I believe what that stands for. They take the test after taking a 20 hour course. In addition, they must pass a state test also admistered by NMLS, which is often more difficult. The percent need to pass either test is 75%. In addition, the person must be fingerprinted, and have a background check through the FBI. Some states require taking a course, some do not. So far, I have passed the national, NY and NJ, and was lucky enough to pass each the first time. The NY test is impossible, and most fail at least once. The NJ test was easy in comparison.

Do you know what your credit scores were when he started? This must be sent to you in a disclosure, so if that was not done, you can put in a complaint with the banking deartment. There is no reason why things should have progressed as you describe. The only reason for it could possibly be that will dropping interest rates, this person who doesn't seem to be too honest to begin with, keeps flipping your loan to make more money.
1 vote
Nazila Pace…, Home Seller, Orange County, CA
Thu Dec 9, 2010
sorry you are going thru this. I can see why you are so angry at this person. I would feel the same way. Unforutnately, the blame falls on us, for not doing our research better. We have to be very careful now adays who we do business with. There are allot of people out there pretending to be someone they are not, hello look where we live, California. My MO is when someone does such thing, I immediately sit back take a deep breath and take action on the situatioin that needs attention on. such as take your energy and do what has to be done to take care of your situation at present moment. I would not waste my time on why he did this, how could he have done that, etc. All you will be doing is wasting energy. Do not let him take over your power. So contact your attorney that you currently have, let him know what has happend. Call the DRE report him and also speak with his Broker. Take control of the situation and don't waste another time on that guy. We all learn from our mistakes, and sometimes we go thru situations for a reason.
Best of luck to you.
0 votes
, ,
Sun Aug 8, 2010
This is typical of a borrower that does not do their homework beforehand and goes for the lowest price. .... Happy funding, Rudi
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John Juarez, Agent, Fremont, CA
Sun Aug 1, 2010
I am sorry that you are going through such a terrible experience. You mentioned “your attorney”. What does that person advise?
0 votes
, ,
Sun Aug 1, 2010
That is unfortunate it sounds like a horrendous experience. I would definitely file a complaint with the DRE so that they can perform an investigation. That way they can take disciplinary action and also file a complaint against them through the Better Business Bureau.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Sun Aug 1, 2010
I agree with Thom, I would side step him and ask to speak with his boss/manager.
0 votes
Thom Colby, Agent, Irvine, CA
Sun Aug 1, 2010

I am sorry to hear of this situation. Is this "lender" an employee of a large National Lender? If so, I think your true complaint would be directed to them. Also, why did he pull your credit so many times? Was he shopping your loan to several sources trying to place it? There is no reason for any professional to give you excuse-after-excuse especially if they cannot deliver. They need to stand up and tell you the truth.

That said, get together with your attorney and file a complaint with the company this person works for. A Loan Officer does not need to have a DRE Broker's license unless they are acting as a Direct Loan Broker and not as an employee of another company. For example, 99.9% of the lenders employed by Bank of America, Wells Fargo, CitiBank, Chase, etc. are NOT licensed becasue they are employees of those companies and not acting as a loan Broker.

On the other hand, if this guy is acting as a Direct Lender / Loan Broker, contact the DRE and the Attiorney General's office. He cannot even pull your credit let alone try to make the loan. I would contact the 3 Credit Bureaus and place an "Alert" on your file so they have to conatct you before your cerdit report can be pulled. If this guy is dishonest, he has your complete credit info !

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
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