Complaint Review: American Lending Group - ALG Avant Lending Group

I just wanted to say that American Lending Group is not only a terrible lender to refinance/purchase through, but they are awful to work for. Imagine having to charge customers an obscene amount of fees just to make a living and then in turn have the company find ways to not pay you for it. Warin Kumar is stealing money from any person possible. I would stay away from that company in every possible way.

I am currently enduring the same torment with American Lending Group and also, specifically, with Jeremy Swisher. I do intend on filing a seperate report with Rip-Off Report when my closing is complete, if that ever happens in light of their repeated fraudulent acts.

However, they have defrauded one too many victims. I am a litigation attorney and will not stand for their acts. A constructive solution and the only way to discourage these type of lenders from continuing these types of behaviors, which is condoned by the President of the company (Warin Kumar, who I personally spoke with), is to take legal action and I would encourage you do so. If they do not resolve the egregious acts they have imposed on me, I will be taking numerous steps including filing a nationwide class action, with a request for punitive damages for a minimum of $450 million. I do not plan on being the lead attorney on the case nor is money any motivator-- my intent is solely to stop their deceptive practices. Adam from Denver and Linda from Aurora - please feel free to email me at (((ROR REDACTED E-MAIL ADDRESS FOR SECURITY PURPOSES))) and I would be more than happy to give you more suggestions on what you can do to be vindicated. Cengiz - I would also encourage you to contact me as you and I have, conincidentally, actually had a prior business dealing in the past and I believe that you are correct in your belief about the corruptness occurring at ALG. Any readers of this posting should be aware that these are my opinions only -- I will let a court of law determine the wrongfulness and maliciousness of ALG's acts.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

DO NOT USE AMERICAN LENDING GROUP!

I had an extremely similar experience with another employee, JEREMY SWISHER.

1.) Initial application was frought with "errors"
a) did not include confirmation of mortgage terms
b) missing page 4 of application
c) property address misspelled
d) stated "15 year fixed" yet interest/payments calculated on 360 months!!
e) bottom half of truth in lending statement left blank but signature requested at bottom of form
f.) was told which documents I would need, but left out (gift letter, bank statements, evidence of ownership in Philly, taxes on house in Philly, canceled check for earnest money deposit). If I had been told about these upfront, it would have expedited the process.

2.) I was later told by Brittany that she would need those docs before submitting to underwriting. Yet that same morning on the phone, I was told by Jeremy, "Everything is fine with your loan, we have all the necessary docs, and it was already submitted to underwriting." I was lied to!

3.) Received a preapproval letter as follows

Congratulations! You have been pre-approved for a home loan. Based on the information obtained at loan application and credit, you've been pre-approved for a home loan up to an amount of $136,000.00. Please note your approval is subject to an acceptable appraisal, a clear title of the property. Upon receiving all the necessary documents (proof of graduation, contract for employment and the gift letter for the down payment), a final underwriting will be completed and a formal loan commitment will be mailed to you. This loan is not contingent on the sale of the current property.

If you should have any questions, please feel free to call me at 1-800-635-3419 Ext. 166.


Sincerely,

Jeremy Swisher
Loan Officer
American Lending Group
22 Richmond Center
St. Peters, MO. 63376
800-635-3419


***Yet 2 days before my loan deadline, on May 16th, I was told that I was denied for the loan due to my student loan debt, (which is in deferment, during my 4 years of residency). I was told I would have to pay 4,000 instead of 1,000 to obtain the same rate of 5.875%. I was upset that for 2 weeks, docs had been collected, and all my information including loan debt (which is on my credit report) was known, yet they waited till 3 days beforehand, when I was "stuck", to tell me that there was a problem. My realtor calls this a "bait and switch". I shopped around initially, but went with ALG, because they promised the best rate. And when it was too late to change, they switched my rate. This I feel cost me somewhere close to 3,000!!

4.) So I had to go with ALG (or risk losing my beautiful home). I did a mail away closing. These are the erros on the closing paperwork, which I had to work out with the title company. The HUD from ALG was $1,400 more than it was supposed to be! Good thing I proof-read!
a) Charged interest from May 22nd, 3 days before my loan was disbursed (which is illegal!).
b) Charged $170 for postage stamps; supposed to be 17.00
c) Commitment deposit of 450 was put in charge column instead of credit column
d) Charged again for the appraisal, which I was told by ALG was COD. All Aspect Appraisals said they informed ALG that the appraisal was paid for and was surprised that I was charged again. I received check in mail from title company for the appraisal 2 weeks after closing.
e) Wrong amount was wired to title company on closing day, which meant we had to close a day late. Fortunately, bank did not charge me as they said they would in settlement contract.

5.) And then they lost my file.
a) Tried, 1 month after closing, to get me to sign a different prepayment penalty form, which would add penalties to my loan (and perhaps make it more marketable for them.
b) Wanted me to resign applications 1 mos after closing
c) I'm still confused by why the truth-in-lending statement at closing, says APR 6.394% (too high for 5.875%)and amount financed 131,341.10 (I needed 136,000). I was told by Brittany, "don't worry it doesn't change your monthly payment". However, the difference changes the amortization on the loan in the bank's favor, essentially raising my interest rate. I was told by Lavetta, that when I sell, they would use the actual APR and amount financed rather than the "out of the blue" numbers on the truth-in-lending statement. Hopefully, this remains true. I have become very suspicious of ALG because of the downright horrible (and costly) experience I have had, thus far.

I look forward to their rebuttal of ALL the points in my letter. AMERICAN LENDING GROUP is not just careless, irresponsible, but CRIMINAL! Do not use them, at any rate!

The $300 sympathy check I received after closing, does not make up for the $3,000 fraud, and absolute hell I was put through before, during, and even after I closed on my home. Their motto should read, "BECAUSE BUYING A HOME IS NOT STRESSFUL ENOUGH"

DO NOT USE AMERICAN LENDING GROUP!

I had an extremely similar experience with another employee, JEREMY SWISHER.

1.) Initial application was frought with "errors"
a) did not include confirmation of mortgage terms
b) missing page 4 of application
c) property address misspelled
d) stated "15 year fixed" yet interest/payments calculated on 360 months!!
e) bottom half of truth in lending statement left blank but signature requested at bottom of form
f.) was told which documents I would need, but left out (gift letter, bank statements, evidence of ownership in Philly, taxes on house in Philly, canceled check for earnest money deposit). If I had been told about these upfront, it would have expedited the process.

2.) I was later told by Brittany that she would need those docs before submitting to underwriting. Yet that same morning on the phone, I was told by Jeremy, "Everything is fine with your loan, we have all the necessary docs, and it was already submitted to underwriting." I was lied to!

3.) Received a preapproval letter as follows

Congratulations! You have been pre-approved for a home loan. Based on the information obtained at loan application and credit, you've been pre-approved for a home loan up to an amount of $136,000.00. Please note your approval is subject to an acceptable appraisal, a clear title of the property. Upon receiving all the necessary documents (proof of graduation, contract for employment and the gift letter for the down payment), a final underwriting will be completed and a formal loan commitment will be mailed to you. This loan is not contingent on the sale of the current property.

If you should have any questions, please feel free to call me at 1-800-635-3419 Ext. 166.


Sincerely,

Jeremy Swisher
Loan Officer
American Lending Group
22 Richmond Center
St. Peters, MO. 63376
800-635-3419


***Yet 2 days before my loan deadline, on May 16th, I was told that I was denied for the loan due to my student loan debt, (which is in deferment, during my 4 years of residency). I was told I would have to pay 4,000 instead of 1,000 to obtain the same rate of 5.875%. I was upset that for 2 weeks, docs had been collected, and all my information including loan debt (which is on my credit report) was known, yet they waited till 3 days beforehand, when I was "stuck", to tell me that there was a problem. My realtor calls this a "bait and switch". I shopped around initially, but went with ALG, because they promised the best rate. And when it was too late to change, they switched my rate. This I feel cost me somewhere close to 3,000!!

4.) So I had to go with ALG (or risk losing my beautiful home). I did a mail away closing. These are the erros on the closing paperwork, which I had to work out with the title company. The HUD from ALG was $1,400 more than it was supposed to be! Good thing I proof-read!
a) Charged interest from May 22nd, 3 days before my loan was disbursed (which is illegal!).
b) Charged $170 for postage stamps; supposed to be 17.00
c) Commitment deposit of 450 was put in charge column instead of credit column
d) Charged again for the appraisal, which I was told by ALG was COD. All Aspect Appraisals said they informed ALG that the appraisal was paid for and was surprised that I was charged again. I received check in mail from title company for the appraisal 2 weeks after closing.
e) Wrong amount was wired to title company on closing day, which meant we had to close a day late. Fortunately, bank did not charge me as they said they would in settlement contract.

5.) And then they lost my file.
a) Tried, 1 month after closing, to get me to sign a different prepayment penalty form, which would add penalties to my loan (and perhaps make it more marketable for them.
b) Wanted me to resign applications 1 mos after closing
c) I'm still confused by why the truth-in-lending statement at closing, says APR 6.394% (too high for 5.875%)and amount financed 131,341.10 (I needed 136,000). I was told by Brittany, "don't worry it doesn't change your monthly payment". However, the difference changes the amortization on the loan in the bank's favor, essentially raising my interest rate. I was told by Lavetta, that when I sell, they would use the actual APR and amount financed rather than the "out of the blue" numbers on the truth-in-lending statement. Hopefully, this remains true. I have become very suspicious of ALG because of the downright horrible (and costly) experience I have had, thus far.

I look forward to their rebuttal of ALL the points in my letter. AMERICAN LENDING GROUP is not just careless, irresponsible, but CRIMINAL! Do not use them, at any rate!

The $300 sympathy check I received after closing, does not make up for the $3,000 fraud, and absolute hell I was put through before, during, and even after I closed on my home. Their motto should read, "BECAUSE BUYING A HOME IS NOT STRESSFUL ENOUGH"

DO NOT USE AMERICAN LENDING GROUP!

I had an extremely similar experience with another employee, JEREMY SWISHER.

1.) Initial application was frought with "errors"
a) did not include confirmation of mortgage terms
b) missing page 4 of application
c) property address misspelled
d) stated "15 year fixed" yet interest/payments calculated on 360 months!!
e) bottom half of truth in lending statement left blank but signature requested at bottom of form
f.) was told which documents I would need, but left out (gift letter, bank statements, evidence of ownership in Philly, taxes on house in Philly, canceled check for earnest money deposit). If I had been told about these upfront, it would have expedited the process.

2.) I was later told by Brittany that she would need those docs before submitting to underwriting. Yet that same morning on the phone, I was told by Jeremy, "Everything is fine with your loan, we have all the necessary docs, and it was already submitted to underwriting." I was lied to!

3.) Received a preapproval letter as follows

Congratulations! You have been pre-approved for a home loan. Based on the information obtained at loan application and credit, you've been pre-approved for a home loan up to an amount of $136,000.00. Please note your approval is subject to an acceptable appraisal, a clear title of the property. Upon receiving all the necessary documents (proof of graduation, contract for employment and the gift letter for the down payment), a final underwriting will be completed and a formal loan commitment will be mailed to you. This loan is not contingent on the sale of the current property.

If you should have any questions, please feel free to call me at 1-800-635-3419 Ext. 166.


Sincerely,

Jeremy Swisher
Loan Officer
American Lending Group
22 Richmond Center
St. Peters, MO. 63376
800-635-3419


***Yet 2 days before my loan deadline, on May 16th, I was told that I was denied for the loan due to my student loan debt, (which is in deferment, during my 4 years of residency). I was told I would have to pay 4,000 instead of 1,000 to obtain the same rate of 5.875%. I was upset that for 2 weeks, docs had been collected, and all my information including loan debt (which is on my credit report) was known, yet they waited till 3 days beforehand, when I was "stuck", to tell me that there was a problem. My realtor calls this a "bait and switch". I shopped around initially, but went with ALG, because they promised the best rate. And when it was too late to change, they switched my rate. This I feel cost me somewhere close to 3,000!!

4.) So I had to go with ALG (or risk losing my beautiful home). I did a mail away closing. These are the erros on the closing paperwork, which I had to work out with the title company. The HUD from ALG was $1,400 more than it was supposed to be! Good thing I proof-read!
a) Charged interest from May 22nd, 3 days before my loan was disbursed (which is illegal!).
b) Charged $170 for postage stamps; supposed to be 17.00
c) Commitment deposit of 450 was put in charge column instead of credit column
d) Charged again for the appraisal, which I was told by ALG was COD. All Aspect Appraisals said they informed ALG that the appraisal was paid for and was surprised that I was charged again. I received check in mail from title company for the appraisal 2 weeks after closing.
e) Wrong amount was wired to title company on closing day, which meant we had to close a day late. Fortunately, bank did not charge me as they said they would in settlement contract.

5.) And then they lost my file.
a) Tried, 1 month after closing, to get me to sign a different prepayment penalty form, which would add penalties to my loan (and perhaps make it more marketable for them.
b) Wanted me to resign applications 1 mos after closing
c) I'm still confused by why the truth-in-lending statement at closing, says APR 6.394% (too high for 5.875%)and amount financed 131,341.10 (I needed 136,000). I was told by Brittany, "don't worry it doesn't change your monthly payment". However, the difference changes the amortization on the loan in the bank's favor, essentially raising my interest rate. I was told by Lavetta, that when I sell, they would use the actual APR and amount financed rather than the "out of the blue" numbers on the truth-in-lending statement. Hopefully, this remains true. I have become very suspicious of ALG because of the downright horrible (and costly) experience I have had, thus far.

I look forward to their rebuttal of ALL the points in my letter. AMERICAN LENDING GROUP is not just careless, irresponsible, but CRIMINAL! Do not use them, at any rate!

The $300 sympathy check I received after closing, does not make up for the $3,000 fraud, and absolute hell I was put through before, during, and even after I closed on my home. Their motto should read, "BECAUSE BUYING A HOME IS NOT STRESSFUL ENOUGH"

DO NOT USE AMERICAN LENDING GROUP!

I had an extremely similar experience with another employee, JEREMY SWISHER.

1.) Initial application was frought with "errors"
a) did not include confirmation of mortgage terms
b) missing page 4 of application
c) property address misspelled
d) stated "15 year fixed" yet interest/payments calculated on 360 months!!
e) bottom half of truth in lending statement left blank but signature requested at bottom of form
f.) was told which documents I would need, but left out (gift letter, bank statements, evidence of ownership in Philly, taxes on house in Philly, canceled check for earnest money deposit). If I had been told about these upfront, it would have expedited the process.

2.) I was later told by Brittany that she would need those docs before submitting to underwriting. Yet that same morning on the phone, I was told by Jeremy, "Everything is fine with your loan, we have all the necessary docs, and it was already submitted to underwriting." I was lied to!

3.) Received a preapproval letter as follows

Congratulations! You have been pre-approved for a home loan. Based on the information obtained at loan application and credit, you've been pre-approved for a home loan up to an amount of $136,000.00. Please note your approval is subject to an acceptable appraisal, a clear title of the property. Upon receiving all the necessary documents (proof of graduation, contract for employment and the gift letter for the down payment), a final underwriting will be completed and a formal loan commitment will be mailed to you. This loan is not contingent on the sale of the current property.

If you should have any questions, please feel free to call me at 1-800-635-3419 Ext. 166.


Sincerely,

Jeremy Swisher
Loan Officer
American Lending Group
22 Richmond Center
St. Peters, MO. 63376
800-635-3419


***Yet 2 days before my loan deadline, on May 16th, I was told that I was denied for the loan due to my student loan debt, (which is in deferment, during my 4 years of residency). I was told I would have to pay 4,000 instead of 1,000 to obtain the same rate of 5.875%. I was upset that for 2 weeks, docs had been collected, and all my information including loan debt (which is on my credit report) was known, yet they waited till 3 days beforehand, when I was "stuck", to tell me that there was a problem. My realtor calls this a "bait and switch". I shopped around initially, but went with ALG, because they promised the best rate. And when it was too late to change, they switched my rate. This I feel cost me somewhere close to 3,000!!

4.) So I had to go with ALG (or risk losing my beautiful home). I did a mail away closing. These are the erros on the closing paperwork, which I had to work out with the title company. The HUD from ALG was $1,400 more than it was supposed to be! Good thing I proof-read!
a) Charged interest from May 22nd, 3 days before my loan was disbursed (which is illegal!).
b) Charged $170 for postage stamps; supposed to be 17.00
c) Commitment deposit of 450 was put in charge column instead of credit column
d) Charged again for the appraisal, which I was told by ALG was COD. All Aspect Appraisals said they informed ALG that the appraisal was paid for and was surprised that I was charged again. I received check in mail from title company for the appraisal 2 weeks after closing.
e) Wrong amount was wired to title company on closing day, which meant we had to close a day late. Fortunately, bank did not charge me as they said they would in settlement contract.

5.) And then they lost my file.
a) Tried, 1 month after closing, to get me to sign a different prepayment penalty form, which would add penalties to my loan (and perhaps make it more marketable for them.
b) Wanted me to resign applications 1 mos after closing
c) I'm still confused by why the truth-in-lending statement at closing, says APR 6.394% (too high for 5.875%)and amount financed 131,341.10 (I needed 136,000). I was told by Brittany, "don't worry it doesn't change your monthly payment". However, the difference changes the amortization on the loan in the bank's favor, essentially raising my interest rate. I was told by Lavetta, that when I sell, they would use the actual APR and amount financed rather than the "out of the blue" numbers on the truth-in-lending statement. Hopefully, this remains true. I have become very suspicious of ALG because of the downright horrible (and costly) experience I have had, thus far.

I look forward to their rebuttal of ALL the points in my letter. AMERICAN LENDING GROUP is not just careless, irresponsible, but CRIMINAL! Do not use them, at any rate!

The $300 sympathy check I received after closing, does not make up for the $3,000 fraud, and absolute hell I was put through before, during, and even after I closed on my home. Their motto should read, "BECAUSE BUYING A HOME IS NOT STRESSFUL ENOUGH"

I would like to apologize for using Senior Loan Counselor Cengiz Sarikcioglu's name in my report. My intent was to be specific in my experience with ALG, and not harm his reputation in any way. This may have come across as unprofessional, and I apologize. My grievance is against ALG as a corporation and not him personally.

I have to say that in no point during the qualification process was there any mention of me being a CPA until the day before we closed and increased our rate. The fact that I was not a CPA during the whole process was just a small detail used to disqualify our loan. Never did I say anything about being a CPA, and nor did we sign the lock sheet contingent upon me being a CPA. It does not matter because they would have found another excuse to disqualify our loan. They just wanted to make the commission. My wife and I work very hard, and saved a long time for our first home. We cannot stand back and be ripped-off by people who could care less.

You don't have to believe me, you can talk to the other 17 people that filed complaints with the Better Business Bureau since 2003. I am sure they have a lot in common.

Adam is correct, his loan was locked at those original parameters listed, for A FULL DOC LOAN at 90-95% with an exception. He is not telling you everything that happend. When we started this process, he had originally stated to us that we had 15 days to complete this loan, this became 10 days. The 90 to 95% loan became 100% with no down payment and he had stated in his documentation that he was a CPA working for an accounting firm, he is not. The truth be told he is an accountant, but he currently is working towards his CPA. When asked to produce his CPA license, he shared with me that he, "did not pass his first round of tests and was studying to fix this." From the beginning Adam knew that this loan was an exception based on his educational level. He is a recent college grad and because of that he would be eligible to use those years towards his employment time, this is a common practice. The problem is, HE HAS NOT COMPLETED HIS CPA EXAM, which means that the investor views his education incomplete, just like a lawyer who has not passed the bar yet. The investor would not do the exception so I had to switch the loan to No Income No Asset (NINA), Which doesn't matter how long he has been with his job, but carries a major hit to the rate, especially to a 2nd at 90 to 100% of value. I worked 16 hours a day for 3 days to get this loan through for Adam, who at the time, was pleased as punch that we were able to even do it at all. I want to urge to Adam that when he post's something on the net to deliberately hurt someones reputation, that he needs to give all of the facts, not just his side. I have since resigned from ALG, not because of Adam, and do not recommend going to them because, in my opinion, they have serious processing, reliability and efficiency issues with their handling and completeing of files. There are also, in my opinion, other important aspects of the lending process that are flawed with ALG that I will not list at this time, but in Adam's case he is telling you one side of the story. If this re-buttal is untrue, than I challenge Adam to post his CPA License dated prior to the 30th of June 2006.

Thank You : )

Adam is correct, his loan was locked at those original parameters listed, for A FULL DOC LOAN at 90-95% with an exception. He is not telling you everything that happend. When we started this process, he had originally stated to us that we had 15 days to complete this loan, this became 10 days. The 90 to 95% loan became 100% with no down payment and he had stated in his documentation that he was a CPA working for an accounting firm, he is not. The truth be told he is an accountant, but he currently is working towards his CPA. When asked to produce his CPA license, he shared with me that he, "did not pass his first round of tests and was studying to fix this." From the beginning Adam knew that this loan was an exception based on his educational level. He is a recent college grad and because of that he would be eligible to use those years towards his employment time, this is a common practice. The problem is, HE HAS NOT COMPLETED HIS CPA EXAM, which means that the investor views his education incomplete, just like a lawyer who has not passed the bar yet. The investor would not do the exception so I had to switch the loan to No Income No Asset (NINA), Which doesn't matter how long he has been with his job, but carries a major hit to the rate, especially to a 2nd at 90 to 100% of value. I worked 16 hours a day for 3 days to get this loan through for Adam, who at the time, was pleased as punch that we were able to even do it at all. I want to urge to Adam that when he post's something on the net to deliberately hurt someones reputation, that he needs to give all of the facts, not just his side. I have since resigned from ALG, not because of Adam, and do not recommend going to them because, in my opinion, they have serious processing, reliability and efficiency issues with their handling and completeing of files. There are also, in my opinion, other important aspects of the lending process that are flawed with ALG that I will not list at this time, but in Adam's case he is telling you one side of the story. If this re-buttal is untrue, than I challenge Adam to post his CPA License dated prior to the 30th of June 2006.

Thank You : )

Adam is correct, his loan was locked at those original parameters listed, for A FULL DOC LOAN at 90-95% with an exception. He is not telling you everything that happend. When we started this process, he had originally stated to us that we had 15 days to complete this loan, this became 10 days. The 90 to 95% loan became 100% with no down payment and he had stated in his documentation that he was a CPA working for an accounting firm, he is not. The truth be told he is an accountant, but he currently is working towards his CPA. When asked to produce his CPA license, he shared with me that he, "did not pass his first round of tests and was studying to fix this." From the beginning Adam knew that this loan was an exception based on his educational level. He is a recent college grad and because of that he would be eligible to use those years towards his employment time, this is a common practice. The problem is, HE HAS NOT COMPLETED HIS CPA EXAM, which means that the investor views his education incomplete, just like a lawyer who has not passed the bar yet. The investor would not do the exception so I had to switch the loan to No Income No Asset (NINA), Which doesn't matter how long he has been with his job, but carries a major hit to the rate, especially to a 2nd at 90 to 100% of value. I worked 16 hours a day for 3 days to get this loan through for Adam, who at the time, was pleased as punch that we were able to even do it at all. I want to urge to Adam that when he post's something on the net to deliberately hurt someones reputation, that he needs to give all of the facts, not just his side. I have since resigned from ALG, not because of Adam, and do not recommend going to them because, in my opinion, they have serious processing, reliability and efficiency issues with their handling and completeing of files. There are also, in my opinion, other important aspects of the lending process that are flawed with ALG that I will not list at this time, but in Adam's case he is telling you one side of the story. If this re-buttal is untrue, than I challenge Adam to post his CPA License dated prior to the 30th of June 2006.

Thank You : )