Complaint Review: American Mortgage Specialists & Vince LaStorto

I've been in this business since leaving the Marine Corps in 1996. Let me express my concern on this topic and yet applaud the consumer on standing up to the plate and apologizing to AMS, the loan officer and everyone involved, and also for accepting responsibility in the transaction.

As a banker, mortgage broker, private investor and real estate developer, I've seen every aspect of this business and I'm sorry to say that one area of responsibility the "Sr. Loan Officer" needs to accept is the inability to explain and or detail the terms of the loan prior to the client going to the title company. I was a Loan Officer for 5+ years and currently train and run a branch as one of my many hats. Situations such as this do not occur so long as you have check and balances all the way through the loan process, the problem is that LO's believe that if they share to much with the client the client may shop and compete your loan with another lender, when the contrary actually occurs. I train my LO's to be upfront and "sell" the client on the worst case scenario because as you know if the client goes to closing and the loan is better then originally described not only will you have a happy client, but you will also recieve many referrals. A Top Producer never needs leads they check their VM in the morning, when they come in the office and have a steady flow of business year after year. My two scents. I plan on using this ripoffreport as an example in my training - thank you

I've been in this business since leaving the Marine Corps in 1996. Let me express my concern on this topic and yet applaud the consumer on standing up to the plate and apologizing to AMS, the loan officer and everyone involved, and also for accepting responsibility in the transaction.

As a banker, mortgage broker, private investor and real estate developer, I've seen every aspect of this business and I'm sorry to say that one area of responsibility the "Sr. Loan Officer" needs to accept is the inability to explain and or detail the terms of the loan prior to the client going to the title company. I was a Loan Officer for 5+ years and currently train and run a branch as one of my many hats. Situations such as this do not occur so long as you have check and balances all the way through the loan process, the problem is that LO's believe that if they share to much with the client the client may shop and compete your loan with another lender, when the contrary actually occurs. I train my LO's to be upfront and "sell" the client on the worst case scenario because as you know if the client goes to closing and the loan is better then originally described not only will you have a happy client, but you will also recieve many referrals. A Top Producer never needs leads they check their VM in the morning, when they come in the office and have a steady flow of business year after year. My two scents. I plan on using this ripoffreport as an example in my training - thank you

You owe Accredited Home Lenders an apology for including their name in this complaint. When you deal with a broker, the lender never has a chance to speak with you directly, and is not in control of the loan you are quoted on. It was the broker's fault for not quoting you accurately, for not knowing what paper work the lender would require, and your fault that you ended up in this situation by not dealing with a direct lender.

Whether this broker wronged you is not in question here; I don't doubt that they did. But you need to take care who you point your finger at, because none of the things that happened to you were Acrredited's fault.

I was the original writer of this letter and wrote when I was angry for a variety of reasons. I later did more research and recently talked to more people and realized that the loan process is complicated. Bryan is correct. I should have done better research and I should have been grateful. I did not realize that at the time.

I am the first to admit when I am wrong. In my original letter I removed all references to real name and read now that the real names are there. For that I apologize. I was wrong.

In the future, I will be more careful and take my time before responding in frustration and anger. Mine was misplaced and Bryan is right. When your credit isn't what it should be, you don't have many options. My frustration was over time and personal issues in regards to the letter I wrote that overflowed in to misplaced anger and frustration.

Thank you,

Ok, First I have to start by saying that I just became a Loan Officer for American Mortgage Specialist(referred to in this rebuttal from now on as AMS) as of today actually. I want everyone or anyone reading this to understand that each branch of AMS is individually operated under the corporate office, also, corporate has no idea of whats going on with files untill they are closed or funded. Additionaly none of the AMS offices correspond with one another in any way, we only report to corporate. So as to all of AMS being bad, NO thats wrong, it was the individual Loan officer/branch and they will be closed down as an office if they are practicing thier business unethially or against state banking rules and regulations.

Now, this is for you Sorry in Mesa AZ...

First of all, some loans can take a bit of time to close, granted they could have not been on top of everything but certain things can stll pop up creating complications. Then the final wrench was thrown in when your husband transferred jobs. This is a HUGE NUMBER ONE NO NO when in the middle of a refinance, I am sure thats what screwed it up the first time, especially if it is not the same line of work. There are only a small handfull of lenders who will do this kind of loan, that is probably why you were recontacted when he found a new program. And all the paperwork you were complaining about, it is all necessary. You have to understand when you are being lent money they need to know everything about your job, especially when it is new employment, they even want to know your expected length of continued employment. It may be no ones fault that your husband had to change jobs, but your complaingning about paperwork is pointless, its all mandatory. So you cant blame anyone for your husband losing his job, thats your fault for wanting to continue with the loan if you thought it would jeapordize your husbands job. AMS is a broker and we are asked of information from the lender, you think he wanted to get all that stuff for fun?!?!? (one mroe quick thing, he could have honestly thought the loan was going to close when he told you that, lenders do wierd things sometimes and issue last minute declines)

Second when you started the new loan, it is like a whole new process again. About them telling you one thing and then doing another within two days, there is an easy explanation. We as brokers have one person to contact with our lenders, if they tell us they can do it, then we send the loan and there is something our point of contact missed, the it will get declined. At that point he needed to find another lender and he did. And your lawyer obviously doesnt know anything about mortgage lending or he would know that sometimes in order to secure a loan that you cant use the husband or wife. There was an issue with your credit, maybe even a score difference of only 20 points can make it so if you were on the loan it wouldnt be possible. It makes no difference who is on the loan only who is on the deed, so that point of yours means nothing now.

And I would get cranky too if I had a borrwer calling my office complaining about people getting 4.5%'s too. Those are for the people with good, spotless credit, those rates arent handed out like candy. These people probably put a lot of work into your loan only to hear you call and complain, thats your fault. Its also your fault you didnt shop and look with another lender, no points there either.

Here is a quote from you
"This whole process was horrible and frustrating and we feel very deceived by the professionals that American Mortgage Specialists and employees profess to be. We feel that they only had their interests in mind and didn't care what kind of loan they got us or what conditions, as long as we signed on the dotted line and they got their commmissions"
You wanted a loan right? You got it, I can tell just from this story that that is the absolute BEST they could do. And you said it yourself, you signed on the dotted line right? You didnt have to. Another point shot in the dirt.

And another thing, with rates being at an all time low people think that a 7.75% is bad?? Wow these are some sad times. You were probbly getting cash out and dont have great credit, I would say you got a decent rate. I hate when you people want everything but dont have the crediot or make the money to do it, you everrything handed to you on a golden platter. Let me tell you something, "We dont always get what we want!".

You needed the money and they got it for you. In my eyes you should be calling him and thanking him for putting months of time into your loan. Most LO's would have called it off after the first turn down, but he kept working on it for you.

And now to your last point that it is a no lose proposition for the lender. That may be right, but we at AMS, or any broker for that matter, dont decide the repayment terms. The lender decides that, so Mr. La and AMS have absolutely nothing to gain from your pre-payment penalty or the lienholders right to start an early default if you are late. You need to take that up with your lienholder and not make it sound like it was AMS's fault, becasue its not. And again another point blown out of the water.

I am going to sum this all up. 1. You wanted the loan, AMS holds no fault for contacting your husbands employer or making him lose further income, that was necessary if you wanted the loan. 2. The interest rate was not bad, your credit just was not perfect. 3. Your husband changed jobs in the middle of the loan process(nightmare). 4. You couldnt be on the loan because your credit was worse than your husbands, or had other debts that he didnt, it doesn't matter if its a community propert state, technically you dont even have to be on deed since it is a community property state. 5. AMS gains nothing from your pre-pay or the early default clause. 6. they got cranky becasue you were comlplainging about not getting something that you werent eligable for. 7. Last but not least YOU signed the dotted line.

The only comlaint you have any grounds on for filing here on this website is the fact that they misconstrued the warranty deed, and that was in conjunction with the title company, so they are part at fault too. So basically you should redo this comlaint and take everything out except for the part about them not putting you on the deed. Other than that, I cant see one thing they did wrong.

I know for a fact if any broker with sub-prime/bc credit knowledge were to read this, they would agree with me completely.

You should call MR. La and thank him for a fine job well done. Nobody took advantage of you, you took advantage of yourself. and it irritates me to see someone have so much work done for them and write such a huge comlaint. When you should have been comlaining about your lack of knowledge the whole time.

I want everyone reading this to know, I mean no disrespect, but doing this job is not easy, and people like this make us look bad, when it is thier credit and past decisions that makes doing thier loans hard.

Thank You,