First American Lending Broker ripoff uses bait and switch, fraudulent contracts, never returns calls, deals with crooked companies ST LOUIS Missouri
I am writing to anyone that has been duped by First American Lending to get a mortgage. I found this company off the Mortgage Expo site while searching and investigating possible loan options for a house that I was in the market to buy. I was contacted in June 2004 by a Joseph Lopp, broker for First American Lending, and was told by him that since my credit was so outstanding that I qualified for any loan amount that I wanted. The sad truth is is that this individual duped me and promised me an interest only loan for the first 2 years on a 2/28 ARM loan.
He said that I would not have to pay PMI if I went with an 80/20 loan. The second mortgage being through Citicorp, the first through First Franklin aka National City Mortgage. The second mortgage was supposed to be a HELOC loan through Citicorp, who I have never spoken to prior to closing, and the second through crooked First Franklin. My loan became and interest and principle loan with First Franklin and I received my statement that said I owed $1142 which was the combined payment of the two mortgages.
So I paid it to First Franklin thinking they would disperse the payment to Citicorp. Well, come to find out the reason I never received anything from Citicorp was because the broker, Joseph Lopp, requested my coupon book go to First American Lending. This is why I was sending $1142 to First Franklin and not just the interest part to them. They were applying the full amount to their loan all the while Citicorp's payment was late for 2 months. These people do not return their phone calls and First Franklin will not even talk to us about correcting this issue.
They said we had to go through the broker, Joseph Lopp. Everyone at the closing and the title company read the paperwork to read two payments to two separate loan companies and all correspondence from the broker spelled out the break down of the loan. We were duped by this poorly managed company with their teeny bopper receptionist who by the way never forwards messages of a return phone call, she always says he is on the other line or he is out, but we never get a phone call from him or Joseph Lopp.
Marty Issa, president, received numerous phone calls from us and has yet returned one. He has admitted that they were at fault. The paperwork went to First Franklin supposedly as an interest only but someone put the second mortgage on First Franklin's cover page. We have no second mortgage with First Franklin and have explained this to all parties involved but noone will correct it. Also, the underwriter of the loan, Todd Conoway, works for National City has told me after numerous phone calls and a huge cell phone bill that I now have to sign an amendment to the contract if I want this corrected and I just found out they sold my loan to Homeland Services. This loan just closed at the end of July 2004 and now they have sold my loan even though it is not correct. This was a fraudulent deal.
I did not even get the low interest rate that comes with a 2/28 ARM. Interest rates have been the lowest they have been in 40 years and they tried to give me an adjustable rate loan at 7 %. If anyone has had a similar event with any of the named companies let me know. I am talking with an attorney and we are looking to get a class action lawsuit together.
Let us work together to put these people out of business. They, National City, want to charge me $2000 plus dollars to correct their mistake. I will not modify a loan that is fraudulent on top of pay for their mistake. Everytime I talked to a customer service rep at First Fraklin, aka National City, they wanted money. What a shame that this broker tried using his sick mother to gain my sympathy!
I cried and prayed for this broker's mother just to be duped by him and his company. Beware of this company and all associated companies. First Franklin, National City, First American Lending. They are all the same: a bunch of crooks.
Mary
st. louis, Missouri
U.S.A.
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3 Updates & Rebuttals
DEBORAH
DESOTO,Missouri,
Madagascar
I Have to dissagree with the comments made about
#4Consumer Comment
Sun, November 07, 2004
I had been searching for two years for someone to refinance our home and 12 acres.I was very discureged.
Joseph Lopp called one day from First American
Lending asked if i would like to refinance
I said no at first and he proceeded to tell me
interest rates were down and now was a good time to refinance
I then explained to him I had been tuned down bye other mortgage co. and told him my circumestances.He got to work on my loan and he
keept me well informed got me approved lowered
my payment dropped my interest rate got me cash back knocked five years off our loan .It wasnt an easy task to get my loan refinced but he did it when no one else would.
AND I do and have recomended Joseph Lopp at First American Lending in fact I took my mother to them and she was also pleased with joseph Lopps service he got her refinaced we didnt encounter any disatisfaction.
Joseph Lopp at First American Lending also heLped
my son to get finaced to buy a home and he is very happy with his loan and Josephs service'
My husband also sent a friend from work to
First American Lending and Joseph Lopp was his
loan officer also another satisfied customer
he to was able to get a loan to buy the home he wanted .Every loan is different but I believe
Joseph Lopp and First American Lending done a terrific job satisfying our family and friends
needs. I believe Joseph Lopp is a very well groomed, polite, honest, hard working family man and would never use his mother for sympathy .
Haveing a mother with cancer is no easy
thing to face.
David
St. Charles,Missouri,
U.S.A.
Hard to Believe
#4Consumer Comment
Sat, November 06, 2004
It's hard to believe that Joseph Lopp is that crooked. He was referred to me by a friend. I called him in July of 2003. I didn't purchase my home until October of 2004. He was the most patient person I had delt with. Everyone else I had talked to in the past gave me the same line, "still at all time 40 year lows if I don't hurry up and buy a home I will miss out". Problem was, I had never bought a home before and I was worried about getting in over my head.
Also I was wanting to buy a home in St. Charles which is extremely expensive and just about out of my budget. After about 50 or 60 phone calls asking Joseph how much my payment would be on this home or that home I finally found a home that I could afford. It was a 2 unit duplex. Joseph was able to secure a payment that I could afford. I as well was told I should split my mortgage up to prevent pmi insunce aka mortgage insurance, and that is exactly what it did. Also my second mortgage went thru Citi home equity or citigroup or citicorp they're all the same company.
Now my payment book didn't come to my house either it went to my previous address which was handled and resolved quickly. Citi said that this happens quite often. Joseph was an extreme help on my loan and not once did he rush me or try to get me to do something I didn't want to do. i also recieved a package in the mail with rates totally different than what he quoted me. However he had explain that the banks often over diclose to prevent lawsuits. I checked it out and that was exactlly what the bank told me. When you submit a complaint on someone. You better make sure what you say is the complete truth. I don't doubt that there was a mistake made at the closing of your loan, but I would bet my life it didn't have anything to do with Joseph Lopp. Working with him for that long of a period of time I had come to know a lot about him and his character. He is an honest business man and a father of two young girls and these negitive accusations could seriouslly harm his work and his family.
So in the future if you really are what you claim to be (God fearing person)you might want to think a little longer before making such slanderous statements towards someone like Joseph. Buy the way I have come across many dishonest people in my time and I don't think even those people would use their sick mother as a excuse. If there is a next time leave her out of it. In conclusion I do hope everything gets resolved for you in the end. Please post this on the web people need to hear both sides.
Sincerely,
JEFF
EDWARDSVILLE,Illinois,
U.S.A.
UNLIKELY SITUATION
#4Consumer Comment
Sat, November 06, 2004
While it is obvious that these customers are dissatisfied with there transaction, I find it very unlikely that some of there comments are not embelished. I worked with Joe ( the broker ) for quite some time before he entered the mortgage services field. I can say that he has always been a customer focused professional and never would have treated these people as they describe. In the many years I have know the Lopp family they have always been honest and caring in all of there endeavors. He has always been proactive in his customer service and willing to go out of his way to help in every circumstance. I hope that anyone that may read this report looks deaply into the reputations and credentials of all parties involved.
Sincerely,