Complaint Review: Oakwood Mortgage Corp

To whom this may concern:

I am writing this to dispute the post made about my company (Oakwood Mortgage Corp) and also in my name (Raberta Prince) posted Feb 23rd 2010.   Made by GCVN LLC.  

I have to say that I have never been more devastated in my life as I have never had anyone ever make any bad remarks about me since I have been in the Mortgage business of 8 years nor has Oakwood Mortgage Corp.  There are many strict compliance guidelines that have to be abided by in the industry.  If we as a company do not stay in compliance with every law and guidelines, we could very easily loose our licenses and or get sued or possibly go to jail.   With this being said, we would not ever do anything to jeopardize the business and our reputation.  We have a very highly respected company and very well known in Central Florida area.  We advertise in local magazines and due to our very high standing in the community we earned air time with FOX NEWS every other month or so allowing us to   educate the surrounding area of current mortgage news updates, mortgage interest rates, etc. 

It was a great surprise to learn about this posting against Oakwood Mortgage and Raberta Prince as  the Mortgage broker.  I would like to tell my side of the story in hopes that you will understand what a great impact this derogatory post is making on our company as a whole, not to mention me Raberta Prince. 

Dr Geovanny Chico who owns the company GCVN LLC.  He saw our add in one of the local magazines for Doctors.  Our add stated that we specialized in commercial loans.  Dr.Chico owns a small strip mall plaza.  His medical practice is located in that strip mall plaza along with a few other stores that lease space out from Dr. Chico.  The purpose of him contacting Oakwood Mortgage Corp was that he needed to refinance the strip mall plaza in order to get a lower interest rate to make his payment lower.  My job was to listen and learn about his company then find a lender that would accomodate his loan size.  Commercial loans do take a tremendous amount of time to get all the necessary documentation together to create a package for lenders to evaluate and decide if they can do the loan.  After trying many lenders, we were able to find one that would do the loan size that we needed and also honor the interest rate we were looking for as well making it justifiable to move forward with this particular lender.    One thing led to another and the lender first gave us what we needed then they went back on their word regarding the rate and term.  We had a small dispute between Oakwood Mortgage Corp and the processing manager there (Clint Davis) with the lender called Commercial Lending Capital based out of California. 

Clint Davis was very unprofessional to the owner here at Oakwood Mortgage who was helping me with the dispute in not honoring our rate term they initially gave us.  In Fact Clint Davis of Commercial Lending Capital was rude  and unprofessional that we decided it would be best not to work with them at all.

Here is where the issues really started.....after about 2 or 3 weeks passed by and a representative (ALex Wutiki)  called me along with another manager.  I don't have his name off hand, but I can get that to you at another time if needed.  They called me asking me for the loan again.  I then told them why I did not let them have it and how their processing manager was so rude going back on his word, that we decided not to deal with the company any longer.  They both then proceeded to talk me into letting them have this loan for Dr. Chico because they were very certain they could do this loan and get it approved through underwriting with no problem at all.     They liked everything on paper as far as Dr. Chico's tax returns, credit score was good, generated rental income was good, etc. 

After careful consideration, we decided to go ahead with it only because Commercial Lending Capital literally begged me for the loan and assured of the rate and term we were looking for and apologizing left and right for the .  Once we started the bagging procedures, we were then informed of a required deposited of a total of $8400.00.  This fee paid for appraisal, processing and underwriting.  We were somewhat shocked about this required fee, however in the commercial loan industry, there are lenders that do charge fees do to the amount of work involved to process.  I have never seen a fee this high though. 

The Lender assured Dr. Chico that this loan was very doable making Dr. Chico more comfortable about sending Commercial Lending Capital the Fee.  Dr. Chico was informed that this was non-refundable even if the loan got denied.  This made Dr. Chico more uncomfortable, but they insisted that they can and will get the loan approved.

Dr. Chico signed a legal agreement stating that it is non-refundable.  the lender gave him wiring instructions and the wire was then made directly to Commercial Lending Capital.  No money was paid to Oakwood Mortgage at all.  We receive no money from Commercial Lending Capital either. 

With much surprise,  Commercial Lending Capital denied Dr. Chico's loan due to a few things.  First of all the appraisal came in very low due to the reclining market values.  This resulted in a very high loan-to-value over their guidlines.  Secondly, Dr. Chico was to give us an accurate rent roll.  A rent roll is a spread sheet showing all the name of the companies leasing office space from Dr. Chico.  I had to drive out there personally to see for myself if the rent roll was accurate as I kept on getting inaccurate rent rolls from him that just didn't make sense.  Hi rent roll showed that the largest space he had was being used by part of his medical office.  Once I got to the property, I saw that it was empty and was very worried after that point as I already turned in the rent roll to the lender.  It looked as if the rent roll was intentially misleading.  In the lenders eyes, it appeared that Dr. Chico was trying to hide the fact that the space was vacant.  They were very suspicious of him at that point and also made us look bad as well.  Dr. Chico's defense was that his company did pay the rent of $6000 out of the companies money and he was using this space for medical storage.  All I saw in there was junk.  I really do not know what he was trying to do, but it was clear that the company was paying rent to justify the total yearly generated income, however I did not count it in with the rent roll because I was not made aware of it.  With not having that rental income on the rent roll, it made his required income needed for the loan approval too low.  We then contacted the lender about the extra rental income paid by the medical practice.  They said they could use that as income and will factor it in, but they did not.  When I asked them why they did not add the extra rental income, they said it would not have mattered or made any difference in order to get the loan approved.  The value of the building was just to low. 

With this being said, the loan did get denied when promised that it would get approved.  It appeared that Commercial lending Capital was seeking the Fee and made it legally possible to get it by having Dr. Chico sign a document and made him a promise verbally that they did not keep. 

We feel horrible about this whole thing.  We did not make a dime off of this.  Honestly we feel no amount of money is worth getting our licenses taken away and or getting fined or sued. 

On a loan this size with the amount of work involved, we would typically charge a processing fee.  We did not charge him anything and basically I worked on this loan for 5 months with no pay at all.  I relied on the word of Commercial Lending Capital.  We get commission only in this line of work and if the loan got approved, we then would have made 1% of the loan amount. 

We are now in the process and have been in the process of seeking a refund for Dr. Chico.  We are in contact with their legal department.  We realize that Dr. Chico did receive an appraisal and he is willing to let that amount slide of about $1500, but I am still going for the total amount he paid them of $8100.00. 

Dr. Chico has even sent me a bill of $6100.00 when he should be sending Commercial Lending Capital the bill.  After all, they are the ones that received his money and made a promise to approve the loan. 

I have a legitimate story and feel this posting must be taken off immediately as it is destroying me personally as well as Oakwood Mortgage corp unfairly and unlawfully.  This is illegal to slander a company as well as me Rabert Prince personally when we did not take any money from anyone.  We feel we were also mislead by Commercial Lending Capital and think it is only fair to get this derogatory post removed right away.  It is slander.  Slander is illegal. 

We are seeking legal advise currently and are very serious about standing up for our company and me Raberta Prince in clearing this matter to hopefully remove this post.  We realize this may be a challenge to get this post removed, but will not give up until it is removed. 

Your help on this matter is very much appreciated and if there is any advise you could give us to help us further regarding removing this post, please email us back or you may call upon us here at the office. 

Sincerely,

I have spoken several times in the past weeks with the management of Oakwood Mortgage and they continue to play low and fool about where my money went.  Now this time Michael Schmidlin call me about the ripoff report of his company in this site about me being ripped off $8120.00 beacuse they failed to do their job.   They still refuse to accept that their job was to seek out a lender for me to refinance a loan, and that they FAILED to investigate the supposed "lender-CLC" to be in good standing business.  Unless they were working together to get some sort of pay back from them.  They failed to look out for the consumer.   Michael informed me that he and his company are still talking with Commercial Lending Capital about "getting my money back", well..... wishful thinking..... will continue to fight for my money...so should you.