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Paramount Mortgage and Bond Company H. John Frank, Jr., President, Corporate Abuse and Exploitation... blood sucking greed from the most vulnerable in the name of PROFIT St. Louis, Missouri
BEWARE - Paramount Mortgages position on compensation practices include profiting from unpaid expenses to withholding of compensation pay on commissions resulting from closings of loans originated from employees who have resigned or terminated employment. Despite their reassuring promises of such compensation to multiple employees (or why would employees leave their loans and not move them to their new companies), there is an obvious pattern of intentional deception in the name of CORPORATE GREED, praying on the most vulnerable, hard working and under paid. If you are fortunate enough to get a commission, Paramount Mortgage also goes above and beyond ways to make sure that they can extract the maximum dollar from each and everyone of their commissions by short paying you as well. Apparently their 75% profit isn't enough and they need to take from your 25% too.
Their hiring practices could be compared to revolving door. This process gives them the ability to confiscate commissions and steal contact database lists from unsuspecting employees for their benefit and ultimate bottom line. Example: The Florida branch over the last 6 months has gone through 6 employees. 4 remain, including the branch mgr and 2 are new hires.
All I can say is that we are a tight knit community here in Florida and your reputation is growing. Taking pay from families and single mothers who are struggling, then lying about it, doesn't fair well here in the south. Do us all a favor and go back to St. Louis, we've had enough of a bad rap here in Florida with unscrupulous lenders and predators of the most defenseless.
Lastly, I thought it was extra special to have the branch manager, Jim Gates, fire an employee right before Christmas in Florida. What kind of a company does this? Oh wait.... maybe one who honors their new God of the world's leading religion "Corporate Greed".
Paramount Mortgage "Expect to be SCREWED"
2 Updates & Rebuttals
Corporately abused and Exploited
Dunedin,Florida,
USA
Money Grab...
#3Author of original report
Sat, April 16, 2011
Paramount Bond and Mortgage Co., Inc.
Paramount Bond and Mortgage Co., Inc. (Paramount) agreed to pay a civil penalty to HUD in the amount of $68,500 and indemnify HUD for any losses which have been or may be incurred with respect to seven FHA-insured mortgages. HUD and the St. Louis-based mortgage lender also agreed that the company repay FHA $146,397 in insurance claims already paid on two loans.
Todays actions are part of a broader enforcement effort by FHA against mortgage lenders for violating its requirements.
Source: HUD
Corporately abused and Exploited
Dunedin,Florida,
USA
Guess They Need the Money!!!!
#3Author of original report
Sat, April 16, 2011
Paramount Bond and Mortgage Co., Inc.
Paramount Bond and Mortgage Co., Inc. (Paramount) agreed to pay a civil penalty to HUD in the amount of $68,500 and indemnify HUD for any losses which have been or may be incurred with respect to seven FHA-insured mortgages. HUD and the St. Louis-based mortgage lender also agreed that the company repay FHA $146,397 in insurance claims already paid on two loans.
Todays actions are part of a broader enforcement effort by FHA against mortgage lenders for violating its requirements. Within the past year alone, FHA has suspended several high-volume FHA-approved lenders, including Taylor, Bean and Whitaker and withdrawn FHA-approval for 354 others, including Lend America and Financial Mortgage USA. That is a significant increase over
2008, when only 28 lenders lost their FHA-approval.
Source: HUD