Platinum Capital Is A Bad Lender And Employer *REBUTTAL
I signed a contract as Branch Maanager, with Platinum Capital Group of Irvine, CA, in February, 2001. I spent thousands of dollars out of my own pocket setting up the new branch for Platinum. I started with 65 loans, many of them were Purchase Loans with Realtors and were a result of long-time relationships. Immediately I found out that Platinum Capital did not pay the bills such as phones, appraisals, credit reports, copier rental, radio broadcast, and office funiture rental, etc...
My experience with Platinum did not get any better. I hired an underwriter who was staffed in my Branch, but she was hired to underwrite for other branches located in Las Vegas as well. Platinum split this underwriter's bonus of $1500 and charged me for $750 when other Branches were to use her services also. Why not split her bonus with all of the Branches that she was going to underwrite for? This underwriter performed her duties on only four loans and decided not to underwrite any more files. For two weeks, she found problems with all the files, complained about furniture and additional items she needed for her office, including a lock on her door, so she could lock up the files. She constantly reminded me that she did not work for me, only for Platinum Capital. It did not matter that she was housed inside of my Branch. I contacted the Corporate Office many times regarding her attitude with no avail.
While trying to accommodate her, there were no loans out of my Branch that were underwritten. So finally I dediced to attack the problem head-on. I asked her to underwrite my files and she continued to work on other files that were not mine. I then asked the underwriter to leave the premises. She refused and the local police were called in. The Corporate Office was contacted and I was told that I should not have asked her to leave or call the police.
After the police were called in, I started having more problems with Platinum Capital. I have 19 loans as of this date that have been funded and closed. Platinum Capital has not paid anyof my bills and have not released any of the money back to my Branch. So I contacted the president of corporate services. He stopped calling me. Then I contacted the general council and he stopped calling me. I called and E-Mailed everyone that I could at Platinum Capital and have not heard from any of them.
Platinum Capital has not fulfilled their obligation to pay all approved expenses incurred by my Branch as stated in the Contract. The vendors are calling us everyday for their money and we cannot get any responses from Platinum Capital. My parents are investors in my Mortgage Company with me as Branch Manager. Although the bills are in the mortgage company's name, our credit and social security numbers were used to obtain the telephones, furniture, a three-year rental lease on building, radio broadcast, copier etc... We are responsible for paying all of these bills. Our names are out in the community and business world and our credit is being affected by these bills not getting paid. My mom is a licensed Realtor and she and my father had FICO scores at 700 & 800. This has changed since Platinum Capital has not paid any of the bills for only two months.
With 19 loans, there should be enough money to pay the bills, and the balance left be sent back to my Branch. As of June 12, 2001, none of the bills have been paid and I have not received any money to keep my Branch up and going.
We are three African American people who are first time business owners, trying to make a decent living for ourselves and our family. Platinum Capital is a large corporation who is ripping of my branch as a result of these very bad business practices. This company seems to be very deceptive and is trying to take over or shut down little small time first-time business owners.
I am currently FILING COMPLAINTS WITH HUD, THE FINANCIAL INSTITUTION DIVISON, LABOR BOARD, NAACP, BETTER BUISINESS BUREAU, CONSUMERS AFFAIRS, EQUAL RIGHTS COMMISSION AND THE ATTORNEY GENERAL'S OFFICE.
I sent in my cancellation notice to discontinue doing business with Platinum Capital and I would also like to be included in the Class Action Lawsuit against Platinum Capital.
1 Updates & Rebuttals
I FELT SO SORRY FOR HER AND HER ABILITY TO SEE HOW SHE WAS DISTROYING HERSELF.
#20
Fri, June 15, 2001
This email is a rebuttal to RipOff #5432.
It was sent by UNDERWRITER at B.PALAZZOLA@PLATINUMCAPITAL.COM.
Platinum Capital Is A Bad Lender And Employer (#5432)
They filed the following rebuttal to the above Rip-Off Report:
Their email: B.PALAZZOLA@PLATINUMCAPITAL.COM
Their name: UNDERWRITER
Their phone number: @Rebuttal_Phone@
Their relationship to the company: Supporter
Rebuttal:
HOW UNFORTUNATE FOR SOME PEOPLE IN THE BUSINESS WORLD THAT CANNOT TAKE RESPONSIBILITY FOR THEIR OWN INADEQUATE ACTIONS AS INDICATED IN THE COMPLAINT ON 6/14 AGAINST PLATINUM CAPITAL.
MY REBUTTAL TO THIS INACCURATE STATEMENT IS ONLY THAT IT IS VERY CLEAR TO ME THAT THE UNDERWRITER SHE IS TALKING ABOUT IS "ME". FIRST OF ALL SHE DID NOT HIRE ME. I WAS HIRED OUT OF THE CORPORATE OFFICE AND PLACED IN HER BRANCH FOR THE COMPANY. 2ND OF ALL THE SIGN ON BONUS THAT WAS GIVEN TO ME TO TAKE THIS POSITION MAY HAVE BEEN PAID IN HALF BY THIS PERSON, HOWEVER SHE AT THAT TIME WAS AWARE THAT I WAS ALSO UNDERWRITING FOR THREE
OTHER OFFICES IN THE SAME TOWN.
I WOULD LIKE TO MAKE IT PERFECTLY CLEAR THAT THIS WOMAN, THAT I
UNFORTUNATELY HAD TO EXPERIENCE, CHOSE TO TERMINATE A PERFECTLY GOOD PROCESSOR ONLY 2 WEEKS AFTER MY START DATE. THIS IN TURN PROVIDED HER WITH NO ONE, AND I MEAN INCLUDING HERSELF, WITH THE KNOWLEDGE OF PROCESSING A LOAN.
LET ME TAKE THIS A LITTLE FURTHER. THIS WOMAN'S ELIMENT OF KNOWLEDGE WAS VERY LOW IN THE INDUSTRY IN MY OPINION. I DID ACKNOWLEDGE THAT I WOULD ASSIST HER IN PUTTING HER LOANS TOGETHER WHEN THE TIME CAME TO TERMINATE THE PROCESSOR BUT HOWEVER YOU MUST HAVE SOMETHING TO WORK WITH. THE LOANS
WERE NOT ACCEPTABLE. EXAMPLE WOULD BE: NO CHECK STUBS, W-2'S, CREDIT REPORT (NOT EVEN AN IN FILE), NO O & A, NO SALES PRICE, NO SOURCE OF FUNDS TO CLOSE, I COULD GO ON. MY RESPONSE TO THIS SO CALLED LOAN OFFICER WAS "YOU HAVE TO GIVE ME SOMETHING TO WORK WITH". LET ME ALSO MENTION THAT THE LOANS WERE NOT IN FEDERAL COMPLIANCE AS WELL, IE., NO TRUTH IN LENDING OR
GOOD FAITH ESTIMATE. SHE HAD ABSOLUTELY NO KNOWLEDGE OF COMPLIANCE ISSUES AND QUITE FRANKLY I AM SURPRISED SHE HAD THE ABILITY TO GET ON THE INTERNET. SHE MUST HAVE HAD SOME HELP FROM "OREGON".
THIS WOMAN'S LACK OF PROFESSIONALIZM ABSOLUTELY AND 100% REEEEEEKED!!!!.
I NEVER AT ANY TIME SAW HER MEET WITH A BORROWER. SHE WOULD HAVE ONE OF HER YOUNG GIRLS TAKE A CLIP BOARD UP TO THE RESEPTIONIST AREA AND HAVE THEM FILL OUT THE 1003 WITH THE BORROWER. HER LEADS CAME MOSTLY FROM HER MOM WHO IS A VERY SUCCESSFUL REAL ESTATE AGENT IN THIS TOWN AND QUITE FRANKLY A VERY NICE PERSON. THE REST OF THE LEADS WERE FROM WHAT SHE SAID
WAS HER RADIO ADVERTISEMENT THAT SHE HAD SET UP WAY BEFORE HER PLATINUM CAPITAL DAYS.
I THINK IT IS PRETTY SAD THAT WHEN A PERSON SEEKING TO SET UP A SMALL BUSINESS REACHES OUT TO A LARGER COMPANY TO HELP THEM AND BECAUSE OF THIS PERSONS TRUE INADEQUACIES CANNOT TAKE THE DIRECTION OF THE PERSON THAT IS HELPING HER. HER LACK OF STABLE JUDGEMENT AND SENSE OF GOOD PROFESSIONAL HABITS WERE HER ONLY DOWNFALL.
HAD SHE LISTENED TO MANAGEMENT COUNCEL WITH OUT DISTRUCTIVE CRITICISZM AND NEGATIVE OPINIONS THAT I MIGHT MENTION SHE SCREEMED THRU THE OFFICE SHE MAY HAVE SUCCEEDED.
LET ME MAKE IT PERFECTLY CLEAR TO ALL THAT ARE READING THIS THAT I AT NO TIME REFUSED TO UNDERWRITE HER LOANS. SHE JUST COULDN'T AFFORD TO STAFF PROPERLY, MANAGE PROPERLY AND CONDUCT HERSELF IN A PROFESSIONAL MANNER, AT "ANY TIME".
I FELT SO SORRY FOR HER AND HER ABILITY TO SEE HOW SHE WAS DISTROYING HERSELF.
BY THE WAY I NEVER SAW THE POLICE THAT DAY SHE WAS SCREAMING AT ME TO LEAVE. SHE WAS OUT OF CONTROL THAT DAY AND COULN'T FACE THE TRUTH OF HER OWN INADEQUACIES. HOW VERY SAD. SHE HAD A GOOD THING GOING.
AS FAR AS MY COMPLAINING ABOUT FURNITURE AND OTHER OFFICE SUPPLIES, MY ONLY ISSUE WAS WHEN I STARTED WITH THE BRANCH I WAS UP AT THE RECEPTIONISTS DESK WHICH WAS ALMOST IMPOSSIBLE WORKING CONDITIONS FOR UNDERWRITING.
THE LOCK ON MY DOOR WHEN WE MOVED INTO THE NEWER OFFICE WAS SUPPLIED BY "THIS WOMAN". SHE SAID IT WOULD KEEP THE LOAN OFFICERS OUT. I CONCURRED WITH HER AND THANKED HER.
WHEN SHE SCREAMED AT ME TO LEAVE THE OFFICE THAT DAY I DID NOT REFUSE TO LEAVE. I IMMEDIATELY CONTACTED ONE OF THE OWNERS AND TOLD HIM SHE HAD SO CALLED PHONED THE POLICE TO HAVE ME REMOVED AND WHAT WOULD HE LIKE ME TO DO. HE INDICATED TO TAKE HE "OTHER" BRANCH FILES, ANY PERSONAL ITEMS I MIGHT HAVE AND LEAVE. THIS IS EXACTLY WHAT I DID.
PLATINUM CAPITAL GROUP IS A GOOD COMPANY TO WORK FOR. I WILL ADMIT THEY DO HAVE GROWING PAINS AND THIS IS ONLY BECAUSE THEY WANT THINGS DONE THE PROPER WAY. IF THESE DISGRUNTELED OFFICES WOULD READ THEIR REGS THEY WOULD SEE THAT PLATINUM IS OPERATING EXACTLY AS THE GOVERNMENT AGENCIES "REQUIRE".
TO THOSE OF YOU THAT ARE SO UNHAPPY WITH THE WAY YOU WERE UNABLE TO MANAGE YOU BUSINESS.
"GET OVER IT", "MOVE ON WITH BUSINESS AND LIFE" "BE PRO-ACTIVE" "ACCEPT THE CHALLENGES SO THAT YOU MAY FEEL THE EXHILARATION OF VICTORY".