Steltmen Group - Virtual Branch Not a Mortgage Comany at all Ohio
This is and email that will hopefully save people a lot of Money. The Steltmen group/ virtual branch is not a mortgage company. The main business is taking your montly fees. The following :
The are not backed by a federal charter. ( They could not supply one when my state asked for it.)
There fees on each loan approach $2300. Bteween them and there broker.
FHA are done in violation for the law.
They are not a mortgage company at all. Broker to to broker to broker
The source is Nations Funding Source. Ypu can go direct with no montly fee.
They are not license in every state not even close. In fact Steltmen is not licensed at all.
You cannot use rate sheets
you cannot call the wholsale rep
you cannot order your own appraisal or title
If you are a real professional mortgage broker, you will be very disipointed with this group. it cost me $3500 bucks to find this out. I hope this save you the plunge that i took.. Every thing they say is just to suck you in.
There company is really not set up to close mortgagesit is set up to take your montly fee. Every thing is brokered ( poorly at that). Save your money.
Hogwash
Brunswick,, Maine
U.S.A.
5 Updates & Rebuttals
Chris
Delaware,Ohio,
United States of America
Resonse From Virtual Branch
#6UPDATE Employee
Fri, January 15, 2010
This email is intended to offer a different prospective. I will start by inviting "hogwash" to call me. It appears that you found yourself very frustrated when you worked with TSG/VB and that is unfortunate because many of your claims are inaccurate. Maybe if I could help you with clearing up these issues you would feel differently.
Now in response to what is posted.
The Steltmen Group is not the licensed company and that is clearly stated on the agreement that each and everyone sign's to become a member.
TSG offers a network of lending partners that our branches gain access to use. This system offers more depth then the standard branching system and for many people that is prefferd. Many of the people that we talk to have been with several branches in the past and have had to leave for one reason or another. Now they want a place that offers multiple resources so that they can stop bouncing from branch to branch. We of course realize that this might not be for everyone but those of you who can relate to this can also appreciate the value of a system such as this.
We simply do not and have never charged $2300 in fees. Our fees are simple, we have two programs one of which has a $495 per file fee as well as an unlimited branch which does not have a $495 per file fee. Then of course there are lender fees and our partner fees. ALL of these fees can be passed onto the borrower if you so chose.
Our set up fees are also simple. To set up a branch costs $750 not $3500 and in some cases we will waive the set up fee.
We are not in the business of taking fees, we are in the business of providing a quality solution for mortgage professionals. We of course are in business to make money as are the rest of you.
I welcome anyone who would like to call or email me in regards to this or any other question with The Stetlmen Group / Virtual Branch
Chris Mylin
740-714-4961 Direct
Chris@Steltmen.com
Frank
Sicklerville,New Jersey,
USA
The rebuttal above titled ?????? is wrong, I made a mistake! .. I meant to say / or should have said
#6UPDATE Employee
Tue, November 17, 2009
The rebuttal above titled ?????? is wrong, I made a mistake! .. I meant to say / or should have said / that I have no personal or professional knowledge of the Steltman Group.
I should never have said that because it automatically assumes that the previous are accurate and there is no way for me to know that -I was also giving my personal point of view and made it seem like I speaking on behalf of a company - and that was wrong.There are pro's and con's with every opportunity out there - and that seems more appropriate.
Frank
11/17
Frank
Sicklerville,New Jersey,
USA
To Clarify What I said
#6General Comment
Tue, November 17, 2009
In my overzealous effort to stand up for a company that I believe in ...
I may have painted picture of the Steltman Group that is NOT accurate.
While I do not have any personal dealings with them while I was trying to say and
I will say it again to clarify is that if they are a company like all other companies.
Everybody has something to say about every company out there...
You can find someone angry at Walmart or Target or Best Buy -
That does not mean that those are bad companies it just means you can't please
everybody. I do know that they have been around for a long time and plenty of
lo's out there that are very happy with their program.
I also want to be clear that I was speaking from a personal point of view.
Frank.
Frank
Sicklerville,New Jersey,
USA
Just to clarify where the problem is
#6UPDATE Employee
Thu, October 08, 2009
Steltman Group may be some form of marketing company and I can't speak to what they where doing - But to be clear Nations Funding Source is licensed as of today (10/8/09) in 46 states with FHA and VA approval across all those states. If Steltman was signed up with Nations and they were sending files in their own name while engaging in the marketing that was described here - then yes that is terrible.
I've heard negative things about Steltman and just want to clarify that we are not them.
That has nothing to do with Nations Funding Source.
We are licensed in 46 states - as of today we are only missing 4 states
(Michigan, Wisconsin, Ohio, and Washington state).
All other states we are fully licensed - you can also check on eagle status with FHA
and the Veteran's Administration.
Please call me with any questions and I will point you to factual data to show that
Nations Funding Source is licensed as described with no nonsense approach to business.
Frank - 856 258 2518
Executive Vice President
Nations Funding Source
Sean
Providence,Rhode Island,
U.S.A.
Just Signed up
#6REBUTTAL Individual responds
Sat, May 23, 2009
Your comment was schocking I am a loan Officer of 10 years. Is their anything else you can tell me. To clarify what you posted are you saying they charge $2300 on top of lender fees, title etc? I thought they charged $495 and the $29 bucks a month