Tom
Palm Bay,#2Consumer Comment
Sun, June 25, 2006
dear original author. the guy at ageis more than likely DOES know who they portfolio to. Unless he is a newbie who is in the dark still. However, if you were refinancing just to get away from Fairbanks, then he d**n well should have FOUND OUT if fairbanks is one of their investors they sell to. But he didnt. why? Sure as hell because if he DID find out, he would have trouble justifying it to himself that there was NO POINT to the loan. However, being a munney grubbing little so and so, he purposefully did not even inquire and refied you with the flimsiest of exuse that 'he didnt know' . Why? TO SELL THE LOAN AT ANY COST. Every single Account rep that i ever talk to knows d**n WELL who their investor groups are. So no -i dont believe he didnt know or couldnt find out. Its total BULL. However, if you had no lates or collections on your credit bureau, you could have gone fannie mae -almost regardless of your fico, in other words FHA and got PRIME interest rate. you see, as a professional broker, i know for a fact this lender ageis and others are just 'middle men' who fund the loan then immediately sell it. Thank god that they are starting to get forced out of the market. They DEPEND on direct homeowners and new loan officers to NOT KNOW BETTER and find other avenues. sorry that you got mixed up in this sub prime balony company.
Mike
Smithsburg,#3UPDATE EX-employee responds
Sat, June 24, 2006
Ok...so you got on some database about mortgage lending because of either your FICO or past history...or someone sold your name to a company who buys lists. Either way, $50K for a minimum loan is the case with MOST companies....that is UNLESS you are dealing with a home equity loan (line of credit) which is not the same thing at all. Companies also don't just try to foreclose on you without some good reason. You had to F* it up somewhere along the line either by missing a payment (or two) or directing them to the wrong place, or not paying attention to your taxes and what was applied to that versus your loan...via escrow. If you don't pay attention to that, those will get you no matter who you are with. Anyway, I worked with Aegis and can't say enough good about them. Not just tooting my own horn, but I do miss being there (moved due to other circumstance or I still would be) and I have the credentials to back up my angle here. Aegis bought UC Lending. Just like anyone buys a screwed up company and turns them around, that was just a small part of who Aegis grew from. Fairbanks has NOTHING to do with them in the least. They do suck...really bad! They just happen to be the broker in the deal who was the original source of your woes. Aegis just bought the thing from them...as it was written by THEM, not Aegis. Nobody, not GOD HIMSELF can change your original terms. If you are lucky enough to have caught up on your bills, I congratulate you, but having a foreclosure on your record haunts you for many years...and you aren't likely to get SQUAT for about 3-5 years from anyone, much less the time of day. Though I feel empathy for you...you did read the paperwork and had a chance to back out scott free within your recission period, not owing anything. Stop blaming other lenders for Fairbanks shortcomings...they were the one who screwed you. Everyone else just inherited the mess from them. They didn't cause your foreclosure...YOU DID by somehow missing payments enough to get them to call the terms on the papers you supposedly read before you signed...remember them? I wish there were an Aegis branch close to me --- I would definitely return. I have a great experience with them, they were good teachers, and had very solid integrity as well. Maybe some crackerjacks tried to get in from other shady companies, but they always got canned very quickly once they realized that they couldn't get away with what they did at Ameriquest or Fairbanks. Maybe you should try renting for awhile and building up your credit. Watch your FICO until it's in the 700's...and pay your damned bills on time too...that'd help. Then go out and try to buy a home that you can actually afford to make payments on instead of one that eats up 50% of your monthly budget...which obviously cost you more after all the add-ons a home has. Sounds like you didn't have much experience...and still don't. I would suggest some further research and also don't trust that realtor who put you into that home and allowed that to happen to you too.
Jeffrey
Mpls,#4Consumer Suggestion
Sun, June 18, 2006
i heard fairbanks went belly up. i also went through uc lending. scam artists aegis mortgage are partners. i was with aegis they screwed me really bad. scam lies crooks just kept trying to forclose on me, i also was told by uc lending that i couldnt get a loan for less than 50,000 on my house, i owed around 36,000 on a contract for deed, i fell for it, got 13,000 at close, started getting screwed by aegis right away. i am with another bad lender right now, i have been with 3 corrupt companies. i still get letters saying i am approved for a refinance through aegis lending formally uc lending. maybe uc lending has had its doors closed also but they are now aegis, crooked crooks let me know whats happening, cant anyone stop theese crooks?
Jeffrey
Mpls,#5Consumer Suggestion
Sun, June 18, 2006
i heard fairbanks went belly up. i also went through uc lending. scam artists aegis mortgage are partners. i was with aegis they screwed me really bad. scam lies crooks just kept trying to forclose on me, i also was told by uc lending that i couldnt get a loan for less than 50,000 on my house, i owed around 36,000 on a contract for deed, i fell for it, got 13,000 at close, started getting screwed by aegis right away. i am with another bad lender right now, i have been with 3 corrupt companies. i still get letters saying i am approved for a refinance through aegis lending formally uc lending. maybe uc lending has had its doors closed also but they are now aegis, crooked crooks let me know whats happening, cant anyone stop theese crooks?
Jeffrey
Mpls,#6Consumer Suggestion
Sun, June 18, 2006
i heard fairbanks went belly up. i also went through uc lending. scam artists aegis mortgage are partners. i was with aegis they screwed me really bad. scam lies crooks just kept trying to forclose on me, i also was told by uc lending that i couldnt get a loan for less than 50,000 on my house, i owed around 36,000 on a contract for deed, i fell for it, got 13,000 at close, started getting screwed by aegis right away. i am with another bad lender right now, i have been with 3 corrupt companies. i still get letters saying i am approved for a refinance through aegis lending formally uc lending. maybe uc lending has had its doors closed also but they are now aegis, crooked crooks let me know whats happening, cant anyone stop theese crooks?
Jeffrey
Mpls,#7Consumer Suggestion
Sun, June 18, 2006
i heard fairbanks went belly up. i also went through uc lending. scam artists aegis mortgage are partners. i was with aegis they screwed me really bad. scam lies crooks just kept trying to forclose on me, i also was told by uc lending that i couldnt get a loan for less than 50,000 on my house, i owed around 36,000 on a contract for deed, i fell for it, got 13,000 at close, started getting screwed by aegis right away. i am with another bad lender right now, i have been with 3 corrupt companies. i still get letters saying i am approved for a refinance through aegis lending formally uc lending. maybe uc lending has had its doors closed also but they are now aegis, crooked crooks let me know whats happening, cant anyone stop theese crooks?
Joe
Platteville,#8Consumer Suggestion
Mon, February 14, 2005
FYI that there is never any guarantee who your mortgage will or won't be sold to after you close. Larry probably had no idea and the lender who was the FUNDING bank may not have known either. Loans are typically put together with other loans and sold on the open market (a.k.a. Wall Street) and whomever bids the most on them gets them. Many times, the loan officer obtains the loan from a broker and is not working directly with the lender who is funding the loan (giving you the money) and if anything changed from when you started to closing (i.e.: you went and spent money or your credit got worse...anything like that) then when that lender pulled your credit the day of closing, and found it was different, they may have gone and found another lending bank without telling the loan officer. There is no requirement to show you who is funding the loan...but you are always wise to ask if you can in a broker situation where you aren't dealing with a direct lender. A direct lender funds their own loans...but still they can be sold like described. Sounds like in this case, that Larry was just the middle-man between you and another broker who actually shopped around and found you a funding bank that would take your loan. In that case, how can Larry know who is funding the loan...it's not usually possible since they are bundled together and sold on Wall Street once they are closed. That's the lending world today...anywhere you go. Either way, Fairbanks sounds like they bought the loan from the broker that found you a loan...with Larry and Aegis just acting as the facilitator to gather the documents needed to close. It should have been disclosed to you somewhere on closing documents who was "servicing" the loan or taking over if it was sold at the time of closing (which does happen). Either way...do what you can to get away from Fairbanks...but they have no association with Aegis except that Aegis happened to collect the documents to get your loan closed with some other broker that ended up selling it to them. Make sense?