- Report: #168916
Complaint Review: Arbor Mortgage - Grand Rapids Michigan
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Author Confirmed
Why?
Arbor Mortgage
2311 East Beltline, Suite 200 Grand Rapids, Michigan, U.S.A.
Phone:
616-974-1000
Web:
N/A
Categories:
Business Rating:
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Tell us has your experience with this business or person been good?
Arbor Mortgage Ripoff They forced me to charge outrageous fees and screw customers over all to make more money for the company and the President RJ Grand Rapids Michigan
From the ay i started working at Arbor Mortgage i felt uncomfortabe. There were employees in there who made fun of there clients calling them deadbeats and our managers demanded that we charged as much money as we could when we were refinaincing customers and told us to lie to the customers about their credit scores. There were times when other employees would start a competition to see how many clients they could make cry by telling them "they dont deserve a loan because they are the one's that were so dumb that got themselves into these situations in the first place." The president RJ wncouraged us evey Monday morning meeting to never tell tyhe client what we were charging them in fees and never tell them the appraised value of there house. He also told us to use the technique of telling our clients not to pay their bills during the refinancing process so they would not have an optin to go anywhere else. I worked at Ameriqust before Arbor Mortgage and i thought they were bad but Arbor is the worst company i have ever seen and i they want to do is screw the consumer over!!! I feel so bad that i even worked there. Please everyone stay away...this guy use to run Commonpoint Mortgage back in the 1990's whic was shut down because of fraud and such!!!!
Jimmy
grand rapids, Michigan
U.S.A.
Jimmy
grand rapids, Michigan
U.S.A.
2 Updates & Rebuttals
Jim
Grand Rapids,Michigan,
U.S.A.
High Cost Lender
#2UPDATE EX-employee responds
Tue, December 05, 2006
Adding to the above report, this company does charge very high fee's. Much of what has been stated is true to some respect and in another it is not. This company does in fact promote charging very high origination costs to there loan officers. The loan officers are also trained to show the homeowner ways to save money by paying any and all loans, credit cards, home improvements and so forth by way of new mortgage loan. That being said, many unsuspecting Arbor home owners loose large portions of there home equity to the new larger Arbor mortgage loan. In the end the home owner (in situations) comes to realise there new loan is at 100% of the homes appraised value or more. Some of the actual clients have been unable to refi out of there adjustable mortgages that Arbor has placed them in and come to realise that the adjusting interest rate on the Arbor loan is unbearable to manage making payments thus loosing there home. This being actual sitiuation I know of from a Arbor mortgage loan that was originated. Buyers need to beware and always shop around!
Jim
Grand Rapids,Michigan,
U.S.A.
High Cost Lender
#3UPDATE EX-employee responds
Tue, December 05, 2006
Adding to the above report, this company does charge very high fee's. Much of what has been stated is true to some respect and in another it is not. This company does in fact promote charging very high origination costs to there loan officers. The loan officers are also trained to show the homeowner ways to save money by paying any and all loans, credit cards, home improvements and so forth by way of new mortgage loan. That being said, many unsuspecting Arbor home owners loose large portions of there home equity to the new larger Arbor mortgage loan. In the end the home owner (in situations) comes to realise there new loan is at 100% of the homes appraised value or more. Some of the actual clients have been unable to refi out of there adjustable mortgages that Arbor has placed them in and come to realise that the adjusting interest rate on the Arbor loan is unbearable to manage making payments thus loosing there home. This being actual sitiuation I know of from a Arbor mortgage loan that was originated. Buyers need to beware and always shop around!
