Complaint Review: Epic Mortgage Company - Stratham New Hampshire

Hi, I just wanted to forward a rebuttal I got regarding my complaint on Epic Mortgage. We are going to do what he suggests and wanted to inform you too! Hopefully, the more complaints into this company will help to stop their current practices. Kerry Wilson, Westford Mass Rebuttal UPDATE EX-employee responds Submitted: 8/7/2006 3:00:54 PM Modified: 8/7/2006 3:00:54 PM I Am an Ex-Employee of This Company I was hired by this company responding to a help wanted ad that specified they were hiring only unknowledgeable and inexperienced persons as mortgage agents. They would teach us the mortgage "business" "from the ground up". However, we were educated in only one loan and given a canned sales presentation to sell it. Sales lead appointments were provided all agents from a telemarketing room run by Steve Matars of Rhode Island, a seemingly "silent" part-owner of this company. The canned presentation was written in such a way as to confuse what is a "pay" rate with an "interest" rate. Consumers could "pay" at one rate monthly, but that "pay" rate was NOT the interest rate. Consumers were led to think, according to the presentation, that the "pay" rate was the same rate as whatever was the genuine "interest" rate of the loan, though they were percentage points apart. Even as a sales person for this company *I* did not understand this until just before my departure from this company. Other former agents will agree with this. I still have a copy of my sales presentation and all sales materials. This loan is an arm. The interest rate you are now paying is even greater than what was the fully indexed rate of the loan (genuine interest rate being paid) when you signed up for it. Since the 'interest' rate is much higher than the 'pay' rate, the difference is simply added to the principle of the loan, which, of course, goes UP. And at some point, even your "pay" rate will go UP with the added principle, and possibly higher interest/index rate. So if you pay only the "pay" rate you are not even paying in enough to cover what you are actually accruing in interest charges right now. Plus you probably have a significant prepay penalty for 3 years on that loan, which makes it costly to refi now. Also, consumers were told that the lending company was a subsidiary of Berkshire-Hathaway, a Warren Buffet company. It never has been nor is today remotely connected to Buffet or B-H. I suggest you file a complaint with the AG and state Banking Commission that licenses all such firms. I am willing to help with any such endeavor as you may have. John Windsor Colorado John - Windsor, Colorado U.S.A.

Hello, My name is Bill with thomas family mortgage in rochester NH. What you have is what is called a pay option arm. It starts out at a low interest rate and adjusts after that. It is technically a negative am loan. Your minimum payment for the first year is determined from the 1.25% interest rate. When you get your mortgage payment each month you most likely have 4 choices of how you want to make your payment. Anytime you make the minimum payment, the remaining interest gets added to your loan as principle. So you may have started out with a 200,000 loan and now owe 210,000. Not a good loan for primary residences. This loan should only be available to investors or landlords. I have experience with these loans but have never put someone like yourself in one for this reason. You should be on a fixed rate loan, and I suggest applying for one to avoid tacking on more interest to your balance. I would leave my number but they delete it. Good luck!!