Complaint Review: LEI Financial - San Diego California

Ripoff Report Verified REVIEWED:

EDitors UPDATE: Positive rating and recognition has been given to LEI Financial for its commitment to excellence in customer service.

Ripoff Reports discussions with LEI Financial have uncovered a commitment by the company to total client satisfaction. This means that former clients of the company worked towards finding a mutually satisfactory resolution to any complaints or concerns. LEI listened carefully to client concerns and saw them as an opportunity to learn from past mistakes and become more efficient as a company in the services they offered and the support for those services.

ALL COMPANIES GET COMPLAINTS, BUT HOW THE COMPANY HANDLES THOSE COMPLAINTS, SEPARATES GOOD BUSINESSES FROM BAD BUSINESSES.



LEIs principal, informed us that his personal philosophy is that clients were a precious resource. As a successful businessman, the owner of LIE feels it is critical to always listen to your clients and respond properly, no matter what business he is in. By always putting customers first, he grew LEI Financial to one of the largest mortgage companies in San Diego and the country, helping 1000's of homeowners with their financing needs until the national credit crunch in 2007. LEI had 100's of loan officers that originated over 6,000 loans. Ripoff Report was informed that LEI was sued a total of 14 times by clients who felt they did not receive the mortgage they wanted. All of these lawsuits have been either resolved, settled or dismissed. Due to the mortgage crash LEI closed its doors just like most other mortgage companies. Although lawsuits are unfortunate they are common for a business of that size (especially a mortgage business with that many employees). 14/6000 or 2/10ths of 1% is not a bad track record.

LEI's principal, admits that the company had challenges that every company does. He listened, he learned, and acted with integrity and only good intentions. The company made mistakes by growing too quickly, hiring the wrong people and not firing those wrong people and takes full responsibility for not taking the right actions sooner.

LEI was a victim of the housing crisis just like many Americans. This happened to many good people across the country. The company was started in order to offer opportunity, and make a positive change in others livesand when the market crashed it became exactly the opposite of what the company first intended we saw peoples true colors. Scared people got scared, Evil people got evil (but still managed to be wolf in sheep's clothing), sociopaths became real, bad apples became rotten, finger pointers blamed others, and good people became better people.

LEI strived to add value in its services and educate its customers. LEI's mission statement says it all: "Our goal is to provide our clients the best quality, value and professional excellence in the industry." Some of the other things Ripoff Report learned in the course of its investigation: typical customer feedback reads: LEI Financial truly communicates all aspects of the process in a timely and effective manner. We are very pleased with the responsiveness that the LEI team showed us. They are serious about meeting commitments, and delivering on all their promises."

LEI took employee satisfaction seriously as well. Employee feedback and surveys revealed comments such as this: "LEI provided a very positive environment to work. Opportunities for suggestions and improvements were always encouraged. Leadership is truly concerned about our contribution to the company and providing growth opportunities for us. The company takes the time to listen and communicate with employees and customers." Ripoff Report was pleased to learn that LEI Financial wanted to set the record straight. And wanted everyone to know they had always pledged their commitment towards client and employee satisfaction. In business they know they cannot satisfy 100% of the people 100% of the time.

LEI recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. They did not want to leave behind any unsatisfied customers

In summary, after our investigation, which included discussions with the former CEO and many of his past and current associates, Ripoff Report is convinced that LEI was committed to quality delivery of services resulting in total client satisfaction.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, its a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer ..

Ripoff Report tied to contact the Author of the Report below they never contacted us back so LEI Financial could make things right with them.

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NOW TO THE ORIGINAL REPORT THAT WAS FILED

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LEI Financial LEIFinancial Decptive Loan practices San Diego, San Diego California, Arizona

I currently have a loan with Washington Mutual which was obtained through your company. After I requested some information about mortgage rates from a general internet page I was aggressively pursued by agents of your company. After some thought I decided to go with LEI Financial for a mortgage refinance in an attempt to avoid a problem meeting all my financial obligations. At the time my FICO score was in good standing some where between 680 and 700. The process started on or about May 25th, 2007Unfortunately the entire process turned out to be a nightmare. Due to numerous delays the loan did not fund until July 17 or 18th of 2007. At first I was lured in by a 1.9 % ARM with no early payoff penalty, which initially appeared to have been accepted. On June 11th I was informed that the appraisal came back lower than expected so the agent had to go back to the loan officer to find a different conforming ARM. After some digging around she was able to find me another ARM but this time at 2.4 % interest for the first year and the rest essentially the same as the earlier loan. After almost another month, by which time had been a little too late to save my FICO score from any further hits, we made arrangements for a loan officer/notary to meet with me to go over and sign the paperwork. This occurred sometime around the 6th of July. While going over the paperwork I found out that with the new loan there would be an early payoff penalty of 3% in teh first year, 2 % the 2nd and 1 on the 3rd, which is not what I wanted but my back was against the wall with no time to find any other loan. I felt pressured into signing the paperwork and accepting the terms. I point blank asked the agent if this loan was for 2.4% for the first year and she assured me on several occasions that it was. The papers were signed and turned in. After another 2 more weeks of hassles the loan finally funded. After that nightmare was over, at least I thought it was, we experienced several more problems. One of the cash out checks meant for Dillard's was actually sent to the Chase Bank address and was actually deposited into their account even though the check was made out to Dillard's. I did not find this out until I received a call from Dillard's stating they had not received payment. Once that was all straightened out I received a call from Radio Shack which was one of the other pay offs that they had not received their check. It was never found so we had to cancel the original and have another cut. Needless to say these further delays reeked havoc on my FICO score which has now dipped below the 550 mark.

Now to add insult to injury I just found out that the supposed 2.4% interest rate was not actually for the first year as stated in parts 2,3 and 4. I am hoping beyond hope that this was a typo and misunderstanding where the date for the first change date was entered as 2007 instead of 2008. If this is not a mistake I feel that this was a very misleading issue. I have been told the rate is actually 8.78%....

I specifically asked the young lady that came to my home for the signing about this and she assured me that the rate would be 2.4% for the first year...I feel that the wording in this document that I signed was totally misleading as well as the loan officer not being well versed on the way the rate changes would take place...I gave up an interest rate of 6.0% thinking I would have a 2.4 % rate for at least a year only to find it's actually 8.78 %...This is deceptive practices which I see as a Bait and Switch...I was lured in with the promise of a 1.9 % rate which I was then told that I did not qualify for. In it's place I was told I would be getting a 2.9% ARM with no early payoff penalty which now has been converted to 8.78 and has a graduated payoff penalty. I had intended to sell the home in after about a year depending on the market.

All atempts to contact or speak to an individual at this company has fallen on deaf ears...Here is an example...To date I have sent numerous emails to no avail...

Sent: Thu Oct 25 17:42:04 2007

Mr. Disappointed,

Due to the fires here in san diego we have had limited staff in the office. I have been out my self attending to my family and was on alert to leave if the fires got closer.

I have passed your email onto the owner as well. And he or my self will be calling you on this matter.

Thank you for understanding and we will speak to you soon.

Thank you,

Angela Najera

Sent: Thursday, October 18, 2007 10:38 AM

> Hello, I am no longer with LEI Financial as the VP of Account Management. I have forwarded your email to the VP of Operations Michael Ross at [email protected] at direct line 858-300-2011; and the VP of Funding Angela Najera at [email protected] at direct line 858-300-3013. They will be able to look into this matter further for you. :)

Nicole

Jaime

Folsom, California
U.S.A.