Complaint Review: Market Place Mortgage TRUSTED Business | Verified Safe™ …businesses consumers can trust. Market Place Mortgage an independent mortgage bank founded in 2008 dedicated to client’s goals of homeownership with low or no closing costs at very low interest rates. Market Place Mortgage’s ethical business model requires the company to internally cap its revenue from the secondary market in order to rebate back to the borrower extra profit to reduce their costs. - Lombard Illinois

Ripoff Report REVIEW /Commitment to Customer Satisfaction

Market Place Mortgage Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program -- a long name for a program that does a lot for both consumers and business alike.

Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program -- a program that benefits the consumer, which helps to increase consumer satisfaction and confidence when doing business with a member business Verified By Ripoff Report.

When a company or individual joins the Ripoff Report Corporate Advocacy Program, they must make a commitment to us - in writing - to 'doing whatever it takes to make things right with their customers.' What does that mean? It means that Ripoff Report expects that members of our Corporate Advocacy Program will review and respond to ALL customer complaints promptly. It means that every complaint will be taken seriously, and every customer will be treated fairly and with respect. It means if a customer did not receive what they expected, the company will work with that customer to fix the issue. It means that if a customer requests a refund and if there is any reasonable basis for that request, we expect the customer will be given a prompt refund (some refund requests may not be reasonable, so this does not mean a refund is guaranteed in every case). "Making things right" can mean lots of different things to different people, but our point is this - by working closely with the company or individual to resolve any disputes, Ripoff Report can track the footprints of customer service to ensure that our Corporate Advocacy Program members are doing everything they can to treat customers fairly and to increase their customer satisfaction.



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



Ripoff Report Verified™ .. part of Ripoff 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..

By ED Magedson - Founder, Ripoff Report

Market Place Mortgage approached Ripoff Report with the intent of wanting to resolve any customer issues and reports posted on Ripoff Report.

As a Part of the Corporate Advocacy Program the member business allows Ripoff Report to send an email to all of those who filed a complaint in the past, letting the customer know, the member business wanted to make things right with them, whatever it takes to do so. Ripoff Report always monitors these emails to insure the member business does what they agreed to. The people at Market Place Mortgage did just that.



MARKET PLACE MORTGAGE CONTINUES TO CLARIFY WHO THEY ARE AND WHAT THEY CAN DO FOR CLIENTS

" Founded in 2008 Market Place Mortgage is a medium sized mortgage bank with the goal of filling a gap in the market of providing excellent transparent personalized service through every step of the process. Tailoring solutions for their specific situation of the client while at the same time offering low rates and low or no closing cost options beyond the extent of other companies. We work hard to fulfill our client’s goals and fully advise them on the full spectrum of mortgage options with the least costs and lowest rates of interest for them to be able pay it off their mortgage with the hope of a secure retirement for the future.

Getting a mortgage is not always simple so it is good to work with loan officers with many years of experience who have seen your scenario before. The loan officers have all the tools they need to prescribe the correct lending options as every client is different. We like to use the analogy that we are like a grocery store that bakes its own bread but also offers other brands on its shelf to offer every possible option to the consumer in the Market Place. Where other lenders may not offer a loan product that may help the client because it is not as profitable for them Market Place Mortgage will because our first priority is always the customer.

Market Place Mortgage can do this because we put the customer before the corporate shareholders. We access the wholesale markets for the client because we are transparent on our revenue internally to our employees and externally to our customers. We are paid ultimately by institutions like Fannie Mae or Freddie Mac and it is not necessary for the customer to be charged large closing costs as a result. We disclose what we are paid to everyone at closing and we internally cap our revenue so that the employee is not incentivized to overcharge the client as our competitors may do. Because of this we can negotiate terms on the client’s behalf that allows for a rebate to buy down the interest rate and or pay closing costs for them. Like the Amazon business model, we believe in affordable retail access to large wholesale markets. It is our repeat client base, referrals and high volume that have made this a sustainable business model for the past decade for us to subscribe to.

Ultimately when buying a home, it is always best to keep your hard earned money in your pocket. Keeping closing costs down allows you to use the savings to improve the home once you buy it instead of incurring credit card debt. Getting a lower rate and saving tens of thousands of dollars in mortgage interest on the life of the loan is money that can now go to paying off your home faster or for your children’s college education. It is important to talk to Market Place Mortgage when making the biggest investment of your life. Please see the link to our website showing an example of the math. Numbers do not lie.

https://www.marketplacemc.com/closing-cost-credits-mortgage-calculator.html



WHY MARKET PLACE MORTGAGE IS BETTER THAN THEIR COMPETITORS

”LOW RATES AND CLOSING COST CREDITS THROUGH INTERNAL PROFIT CAPPING AND INTERNAL COST SAVINGS

Our Mortgage Bank is privately held and because of this our primary goal is not purely to maximize profit for corporate shareholders, instead it is to put the customer first. This is reflected with our smaller profit margins that are passed onto customers in the form of the lowest rates in the industry saving them tens of thousands of dollars in interest and/or closing costs credits that save them thousands of dollars at the time of closing. Like all mortgage banks the majority of our business is paid for indirectly through selling mortgages to Fannie Mae, Freddie Mac, Ginnie Mae (aka FHA), VA or USDA. We are paid based on the rate in that the higher the rate the more we are paid. At higher rates Fannie Mae or Freddie Mac can generate a higher price for mortgage backed securities that are sold to Walls Street pension funds or mutual funds. We internally cap our profit and pass on any excess profit in the form of closing cost credits or very low rates. We work on the same principles as Amazon and Costco in that by avoiding the expense of retail locations in an internet age. We keep expenses down and pass this savings on to consumers. Money like water is a generic commodity created in Washington D.C. so the key is to get it for our customers at the least cost and this is something we try daily 24/7 to accomplish.

GRANTS FOR DOWN PAYMENT

Part of the concept of capping our profits internally allows us to sponsor a grant program that helps customers with a gift for their down payment. Based on certain qualifications, a customer may apply for a grant through us to buy a home for less than one percent of the purchase price. This is a fantastic program to help those who otherwise are not able to save for a large down payment. No longer do they have to defer their dream of home ownership for months or years. Our grant of 2% to 3% of the purchase price in conjunction with our Freddie Mac Home Possible, Fannie Mae Home Ready or FHA programs that require only 3% to 3.5% down makes it possible for our customer. No longer does our customer have to wait to become a home owner and become a stakeholder in the American Dream. Many of the costs of homeownership are still tax deductible and as a result purchasing a home may cost less than renting. This program is a huge savings. Unlike other government programs, our program has no catches and no second mortgage with prepayment penalties tied to the home. Our customer obtains instant equity in their home of at least 3% the day they purchase.

QUICK CLOSINGS WITH THE LATEST TECHNOLOGY UTLIZED

We are invested in the latest technology and can close a clean file in ten business days. We employ some of the most knowledgeable operations staff in the industry. We offer the latest paperless technology and we are able to close loans faster than many of our competitors. At the same time, unlike many competitors, we do not make the customer over pay for good service by charging higher rates and costs. For us closing loans quickly is a win-win.

ACCESS TO WHOLESALE MARKETS – BOTH IN HOUSE BANKING AND BROKER OPTIONS AVAILABLE

Due to the transparency to our employees and customers, we are able to offer wholesale options to customers outside of our usual banking products. This additional access to broad wholesale markets means we can handle any scenario that can be done in the mortgage industry. We are a one stop shop for mortgages. Normally mortgage banks like ourselves do not disclose what they are being paid by third parties in the closing documents. We are comfortable with everyone including the employees and customers seeing what we are paid by third parties to complete their transaction. Customers can see they are not being overcharged on their rate or their closing costs and this is something we want them to see.

We do not overcomplicate the lending process by adding extra internal rules to the already challenging lending rules established by Fannie Mae, Freddie Mac, FHA, VA or USDA. For example, many lenders will require a minimum score of 640 or 620 to consider an application when FHA guidelines only require a 580 score with a 3.5% down payment. These internal rules exist to protect themselves from buying back mortgages in the first three years from FHA if they make a mistake in underwriting. We do not over complicate an already difficult process with extra hoops for the buyer to jump through. We invest in people, not just computer software, to understand the borrower and trust the integrity of our employees and their knowledge of lending guidelines. As a result, we do not have the same fears of buying back a mortgage due to poor quality underwriting and because of this we can access more options for the customer than a traditional brick and mortar retail bank. We will not turn away a customer who is looking for help and can obtain a mortgage just because they do not fit an internal definition of the perfect borrower. If a mortgage can be done we will stand with the customer and guide them through the whole process.

HIGHLY EXPERIENCED STAFF

The owner of the company, Tracy Gallo has 28 years of mortgage experience and has shattered the glass ceiling of female executives. The average loan officer at the company has 15 years of experience. When a customer calls, the loan officer answering will have a deep understanding of the goals of the customer, putting themselves in their shoes and make recommendations thinking outside the box to obtain the customers goals. No two customers are the same, so a deep understanding of lending guidelines is important. We have a low employee turnover rate and as a result we are able to invest years of training into them and maintain a long term corporate culture of putting the customer first.

PERSONALIZED SERVICE

Even though we have the latest cutting-edge technology in the mortgage industry we still think it is important for the customer to feel supported by an individual through every step of the process of obtaining a mortgage. Old fashioned good customer service is still fashionable. Buying a home can be a stressful process and may feel like learning a new language when going through it. Our goal is to take the burden off the customer and have an individual walk with them hand in hand through every step of the process. Other companies may allocate this to a software program but we feel our customers would sometimes prefer to have a conversation with a dedicated human being and not a robot. Other companies may pass the conveyor belt process onto multiple individuals within the company, but we feel that it is important that a customer should know who to contact and to talk to at any given time instead of being confused by who to talk to on any given day. As a result, we assign an experienced loan officer to take ownership of the customers goals from start to successful finish and to work with them every step of the way and be available 24/7 for the customer if any questions or concerns arise during the process. It is important to always treat a customer the way one would wish to be treated.

DIVERSITY OF EMPLOYEES

We communicate with customers in many languages. With loan officers from all backgrounds including South America, Eastern Europe and Asia, we are able to communicate clearly and concisely with almost every customer from many varied backgrounds as reflected in modern America. Through third party translation services we can help customers with languages that our employees may not be fluent in. We believe everyone should have access to the American Dream.

GENERAL INDEPENDENCE FROM REALTORS - INTEGRITY

Unlike many of our competitors, we are independent of Realtors and attorneys and have no exclusive financial business arrangements with these third parties. Realtors and attorneys do a great job when they are independent, but they should not be in the business of referring lenders. The result of no steering is that the customer can get independent advice from non-affiliated parties on each other’s progress. We are not afraid of third party professional opinions because we are very good at what we do. This accountability means that the customer will not be at risk of being taken advantage of with higher rates and expensive closing costs at the time of purchase because everyone on the buyer side of the transaction is on the Realtors team. We have seen too often trust is placed in the Realtor to refer the mortgage company and the attorney and nobody is then questioning the lender. Sadly, we encountered unscrupulous Realtors and clients who did not know that the Realtor may be being paid a referral fee or the Realtors managing broker may be renting out space in their office at an above market rate for rents to a mortgage lender to pay their office expenses. The customer winds up paying for this affiliation with uncompetitive rates costing them tens of thousands of dollars in interest or higher closing costs. This in macro-economic terms can cost the economy billions of dollars a year and is a very real problem for our economy. We will not engage in these unethical practices and have no direct partnerships or affiliations with any Realtor company or law firm. We work for you only.



MARKET PLACE MORTGAGE – STATEMENTS FROM THE OWNER – TRACY GALLO

" Hello, my name is Tracy Gallo and I am the owner of Market Place Mortgage Corp. I would like to thank you for taking the time to review Market Place Mortgage Corp. I have been in the mortgage industry for 28 years. In 2008 I boldly founded Market Place Mortgage in the middle of a mortgage crisis because I knew that I had to make a change to the industry even if others would not at the time. I wanted to treat a client as I would wish to be treated and not be told to overcharge a customer by my employer. I also wanted to make sure the customer had every option for lending in the Market Place and not just what best suited my employer. We have grown with our passion over the years by inviting former colleagues, friends and even clients to work with us to help advocate for you. We appreciate your support in helping us make a difference. We appreciate your continued business with us and we hope you become part of our extended family and a client for life. Thank you.”

At Market Place Mortgage Corp we pride ourselves in using the highest quality service.

Customers come first in our opinion and our hiring policy is designed to reflect this. We hire individuals based on good character and intelligence. We have chosen wisely the more than 60 colleagues at last count who like ourselves wish to treat another human being the way they would like to be treated. This is very important. Because of this we can trust our employees to do an excellent job and avoid problems. We do not subscribe to the revolving door approach of our competitors of hiring a recruiter to hire and fire employees after they make a mistake.

We pride ourselves on hiring employees that will guide you through the entire process and not just pass you off like you are a number to their colleague at different stages of the conveyor belt. We only employ licensed loan officers who have passed an ethics exam by the State and criminal and credit background checks. Mediocrity can be very expensive, so we pay above average compensation to attract highly qualified loan officers and operations staff with on average fifteen years of experience. This helps us to build a culture of excellence. You can verify our employees work experience as well on the National Mortgagee Licensing System if you like.



ANY BUSINESS THAT CAN ADMIT THEY MADE MISTAKES AND CORRECTS THOSE MISTAKES IS A BUSINESS YOU CAN TRUST AND WORTH DOING BUSINESS WITH

As stated above, Market Place Mortgage Corp is committed to 100% customer satisfaction and has made every possible effort to ensure that all customers have a positive experience while at their business.

After speaking with the management at Market Place Mortgage Corp and emailing anyone who filed a complaint in the past, Ripoff Report is proud to give Market Place Mortgage Corp a positive Rating Market Place Mortgage Corp made efforts to ensure that all customers are satisfied, and owner, CEO, or Managing Member assured Ripoff Report that the business has an improved business model that features customer satisfaction as the top priority.



STATED IMPROVEMENTS FROM MARKET PLACE MORTGAGE

Their new policy is to always contact all customers to gather valuable feedback so that they can continue to adapt and deliver the best customer service possible. Market Place Mortgage Corp is willing to go beyond the call of good customer service and do what it takes to make things right with their customers.

Market Place Mortgage Corp receives a positive rating for their commitment to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.

*Any consumer not receiving satisfaction from a member of Ripoff Report's Corporate Advocacy Business Remediation and Customer Satisfaction Program should email us at [email protected].

This kind of dedication to customer service means that Market Place Mortgage Corp will do whatever it takes to make sure their customers are properly taken care of.

In the future, if anyone has any complaints or concerns with Market Place Mortgage Corp, you are invited to contact them directly via email: [email protected] (again, please be sure to cc: [email protected] so we can keep track of the company's response and to insure customer satisfaction). You can call Market Place Mortgage Corp directly at 888-572-8880.

As always, Ripoff Report cannot guarantee that every customer or employee will always be 100% satisfied in every case, but we promise that if you have any concerns with Market Place Mortgage Corp or any of our Corporate Advocacy Program members, we will do everything we can to see that the issue is addressed quickly and that you are treated fairly and with respect. Any issues you think you cannot resolve with any member of Ripoff Report's Corporate Advocacy Program, please contact us at [email protected].

Remember, just because a company or individual is reported on Ripoff Report does not mean you should not do business with them. Use Ripoff Report information as a tool to your advantage. Be knowledgeable about any company or person you hire. Also, don't be afraid to ask questions and get additional information until you feel comfortable in allowing them to work for you.

Be sure to contact us with your questions and comments about any business that is part of the Corporate Advocacy Business Remediation and Customer Satisfaction Program. Your questions, comments and suggestions are always welcome and will be considered even if we don't agree with them. Please realize Ripoff Report is chartering in new territory, working to make a change for both consumers and businesses alike.



How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of. They have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Market Place Mortgage meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Consumers can feel safe confident and secure when doing business with Market Place Mortgage.

Here's why:

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, and about Market Place Mortgage’s Commitment to Excellence and Consumer Satisfaction.

Consumers should feel safe, confident and secure when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program, yes, a long name for a program that does a lot for both consumers and businesses alike.

..by consumers, for consumers



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ED Magedson: Founder - Ripoff Report

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Ripoff Report Verified™ .. part of Ripoff 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..