- Report: #432270
Complaint Review: Steltmen/ Virtual Branch - Nationwide Ohio
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Author Confirmed
Why?
Steltmen/ Virtual Branch
Nationwide, Ohio, U.S.A.
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Tell us has your experience with this business or person been good?
Steltmen/ Virtual Branch Not a real Mortgage entitity Ohio Nationwide
Questions to ask if you are enticed in any way
- What is the name of your federaly charter. Do not let them say we will supply after sign up it never happens.
- Ask for closing statements. Clsoing cost approache $2300 per loan. This is on top of legit lenders like Taylor Bean etc. No way to recappture these cost. it is out of yur pocket.
- There lender of recorde is Nations Funding Source. Now you can sign up with this compnay with out Steltmen/ virtual branch/ Mortgage Banc or who ever they are working uonder today. Steltmen is a MLM marketing group that ask me to change the name of my company, instaed of providing there FEDERAL CHARTER. They do not have one or would not provide to us.
-I have been a Mortgage Broker for 20 years, and before the last 2 years my vloume is 18.6 million per year. I work in a state that the aver loan is $175,000k. You would make under 50 k with that volume, with this company. If your are pro you know how much work 18 mm is in a small loan market.
_ This company changes its name all the time. So be forwared to do you due dillgence to stay away from this entity no matter what name the run under.
_ You can get a better and real deal with other companies. Trust me this is not sour grapes. If I read this before i would have saved $3500 bucks
Hogwash
Brunswick,, Maine
U.S.A.
- What is the name of your federaly charter. Do not let them say we will supply after sign up it never happens.
- Ask for closing statements. Clsoing cost approache $2300 per loan. This is on top of legit lenders like Taylor Bean etc. No way to recappture these cost. it is out of yur pocket.
- There lender of recorde is Nations Funding Source. Now you can sign up with this compnay with out Steltmen/ virtual branch/ Mortgage Banc or who ever they are working uonder today. Steltmen is a MLM marketing group that ask me to change the name of my company, instaed of providing there FEDERAL CHARTER. They do not have one or would not provide to us.
-I have been a Mortgage Broker for 20 years, and before the last 2 years my vloume is 18.6 million per year. I work in a state that the aver loan is $175,000k. You would make under 50 k with that volume, with this company. If your are pro you know how much work 18 mm is in a small loan market.
_ This company changes its name all the time. So be forwared to do you due dillgence to stay away from this entity no matter what name the run under.
_ You can get a better and real deal with other companies. Trust me this is not sour grapes. If I read this before i would have saved $3500 bucks
Hogwash
Brunswick,, Maine
U.S.A.
2 Updates & Rebuttals
Chris
Delaware,Ohio,
United States of America
another point of view
#2UPDATE Employee
Mon, December 07, 2009
It is unfortunate that Hogwash had such a hard time with VB but much of what was stated is untrue.
1. There shouldn't have been any surprises that VB is not the bank. It clearly states in the agreement that everyone must sign that VB is not the bank.
2. The Steltmen Group, Inc. is not a MLM company and never has been
3. There are fees associated with the file; however they can be charged to the borrower and can be recouped.
4. Hogwash mentions spending $3500. We do not have a single program that costs $3500
5. Nations Funding Source is not our lender of record.
6. Hogwash talks of $2300 in fees. This is simply not the case. Of course there are fees associated with the files and we would all like them to be as low as we can get them but we have never and never will charge $2300 in fees.
7. I believe either in an earlier post or on another forum Hogwash mentions that VB does not allow branches to process. This is also untrue. We offer a program to branches that qualify to process their own loans.
Virtual Branch offers mortgage professionals an opportunity to stay in or expand on their mortgage business success. By using a network of lending partners such as NFS as well as several others VB has a wider range of programs and a more stable platform. How many people out there have had to jump from branch to branch because changes made or their branch closing their doors all together. This doesn't happen with VB because of how we are structured. VB manages a network of lending partners so that our branches can focus on working on loans and not worry about having to look once again for a branch to affiliate with.
Of course, there are costs associated with VB as most professional would understand. People sometimes forget about all of the costs of obtaining licensing. Licensing, Bonding, Insurance, Audits and so on. VB works daily to keep these manage the costs so that our branches can be successful.
Hogwash,
I am sorry that you found our program to be so frustrating. I don't think that you wrote this post to be vindictive but instead because you didn't have a clear understanding of what was available to you so I invite you to call me.
My contact information is available at:
Frank
Sicklerville,New Jersey,
USA
JUst to further clarify
#3UPDATE Employee
Thu, October 08, 2009
Just to further clarify on what "hogwash" was saying.
Steltman is the problem and they were using Nations Funding Source to do the work
while taking credit for the being the company...
As "hogwash" said you can sign up directly with us "Nations Funding Source"
and not have the outrageous fees that Steltman was charging.
We are not them and they are not us.
We are approved as of 10/8/09 with 46 states across the county.
We are approved with FHA (FEDERAL HOUSING ADMINISTRATION) and the VA
(Veteran's Affairs) departments.
Anyone have any questions about our licensing or fees -
Please email or call me and I will provide absolute independent proof of our licensing
status with any state.
I'll provide anyone with a rate sheet from any of the many investors we have.
