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I am a real estate agent in Odessa, Texas. A customer called me at the end of December, 2008, to see a home and told me he had been approved by TopDot in New Jersey. At first, I was very apprehensive because I do not like to use "internet" lenders. Ron sent me an approval letter, we negotiated the contract, and it went to the title company to start the process. Ron kept saying, "I CLOSE LOANS." My customer paid $500.00 cash for the appraisal and cash for the $800 survey. It was at that time that suddenly, no one at TopDot would call me or my customer back. I called to speak to the supervisor and Nick ? called me back and assured me that the loan would close. Well, that was the next to the last time I spoke with Nick. Ron would never call me back. After we went to another lender, Ron finally called and said that Nick had been fired, blah blah blah, and that he was sure we could close it. The new lender called me and said that TopDot had run my customer's credit about 20 times, trying to shop the note. Now, my customer is in credit repair due to the drop in their credit score because these idiots kept running his credit. The last time I tried to get in touch with TopDot, I was told that Ron had been fired, too. I'm pretty sure that my customer is going to file a complaint with the Savings & Loan Assn of New Jersey, FHA & possibly HUD, too. Be very careful, people. These people will RUIN your credit and then tell you everybody was fired--IF they will even answer the phone.
The complaint has been investigated and resolved to the customer’s satisfaction.
Dear Odessa Realtor,
My name is Fenton Joseph and I am the Client Relations Manager for Topdot Mortgage. We take our company's integrity very seriously and this post has definitely concerned me. What you described is not reflective of Topdot's responsive, ethical business approach. Furthermore, the satisfaction of our 3rd party associates is just as important as the satisfaction of our clients. We all work together to create a favorable experience for all parties involved.
Topdot employs a fully staffed Client Relations department providing both clients and 3rd party associates a forum to voice concerns, obtain information and resolutions to possible issues. I would really like to discuss the matter further with you. I can be reached at [protected] or via email at clientrelations@topdot.com. I look forward to hearing from you.
Best,
Fenton Joseph
To All,
My name is Ron, I am actually the loan officer that Ms. Melanie the realtor from Odessa. First off this realtor sells about one home every year, she called me every day at least 20 times a day begging me to get this loan closed. Her major concern was buying catfood. She was so broke because she hadn't closed a deal in so long that her vcats were starving to death before her eyes, she proceeded to tell me. Thats enough about her you can paint the picture yourself about what I am dealing with here.
Lets get to the facts. The buyer did pay $500.00 cash for the appraisal. The reason he paid cash is because he had no credit cards, that were not in collection. The buyer also paid $800.00 for a survey. Try getting a loan closed in TX without one you CANNOT.
May I add both the appraiser and surveyor were personal contacts of the realtor whom is bashing me. YES, both the appraiser and surveyor were referred to me and the buyer by her.
Also at the start of this application the buyers credit score was 579, by the end it was 631, thatnks to our credit repair sugesstions. Oh, did she also fail to mention the late payments and collections the buyer acrued during the application process. The buyer then turned around and agreed to rent the subject property from the sellers, prior to closing. yes thats right he moved in before closing.
This loan was a disaster from day one. Anyone who reads this please keep in mind this...
I, Ron Abbate, am by no means defending TOPDOT, I am defending my good name. This is in 11 years of closing loans my frist, my last, my only complaint. So I ask you this Melanie did the biuyer ever close with anyone else? I would guess not.
Most sincerely
Ron Abbate
I turn leads into loans.
In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.
Problem Issuers by Compare Ratio
Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.
Compare Ratios Over 150%
Pine State Mortgage Corporation - 314% - Default Rate 18.86%
Premium Capital Funding, LLC dba Topdot Mortgage - 238% - Default Rate 14.31%
Ideal Mortgage Bankers, Ltd, dba Lend America^ - 235% - Default Rate 14.14%
IndyMac FSB, dba OneWest Bank - 211% - Default Rate 12.67%
First Horizon Home Loans dba First Tennessee - 207% - Default Rate 12.45%
First American Mortgage Trust - 205% - Default Rate 12.31%
First Guaranty Mortgage Corp. - 204% - Default Rate 12.26%
American Financial Resources, Inc. - 202% - Default Rate 12.16%
Weststar Mortgage Corporation - 198% - Default Rate 11.88%
Gateway Mortgage Group - 198% - Default Rate 11.9%
Colonial Bank - 189% - Default Rate 11.38%
MVB Mortgage Corporation - 183% - Default Rate 11.01%
GMAC Mortgage - 171% - Default Rate 10.29%
Allied Home Mortgage Corporation - 168% - Default Rate 10.09%
Taylor Bean & Whitaker Mortgage^ - 163% - Default Rate 9.77%
Shore Financial Services, Inc. dba Shore Mortgage - 159% - Default Rate 9.54%