Hi all, please read..long but you will like it.. - Posted by Brian

Posted by Jeanne on January 22, 2001 at 19:55:59:

Despite numberous requests over quite a few months, Donna and Gary continually disregard our editorial policy and try to use these discussion boards to solicit business. They sound a little too hungry to me.

Jeanne

Hi all, please read…long but you will like it… - Posted by Brian

Posted by Brian on January 22, 2001 at 19:31:24:

Hi all,
I was applying for a mortgage with TRI-LAKES…
We were in discussion and they sent me over 14 pages to read sign and return to start the mortgage process. They sent them them to me on Thursday night last…
I went away for the weekend, did not have a chance to read and return them…And before Monday, which was when I was going to return them…I got this e-mail Sunday night…

From: "Gary and Donna Stanton"
To: "Brian Kopacz"
Subject: your loan app
Date: Mon, 22 Jan 2001 00:52:42 -0600

Brian: Why did you take my time with your loan app and the submission which I have completed, if you are not serious? Anyone on creative will do a fine job of blowing smoke up your sleeve. Most importantly, they may not even be licensed to do mortgages in SC. I would suggest that you request a copy of their SC license. Since we are an FHA national lender, we have an exempt status in SC. Our firm funded $10,000,000 in loans last year. I don’t have time to play games with your time nor mine. If you want a mortgage professional to represent you and Bryn, you have that in my representation. If you want to shop, then go to your local bank. 95% to 100% loan to value (LTV) does not belong in the same sentence with “low interest rate”. You do not have the credit score nor the loan amount to secure the low interest rate which is quoted in the Sunday paper. I told you that those published rates are “credit score and loan amount” specific. We as a national lender take the par “subprime” rate and add points for less than X credit score, add points for less than X loan amt, add points for high LTV, which then equals your effective interest rate.This is economic reality. I don’t make up the rate. It is dependant on many risk factors. When you told me that you wanted a 100% mortgage, that immediately puts your loan request in the “sub-prime” interest market. In other words, higher than the interest rate available from a community bank. It doesn’t matter if the local bank offers a low interest rate, if your credit score, their required down payment amount and the loan amount does not meet their requirements for their low rate.

I am sure that you have expertise in what you do. Please allow yourself to benefit from my mortgage expertise. Just as you would not retain two attorneys to represent you, please do not retain several mortgage professionals to represent you. I am paid for my proprietary knowledge just as an attorney is paid. I sell my proprietary knowledge and expertise to my clients. I am sure you would tell an attorney the facts with which to win your lawsuit. I presume you have told me the facts of your loan request. My expertise is to structure and present the transaction to secure the highest LTV possible for you and Bryn. When your loan approval comes in shortly, do you want the loan and the fast close?

MY REPLY:
Hi Donna…

Well, I was going to call you this morning and let you know that I was away for the weekend and that I would fax you the forms today. but after receiving your disturbing e-mail I chose not to call. It seems that your little patience and rotten demeanor has gotten the best of you. Enough so to loose a customer…

Quite frankly Donna, how dare you tell me that I am wasting your time. With the rates that you were giving me I see it the other way around. Over eleven percent…Ha… how much of that was yours. 3%…4%…
And I am insulted that you would talk about the people on the creative web-site. These people have not only helped me figure out how to creatively set up mortgages and notes, but they have mentored me as well in creating a business of it. I believe that it is you that are blowing smoke up my sleeves.

And you also say that “Just as you would not retain two attorneys to represent you, please do not retain several mortgage professionals to represent you.” Well honestly, I pay an attorney to work for me, not against me. That is what I am paying them to do. And YES, if I do not feel comfortable with my representation, you better believe that I would find better. Why would you think that I wouldn’t shop? I must say, I wasn’t even thinking of shopping, not until this morning after reading your e-mail below. Then you know what, I called someone, got qualified, and now I can obtain a mortgage with a small percentgage down at 7.25%. No thanks to you…

It’s funny because you contradict yourself. You said on the phone the other day that my credit was fine, and below well “You do not have the credit score nor the loan amount to secure the low interest rate which is quoted in the Sunday paper.” That’s pretty funny…Because you know what…I did it… So much for you looking out for me… And that is just one instance of your hippocracy.

And what is even more funny… Is that you wrote that e-mail below on Sunday night. I received the forms Thursday night. With all due respect to you and your operation, but to expect the forms back that quickly is obsurb. It would’ve tkaen me two days at least to read through them thouroughly. Not to ment that I was OUT OF TOWN all weekend…HA

Well, I guess, for every studious, cautious person like me, there are 2 that are willing to bow to your deception.
Please consider our agreement revoked…

And please do me one favor…
Think about when you sent me the forms…Thursday night.
And then read your e-mail to me below…Sunday night…
And then think, boy he was OUT OF TOWN…Am I stupid…

Don’t worry…
I will be sure to forward these e-mails to all your friends at tri-lakes… ya know just to show them how professional you really are/aren’t…
I will also be sure to let my FRIENDS at CreOnline know that you are a money hungry, untrusting, unhelpful, impatient, etc., etc…

Respectfully,
Brian

The point… Never use, recommend, or talk to the people at TRI-LAKES Mortgage Company…or Sunset Mortgage…

Re: In Addition to the record - Posted by Donna

Posted by Donna on January 23, 2001 at 16:37:56:

A reply to this whole board: On Thurs 1/18/01,Brian contacted our firm about needing a loan. He voluntarily provided his info for his loan app. I completed the required RESPA docs to fax to him within two hours. Upon his request, I faxed docs. I did not hear from him. On Sunday nite at 23:56 p.m. I read his post, again asking “how to structure this deal”. Yes indeed I became upset. My email reflects the facts. None of the mortgage professionals on this board or anywhere in the industry would like the “antics” of this individual. After reviewing his post on Sunday night, I don’t need to be involved in fraud. My husband and I pride ourselves in the quality of service, professionalism, and expertise when we provide commercial and residential mortgages to our “challenged” clients. We are not the loan wizards; none in the industry are. To those of you who seem to have been offended by my candor, I am sorry that you were offended by my “cut to the chase” opinions. When a potential client requests that Gary or I review a potential funding, we never have and never will delay in providing the honest and accurate facts of the potential funding. I firmly believe that when an individual calls,provides information, gives verbal authorization to pull credit, he/she then becomes our client. In my humble opinion, mutual respect is the difference, in any relationship. Thank you for this wonderful board and the invaluable insight which is gained by many.

For the record… - Posted by Jim Beavens

Posted by Jim Beavens on January 23, 2001 at 14:49:52:

I’ve worked with Gary before, and he’s actually a pretty nice guy and seems knowledgable and competent enough. I was actually referred to him by our own Ed Garcia, when I solicited his help in refinancing my doomed 6-plexes in Kansas City. The rate and costs they were quoting me were pretty exorbitant, but were about on par with what I was hearing elsewhere (my situation was definitely sub-optimal; cash-out on small commercial properties owned for less than 3 years with an out-of-state owner).

In the end, I happened to find a cash buyer that took my properties off my hands for enough to save my fingers and toes, and I cut off the business relationship with Gary in a cordial way; he was very graceful about it, and hoped we could work together in the future.

Now with that said, I agree with you completely about his wife Donna. At one point I said I wanted to hold off on going forward with the loan until I heard back from a local bank I had sent a loan packet to. That evening I got a long email from Donna (who I hadn’t even been working with or talking to up to that point), explaining how bad of an idea it is to work with small local banks because the financing will be short term, they could be bought out and I could be out of luck, and on and on bad-mouthing the alternative I was considering. It wasn’t nearly as scathing as the email you quoted, but I remember at the time it left a bad taste in my mouth.

Anyway, I just found it interesting that I recognized those names, and wanted to chime in. Ed, if you talk to Gary in the future, you might want to tell him it would be a good idea if his wife let up a little on the hard-hitting marketing tactics…or better yet, just get out of the business altogether until she can improve her customer service skills.

FWIW, I believe that Gary and Donna Stanton ARE Tri-Lakes Mortgage, although I’m not 100% positive about that. I know they’re located outside of St. Louis, Missouri, and that if this was a residential loan, there’s probably not much of a reason to go out of state for a mortgage broker; I’m not surprised you could do better in your own backyard.

Re: Hi all, please - Posted by Joel

Posted by Joel on January 23, 2001 at 13:04:43:

Brian,

What is her e-mail address? I want to tell her that she just lost a potential future customer as well.

Thanks,

Joel

You’re FIRED! - Posted by Randy M

Posted by Randy M on January 23, 2001 at 09:56:22:

Great job,Brian. Remember that eternal vigilance is the price of true freedom…

Way to go Brian! - Posted by CurtNY

Posted by CurtNY on January 23, 2001 at 08:14:22:

$10,000,000 last year, I close almost that much in one month, and I’m only one of six underwriters at my company. Remember they need you more than you need them. Best of luck!

CurtNY

Good on You…however… - Posted by BR

Posted by BR on January 23, 2001 at 07:13:45:

I would not have returned an email and ‘put them on notice’. They now have the opportunity to make something up or create a defense if confronted by superiors. I would simply have forwarded the email with an attached note so as to catch them by surprise if/when confronted by superiors etc. I do completely understand your frustration. They obviously need your business more than you need their services.

Can you say, “SLAM!” lol NT - Posted by Rick(CA)

Posted by Rick(CA) on January 23, 2001 at 24:04:55:

.

That A Boy Brian - Posted by phil fernandez

Posted by phil fernandez on January 22, 2001 at 20:48:52:

They need you alot more than you need them. Because if they don’t have you, they DON’T make money.

$10,000,000 at ? - Posted by David S

Posted by David S on January 22, 2001 at 20:29:12:

Their “firm” closed a whopping $10,000,000 in loans last year. As I see it, they didn’t make alot of money. Even at 5%, that’s only 500,000 for the entire “firm”.

She’s right. She doesn’t have the time for you… they are BROKE, living from hand to mouth.

What a “HOOT”. David S