Anyone know anything about HomeFront Mortgage, Tustin, CA

Dud? Joined: 13 Dec 2007 Posts: 8

I cannot help but wonder with all of the family conduits that were in place at Homefront, how many of them could possibly be replying to this thread so positive? Shocked

Posted: Thu Dec 13, 2007 6:14 am

I do not work for Homefront Mortgage nor do I have any family members that work there. But I have met with the owners and was impressed with their professionalism and their pleasant attitude. This is not always the case when I meet with some brokers.

Homefront Mortgage is my client.

I do not know if they are in trouble or not these days. Every mortgage company, wholesale or retail, has had its share of challenges in this current market.

I can say that my brokers who use them for net branching seem to like them. I have not heard any complaints about them from my brokers.

Posted: Thu Dec 13, 2007 6:23 am

Randall wrote:

I called the President of the company.

I told him I have a memo he put out regarding a shut down... he wrote it.

He suggested "Keep your f***ing nose out of our business!"

He then proceeded to assist me in spelling the 'F' word.

Really? The guy was that rude and unprofessional? I'd have doubts, too!

Posted: Thu Dec 13, 2007 6:38 am

The Implode-O-Meter is checking to see if this email is true:

"From: "thomas fry" <tfry@homefrontmtg.com>
To: <tfry@homefrontmtg.com>
Subject: Notice to all Homefront Agents
Date: Tue, 11 Dec 2007 15:59:41 -0800

TO ALL HOMEFRONT MORTGAGE LOAN AGENTS AND BROKER ASSOCIATES

Due to the tremendous number of buy back requests on loans that our loan agent staff funded, and due to the overwhelming number of lawsuits as a result of loans that our loan agent staff funded, and due to the massive increase in our errors and omissions insurance coverage as a result of these issues, Homefront Mortgage Inc. must discontinue all business operations on December 31st 2007.

If you have opened loans you are currently working on, you must close them and be paid your commissions before December 31st 2007.If you are working on loans that you do not feel you can close before December 31st, we suggest you cancel those loans and open them with a new broker. "

There was more to this email. The 'Meter' is looking into other information we received, and will publish the findings soon. If you have received this, please let us know.

Posted: Thu Dec 13, 2007 6:40 am

If this is true (and it looks like it is) then that really sucks.
These guys were a class act.
I wish them well.

Posted: Thu Dec 13, 2007 7:10 am

I thought that Carl Fry or Thomas Fry were the people who you said sounded like they were on the HBO series "Deadwood." I would find that hard to believe from what I have experienced with them. I don't know Stuart but everyone else at Homefront has been great to work with. I have no complaints. I can't say that about all of my brokers.

Stuart may have been less than civil when he spoke with you but you have to realize why he is probably upset. He's about to be out of a job. He is getting hit with loan buybacks from his lenders. He never committed the fraud but instead it was one of his net branches.

Brokers use net branches so they can do deals in states where they are not licensed. Also if there is any fraud it's not their broker license on the line but rather the net branching company like Homefront that takes the heat. Homefront has to take the heat on the buyback from the lender which can get costly. You can expect to see more net branching companies go out of business in the near future. In today's business climate it should prove to be near impossible for them to continue.

I don't condone Stuart's choice of language when he spoke to you but I can understand why he would be upset.

Dud? Joined: 13 Dec 2007 Posts: 8

The simple fact is that they are now added to the imploded genre of mortgage lenders. Additionally, there is a comment above that states "one of their net branches" caused their perceived demise. Essentially, HF was not operating under a HUD compliant atmosphere, they were double brokering some deals, and were let's be straight here, operating under the radar. "Nice" people or not, it is what it is. Oh, Yes, Stuart may be upset that he is losing his job (and do you really believe that they did not see this looming and are not planning accordingly??) which led to his naughty words - but what about all the people they duped into paying the fees? What about the people who paid in advance? What about fees on credit cards that were placed when they knew damn well they were leaving the biz (or reformatting elsewhere?), what about the people who have been investing in marketing and such only to be told because of the LO's THEY chose (back ground check anyone??) they were shutting doors. Anyone who believes this is not thought out -- well, I won't judge you, but I won't have you balance my checkbook, either. If they are so nice... have them refund the fees to the mortgage persons who are barely eeking out a living at this time. Merry Christmas, y'all, we're taking your money (at Christmas the In this season of giving (or lack there of - taking in this scenario) I see a big giant, "Merry Christmas Y'all we're taking your money and blaming the sinking of the ship on you."

Posted: Thu Dec 13, 2007 6:21 pm

You make some pretty good points.

I only expressed how they seemed to be professional, legitimate, and cordial in my dealings with them. But this is the mortgage industry after all. The waters are infested with sharks who would devour each other if given an opportunity.

My former company was run by people who also seemed professional, legitimate and cordial. When they went out of business on a Thursday at 4:30 PM, the day before payday, they decided to not pay any of their employees at all. We are still trying to get paid by these people we once trusted.

It's sad how money can make people behave sometimes.

Dud? Joined: 13 Dec 2007 Posts: 2

LAWoman you seem to have experienced something similar to what I did or pretty close to someone who did. I figured it was just human error. I had canceled my membership the month prior to my billing and still they charged me three months membership instead of the one they should have per contract - it took weeks to get repaid the two months membership fees - I seriously thought it was human error but now it is coming clear why it took so long to get reimbursed (still not the right amount but most of it was reimbursed) - and why the emails and phone calls weren't returned. Knowing the pressures and problems they are under I guess I understand in a way (survival mode at this point), but I had to borrow money to make my house payment and have not recovered from the damage yet because I did not know for a couple days my account was overdrawn and of course the bank has no mercy where fees are concerned - had I known I could have transferred money to avoid the problem but I didn't know so the problem snowballed - still trying to dig out of that mess. But I did not attribute this to whether Homefront was legitimate or not - I figured this was just a problem I personally had with them so didn't air my laundry here - it had no bearing on the question I was answering - guess I aired the laundry now..... Anyhow - if it helps any - I relate - still painful but I relate......

Dud? Joined: 13 Dec 2007 Posts: 8

OC Woman: You were not alone! OMG! I can only hope that some current HF LOs (the honest ones) cancel, cancel, cancel and cancel some more - in writing a few times if need be - their credit card numbers with them. They will tell you whatever it is that you need to hear to get you to back off and that it i only happened to you and an accounting error. BS. Word of advice: cancel that particular card number and have your bank "watch" the acct if possible. I was unable to get anywhere for MONTHS until I was able to procure help from a outside brilliant banking person who assisted in getting the charges reversed (boy oh boy, thank goodness for him, Santa came early via my reversed charges (yes, that is a plural). I wouldn't want to be one of those that are thrown into a (possible BK) situation and out completely the unapproved charges. I will be watching these postings to see how many HF LO's (or so called branches) get paid after HF officially closes it's doors. Of course, I wish the best for those that are depending on their commissions, but I hope that they also proceed with high caution..... OC Woman, best of luck and keep trying with your bank to get those unapproved charges reversed. Sorry, but in my professional opinion, an unapproved charge is F R A U D.