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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 221175

Re: Discussion on Bayview Lending Group, LLC
PostPosted: Sun May 25, 2008 3:01 am Reply with quoteBack to top

http://ml-implode.com/ailing/l.....04-02.html
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Darkfusion
Dud?


Joined: 06 Mar 2008
Posts: 1

Interbay closed doors for another branch....
PostPosted: Wed Jul 16, 2008 2:54 am Reply with quoteBack to top

The last remaining people in the MA branch were let go on tuesday the 8th and the branch has been shutdown. Leaving only the headquarters in PA as the operating office of Interbay.

Rumor has it they have been trying to do FHA loans. But not certain if those rumors are true and should not be taken as proof, until they are confirmed.
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IBayFan
Dud?


Joined: 21 Oct 2008
Posts: 6

Good luck Interbay!
PostPosted: Tue Oct 21, 2008 6:33 pm Reply with quoteBack to top

The rumors were true. Interbay had been exploring FHA loans from both the retail and wholesale angles for much of 2008. They still may be doing some here and there. There may be some licensing issues to take care of. But the FHA market is completely flooded, and few people qualify outside of manual underwriting, which I don't believe they do there. So, success there will be tough, especially for a company that had specialized in commercial financing for so long. I will say this - I hope this company somehow survives the credit freeze and goes on to operate for a looooong time. Best company I have ever been priveleged to be associated with. They took care of their people in good conscience, and while the company would likely admit to being top heavy after the layoffs, they are making sincere - key word is sincere - efforts to survive and some day thrive, despite the grim outlook. I wish them the best of luck!
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sylvia0059
Dud?


Joined: 21 Nov 2008
Posts: 3

Interbay
PostPosted: Fri Nov 21, 2008 5:46 pm Reply with quoteBack to top

I don't know how Interbay treats its employees, but it cheats its borrowers on a regular basis.
They add charges to people's accounts that are illegal, they refuse to provide people with accurate statements, they violate federal collections laws, and they sell loans that they know are not securitized.
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IBayFan
Dud?


Joined: 21 Oct 2008
Posts: 6

Re: Discussion on Bayview Lending Group, LLC
PostPosted: Fri Nov 21, 2008 6:53 pm Reply with quoteBack to top

How do you know all this? Just curious.
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sylvia0059
Dud?


Joined: 21 Nov 2008
Posts: 3

Interbay Sued
PostPosted: Mon Nov 24, 2008 5:53 pm Reply with quoteBack to top

Because they have been sued for doing that.
The court cases are public record.
If you go to any Sec. of State Site you can find out if a company has a lawsuit filed against them, in what county and the case numbers.
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sylvia0059
Dud?


Joined: 21 Nov 2008
Posts: 3

Interbay/Bayview Complaints
PostPosted: Mon Nov 24, 2008 6:19 pm Reply with quoteBack to top

http://www.complaintsboard.com/?search=bayview
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IBayFan
Dud?


Joined: 21 Oct 2008
Posts: 6

"Bayview Complaints"
PostPosted: Thu Nov 27, 2008 2:19 pm Reply with quoteBack to top

So, I checked out those "Bayview" complaints. The first two were loans Bayview bought, not originated. Of course the property owners were cheated or wronged in their own opinion, which of course can always be taken at face value. But let's be clear that INTERBAY, the company of which I speak, while certainly a subsidiary of Baybview, operates - or maybe operated at this point - independently of the Bayview loan servicing and acquisition outfits. Interbay ORIGINATED small commercial loans, they didn't buy them. I do not speak for Bayview as a whole, I am speaking soley to Interbay. And I will concede, admit, whatever, that after 8+ years of originating 3000-4000+ COMMERCIAL loans, some bad ones likely ones got in there - some IBay's oversight or agressiveness, some flagrant broker or borrower fraud, some just victims of the economy. So show me a lender with 20,000 loans on it's books with no lawsuits and I'll show you a perfect lender. And I'm just certain there are plenty of those.

Secondly, the other complaints on that "board" were against a supermarket in "Bayview" and other non-related companies and subjects, and there were none specifically mentioning Interbay.

As for going on any state's Sec. of State site and researching the suits, how about I just take your word for it? I'm sure they are there, as I mentioned. But let's not confuse Bayview Loan Servicing, and the loan acquisition division, with the small commercial arm, Interbay, which originated thousands and thousands of commercial loans in all 50 states. Some bad ones are surely in there. And so are thousands of sound ones. Smile

Have a great holiday!
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Fairness
Dud?


Joined: 29 Jan 2010
Posts: 1

Re: Discussion on Bayview Lending Group, LLC
PostPosted: Fri Jan 29, 2010 11:07 pm Reply with quoteBack to top

Obviously you are employed or connected to Interbay/Bayview by your user name. Bayview is the WORST lending institution I have ever dealt with, and I have dealt with many. They did a good job of sneaking in many extra unforeseen costs at my closing. They keep your payment until the day AFTER the due date, even if you mail it 4 weeks in advance. They love that late fee. When you request a pay off, expect at least 8000. extra fees per every 100k borrowed. They are the most unethical lending institution in America. Tell your friends. Contact Angies List, Better Business Bureau, Chamber of Commerce and your local senator if they have wronged you. But most of all, tell your ...and ANY realtor that you happen to know. We made fliers and distribute them to all commercial and residential real estate offices in our state monthly. Bayview received 43 MILLION dollars in bail out money.!!!!

_________________
Stop the Greed.
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IBayFan
Dud?


Joined: 21 Oct 2008
Posts: 6

Re: Discussion on Bayview Lending Group, LLC
PostPosted: Sat Jan 30, 2010 2:45 pm Reply with quoteBack to top

Was employed. And again, I speak of the InterBay - solely commercial - arm of the company only. I cannot attest to or argue against your points regarding the parent company - Bayview. But branding InterBay - which operated separately and autonomously - as unethical because of the actions of the parent company is unfair, and that's all I'm saying. Even your "InterBay/Bayview" reference is unfair - it's not one in the same. It's like saying Joe Shmo is a jerk just because his dad is a jerk, when they don't even have much of a relationship. In fact, we used to make it a clear point to our customers (brokers) that we operated independently of Bayview, likely for reasons similar to the ones you stated below. Anyway, sorry to hear about your travails with Bayview. Spread the word if you like, and sue on. Just couldn't let InterBay be taken down with them. And you're right, the bail outs have to stop.
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