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mortgagewarrior
Flash in the pan
Joined: 28 Aug 2007
Posts: 30
Location: AZ
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This morning I received an email at 7:59 from an AE formerly with Lydian letting us know he was now working for American Bank Mortgage Group. We got all the details about how great they were and the fast turn times.
At 2:25 I received an email from the same AE stating that American Bank was no longer doing wholesale. OUCH. |
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alphajej
Flash in the pan
Joined: 09 Dec 2007
Posts: 77
Location: New York
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Spoke with one of the now former account reps that used to be at Lydian. That person said that there was a group from National City that was hired about 120 days ago to start up wholesale. They took in total $100,000 in sign up bonuses, and a guaranteed draw and then left 60 days later.
The Lydian group accumulated $4500 in debt for their sign on's and trips to the operation center and such and were let go yesterday.
The operations manager was let go this morning.
Que Sera Sera |
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Bystander
Flash in the pan
Joined: 11 Apr 2008
Posts: 30
Location: Maryland
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Does anyone have anything new on this front? |
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Robin
Sentinel
Joined: 30 Aug 2007
Posts: 2945
Location: Loveland, OH
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loansgoneby
Flash in the pan
Joined: 11 Apr 2008
Posts: 31
Location: Virginia
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New in the system and a reader of addiction..
Word in the beltway is.. service poor-pricing padded-fees everywhere and branches pressed in the corner. Implode data from sales say 60-100 mil... I hear 30m +/-
Fed Charters are a solid avenue but if they sweep it all from you and have limited everything not a good choice. Times are a challenge and you need all the revenue to grow not to go backwards....
Was solicited by a recruiter and reached to he retail partners of a few that I could find. Not good. getting no service and no help. Promises forever but only forgotten. Management must be looking the other way. With all declining markets no charter is a must. Stay simple and find a big brother that helps you grow and makes you compete. Promises are always in the talk but so few deliver. Maybe once was a contender but do you diligence so you're not making someone else rich at your expense. Make sure you have legal contracts and all play by the rules. Labor laws are enforced so follow the rules not what big brothers say. 1000.00 per deal and high pads-slow all through the day. NO way a branch setup can make it long term. CAVEAT EMPTOR
LGB |
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FBMashburn
Dud?
Joined: 14 Apr 2008
Posts: 7
Location: Ashburn, VA
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Stay away from this company. Horrible service and underwriting. They charge massive fees. Technology is poor as they have three different portals for locking, guidelines, and main website and does not talk to each other. |
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Mike in Ashburn, VA |
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LOANGUYS
Dud?
Joined: 14 Apr 2008
Posts: 6
Location: VA
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It was a matter of time. For years I used to send them business. It was a very good company until they brought in all these new people to run things. Ever since they were a disaster waiting to happen. |
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loansgoneby
Flash in the pan
Joined: 11 Apr 2008
Posts: 31
Location: Virginia
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Anyone know the history? Read a site that said your mortgage partner for life. How long is life? Comments from company were 20 ae's etc. others say 3 or 4.... Anyone know some real info?
LGB |
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Robin
Sentinel
Joined: 30 Aug 2007
Posts: 2945
Location: Loveland, OH
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We verify our info with multiple sources, so if you have anything that counters what we've published, we want to hear from you. Email the anonymous tip-line ml-feedback@ml-implode.com or reply to me directly via email. I did the research and write-up on ABMG. |
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Forum Admin |
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LOANGUYS
Dud?
Joined: 14 Apr 2008
Posts: 6
Location: VA
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[quote="loansgoneby"]Anyone know the history? Read a site that said your mortgage partner for life. How long is life? Comments from company were 20 ae's etc. others say 3 or 4.... Anyone know some real info?
LGB[/quote]
When I worked with them they only had 3 AE's. |
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