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SJohnson
51 Posts |
 Posted - 05/29/2008 : 07:21:10 AM
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| Did you ever have an AE just take your loan to a different broker after all the HARD WORK you put into a loan? Even worse loan was in DOC status. Well BEWARE of Account Executive MIKE PURDY of CMG Mortgage! He sells the glorified HOA mortgage accelerator which he promises will take 48 hours in U/W it actually takes 2- 3 weeks before GMAC ( They correspond with) to even QC the file after you supply 198 pages of paperwork. This deal not only takes time to explain and sell but on top of itask if your AE can be MIKE PURDY if you wish to have him STEAL your loans. Now thats a loyal rep! Brokers BEWARE!! ASK for another AE if you dont want your hard earned files going somewhere else! Not only that but CMG has a retail side as well thats why they are CMG mortgage. BEWARE my friends!!!!!! Whatever happened to AE loyalty to the broker? This guy gets a $5 lunch bought by LO and transfers file. How cheap can you get? |
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dkendall1979
11120 Posts |
Posted - 05/29/2008 : 07:30:54 AM
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| Is the HOA even selling anymore? We were looking at offering it but the trouble of getting the docs and guidelines didn't seem worth it. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 07:33:22 AM
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| absolutely not david! it took 2-3 weeks in u/w and after that our AE switches to another broker because of friendship with LO. 8 years ago a world rep did that to us and he missed out on 10 mill a year in volume for his disloyalty to the broker. some AE's just don't think about the consequences. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 07:36:06 AM
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| GMAC is the correspondent lender. The amount of time spent doing this loan you will miss out on 20 other loans. simply not worth the trouble. |
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djorge44
1848 Posts |
Posted - 05/29/2008 : 07:36:07 AM
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| Um, how did that happen, did you call you client? Did they sign new RESPAS? That is weird |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 07:37:27 AM
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| AE took care of it. I received no appraisal release from the appraiser as well. Which tells me that this Appraiser took money out of my pocket as well. |
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hmorales007
304 Posts |
Posted - 05/29/2008 : 07:41:12 AM
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Sounds like another LO undercut you. Not that uncommon. I used to be an AE and would have broker shops fighting over the same borrower. The borrower had to send in a signed form saying they only want to work with ABC broker. Sounds like you did not have control of your borrower. Take the beating and learn from it.
quote:
Originally posted by SJohnson
AE took care of it. I received no appraisal release from the appraiser as well. Which tells me that this Appraiser took money out of my pocket as well.
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CoralSnake
11208 Posts |
Posted - 05/29/2008 : 07:44:23 AM
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quote:
Originally posted by hmorales007
Sounds like another LO undercut you. Not that uncommon. I used to be an AE and would have broker shops fighting over the same borrower. The borrower had to send in a signed form saying they only want to work with ABC broker.
quote:
Originally posted by SJohnson
AE took care of it. I received no appraisal release from the appraiser as well. Which tells me that this Appraiser took money out of my pocket as well.
Ive had that as well. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 07:47:39 AM
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| none of that sort |
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Carpet Muncher
1385 Posts |
Posted - 05/29/2008 : 07:48:48 AM
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quote:
Originally posted by SJohnson
Did you ever have an AE just take your loan to a different broker after all the HARD WORK you put into a loan? Even worse loan was in DOC status. Well BEWARE of Account Executive MIKE PURDY of CMG Mortgage! He sells the glorified HOA mortgage accelerator which he promises will take 48 hours in U/W it actually takes 2- 3 weeks before GMAC ( They correspond with) to even QC the file after you supply 198 pages of paperwork. This deal not only takes time to explain and sell but on top of itask if your AE can be MIKE PURDY if you wish to have him STEAL your loans. Now thats a loyal rep! Brokers BEWARE!! ASK for another AE if you dont want your hard earned files going somewhere else! Not only that but CMG has a retail side as well thats why they are CMG mortgage. BEWARE my friends!!!!!! Whatever happened to AE loyalty to the broker? This guy gets a $5 lunch bought by LO and transfers file. How cheap can you get?
Besides posting here, what do you actually plan on doing about this? |
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dkendall1979
11120 Posts |
Posted - 05/29/2008 : 07:49:27 AM
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| Why didn't you call Chris George? |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 08:24:59 AM
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| chris George? |
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CoralSnake
11208 Posts |
Posted - 05/29/2008 : 08:25:51 AM
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| who? |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 08:27:16 AM
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| Sounds like the owner? it doesnt matter. i will look for another outlet who does the hOA and will post it on BO. Once the glass is broken it's over. Even though i have a few loans to submit...I will keep my pride than give them to CMG |
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the_mortgage_guy
1276 Posts |
Posted - 05/29/2008 : 08:47:18 AM
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| I would locate this man and beat the crud out of him. |
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dkendall1979
11120 Posts |
Posted - 05/29/2008 : 08:52:39 AM
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C.M.G.
Christopher Michael George |
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Mulaman
19 Posts |
Posted - 05/29/2008 : 08:57:22 AM
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Steve, I'm in Olympia. If you'd like I can give you my AE's name and number. Shoot me an email.
Warren |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 2:00:02 PM
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| I just think that time wasted on a loan and lender wont give a hoot. I am done with CMG |
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Carpet Muncher
1385 Posts |
Posted - 05/29/2008 : 2:02:35 PM
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| What is your plan to retaliate against the AE and CMG? You are not just going to take it, are you? |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 2:04:04 PM
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| I dont know I think the best thing to do is get the word out to you guys. Mike Purdy is just a financial advisor wanna be or "cast off" from the financial world. |
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hpmfinancial
1845 Posts |
Posted - 05/29/2008 : 2:04:41 PM
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I have had a number of conversations with Chris George the owner of CMG, and he is an amazing person. I highly doubt that any rep would steal your loan and send it elsewhere.
On a side note, if your borrower took the loan elsewhere, do you really think the rep would have anything to do with it. He would lose his job over one loan? There are way more AEs then jobs available, I don't think he would take the loan elsewhere and end up as just another AE without a job.
If your borrower went elsewhere, it is most likely because you did not do a good enough job on selling him to work with you. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 2:07:37 PM
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| Borrower couldn't wait to close the file. He wanted to close it as fast as possible. That's where the rep's little hands come in to the deal. The borrower would have never agreed with it ONLY if the AE called him and he did. He had all of his contact information from day one. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 2:09:13 PM
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| I am not saying that CMG is a nad co. BUT an AE reflects the company he works for. I am just telling you to saty away and use another rep. |
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hpmfinancial
1845 Posts |
Posted - 05/29/2008 : 2:09:18 PM
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| Have your borrowers told you that this happened or are you assuming this happened? |
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Carpet Muncher
1385 Posts |
Posted - 05/29/2008 : 2:16:30 PM
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quote:
Originally posted by SJohnson
I dont know I think the best thing to do is get the word out to you guys. Mike Purdy is just a financial advisor wanna be or "cast off" from the financial world.
That won't do anything. The thread will eventually fade away and people will forget. You need to actually do something. Do you think Chuck Norris would just make a post on the internet about this and nothing else? Of course not. Don't let Chuck down. |
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GREGG4858
35 Posts |
Posted - 05/29/2008 : 2:19:01 PM
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In todays market loans are hard enouh to get..The AE is a thief and is most likely doing this to others.. keep this post going- so word gets out and he hopefully looses his job!
YOU NEED TO GO OLD SCHOOL ON THIS GUY!!! |
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hpmfinancial
1845 Posts |
Posted - 05/29/2008 : 2:20:58 PM
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| How do we know the AE is doing this. This post is speculation without any sort of proof. The thread starter never stated that he knows for a fact this happened, just an assumption. |
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mojojojo_1
863 Posts |
Posted - 05/29/2008 : 2:34:50 PM
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| speculation or fact, be honest, and/or post evidence |
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hpmfinancial
1845 Posts |
Posted - 05/29/2008 : 2:38:07 PM
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| It is speculation. |
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SJohnson
51 Posts |
Posted - 05/29/2008 : 4:51:12 PM
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| I would not go on BO and post BS. I have evidence and i will leave it at that. If I post it it will get ugly and I don't want to prove myself by throwing another 3rd party under the bus. I am loyal to my info. Let's just leave it at that. |
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hpmfinancial
1845 Posts |
Posted - 05/29/2008 : 4:53:07 PM
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| Are you telling us here on the outpost that your borrower told you that the AE called them? |
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SJohnson
51 Posts |
Posted - 06/11/2008 : 9:02:51 PM
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| yes this rep always calls borrowers |
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hpmfinancial
1845 Posts |
Posted - 06/11/2008 : 9:19:19 PM
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quote:
Originally posted by SJohnson
yes this rep always calls borrowers
If you don't start showing proof, I am personally going to call Chris George tomorrow and let him know you are slandering his company. These accusations are costing CMG money, If you are mistaken or being dishonest, this could cause a lot of damage which you could be held liable for.
Show us some proof, otherwise this is speculation. |
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