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ZoolanderMSM
213 Posts |
 Posted - 07/25/2008 : 8:59:01 PM
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It looks like Paramount Equity will no longer be lending in WA state. This is going to open up radio airwaves up here for all sorts of things. Airplane commercials, Trailblazers ads (we don't have the Sonics any more), maybe some Microsoft radio spots.
It will be hard to drive to work without that little jingle: "Paramount equity, lending with expertise, paramount equity mortgage". People may begin to panic without the comfort of the paramount song. I guess we'll all have to find a way somehow.
http://seattle.bizjournals.com/seattle/stories/2008/07/21/daily14.html?jst=pn_pn_lk
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brisch79
88 Posts |
Posted - 07/28/2008 : 3:56:07 PM
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This is pretty big news in Washington. PEM is feeling the heat, but I will be surprised if the DFI revokes their license.
State goes after Paramount Equity Mortgage
The state wants to revoke the license of Paramount Equity Mortgage Inc. and fine the company $500,000 over deceptive lending practices.
The state Department of Financial Institutions charged the company with collecting unearned fees, hiding fees from borrowers, charging consumers to buy down interest rates without reducing the rate and not making certain fee disclosures.
Paramount, based in Roseville, Calif., has a branch office in Bellevue and issued more than 1,700 mortgages to Washington borrowers in 2007 and collected more than $8.7 million in fees, according to DFI.
The company peppered local radio stations with commercials featuring Paramount's president, Hayes Barnard, touting low rates. The state says those ads were deceptive, according to its statement of charges (12 pp, PDF). The company advertised that it was a "mortgage bank" when it wasn't, and advertised that it guarantees the lowest or best rates when it couldn't be substantiated, said Deb Bortner, DFI's director of consumer services.
"Paramount failed to make proper disclosures in almost every loan we reviewed," she added.
Messages left at the Bellevue and Roseville offices were not immediately returned.
If you feel you were harmed by the company's actions, file a complaint with DFI online or call 360-902-8811.
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dwmordue
430 Posts |
Posted - 07/28/2008 : 4:05:54 PM
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I hope they go after those ******s that call themselves "TILA Mortgage", just because I'm sick of hearing the commercials. Thank goodness for satellite radio, huh?
WA DFI is cracking down on anyone who advertises "best rate" or "lowest rate". |
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Hopland
2089 Posts |
Posted - 07/28/2008 : 4:09:09 PM
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"Borrow whatever you please, life without equity, Paramount Equity... Mortgage"
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nowbroker
1384 Posts |
Posted - 07/28/2008 : 4:42:01 PM
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| I have hated their ads- total bogus deceptive advertising. |
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Hopland
2089 Posts |
Posted - 07/28/2008 : 4:48:06 PM
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| Don't you just hate the way Hayes Barnard says "fiiivvvve point five percent" as though it were something to inspire awe? |
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seaRick1
330 Posts |
Posted - 07/28/2008 : 4:49:04 PM
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| I'm glad to hear it. Their ads are nauseating to say the least and extremely deceptive. They should be shut down. I'm tired of hearing 'Hi, I'm Hayes Barnard of Paramount Equity Mortgage'.......what a bunch of BS. Throw the book at them. It's guys like that which makes the rest of us look bad in some people's eyes. |
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mojojojo_1
844 Posts |
Posted - 07/28/2008 : 4:51:00 PM
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hey lets help move him out of cali. his new attention home owners feds have gone to bat 30 yr loan at 5.875%! blah blah his lo will pay for your home to be appraised, then in 1 sec legal jumps in 30 yr loan fixed for 5 yrs. Deceptive??? get that crap out of here
btw i posted this a long time ago and no response |
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curtsandfort
134 Posts |
Posted - 07/28/2008 : 5:02:13 PM
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| Is this the guy with the real "whispery" voice? Hate those ads, glad to see somebody cracking down on them.....WTF 1700 loans and $8.7M in fees? Why does it always take the state agencies so long to get these guys? His ad reminds me of an old "Simpson's" episode where Krusty the Klown "guarantees" something. The 1 second legal disclosure says "not a real guarantee" Funny. |
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mojojojo_1
844 Posts |
Posted - 07/28/2008 : 7:35:31 PM
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| under litagation or kicked out? |
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paulpremier
104 Posts |
Posted - 07/28/2008 : 8:22:19 PM
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| maybe they will get kicked out CA next |
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oldmlb
138 Posts |
Posted - 07/28/2008 : 8:43:05 PM
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| Hayes Barnard, does he sound a little light in the loafers?, just sayin'. |
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ZoolanderMSM
213 Posts |
Posted - 07/29/2008 : 11:46:23 PM
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quote:
Originally posted by mojojojo_1
under litagation or kicked out?
They want to revoke his license and kick him out. It will probably be in litigation before it's all said and done. |
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bjenkins
23 Posts |
Posted - 07/30/2008 : 08:49:07 AM
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| Is this the same company that was Premier Mortgage ? |
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Hopland
2089 Posts |
Posted - 07/31/2008 : 08:18:19 AM
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They're still running ads on the Sacramento AM stations. I just heard the latest one a little while ago.
Hayes has a voice over in the middle of the ad where he says: "And there'll be no problem with the appraisal. These guys know what they're doing. And I'll pay for your home to be appraised!"
Is he just bragging about the good appraiser's he uses or is this a subtle way of reassuring someone who needs a loan that he only uses the "good" appraisers?
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