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refimadness
214 Posts |
 Posted - 12/20/2007 : 07:11:03 AM
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npainter
697 Posts |
Posted - 12/20/2007 : 09:08:10 AM
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| Post if you get any more replys, I would like to see them. |
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refimadness
214 Posts |
Posted - 12/20/2007 : 1:29:42 PM
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Is it just me or does anyone else find it somewhat hilarious that Myles has fired me?
Fired me almost four months after I emailed him to end our business relationship!!!! |
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wlavigne
563 Posts |
Posted - 12/20/2007 : 1:37:57 PM
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http://www.4dca.org/April%202006/04-12-06/4D05-3030.Rhrg.op.pdf
publicly posted on the internet-------- |
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refimadness
214 Posts |
Posted - 12/20/2007 : 3:31:30 PM
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I will soon post the other lawsuits coming down the pike......it is all public record.
I am just providing the links. |
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velecico
5311 Posts |
Posted - 12/20/2007 : 5:21:39 PM
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I joined NMA based on the advertising on BO that they were FHA licensed in 50 states , not caring at all about any other state except NEW JERSEY , where I do 99% of my business , I have been waiting now for over 3 months and still NJ is not licensed to do FHA so I asked for a refund , the reply was that I need to do 4 loans to get a refund LOL If I knew they were not licensed in NJ I would have never sent the app fee , the advertisement is misleading and continues to be , when you look at the bottom of Terrys post , LICENSED IN 50 STATES , FHA/VA
thats what it says , thats what they should deliver , all I do is FHA and reverses , how am I going to send them 4 deals if they are not even licensed , what a joke |
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refimadness
214 Posts |
Posted - 12/20/2007 : 5:25:15 PM
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Exactly...............we NEVER sent anything to them. Hell, we could not get a password and started to look into them. they were N E V E R
legit in North Carolina. |
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velecico
5311 Posts |
Posted - 12/20/2007 : 8:41:12 PM
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I am out like $450.00 , the app fee plus something for background check |
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npainter
697 Posts |
Posted - 12/21/2007 : 05:56:18 AM
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| If they are advertising falsely on the BO, get the info to Darren. He is very good at curing that type of thing. |
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refimadness
214 Posts |
Posted - 12/21/2007 : 07:41:53 AM
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wow......just heard that CROWN is not registered in the state of North Carolina. I also just heard that Myles name is not listed as an affiliate of any Fed Bank Charter listed in our state.......hmmmmm?
Knute
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velecico
5311 Posts |
Posted - 12/21/2007 : 09:10:34 AM
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I like how on his letter he mentions something about Harvard , did you get that ? like I am suppouse to be inpressed , this guy probaly all he does is recruit LOs , not really a mortgage company but a go between , I dont know how NMA plays into all this but they are the ones that signed me up , I also found it amusing that you would be TERMINATED if you contact Equity bank directly , thats a real good way to run a company |
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refimadness
214 Posts |
Posted - 12/21/2007 : 11:29:07 AM
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Nick, check your email
336 918 3260
knute |
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markk@neo.rr.com
24 Posts |
Posted - 12/21/2007 : 12:54:30 PM
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Dear Follow Mortgage Professionals,
I beg you to use due dilligance before deciding to do business with someone (and "someone" means companies as well). Don't assume the services they claim to offer are LEGAL. Crown Financial claims to offer loans to brokers in all 50 states under their "bank charter".
Big Problem: Crown Financial isn't a Federally Chartered Bank!
Don't take my word for it - verify this yourself! If they're in violation of Federal and State regulations...SO ARE YOU IF YOU DO BUSINESS WITH THEM!
Crown Financial (aka The Crown Connection) is operated by Myles Leighton and functions as a brokerage. They believe they can sign up their BROKERAGE with a REAL bank, then submit YOUR deals as their own. Sound crazy? It is! But that's exactly what's being done.
Don't be decived by their claim to be a subsidiary of a Federally Chartered Bank either. They're not. You'll likely get a long convoluted explanation as to their "affiliation" with some bank (Last I heard it was Equity Bank, but befoe that it was Horizon Banks, and before that it was Western Thrift).
I'll say it again... DON'T TAKE MY WORD ON ANY OF THIS. YOU DON'T KNOW ME...I'M JUST SOMEONE POSTING INFO ON BROKER OUTPOST. I'M NOT A DISGRUNTLED BROKER SLAMMING CROWN. I'M AN INDEPENDENT BROKER WHO DISCOVERED WHAT THEY WERE DOING AND I'M ENCOURAGING EVERYONE TO VERIFY INFORMATION ON ALL COMPANIES BEFORE THEY DO BUSINESS WITH ANY OF THEM. I'M SPEAKING OUT ONLY TO PROTECT FELLOW MORTGAGE PROFESSIONALS, AND THEREBY PROTECT OUR PROFESSION. I REFUSE TO REMAIN SILENT; ALLOWING THIS CIRCUS SHOW TO RUN UNCHECKED.
Those of you that have been, or are considering conducting business with Crown, please consider why they instuct you to never speak directly with someone from "the bank"? You are threatened with termination if you contact "the bank" directly because Crown keeps "the bank" in the dark about the specifics of their operation. "The Bank" is being deceived!
The Bank(s) Crown works with have no idea the deals being submitted are from other brokers (you). The banks sever relations with Crown when they discover the deception (of course Myles tells this story differently). I suggest you check directly with Western Thrift or Horizon Banks, N.A.
Crown has recently caught the attention of the NC authorities. Since they claim to be "originating FHA loans in all 50 states" there's little doubt the Fed's (HUD) will be looking into that when they become aware of it too.
I know the State of NC assess a fine of $10,000 PER LOAN APPLICATION if brokers solicit business without a license. Remember, THE STATE WON'T CARE THAT YOU 'THOUGHT' YOU WERE IN COMPLIANCE while working with Crown! (or any other non-compliant operation). All states treat this similarly....and HUD is the worst one of all to tangle with!
Befor someone tries to point out that I'm "new to Broker Outpost" and just makeing wild accusations....let me clarify that indeed I am new to Broker Outpost. I just signed up today. I've been in the industry 18yrs but this is the first time I've personally come accross an operation like this. I haven't lost money to Crown, nor am I disgruntled in some way. I simply feel this situation is important enough to post information in an attempt to stop it. I don't expect anyone to just take what I'm saying for granted...I want my colleagues to verify this information as they see necessary.
Finally, a Word to the Wise: Investigate & Verify information about the people you do business with. Let's all protect our profession! |
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refimadness
214 Posts |
Posted - 12/21/2007 : 3:44:33 PM
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| Bravo! |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 3:58:03 PM
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The post submitted my Markk is amusing but
none of it is true. Crown does not submit
loans in their own name. Every LO is employed
directly by the bank, executes an employment
agreement with the bank, submits loans in their
own name and is paid directly by the bank.
Tsnyder
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refimadness
214 Posts |
Posted - 12/21/2007 : 4:20:28 PM
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by the way.....FYI on your FHA, you are not in 50 states.
regrets |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 4:43:15 PM
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quote:
Originally posted by refimadness
by the way.....FYI on your FHA, you are not in 50 states.
regrets
FYI... I never made the claim that it was. What Nick posted
is erroneous. I have emailed him the proof of that. That
conversation will remain private unless Nick chooses to make
it public. That's how professionals act... they don't post
private emails on public forums.
I'm not going to get into a debate with you, refi. Your
beef is obviously with Myles, not me. All I will say is that
my experience with them has been positive for the most part.
There have been a few glitches but nothing I didn't expect
and nothing we couldn't deal with.
I wish you the best with whatever you choose to pursue in
the future.
Tsnyder
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refimadness
214 Posts |
Posted - 12/21/2007 : 4:56:28 PM
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the only thing I am going to persue is getting my 650 dollars back onto my CC....
It is not about the amount of money, it's about the amount of lies that lead me to send you (Crown Financial) the money.
All this will go away once I receive the refund.......simple really.
knute |
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NJLoanAgent
26 Posts |
Posted - 12/21/2007 : 5:05:20 PM
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I have been scammed by a few companies out there as well. Does anyone know of a good company licensed in NJ, NY, and PA that does FHA (Full Eagle if possible)? I have been hit by the Joe Giacobbe @ American Mortgage blues like others. I am just about to come out of surgery and looking for a new company to work with. |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 5:28:22 PM
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quote:
Originally posted by refimadness
the only thing I am going to persue is getting my 650 dollars back onto my CC....
It is not about the amount of money, it's about the amount of lies that lead me to send you (Crown Financial) the money.
All this will go away once I receive the refund.......simple really.
knute
I want to make it abundantly clear that refimadness
is NOT referring to me. He/she has no connection to
me whatsoever and has never sent me any money.
Tsnyder
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refimadness
214 Posts |
Posted - 12/21/2007 : 5:32:52 PM
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<B> I am not referring to tsnyder. I am talking about the company for which he works.
Knute
Male non hunter |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 5:34:16 PM
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quote:
Originally posted by refimadness
<B> I am not referring to tsnyder. I am talking about the company for which he works.
Knute
Male non hunter
I do not work for Crown Financial...
Tsnyder
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refimadness
214 Posts |
Posted - 12/21/2007 : 5:54:54 PM
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| are you a crown apologist? |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 6:02:04 PM
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quote:
Originally posted by refimadness
are you a crown apologist?
No... I don't believe I've apologized about anything
for Crown or anyone else. Are you just a pot stirrer
looking for an argument?
Tsnyder
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refimadness
214 Posts |
Posted - 12/21/2007 : 9:43:07 PM
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| nope, just a guy looking for refund from a company that I never worked for. |
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Tsnyder
10574 Posts |
Posted - 12/21/2007 : 11:41:22 PM
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quote:
Originally posted by refimadness
nope, just a guy looking for refund from a company that I never worked for.
It's hard to imagine you're going to find it here...
Tsnyder
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refimadness
214 Posts |
Posted - 12/22/2007 : 05:07:54 AM
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| hard to imagine lots of things.....harder to imagine having the time to post over 6500 threads, but that's just me. |
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Tsnyder
10574 Posts |
Posted - 12/22/2007 : 09:32:01 AM
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quote:
Originally posted by refimadness
hard to imagine lots of things.....harder to imagine having the time to post over 6500 threads, but that's just me.
You're a bitter little person, aren't you. Is taking a shot
at my post count the best you can do? The difference might
have something to do with the fact that I've been a member
here 27 months longer than you... ya' think?
Tsnyder
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refimadness
214 Posts |
Posted - 12/22/2007 : 09:49:14 AM
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| Gee T, I am truly a happy go lucky kinda guy. I am filled with the Christmas spirit. One might think that a person of your caliber in this particular profession would have a better sense of humor and thicker skin. That being said, I have not been on the board that long. Yet in my short time here, I have noticed that you always seem to be defending yourself. My guess is that in your heart of hearts you know that what's being said about a certain company must be based in truth....that's my theory. Bitter little men like me sometimes think in the abstract. We learn that in group, or maybe from the Dr. Phil show...either way I was not taking a shot at you, just noticing that you must be a man with plenty of time on his hands. |
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velecico
5311 Posts |
Posted - 12/22/2007 : 10:30:06 AM
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I stand corrected , when I originally requested info and it got e mailed back to me , it did say FHA 27 states and the rest were pending , maybe I did not understand this opportunity completly , I was not looking to originate loans , what I was looking to do is recruit loan officers througout the United States , offer them a 70% split and make a 10% override , then the overide on the 3 legs below that hire is 5% 3% 2% , at the same time I would keep my net branch active in NJ .
I found out issues regarding MLM conpensation have nothing to do with the banking industry and would have to personally originate a minimum amount of deals with NMA to receive the overide , so far I have referred 2 prospects , I dont know the status of the applications but I take it that if they work out I have an incentive to remain with NMA , recruit more LOs and originate the minimum amount of loans in order to receive an overide .
My question is , who pays the overide , NMA , CROWN or EQUITY ?
I think that many that read the NMA prospectus will look at the income opportunity through recruiting rather than originating at 70% |
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MortgageGurl
669 Posts |
Posted - 12/22/2007 : 11:49:58 AM
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Madness,
I am sure you know many of us are still trying to find our way under all these new conditions. I am not sure what you did to get fired nor do I care. May I suggest if you have a real issue other than Miles is a lier and his momma dresses him funny, you tell us what it is.
I was also told that I could do NJ, then found out I can not broker it there. This was clearly a misunderstanding with no intentions of misleadings me or harm.
I am looking forward to a very prosperous 2008 but after reading your post became discouraged believing I had starting out all wrong. I now believe I have made the best decision to sign up with Crown so I will continue on with what I was doing.
Good Luck to you! |
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refimadness
214 Posts |
Posted - 12/22/2007 : 11:54:42 AM
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Ditto
the firing is somewhat comical, look at the dates. We severed ties before we were ever up. That was in August, Crown has had over 4 months to do the right thing. Myles got his panties in a wad the other day. Nothing more than that.
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MortgageGurl
669 Posts |
Posted - 12/22/2007 : 12:35:04 PM
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quote:
Originally posted by refimadness
Ditto
the firing is somewhat comical, look at the dates. We severed ties before we were ever up. That was in August, Crown has had over 4 months to do the right thing. Myles got his panties in a wad the other day. Nothing more than that.
Madness,
I do wish you the best of luck in these changing times and hope you find a plan that better fits your needs.  |
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markk@neo.rr.com
24 Posts |
Posted - 12/23/2007 : 07:42:04 AM
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The post submitted my Markk is amusing but
none of it is true. Crown does not submit
loans in their own name. Every LO is employed
directly by the bank, executes an employment
agreement with the bank, submits loans in their
own name and is paid directly by the bank.
Tsnyder
I emplor those reading this thread to use cauthion when evaluating Crown Financial's statements or those of the individuals defending them. I am not making unverifiable accusations. I encourage verification of the legitimacy, and legality of Crown's operation. Enough information has been provided in my earler posting for those interested. Calls to just these two banks with whom Crown has had dealings will authenticate my stance.
In regards to Crown Financial's operation: If in fact the above employment of each LO with "the bank" is valid, undisguised, and legal, then it poses fresh poignant questions:
(NOTE: THESE QUESTIONS ASSUME THE EMPLOYMENT STATUS OF THE LO AS CLAIMED BY Tsnyder)
1) If the LO is indeed employed directly by the bank, then why does the LO need Crown?
2) Why is the LO's commission sent to Crown instead of direcetly to the LO? After all, Tsnyder claims "the LO is paid directly by the bank" and is "employed directly by the bank".
3) Why does Crown receive compensation on closings originated by the LO who supposidly works directly for the bank? After all, receipt of unearned fees are prohibited under RESPA. On the other hand if Crown is forcably deducting funds from the LO's W2 Bank Wages, there would be other legal issues to contemplate (labor laws, extortion, etc).
4) Why can't the LO contact his own employer (supposidy "the bank") directly without the threat of being "terminated from the program" by Crown? How can a 3rd party "terminate" an employee of the bank? What plausible roll is Crown filling here?
These are just the first few questions that occured to me after reading your post Tsnyder. The further one looks at this scenario, the more rediculous it becomes.
I reassirt the claims made in my original posting.
The investigative authorities WILL have the final word on this issue, and I hope those who have contact with Crown choose to distance themselves from Crown before being caught up in the dragnet that's sure to come.
Professionally I hope Crown is chosen to set an example of the punitive possiblities for those attempting to maneuver around State and Federal Regulations. |
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MortgageGurl
669 Posts |
Posted - 12/23/2007 : 10:08:05 AM
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Mark,
I see you signed up to the BO just for this topic. Did you get fired too?
Good Luck to you |
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MortgageGurl
669 Posts |
Posted - 12/23/2007 : 1:07:55 PM
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| I am not saying it is not valid and it did motivate me to ask some more questions. I also believe it to be valid to ask why someone signed up to BO to just attack a company. |
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MortgageGurl
669 Posts |
Posted - 12/23/2007 : 1:24:04 PM
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| Ok Patrick that is fair. |
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markk@neo.rr.com
24 Posts |
Posted - 12/23/2007 : 2:27:30 PM
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My first posting openly pointed out the fact that I was new to BO. I revealed that information, then proceeded to explain that I hand't lost money to Crown, nor was I a disgruntled employee....and "No" I wasn't "terminated" either (maybe I should have mentioned that too). I've never worked for Crown, nor have I been affiliated with Crown in any way. That should be clear enough for everyone now.
I've been originating loans since 1986, and consider myself a professional. I'm concerned with my own reputation as well as that of our industry which has far too many fraudsters and charlatans who make life difficult for those of us who seek to advance and protect our vocation. I was approached by two other brokers who came to me with concerns about their dealings with Crown, which is how I was made aware of Crown's existance. After researching the company, and subsequently speaking to managment at both Western Thrift and Horizin Banks, N.A. personally, I contacted the governing authorities in NC, VA, Fl, and OH of whom confirmed that they had received complaints about Crown. Each has an active file on the operation. The Division of Banks in NC felt they had sufficient evidence to forward the complaint to HUD for Federal violations.
I jointed BO to get the word out to other brokers, and to our industry in general to prevent some well meaning brokers and LO's, looking to expand their businesses, from getting entwined with an illegitimate operation the likes of Crown Financial.
Nothing ominous about it.
Those that care enough about their careers will heed the warning. Those that don't can't plead ignorance when ship wrecks.
I'm available if anyone wishes to legitimately discuss the issue further, but I don't have time or desire to respond to nitpicking potshot posts. The plot is so obvious that I feel anyone defending Crown either stands to profit from it's continued operation, or is blindly refusing to consider the legality of their actions. These don't deserve positions involving the origination of loans to Americans.
I've got loans to close. |
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Tsnyder
10574 Posts |
Posted - 12/23/2007 : 10:17:59 PM
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quote:
Originally posted by markk@neo.rr.com
The post submitted my Markk is amusing but
none of it is true. Crown does not submit
loans in their own name. Every LO is employed
directly by the bank, executes an employment
agreement with the bank, submits loans in their
own name and is paid directly by the bank.
Tsnyder
I emplor those reading this thread to use cauthion when evaluating Crown Financial's statements or those of the individuals defending them. I am not making unverifiable accusations. I encourage verification of the legitimacy, and legality of Crown's operation. Enough information has been provided in my earler posting for those interested. Calls to just these two banks with whom Crown has had dealings will authenticate my stance.
In regards to Crown Financial's operation: If in fact the above employment of each LO with "the bank" is valid, undisguised, and legal, then it poses fresh poignant questions:
(NOTE: THESE QUESTIONS ASSUME THE EMPLOYMENT STATUS OF THE LO AS CLAIMED BY Tsnyder)
1) If the LO is indeed employed directly by the bank, then why does the LO need Crown?
2) Why is the LO's commission sent to Crown instead of direcetly to the LO? After all, Tsnyder claims "the LO is paid directly by the bank" and is "employed directly by the bank".
3) Why does Crown receive compensation on closings originated by the LO who supposidly works directly for the bank? After all, receipt of unearned fees are prohibited under RESPA. On the other hand if Crown is forcably deducting funds from the LO's W2 Bank Wages, there would be other legal issues to contemplate (labor laws, extortion, etc).
4) Why can't the LO contact his own employer (supposidy "the bank") directly without the threat of being "terminated from the program" by Crown? How can a 3rd party "terminate" an employee of the bank? What plausible roll is Crown filling here?
These are just the first few questions that occured to me after reading your post Tsnyder. The further one looks at this scenario, the more rediculous it becomes.
I reassirt the claims made in my original posting.
The investigative authorities WILL have the final word on this issue, and I hope those who have contact with Crown choose to distance themselves from Crown before being caught up in the dragnet that's sure to come.
Professionally I hope Crown is chosen to set an example of the punitive possiblities for those attempting to maneuver around State and Federal Regulations.
Mark...
You're certainly free to assert all you want but all
you've done with your latest round of questions/accusations
is shown us that you know very little, or nothing, about how
this business is done on the federal level.
The LO needs Crown because Crown has the TPO agreement with
the bank. Do you know what a TPO agreement is, Mark? Do you
know how it operates? Do you know why a federally chartered
bank would prefer to have a TPO agreement with a single party
rather than deal directly with hundreds of individual originators?
Not only is the relationship between Crown and the bank "valid,
undisguised, and legal" it is exactly as I described. Every LO
signs a contract with the bank. Nobody receives logins to the
bank's online systems without it.
Your next question... the LO's commissions are not sent to
Crown. They are paid directly to the LO. You might be familiar
with RESPA... the chain of pay is extremely important under
RESPA guidelines. The LO's agreements with Crown and the bank
clearly establishes the chain and avoids even the appearance of
illegal payments under RESPA.
Finally... you ask why the LO is prohibited by contract from
contacting the bank directly. That's a fair question. If you
put on your business owner hat for a moment (assuming you
have one) I think the answer would probably make sense to you.
Here it is...
Federally chartered banks initiate TPO agreements with third
party firms because they want to extend their market reach on
a national level but they don't have the infrastructure, personnel
or systems to handle a large and diverse group of employees.
So... they set up a wholesale division and contract with a company
that is willing to take on those responsibilities. They want to
communicate with that company and that company only. They just plain
don't have the time or the motivation to take random calls from
every LO who has a question today. That's what they pay the TPO
organization to do. The only thing they want to do is package
loans and sell them as quickly and efficiently as possible. They
do not want to be involved in employee issues. That's not what
they're set up to do.
Crown didn't make this rule... the banks did. When I started with
Crown I had a question I felt needed an answer ASAP. I'm the
kind of guy who likes to go direct to the source for answers so
I tracked down the number for the bank and called them. I got
through the typical bank maze to the guy who handled the Crown
operation. He graciously answered my question but informed me that
I should contact Crown with all future questions.
Not more than 15 minutes after we hung up I received an email from
Myles asking if (and why) I'd contacted the bank directly. How do
you think he knew about that call? Do you suppose the guy from
the bank called him to complain about my calling him directly? Of
course he did... it couldn't have happened any other way.
So that's the answer to the great mystery of why Crown's agreement
says you can't call the bank directly. I guarantee you that if any
Crown reps made a habit of calling the bank, the bank would soon
terminate their employment agreement and may even terminate their
agreement with Crown if it happened too frequently.
Tsnyder
.
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Tsnyder
10574 Posts |
Posted - 12/23/2007 : 10:29:38 PM
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The real shame in this thread is that we have two people,
Mark and the original poster, who have slung a pile of the
stuff I clean out of my horse's stalls and have made wild
accusations about things that don't know or understand.
The original poster thinks Crown is a scam operation
because he/she (yes, Knute, I know about the real person
behind the scenes) can't find state licensing information.
Well... duh. Of course not.
Mark has taken it upon himself to ask questions in a manner
that is clearly designed to cast shadows on the legitimacy of
Crown's operation. He clearly has no knowledge or understanding
of the subject or he would already know the answers.
Don't take me the wrong way... there's nothing wrong with
asking questions about subjects you're unfamiliar with but
Mark's questions were clearly nothing more than thinly masked
accusations. He wants to save unsuspecting brokers from
making a terrible mistake.... because he's so much smarter and
more knowledgable than they are. Not so much...
If either of them had any honor they'd admit they are wrong,
offer an apology and erase their posts. I won't be holding my
breath waiting for that to happen...
Tsnyder
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MortgageGurl
669 Posts |
Posted - 12/24/2007 : 12:24:41 AM
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Tsnyder,
I do understand the not calling the banks AE's ect... When I read that in my contract I did not question the reasoning behind it at all. At one point in my career I processed for 23 LO's. I told them if they contacted underwriting, title or escrow they would be fired for all the same reasons. Each of these people have a job to do and can not take the amount of calls that would surely come if there were no polices in place.
Merry Christmas |
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ChiHlava
854 Posts |
Posted - 12/24/2007 : 05:10:52 AM
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Wow, you really missed the boat on what Crown offers, and I am sure some of the alterations to their process have fed your problems. Had you stayed on, you would see that the changes are creating a long term stability in the program.
quote:
Originally posted by refimadness
hmmmm.....what am I wrong about?
Trying to find a state license for a federally chartered operation. 
quote:
1) Contacted Crown, asked if they were licensed in North Carolina and Virginia. I Was told by their people they were in fact legal. We pay them for the app.
You probably paid for background checks on yourself and your other LOs. There is NO state licensing. Why you kept calling the state licensing agencies that have no control or authority over a federal charter is proof of your misunderstanding Crown's program.
quote:
3) Check with NCCOB, told in fact that Crown is NOT licensed in NC or Va.....we then ask Crown about this and get a response that we (Crown) will in fact be licensed in NC within a week.
Only missing licensing would be approval by the local HOC for FHA originations. NCCOB would have nothing to do with Crown, as mentioned above.
quote:
I would like an explanation of this comment "(yes, Knute, I know about the real person behind the scenes") if you don't mind. Feel free to call me if you wish 336 918 3260. Not sure as to what you are suggesting so I would hope that you can explain.
Probably came from the e-mail signature on those e-mails you reproduced here in this thread. When they were blasted out to the LOs of Crown (at least the e-mail list you could find), they said they came from Debbie Reynolds, not Knute Medina. |
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Tsnyder
10574 Posts |
Posted - 12/24/2007 : 08:18:06 AM
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Knute/Debbie
I didn't say you were a liar... I said you were
wrong in posting things as fact that you obviously
don't understand.
J pretty much answered the rest.
Tsnyder
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NJLoanAgent
26 Posts |
Posted - 12/27/2007 : 1:34:38 PM
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| I thank the person who did the original post. Wether this company has got their act together or not, the post helps the next broker from entering into an agreement with someone or some company that may be shady. We are here to help each other with these types of issues. From what this mortgage professional is experencing over $600 some odd dollars is sad. Everybody out here is seeking to make money not spend it. To me it's just like the BBB. A complaint is made to make others aware that there may be problems there. I normally don't reply to post that has nothing to do with me. However, since I am looking for a new company to work with. THANKS FOR THE HEADS UP! |
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markk@neo.rr.com
24 Posts |
Posted - 12/27/2007 : 2:22:56 PM
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Crown Financial (aka "The Crown Connection" or "Crown Bank", etc.) is simiply an attempt by the owner (Myles Leighton) to recruit brokers and then miss-represent those brokers as Crown LO's to the legitimate Federally Chartered Bank that Crown is currently "working with". The problem here is that the LEGITIMATE bank they're signed on with isn't aware that the loans being submitted are from independent brokers.....the bank is under the impression that each of Crown's brokers (you) are really Crown LO's. The origination agreement that each LO signs with the bank has this as an underlying assumption. Don't for a minute think that it's is a legitimate business practice for independently licensed brokers to co-submit loans. Not only is this non-compliant, but it may also be fraud. Keep reading....
(Sidebar: Broker Outpost member "Tsnyder" appears to be affiliated with Crown somehow. Tsnyder sounds like a recruiter for Crown on some threads, and just as a Crown defender on others. I have little doubt he'll respond to this posting as well. As always, my advice to readers here is to verify everything said...including my statements against Crown. I don't expect you to just accept my word as truth either.)
Crown tries to impress brokers with terminology many may not be familiar with....some of which can sound convincing. Further investigation reaveals major flaws. If you value your career, you'll educate yourself and look deeper into Crowns caims. There are MAJOR problems that could mean huge fines for brokers working with Crown. For example: North Carolina fines $10,000 per loan app if you solicit business without posessing a valid license. Many states have similar laws. If a broker plans to use a "Federal Bank Charter" as a sheild, don't you think the broker should make sure the sheild is solid (or in this case exists at all)?
I will avoid "mud slinging" and try to stick to varifiable facts to expose the nature of Crown's operation. I only ask that brokers use this information to make their own informed decision.
Crown has been cut-off by several banks in the past few months as each uncovered the scam Crown was pulling. The bottom line is that bank management doesn't realize that Crown is actually submitting loans for other brokers. Don't think for a minute that it's legitimate for brokers to recruit other brokers. The number of RESPA violations that come to mind is stagering.
Crown forbids their brokers (you) from contacting "the bank" directly, and threatens immediate termination for those that do. Crown offers various explanations for this policy, but the real reason is to keep "the bank" from uncovering the scam. Crown has stated that "the bank doesn't have the time to deal with all the brokers directly"......but the legal department of any bank would never be offended by a broker verifying compliance issues....NEVER! Think about that....if you were brokering loans with Wells Fargo for example, would the legal department be annoyed that you asked questions verifying the legality of your function with them? Of course not....that's what their department is there for!
If you're presently dealing with Crown, I stongly urge you to make this call! Obviously, you'll want to make sure you speak with the legal or compliance department.....not to someone involved in sales (for obvious reasons).
Crown will tout their special "TPO Agreement" they claim validates the business structure. Understandably some brokers have accepted the legitimacy of this claim, because we falsly assume companies won't offer services that are illegal - especially in an industry so heavilly regulated, but Crown does! The result of these assumptions amounts to following the perverbial Pied Piper.
For clarification, the "TPO Agreement" Crown holds with their bank is simply a "Third Party Origination Agreement". This is nothing more than the contract ANY BROKER can sign with a direct lender if they wish to operate as a Correspondent. There's absolutely nothing special about this agreement. Don't be impressed by the terminology being used. Many brokers don't have correspondent relationships with their lenders....Crown uses the unfamiliarity with this type of relationship to confuse their brokers. Protect your career by educating yourselves!
There are two banks I have CONFIRMED cut-off Crown Financial in just the past 6-8mths. Both of these banks immediately terminated Crown as soon as the details of what they were doing came to light. I understand that there may be as many as six banks that have terminated their affiliation with Crown. Feel free to contact the two banks listed below for your own independent confirmation:
1) Western Thrift & Loan (800) 750-8567
2) Horizon Banks, NA (303) 962-0115 or (303) 962-0134
I've received corroborating information claiming that Crown was also terminated by Prime Bank recently as well, but I don't have contact information for Prime to verify this claim. If anyone has contact information for Prime, please forward it to me.
Currently I believe Crown is using Equity Bank of Kansas. Equity Bank will be made aware of the concerns regarding Crown, and if the concerns prove valid, will terminate the Crown relationship as well.
Also verifiable is the fact that Crown is being investigated by the Division of Banks in NC, VA, FL and OH. Crown (Tsnyder in particular) claims that contacting the individual states is a waste of time, but that's false. Even Fedrally Chartered Banks (which Crown is not) must register information on their operation with the State Department of Banking Regulations. This isn't the old west where businesses operate as they so desire...even if there's a valid federal bank charter.
Keep in mind that Crown Financial isn't a bank, and their independent brokers can't "piggy back" onto a TPO Agreement that Crown may have with a bank. Crown is taking various legitimate business practices and ineptly trying to mix them.
The Fed's are now involved and will surely slam the door on this operation. The Fed's won't care if the broker (you) "thought" you were in compliance. Ignorance is never a defense....especially in light of the attention our industry is getting at this time. You DO NOT want to catch the attention of HUD....they are the epitomy of "zero tollerance.
I'm assuming my assertions will be attacked, which is why I'm encoraging readers to VERIFY THE INFORMATION YOURSELVES.
In anticipation of possible retaliations, here are a few statements about me for everyone's clarification:
1. I'm an independent broker.
2. I've been in the industry 18yrs.
3. I have not lost money to Crown, nor am I a disgruntled employee.
4. I have never been affiliated with Crown, nor am I affiliated with a competing company.
5. I do not stand to profit from the demise of Crown.
6. I have no "alterior motives" to smear Crown, though I will gain satisfaction in seeing the end of the shenanigans they're pulling.
7. I initially took interest in Crown at the request of two other brokers who brought their concerns to me (they were seeking a channel to close "out of state" business).
8. I AM NEW TO BROKER OUTPOST (there, I said it first). I've never had reason to join....this is the first time I possessed information about an operation that stands to hurt my fellow Brokers.
9. I value my career. Reporting Crown to the authorities and getting the word out through forums like BO are the only actions I can take to protect other Brokers.
10. Frausters hurt us all.
Feel free to contact me directly if you so desire. |
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Tsnyder
10574 Posts |
Posted - 12/27/2007 : 2:38:11 PM
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quote:
Originally posted by NJLoanAgent
I thank the person who did the original post. Wether this company has got their act together or not, the post helps the next broker from entering into an agreement with someone or some company that may be shady. We are here to help each other with these types of issues. From what this mortgage professional is experencing over $600 some odd dollars is sad. Everybody out here is seeking to make money not spend it. To me it's just like the BBB. A complaint is made to make others aware that there may be problems there. I normally don't reply to post that has nothing to do with me. However, since I am looking for a new company to work with. THANKS FOR THE HEADS UP!
The difference is that the BBB actually has a process for
verifying the claims of those who complain.
Perhaps you didn't see this thread when it was originally
posted but the original poster has erased everything they
originally posted. Interesting...
Now... we have Mark, the Great Crusader whose only stated
desire is to help save unsuspecting brokers from themselves...
I find it interesting that he showed up here pretty much right
on schedule after the OP started this thread and hasn't participated
in any threads on any other topics.
He says he has no hidden agenda... uh huh... sure...
Tsnyder
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markk@neo.rr.com
24 Posts |
Posted - 12/27/2007 : 5:26:37 PM
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Let's think this through people:
One poster provides varifiable facts, and encourages readers to verify the facts themselves, AND get some good advice from their attorney.
The other poster states I'm wrong, provides no varifiable facts to prove otherwise and says things like "uh hah....sure".
Those who act on the information provided - good for you. Those who don't...can't say you weren't warned.
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dnuex2
3019 Posts |
Posted - 12/27/2007 : 7:14:40 PM
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| Its really no surprise Snyder is in the hot seat again. He tends to have a history of being involved in situations that blow up eventually; Midas Financial Group, various hokey net branches operations, etc. |
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dpm
2727 Posts |
Posted - 12/27/2007 : 7:25:44 PM
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Happy New Year, dnuex2!
I haven't seen you around in awhile. I guess your not a post whre like some of us, haha!
It's nice to see some OG's posting every once in a while.
quote:
Originally posted by dnuex2
Its really no surprise Snyder is in the hot seat again. He tends to have a history of being involved in situations that blow up eventually; Midas Financial Group, various hokey net branches operations, etc.
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cpruitt
1775 Posts |
Posted - 12/27/2007 : 7:46:45 PM
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quote:
Originally posted by markk@neo.rr.com
I contacted the governing authorities in NC, VA, Fl, and OH of whom confirmed that they had received complaints about Crown. Each has an active file on the operation. The Division of Banks in NC felt they had sufficient evidence to forward the complaint to HUD for Federal violations.
It seems doubtful that a regulatory authority would reveal the status of a complaint in which no final action had been taken? |
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cpruitt
1775 Posts |
Posted - 12/27/2007 : 7:53:11 PM
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I'm very sure that Terry himself always said for everyone
to check it all out themselves. He is not their lawyer.
At least in the older threads on this same subject he
did. It doesn't appear he's trying to hide anything. At
any rate, anyone who would sign legal documents without
checking out the other party is being foolish anyway
whether they got a warning on here or not.
quote:
Originally posted by NJLoanAgent
I thank the person who did the original post. Wether this company has got their act together or not, the post helps the next broker from entering into an agreement with someone or some company that may be shady. We are here to help each other with these types of issues. From what this mortgage professional is experencing over $600 some odd dollars is sad. Everybody out here is seeking to make money not spend it. To me it's just like the BBB. A complaint is made to make others aware that there may be problems there. I normally don't reply to post that has nothing to do with me. However, since I am looking for a new company to work with. THANKS FOR THE HEADS UP!
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