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iFreedom Direct

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I Freedom Direct is very indirect, so go another direction.
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SALT LAKE CITY, UTAH -- IFreedom Direct Corporation is the most dishonest company I have ever come in contact with. My agent that did my mortgage was named Cameron Lott. Cameron knew before I ever signed anything, I told him if I had to come out of pocket, I'm finding someone else. First, it started with the $159 check in which Cameron told me it was for my left over taxes that my escrow didn't pay. Now I understood this because taxes went up this year, but on the other hand, my previous mortgage company Wellsfargo had paid then and my insurance. Then, he told me he needed another check for $912.49, in which the date was 10/13/2009 on the check because he told me he would need this as Earnest money and need something at the closing for show. On top of that, he said he would not cash the check because I told him I did not have the funds. He proceed with "Gloria., Gloria., Trust me I'm not going to cash this check." Yeah and he was right, he didn't but, his company did, on Dec 21, 2009 my checking account was over drawn with this $912.49 check whose date was change from 10/13 to 12/13. I called and called but, could not reach Cameron Lott. I talk to a lady named Kay, an accountant and Sandra who said she was the supervisor. They only said you owed us that we paid your taxes, so the money that you received from the tax company was your reimbursement for this check and we'll send you the difference, but why did they not tell me this? Why did they hold that check so long, I got that title check about the end of Nov. and wasn't informed about what to do with it. The only thing these people can say is "you owe us", but on the settlement statement it said nothing about this. Now, when I call, even their secretaries poke fun by saying "this must be Gloria", then on top of that act as if they don't know Kay in accounting or Sandra. They'll say what's their last name can you give me an ext., but they've knew before. My previous lady who did my first loan showed me where they go 3% off top and 3% at closing and then maxed out my loan. She said they absolutely took you for a ride on this loan and got what they could from you. In a short "I was taken advantage of". Now this Sandra lady called me and wanted to cut a deal. She said if I stopped posting stuff about them and erase all of it, maybe we can "cut a deal". What kind of company says that? By the way, they also claims this Cameron Lott doesn't work for them anymore, or maybe he does and just not that alias.
     
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warddw1526 on 2010-01-01:
Or maybe Cameron Lott does not work there anymore.
moejoe on 2010-01-10:
Hello,

I am an ex mortgage broker, I never worked for I freedom direct. I would never the employees that work there get paid almost nothing per file. They all have bad credit and Hate working there.
I sold home loans not at that place but another place I currently work in the energy business. I liked saleing home loans prior to August 2007, then the banks started vanishing. All of the sudden the company I worked for went broke. Now I work for a natural gas company.
Now I have 2 friends that currently work there. They hate there job. One worked all last year and did not even make 20k. They are alway telling the employees if you don't meet this goal or that goal. we will lay you off. I had a friend that just quit and told me he was working 12 hours a day trying to sell loans over the phone. Any ways as a customer you should stay away from this company because your local credit union or bank, b of a, wells fargo, any bank can offer you better terms and lower fees. My friend told me that people are working there because the market is so bad but they all hate the owner and hate the work place. My friend who just quit not to long ago told me it is a boiler room where no one makes money except managers that are fake and have been there for ever. Not one of them according to my friend has ever sold loans over the phone.
My last thing I want to tell you is the owner is worth a lot of money. He is a guy from the car business who had no money at all but in 1985 was able to get a loan from some wealthy people and this is when rates were going for 16% to 19% and he was offering arms at 12% to 14% he was able to capitalize but. He is an ex car guy who has no ethic. It was not hard to make money prior to 07 basically back to the mid 80's money was easy to make I am 28 I have over 300k in stocks and about 100k in cash but when I was selling loans you could make a lot of money those days are over. It went from a customer service business to a volume business, they still need to over haul the home loan business and make companies like I freedom service there loans instead of selling them off but are congress and senator have been paid off and are continuing to get paid of buy banks.
you can tell no one makes money there accept for the owner because one day I picked up my three friends who were working there in the summer and and the parking lot except for were the manager park witch is covered. all the cars were older and junky looking. When I worked in the loan business every person in my company had a new car. All three of my friend had there cars repoed so they are driving junkers.
This guy is successful because he got into the mortgage market in 85, from 85 tell 2007 doing mortgages was easy I am only 28 years old and I have made a lot of money at a very young age.
I wish no one to work with this company. Go to your local bank they will give you a better deal and I am sure they pay there people enough to at cover there rent. I can honestly say I don't know one person who is in realestate business who is not in some form of foreclosure or default on a car. Not one is on good financial footing. I liked saleing loans prior to August 07 because I could me 150k a year without going nuts, yeah I had to work 11 to 13 hours a day but anyone who makes a lot of money works a lot. And it was a fun job. But the industry is diffent all the loan programs are basically the same that is why loan origination business as a whole is makeing a lot less plus we used to fund 2.5 trillion dollars a year in loans now we fund about 800 billion and the big banks are picking up all the market share. In 2013 according to the mortgage lender association of California 93% of the loans in this country will be originated buy the 6 largest banks in are country. in 2006 the largest 6 banks only originated 24% of all the loans. Like I said they are paying congress to get rid of personally mortgage brokers. Avoid I freedom at any cost. you can go to any credit union or bank and they can offer anything ifreedom for cheap and better.
Like I said the owner is a two bit ex used car sales man that I know if he had to sale a loan He could never do it. One last thing. when I worked in that business I was the best sales man at my company like I said form may 2002 tell aug 2007 I made 15k per month. I once made 49k in a month. I have no reason to lie about any of this.
The sales man who are now working on commission in that business are desperate scared and generally have less than 500 in cash and have no net worth so there ability to be ethical is severely compromised. So the owners of I freedom direct explote these people and could careless about these peoples ethics. It is not capitalism. My friends who work there have had 3 cuts in there commission split in 2 years. I honestly am very thankful that I am a good money manager and I work in the energy business now I don't make the money I used to but I am one of the people that was in that business and new it was out of control. I started looking for a job in July of 2007 and found one buy October of 2007 with questar gas. because I saw the writing on the wall. STAY AWAY FROM I FREEDOM DIRECT. The owner is a used car sales man his kids are drug addicts. I heard he is a cocky s head. My friend told me there fee's are so much higher than anyone else just stay away. from I Freedom direct. And if you live in salt lake just drive around the parking lot the cars are all junk and old. you can tell no one there is making real money. except for the managers that have been there for ever and from what my friends tell me walk around like there stuff do stink. This is a bad company and I hope there line of credit gets pulled the owner spends 175k a month to advertise on veterans web sits and gets those people to call in and then jacks the rate on them and takes total advantage of people who are not very savy from what my friends tell me.
Also he advertises on google and every time someone clicks on his link he pays 3 or 4 cents. Thank god I bought google at 270.
I really wish they would take every thing from the owner because he needs to be humbled just like most people in this country I am sure the majority of his loans are in default his company originated prior to 2007, and I can honestly say I don't now anyone in banking who likes that company. because they now they pay people there near to nothing. F you I freedom.
Like I said I never worked there but I have 2 friends currently working there and one who just quit. My friend that quit told me his manager was beginning him to stay. So do you really believe they want to fire anyone. Of course not. When I worked in that business it was alway a revolving door. 95% of all loan officers who get in the business don't last 6 months because selling a loan is hard and takes talent. Not everyone can do it. I left the business because I knew this was going to happened when New Century witch was a suprime mortgage lender went broke in March of 2007 I was starting to try to figure out what my next carree will be.
All three absolutely hate the the place. But they are stuck, And the management is fake and is alway threatening you to fire you I hope people will just start walking away. because my friend told me that the average loan officer there does not even close a loan a month. F you I Freedom direct especially the owner.
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Ifreedom Direct - Stay Away!!!
Posted by on
SALT LAKE CITY, UTAH -- After $1,925 lost and 3 days prior to closing, Ifreedom Direct pulled the rug out from under me. I'm a GS14 and an 8-year Army vet and I'm advising you to STAY CLEAR of Ifreedom Direct and Craig Day. The following timeline tells the story:

Timeline of loan process with ifreedom Direct and Craig Day.

- (1-24-11) Craig Day from ifreedom Direct sent first pre-approval
- Made offer on house, they countered, contacted Craig
- Craig Sent 2nd pre-approval indicating we could go much higher
- Seller’s accepted offer
- Craig said to move the closing up by 2 weeks since they are a direct lender and can streamline the process
- Got the inspection done on the home ($525)
- Emailed Craig…no response
- Emailed Craig…no response (GETTING A BIT WORRIED)
- Called Craig’s cell phone. He answered but said that he would call me right back from his work line…no call back.
- My Realtor, Jim Helm, called saying that he was trying to reach Craig
- Jim called saying that he was worried about Craig
- Jim asked me to email and call Craig. I emailed…no response
- Jim asked me to start getting quotes on homeowner’s insurance
- (2-8-11) Liberty Mutual rep, Eric, called and quoted me on a policy. I asked him to contact Craig Day to see if that was OK and to call me back and let me know. According to Eric, he reached Craig and Craig approved.
- (2-8-11) Emailed Craig to confirm the Liberty Mutual reps call. Craig finally replied:
“David,
I aplolgize for not being available to you today.
I had a Dr. appointment that really cut into my time.
I spoke to the agent and he send me info. I will talk with you in the morning.
Thanks for your paitence with me.

Best Regards,

Craig Day”

- (2-9-11) Emailed Craig in the morning to confirm asking him to call me…no response, no call
- (2-9-11) 6 pm Craig called informing me that things have changed and to advise me of how ifreedom sells loans to other banks. The “other banks”, due to my 669 credit score, require $13,250 down (which is 25% of the difference of the VA max of $417k and the total price of the property). Also, he said that I would need to show a 6-month PITI which equates to approximately $30k of assets. I advised that I could do that, no problem. Craig seemed happy and said that we are good to go.
- (2-15-11) Craig calls stating that “we are back on track” and that we need to conduct the appraisal, which is $400. I gave him my credit card # and faxed him the appraisal authorization form.
- (2-17-11) Craig calls and says that my debt-to-income ratio is still tight and that his underwriter wants me to pay off my truck (balance of $28k). I advise that even though this will be tough, I’ll do it. He says that we are back on track (I didn’t realize we were off track).
- (2-18-11) Ifreedom Direct charges my credit card $400 for an appraisal. Appraisal is conducted.
- (2-22-11) Craig Day emails this:
Dave,

Here is a copy of the appraisal. The value is at $482,000 and shows no repairs are required before closing.

Our underwriter has indicated that there is little possibility to finalize your loan application. I should have a yes or no within the hour.

Please consider Wells Fargo or Bank of America. They are the banks we sell our loans to and they will do in house loans without the same degree of qualification they subject to us.
WHAT THE HELL!!!??? YOU JUST CHARGED ME $400 FOR AN APPRAISAL WITHOUT 100% KNOWING THAT YOUR COMPANY COULD LEND ME THE MONEY???!!!!!
- (2-22-11) I respond asking Craig to forward the appraisal to VAmortgagecenter.com. He responds within 10 minutes with:
Dave,

MY underwriter says the VA no longer allows the lender to re assign the appraisal. Apparently, it is now done by your regional VA Loan Center.

your new lender should call them and ask them to do so.
- (2-22-11) Shortly after that, he sends another email trying to slam VAmortgagecenter.com:
Dave,

Be careful. They operate exactly like us. They will have to sell this loan and it is the secondary market buyers requirements that make your loan questionable.

I would also not lose time and call B o A and Wells and get started with one of them.

I thought they have a very interesting web site. A month ago I showed our managers their claim to be number one. We are higher on the Trade Journal list of the top 15 lenders. We were 11th and they were a few spots behind iFreedom. We only do VA loans too, so I thought they were taking creative elaboration with that statement.
THEY OPERATE EXACTLY LIKE US? WHAT ARE YOU SAYING CRAIG?
- (2-22-11) At this point, the deal is obviously off and I respond with this:
Craig,

I'm just simply trying to get this loan completed. You guys pre-approved me, had the appraisal done, asked me to pay off my truck, and misguided my Realtor all the way up to today. My Realtor, Jim Helm, says this is the worst he's seen in his 35 years as a Realtor. I'll be sure to make my experience with you and ifreedom known on every review site possible (lendingtree, BBB, zillow, consumeraffairs, etc.) I've kept every last correspondence and a precise time-line of events from day 1 to now. Additionally, I will never recommend your company to anyone...and believe me, I oversee hundreds of federal employees who are prior military.
Originally, I thought you seemed great. However, at some point, you realized that my loan was probably not going to happen. Instead of stepping up like a man and saving me time and money, you cowered away from my emails and calls and continually misguided the situation.

I should have paid more attention to the other victims on the numerous review sites.
     
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saj80 on 2011-02-23:
I refinanced via iFreedom Direct a few months ago, and it was anything but a pleasant experience. I had to go to closing twice due to incomplete documentation, and getting ahold of my "assigned agent" was almost impossible. In the end, I did get the rate and term I wanted, but would also not recommend this company. As for the appraisal, the federal government has changed appraisal regulations, and banks can no longer accept appraisals from customers without the prior bank's approval. This is very difficult to get, and is another misguided regulation imposed by the brainiacs in DC.
azRider on 2011-02-23:
I don't know if regulation can fix poor choices and bad planning. my first question is why would you risk a home loan with a company called iFreedom. sounds like an app for a smart phone. A credit score of 669 is low for a loan of around 385K, any good loan officer would have said its going to be tight. however, back to the Ifreedom name. why on earth would you even think of choosing them. what to save .125 percent in a loan? to save .5 point in fees? the difference over 30 years is not much. you should have used a well known bank right away or a large national loan company that has a name that does not start with an 'I'. This is the kind of thing that got us in trouble the first time. bad loans from fly by night companies based on candidates that are not good choices for the loans. you have have to bear some responsibility for not using your noodle. I think with a score of 669 you should be looking at homes in with a loan of about half of what your trying to buy. if you don't like those choices of home, work on your credit score, save money, and when you get to 710 or 720 and have cash saved in a emergency fund for 3 to 6 months of living expense you should be able to move to a loan of 300K to 350K and just about any bank should have no issue with getting the loan docs done in about 25 days. Providing you have an income to that can pay for a home that cost that much. never buy a home where the house payment is 50% or more of your income! OK let the flames begin..
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