I am a former employee of this company and left because they are misleading along with the fact they are horrible to work for. The loan itself is legit and a good product for most people since it is fixed for 39 months then the adjustment can either go up or down a full percentage point.
Most people when I worked there a couple years ago had a decrease from 3% down to approx. 2%. The nice thing is the following adjustment can only go to 3% from 2% and it's based on the new lower principle. The BS is that the owner is greedy and owns a portion of the title company which charges twice as much as others.
There are 3 points charged 1% orig, 2pt's discount. They claim you will pay off your mortgage faster, but that is only if you apply the savings to the new payment. Yet, they act as though you can pay less and still pay the mortgage off faster. You can't have it both ways.
It's high pressure, not only for the veterans, but also the loan officers that are sent to homes of people that cancelled appointments or were not interested. The owner is like a used car salesman and they require the loan officers to work literally 7 days a week and have you drive all over the state without knowing your schedule until approx. 9pm that night. It's not uncommon to be scheduled for multiple appts.
at the same time and punish you with terrible appointments for small loan sizes, trailers, etc, that can be as far as 4-6 hours away. This sounds far fetched, but the company acts as if they own you and require you to work Xmas, Thanksgiving, etc. No Joke, and the owner would not be raping our veterans financially if he cared or was a good person. I would go into appointments and come clean about the product which in my opinion is a very good loan if you have discipline to pay more principle.
The part that makes it unethical is the double talk, misleading figures, and acting as though they are doing veterans a favor. It's like the movie Boiler Room for Mortgages. I was disciplined for telling clients exactly how the loan worked and mentioning the deposit prior to the presentation. I have never seen of a company that operates like this.
I couldn't believe it until I experienced it. The company literally makes you work 365 days a year. If you ask for a day off for a wedding etc, they will punish you by giving you a full week off then start you back up with a loan or two hours away that if you are fortunate enough to get you may earn a small commission on. The funny thing is they actually steal from the loan officers as well..If the client calls the office to ask a question you only get 15% of your commission.
Yet you are not allowed to provide clients with your direct line.