198 inquiries | Mortgage Services
(909) 631-2240
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This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.
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BCA's Summary and Analysis:
Complainants allege they paid the company large advance fees for loan modifications. with the understanding that half of their money would be refunded if no modification resulted from the companies efforts. Customers complaint that modifications are not obtained and the company has failed to refunf their money as previously agreed.~~The company responds to some complaints by providing a future date for the customer's refund to be issued.
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Company Info
Authority Lending Corporation provides home loans, refinance and real estate purchase services.
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Licensing
California Department of Real Estate
Verified License
License Number: 01522476 Status: Revoked
Agency: California Bureau of Real Estate Description:
On February 18, 2014, the California Bureau of Real Estate (“BRE”) issued a Decision against Authority Lending Corporation (“ALC”), and Derrick Anthony Jones (“Jones”) based on a Default Order filed by the BRE on July 22, 2013. Based on an investigation, the BRE determined that ALC and Jones had engaged in acts or practices in violation of the California Business and Professions codes. The violations include, but were not limited to; collection of advanced fees for services not rendered, for fees not refunded, and for loan modifications not obtained; substantially misrepresenting loan modification/short sale services; failing to maintain complete and accurate control records; mixing, comingling, and converting trust funds; knowingly employing and compensating loan and loss mitigation agents who were not licensed by the BRE; continuing to conduct operations after ALC’s corporate status was suspended; failing to exercise reasonable supervision over the licensed activities of ALC to ensure compliance with the real estate law.
On February 18, 2014, the BRE ordered ALC’s and Jones’ real estate licenses and license rights be revoked. This decision became effective on March 28, 2014.
In general these types of companies offer to make loans or to provide you with guaranteed lending sources despite little or no credit history or bad credit. Often they use names similar to those of recognized lending institutions or official-looking seals or other insignia to give the impression they are a lender. Although they neither lend you money nor provide you sources that will they charge a fee in advance for the services they say they will perform. Their address is usually a post office box and their paperwork does not include a telephone number. Even if the company has a published telephone number callers often reach a only pre-recorded message and their calls are not returned~~You have the right to cancel your contract with an advance fee loan company for any reason and at any time up to five days after the date of the transaction. The contract must have attached to it a “Notice of Cancellation†form for you to use if you decide to cancel. After you cancel you are to receive a refund of any payment you made within 15 days after the seller receives your cancellation notice.~~We advise against doing business with a company that charges an advance fee for obtaining or helping you obtain a loan. Any credit services organization (a term that includes advance-fee loan companies) who charges an advance fee for such services is in violation of the law. ~
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
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