Platinum Acceptance Corporation ratings, reviews and complaints - Loan Modifications Advance Fee

Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Complainants allege the company misrepresents their ability to assist clients or provide loan modification services fails to honor their money back guarantee advises clients to cease communicating with their lenders and accepts advance fees from clients in violation of state law. Some clients complain the company falsely claims responsibility for negotiating loan modifications when fact their lenders had not been contacted or their lenders were unable to contact the company after repeated attempts.~Due to lack of communication loan mod applications were abandoned by lenders in some cases. ~~The company responds to a few complaints by disputing the complainantÃ¢â‚¬â„¢s allegations claiming their efforts were successful in obtaining modifications and accusing the complainant of slander and libel. A few complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.

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Complaint Closing Statistics

0 complaints against Platinum Acceptance Corporation closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

Other Information

Company Info

This company's business is providing loan modification services.

Primary Contact:	Mir Noorbakhsh (Broker)
Business Started:	7/18/2006
Social:

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Licensing

California Department of Real Estate

Verified License

License Number: 01524650
Status: Revoked

As of our last verification on September 2 2010 this company's Corporation license with the Department of Real Estate expired on July 17 2010. For the most up-to-date information regarding licensing consumers may contact the Department of Real Estate by writing to 320 West 4th Street suite #350 Los Angeles Ca. 90013-1105 by calling (213) 620-2072 or search for one of the other district offices by visiting http://www.dre.ca.gov.

Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

On Septermber 2 2010 the BBB verified that the company's werbsite displays the following advisory;~~" Platinum Acceptance Corp is no longer accepting any new cases. If you are a current client please know that your case is important to this firm and we are diligently working to successfully resolve the matter. Due to escalated call volume we are unable to communicate telephonically with our clients. All inquiries must be submitted via email at [email protected]. Please allow 7-10 business days to receive a response. No in person appointments are available at our offices. In order to contact this office please email us at [email protected]. Any documents necessary for the completion of your case should be faxed to 714.784.7875 or email to [email protected]."~~Effective October 2009 in California it is illegal to collect any fees regardless of the form for negotiating or attempting to negotiate a loan modification for a residential mortgage. All modification services must be fully completed before any money can be collected. It is also illegal to divide fees or services into components for the purpose of avoiding this law. HUD approved housing counseling agencies are exempt from this law.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

Industry Resources

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Additional Info

DBAs:
There are no additional DBAs.

Websites:
There are no additional web sites.

Contacts:

Robert Domenic Lonardo (Salesperson)

Eric Bazzone

Other Categories:

Mortgage Loan Originators