Nation Point - Nationpoint.com ripoff Incredibly dishonest lending practices illegal lending practices Lake Forest California
To all:
This is the only report I have ever had the displeasure to write on Ripooffreport.com. I sincerely hope it is my last.
I was approached by Nationpoint lending via a phone call from a Daniel David on about the 4th of October. He explained to me that he could put together a mortgage program to fit my needs.
After a couple of phone calls I decided to move forward with Daniel and Nationpoint as my lender. They explained to me that "We are a direct lender...as a matter of fact we're in the process of being bought of by Merrill Lynch". I thought "Well, that's a positive sign".
We agreed on 7.75% with zero down and zero PMI without the stipulation that I can refinance without a penalty. I asked more than once on a number of occansions if this was firm and I was told yes. Needless to say, I signed the contract on the house and told the realtor to move forward.
I received my paperwork on the 7th of October and began to review it. I was SHOCKED to find that had I not read over it properly I was going to be committed to 10.4+% interest. That however is only the tip of the iceberg.
Remember the "We are a direct lender" bit. Well, come to find out their not. Big black X in the "We do not service mortgage loans" and the "We intend to sell your loan box of the disclosure statement. The biggest shock came from the $22,000+ balloon payment that was going to be due at maturity.
I did call Daniel back to make absolutely sure that I wasn't mistaken or on the off chance he made a simple clerical mistake. No such luck. I couldn't get anyone to anwser.
I however will not be just another victim. Given my current occupation I am required to have recording devices attached to my phone lines. I HIGHLY recommend that anytime you deal with anyone concerning money you do the same. The equipment is VERY cheap ($50-$150) and can give you piece of mind if nothing else.
Needless to say, I have all my conversations with Daniel saved. I will give his company 24 hours to fix the problem and contact me or the following steps will be followed.
1. Fannie May will be contacted at 800-732-6643 or (((ROR REDACTED E-MAIL ADDRESS FOR SECURITY PURPOSES)))
2. Texas department of Banking at 877-276-5554 or consumer. (((ROR REDACTED E-MAIL ADDRESS FOR SECURITY PURPOSES)))
3. Federal Trade Commission (FTC.gov (, Peggy Twohig, Associate Director of Financial Practices at 202-326-3224
4. A suit will be filed with Solomon and associates (my law firm)
To those of you who have been affected by this or other deceptive lending companies, do not go slightly into that sweet night. There are literally thousands of successful suits against these types of people and companies. The following are just a few federal suits to illustrate my point:
FTC v. Mortgages Para Hispanos.Com Corp
FTC v. Ranney
FTC v. Capital City Mortgage Corp
FTC v. Chase Fin. Funding
United States v. Fairbanks Capital Corp
FTC v. Diamond
United States v. Mercantile Mortgage Co
FTC v. Associates First Capital Corp
FTC v. First Alliance Mortgage Co
United States v. Action Loan Co
FTC v. NuWest, Inc
United States v. Delta Funding Corp
FTC v. Barry Cooper Prop
FTC v. Capitol Mortgage Corp
FTC v. CLS Fin. Serv., Inc.,
FTC v. Granite Mortgage, LLC,
FTC v. Interstate Res. Corp.
(S.D.N.Y. 1999); FTC v. LAP Fin. Serv., Inc., No. 3:99-CV-496 (W.D. Ky. 1999); FTC v. Wasatch Credit Corp., No. 99-CV-579 (D. Utah 1999); In re First Plus Fin. Group, Inc., FTC Docket No. C-3984 (2000); In re Fleet Fin., Inc., 128 F.T.C. 479 (1999).
FTC v. First Alliance Mortgage Co.
FTC v. Associates.
FTC v. Chase Fin. Funding.
FTC v. Mercantile Mortgage Co.; FTC v. Diamond.
FTC v. Chase Fin. Funding; FTC v. Ranney.
FTC v. Chase Fin. Funding.
FTC v. Mortgages Para Hispanos.Com Corp.
United States v. Fairbanks Capital Corp.
Gary
Jack, Alabama
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
4 Updates & Rebuttals
Gary
Jack,Alabama,
U.S.A.
I made a serious mistake. I wish I could rewind the past 24 hours.
#5Author of original report
Tue, October 10, 2006
I would like to take this moment to apoligize to Daniel and the people at Nationpoint Lending.
A clerical error occured on their part and an oversight occurred on mine. Upon reviewing the two disclosure documents I neglected to take into account for the dollar figures.
The first loan for 20% of the amount is at 10.4% interest with a balloon payment due at the end of 20 years. Come to find out, this same document was sent twice. Basically, I assumed the documents were different when it reality they were both for the same.
When I saw the interest rate of 10.4% on the second document I overreacted. After talking to Daniel we figured out what the problem was and he fixed it immediately.
If it were me, I would have had less of a professional demeanor than Daniel did when we finally spoke on the 10th. He however kept his head and stayed the absolute profesional.
In a world were it seems everyone seems to be trying to get over on you, I expected the worst. For that I cant apologize enough to Daniel for overreacting. I wish I could rewind the past 24 hours. I sincerely hope that I did not tarnish Daniels reputation and I WOULD recommend him as a loan rep to anyone.
Gary
Gary
Jack,Alabama,
U.S.A.
I made a serious mistake. I wish I could rewind the past 24 hours.
#5Author of original report
Tue, October 10, 2006
I would like to take this moment to apoligize to Daniel and the people at Nationpoint Lending.
A clerical error occured on their part and an oversight occurred on mine. Upon reviewing the two disclosure documents I neglected to take into account for the dollar figures.
The first loan for 20% of the amount is at 10.4% interest with a balloon payment due at the end of 20 years. Come to find out, this same document was sent twice. Basically, I assumed the documents were different when it reality they were both for the same.
When I saw the interest rate of 10.4% on the second document I overreacted. After talking to Daniel we figured out what the problem was and he fixed it immediately.
If it were me, I would have had less of a professional demeanor than Daniel did when we finally spoke on the 10th. He however kept his head and stayed the absolute profesional.
In a world were it seems everyone seems to be trying to get over on you, I expected the worst. For that I cant apologize enough to Daniel for overreacting. I wish I could rewind the past 24 hours. I sincerely hope that I did not tarnish Daniels reputation and I WOULD recommend him as a loan rep to anyone.
Gary
Gary
Jack,Alabama,
U.S.A.
I made a serious mistake. I wish I could rewind the past 24 hours.
#5Author of original report
Tue, October 10, 2006
I would like to take this moment to apoligize to Daniel and the people at Nationpoint Lending.
A clerical error occured on their part and an oversight occurred on mine. Upon reviewing the two disclosure documents I neglected to take into account for the dollar figures.
The first loan for 20% of the amount is at 10.4% interest with a balloon payment due at the end of 20 years. Come to find out, this same document was sent twice. Basically, I assumed the documents were different when it reality they were both for the same.
When I saw the interest rate of 10.4% on the second document I overreacted. After talking to Daniel we figured out what the problem was and he fixed it immediately.
If it were me, I would have had less of a professional demeanor than Daniel did when we finally spoke on the 10th. He however kept his head and stayed the absolute profesional.
In a world were it seems everyone seems to be trying to get over on you, I expected the worst. For that I cant apologize enough to Daniel for overreacting. I wish I could rewind the past 24 hours. I sincerely hope that I did not tarnish Daniels reputation and I WOULD recommend him as a loan rep to anyone.
Gary
Gary
Jack,Alabama,
U.S.A.
I made a serious mistake. I wish I could rewind the past 24 hours.
#5Author of original report
Tue, October 10, 2006
I would like to take this moment to apoligize to Daniel and the people at Nationpoint Lending.
A clerical error occured on their part and an oversight occurred on mine. Upon reviewing the two disclosure documents I neglected to take into account for the dollar figures.
The first loan for 20% of the amount is at 10.4% interest with a balloon payment due at the end of 20 years. Come to find out, this same document was sent twice. Basically, I assumed the documents were different when it reality they were both for the same.
When I saw the interest rate of 10.4% on the second document I overreacted. After talking to Daniel we figured out what the problem was and he fixed it immediately.
If it were me, I would have had less of a professional demeanor than Daniel did when we finally spoke on the 10th. He however kept his head and stayed the absolute profesional.
In a world were it seems everyone seems to be trying to get over on you, I expected the worst. For that I cant apologize enough to Daniel for overreacting. I wish I could rewind the past 24 hours. I sincerely hope that I did not tarnish Daniels reputation and I WOULD recommend him as a loan rep to anyone.
Gary