I heard a radio ad on KIRO 973.FM on Monday, April 13, 2009 at 11:45 AM during the Dave Ross show and again on Tuesday, April 14, 2009 at 6:02PM on the Ron and Don show. The company was JBA Financial Group and they are advertising their loan modification services. JBA Financial Group is not licensed to do business in Washington State, and they are not licensed as either a mortgage broker or consumer loan company according to the DFI database which is updated as of today. I called JBA Financial. Here is how the conversation went:
Jillayne: “Hi, I’m a Washington State homeowner and I just heard your ad on KIRO 97.3FM here in Seattle. I was wondering if you are licensed to do business in Washington State.”
JBA: “Well you sure sound happy. My name is X, what’s your name?”
Jillayne: “Jill.”
JBA: “Hi Jill, yes, we are licensed by the department of real estate and licensed by the department of corporations to do business in all 50 states.”
Jillayne: “Well on your website, it just says DRE-California. With all the news reports about predatory loan modifications, I want to be sure I’m dealing with a legitimate company.”
JBA: “That’s very smart of you. As you can see on our website, we’re licensed to do business through the Department of Real Estate and that’s good for all 50 states.”
Jillayne: “No, I don’t think so. It just says “California” on your website, not “all 50 states.”
JBA: “Well you can call the department of real estate yourself and check us out.”
Jillayne: “No thank you, good bye.”
Newsflash for JBA: The California Department of Real Estate does not give you approval to do loan modifications in all 50 states.
Isn’t there something in the contract KIRO radio signs with advertisers that they have to be sure the company is following state law? I asked KIRO this question and here is what a KIRO representative, who refused to be identified, said on Monday: Listener concerns should be directed to the attorney general’s office. KIRO has left a message for JB Financial to inquire about the status of their ability to do business in Washington State. On Tuesday, the same KIRO representative emailed me confirmation that JBA has the authority to do loan modifications in all 50 states, which they received from the owner of JBA. Here is the document. There is nothing in this document that allows JBA to claim that it can do loan modifications in all 50 states. If I can easily figure this out, why can’t KIRO or it’s parent company, Bonneville?
I also put in a call to JB Financial Group’s owner, letting him know that I was preparing this blog post. I received a phone call from their vice president, who informed me that JBA’s primary business is real estate investments and they only recently began doing loan modifications. He did not know if JBA is licensed to do loan mods in Washington State. He referred me to the company’s CFO, “the strictest compliance person you will ever meet.” The CFO was not able to talk long because he was, no kidding, in the middle of recording another radio commercial, so the president called me back. He said that he believes the California Department of Real Estate gives them approval to perform loan modifications in all 50 states unless a state contacted them and told them otherwise. Wow, so much for strict compliance. He believed that because his company is “attorney assisted” they didn’t need to be licensed. I informed him that WA State gives his company no such exemption.
I’ll be happy to update this post once I find out that JBA Financial Group is actually licensed in Washington State to perform the services that they are advertising on the radio.
During the last decade we had hundreds and maybe thousands of predatory lenders roaming around Washington State. In some of our state’s investigations, there were NO consumer complaints filed against lawbreakers such as the case of Liza Bautista. It will take a village to shut down the predatory loan mod companies. I’m hoping that the legitimate loan mod companies as well as radio advertising decision-makers will help. The closest we can come to “legit” is to make sure they are, at minimum, licensed with the Department of Financial Institutions working under either a mortgage broker OR licensed as a consumer loan company, or otherwise exempt from the act such as attorneys and free HUD-approved housing counseling agencies.
You should start a consulting business to help businesses become licensed in WA state. Lay out the penalties if they do business in WA without a license and give them a turnkey process to become licensed.
OK, Jill, you are officially one of my 2009 heros.
As an involved person in Oregon I get to see the aftermath of what some of these “Loan Modifiers” do and I’m glad you’re on watch.
Mean while, for your readers close enough to Oregon to take advantage, we are having a Home Ownership Preservation Event on May 2nd. There will be several major lenders ready to do loan mods and HUD approved Non-Profit counselors ready to do counselling. In addition there will be information about other resources for distressed homeowners- utility help, foodstamps, unemployment, 211 and informational presentations all day long. The event is the the coliseum and and both the event and parking are free. More information can be accessed at the State of Oregon’s Department of Consumer Finance.
Thanks again Jill!
OK, Jill, you are officially one of my 2009 heros.
As an involved person in Oregon I get to see the aftermath of what some of these “Loan Modifiers” do and I’m glad you’re on watch.
Mean while, for your readers close enough to Oregon to take advantage, we are having a Home Ownership Preservation Event on May 2nd. There will be several major lenders ready to do loan mods and HUD approved Non-Profit counselors ready to do counselling. In addition there will be information about other resources for distressed homeowners- utility help, foodstamps, unemployment, 211 and informational presentations all day long. The event is the the coliseum and and both the event and parking are free. More information can be accessed at the State of Oregon’s Department of Consumer Finance.
Thanks again Jill!
Jillayne- Thanks so much for bringing this to our attention. I think folks should do their best to spread the word about this (via email, twitter, fb) until KIRO pulls their ads.
A word to the fine folks at KIRO, if you don’t police yourself about the kinds of ads you run, someone else will. That someone else may be your listeners, it may be your advertisers, or it may be the state legislature that decides that radio advertising is enabling illegal behavior.
Jillayne- Thanks so much for bringing this to our attention. I think folks should do their best to spread the word about this (via email, twitter, fb) until KIRO pulls their ads.
A word to the fine folks at KIRO, if you don’t police yourself about the kinds of ads you run, someone else will. That someone else may be your listeners, it may be your advertisers, or it may be the state legislature that decides that radio advertising is enabling illegal behavior.
wow – I will tweet this right now, girl! Thanks for your diligence!
“If I can easily figure this out, why can’t KIRO or it’s parent company, Bonneville?”
I assume this was a rhetorical question, but I wanted to point out anyway that IMO the only thing KIRO probably really cares about is JBA Financial’s ability to pay for the advertising.
Unless and until they get a call from the Attorney General’s office, that is.
Jillayne:
You know (and regular readers of RCG know) where I am on this issue.
The media is horribly complicit in this mess. I (and many others) have tried multiple times to stop illegal advertising of consumer credit by calling and writing the media and pointing out the illegality of the ads, to no avail. I have also called and emailed the various regulatory bodies (there are many), with painfully limited success.
Your depiction of the conversation with KIRO is almost word for word the same as my conversation 2 years ago with KCMS 105.3, when I called to complain about the blatantly illegal ad run by Linden Homes (1%, 1%, 1%!!!).
Finally, DFI put an end to that.
But did the station issue an apology to their listeners, who trust them to be a “Christian Values” station, and balatantly touts their “family friendly” advertising? Did they return any money, did they accept one penny of responsibility for the harm they did to their trusting listeners?
No.
So much for their ethical behavior.
The FTC explicitly excludes the media from penalties for violating the law regarding advertising of consumer credit. Until that law is changed, I do not expect them to change.
Like you, I HOPE that we can shame them into behaving ethically, but have you seen the trash they put out for entertainment? Good luck.
Corporations do not behave ethically, they behave rationally, and legally, at best.
As long as the benefit for illegal and unethical behavior for corporations outweighs the cost, we can expect them to rationally continue the illegal and unethical behavior.
I propose that ALL media (internet included) be fined 3X the revenue they receive for the illegal ads. That will at least make them consult an attorney or expert on the ads they run, before running them, and it makes it scalable, for a risk/reward consideration. I REALLY do not want them to go out of business, I just want them to behave responsibly.
Thankfully, we have a blog like Rain City Guide that we can state the truth in, since the mainstream media is not likely to allow this story to gain traction.
Jillayne:
You know (and regular readers of RCG know) where I am on this issue.
The media is horribly complicit in this mess. I (and many others) have tried multiple times to stop illegal advertising of consumer credit by calling and writing the media and pointing out the illegality of the ads, to no avail. I have also called and emailed the various regulatory bodies (there are many), with painfully limited success.
Your depiction of the conversation with KIRO is almost word for word the same as my conversation 2 years ago with KCMS 105.3, when I called to complain about the blatantly illegal ad run by Linden Homes (1%, 1%, 1%!!!).
Finally, DFI put an end to that.
But did the station issue an apology to their listeners, who trust them to be a “Christian Values” station, and balatantly touts their “family friendly” advertising? Did they return any money, did they accept one penny of responsibility for the harm they did to their trusting listeners?
No.
So much for their ethical behavior.
The FTC explicitly excludes the media from penalties for violating the law regarding advertising of consumer credit. Until that law is changed, I do not expect them to change.
Like you, I HOPE that we can shame them into behaving ethically, but have you seen the trash they put out for entertainment? Good luck.
Corporations do not behave ethically, they behave rationally, and legally, at best.
As long as the benefit for illegal and unethical behavior for corporations outweighs the cost, we can expect them to rationally continue the illegal and unethical behavior.
I propose that ALL media (internet included) be fined 3X the revenue they receive for the illegal ads. That will at least make them consult an attorney or expert on the ads they run, before running them, and it makes it scalable, for a risk/reward consideration. I REALLY do not want them to go out of business, I just want them to behave responsibly.
Thankfully, we have a blog like Rain City Guide that we can state the truth in, since the mainstream media is not likely to allow this story to gain traction.
Bad Boys. Bad Boys. Watcha gonna do? Watcha gonna do when Jill comes for you?
Well played! Excellent post. It’s nice seeing someone take that little extra time and attention to create an awesome post.
thanks,
Ryan Rose
Did you get any comments from the AG or any other organization with enforcement responsibility?
Hi Everyone, thanks for your great comments. I’ve been teaching all day.
Alan, “You should start a consulting business to help businesses become licensed in WA state.” There is a business model that addresses this need. Typically the business is run by a law firm and the way to make money is to help smaller companies like a small broker or consumer loan company become licensed in all 50 states. The staff must know the licensing laws in each state and have access to legal counsel all day long. It has been done! I really like the education piece best.
Hi Everyone, thanks for your great comments. I’ve been teaching all day.
Alan, “You should start a consulting business to help businesses become licensed in WA state.” There is a business model that addresses this need. Typically the business is run by a law firm and the way to make money is to help smaller companies like a small broker or consumer loan company become licensed in all 50 states. The staff must know the licensing laws in each state and have access to legal counsel all day long. It has been done! I really like the education piece best.
Hi Nancy,
Thanks for posting the information about your free event for homeowners. I like seeing the banks and lenders doing loan modification outreach in a venue like this.
Hi Geordie,
You and I are both thinking along the same line. What about all the existing mortgage lenders advertising on KIRO? Paramount Equity must spend a fortune, TILA Mortgage, Kiel Mortgage, and so forth. If I was the advertising decision maker at any of these firms, I would not be happy to hear an unlicensed company competing with my ads.
Hi Nancy,
Thanks for posting the information about your free event for homeowners. I like seeing the banks and lenders doing loan modification outreach in a venue like this.
Hi Geordie,
You and I are both thinking along the same line. What about all the existing mortgage lenders advertising on KIRO? Paramount Equity must spend a fortune, TILA Mortgage, Kiel Mortgage, and so forth. If I was the advertising decision maker at any of these firms, I would not be happy to hear an unlicensed company competing with my ads.
Hi The Tim,
“the only thing KIRO probably really cares about is JBA Financial’s ability to pay for the advertising.”
Yes. I’m assuming that they’d collect the money up front for a certain number of ads, with the hope that the advertiser would buy more ad time. Once the money is in their hands, the goal is probably re-signing the advertiser.
But don’t you think that a company like KIRO would care a little bit? I think so! I think they would care enough to have something in the contract that says….”radio advertiser represents that they are legally able to conduct business according to any applicable state or federal laws.” Just a guess but that’s what I’d do if I were in charge of selling advertising. That way, if the advertiser was found to be in violation of the contract, I could still keep my ad money, but then the ad would have to come down. This protects a company like KIRO and puts the burden of responsibility onto the advertiser to comply with the law.
I DID have two conversations with KIRO over the phone and exchanged emails with that same person and another person at Bonneville. Both people did move forward to press JBA to provide the proof I knew JBA did not have.
However, I must confess that I did make a morality play.
All the KIRO radio personalities are not shy about reminding us that their parent company is owned by Mormons. If that’s so, then maybe the Bonneville decision makers would be able to see the moral issue of running an ad where their listeners may be financially harmed.
I honestly have no idea if my moral play worked. But I thought it was worth a try.
Hi The Tim,
“the only thing KIRO probably really cares about is JBA Financial’s ability to pay for the advertising.”
Yes. I’m assuming that they’d collect the money up front for a certain number of ads, with the hope that the advertiser would buy more ad time. Once the money is in their hands, the goal is probably re-signing the advertiser.
But don’t you think that a company like KIRO would care a little bit? I think so! I think they would care enough to have something in the contract that says….”radio advertiser represents that they are legally able to conduct business according to any applicable state or federal laws.” Just a guess but that’s what I’d do if I were in charge of selling advertising. That way, if the advertiser was found to be in violation of the contract, I could still keep my ad money, but then the ad would have to come down. This protects a company like KIRO and puts the burden of responsibility onto the advertiser to comply with the law.
I DID have two conversations with KIRO over the phone and exchanged emails with that same person and another person at Bonneville. Both people did move forward to press JBA to provide the proof I knew JBA did not have.
However, I must confess that I did make a morality play.
All the KIRO radio personalities are not shy about reminding us that their parent company is owned by Mormons. If that’s so, then maybe the Bonneville decision makers would be able to see the moral issue of running an ad where their listeners may be financially harmed.
I honestly have no idea if my moral play worked. But I thought it was worth a try.
Hi Roger,
“Corporations do not behave ethically, they behave rationally, and legally, at best.”
Even if the corporation itself is only profit-driven, people inside those corporations have choices. What we can try to do is connect ethics to profits. Example: Staying out of trouble with the law leads to good consequences because we avoid penalties and fines and raising ethical standards keeps us further away from legal issues.
“As long as the benefit for illegal and unethical behavior for corporations outweighs the cost, we can expect them to rationally continue the illegal and unethical behavior.”
Federal sentencing guidelines for corporations have a point system of sorts. When corporations get into trouble, they are given points or have points taken away, depending on what kind of systems they have in place. For example, if a corporation has a code of ethics, they get points and if they have regular ethics trainings, they get more points.
This is an external reward/punishment system. I’m not sure I’m in total favor of harsher punishments because that’s going to push the illegal behavior underground. It teaches a corporation to figure out a way to avoid being caught. However, I’m on the fence here. We are uncovering so much mortgage fraud…maybe longer jail sentences are what is needed because whatever the punishment is right now is obviously not working.
Hi Roger,
“Corporations do not behave ethically, they behave rationally, and legally, at best.”
Even if the corporation itself is only profit-driven, people inside those corporations have choices. What we can try to do is connect ethics to profits. Example: Staying out of trouble with the law leads to good consequences because we avoid penalties and fines and raising ethical standards keeps us further away from legal issues.
“As long as the benefit for illegal and unethical behavior for corporations outweighs the cost, we can expect them to rationally continue the illegal and unethical behavior.”
Federal sentencing guidelines for corporations have a point system of sorts. When corporations get into trouble, they are given points or have points taken away, depending on what kind of systems they have in place. For example, if a corporation has a code of ethics, they get points and if they have regular ethics trainings, they get more points.
This is an external reward/punishment system. I’m not sure I’m in total favor of harsher punishments because that’s going to push the illegal behavior underground. It teaches a corporation to figure out a way to avoid being caught. However, I’m on the fence here. We are uncovering so much mortgage fraud…maybe longer jail sentences are what is needed because whatever the punishment is right now is obviously not working.
Hi Michael and Ryan,
😉
Thank you! I really appreciate someone calling these guys out. Doing your research on a company is often a little harder than it seems, but it looks like you have really done your homework. Thank you again for helpful information to help us fight predatory lending that got this industry into the situation it is in right now in the first place.
Hi cautious buyer,
WA State DFI’s staff attorney agreed with my findings and contacted JBA this morning.
The CEO of JBA Financial Group called me today at 2:12PM. He advised me that all his WA State radio ads will be pulled until such time as his company and loan originators are holding a valid, WA State mortgage broker and loan originator licenses.
Hi cautious buyer,
WA State DFI’s staff attorney agreed with my findings and contacted JBA this morning.
The CEO of JBA Financial Group called me today at 2:12PM. He advised me that all his WA State radio ads will be pulled until such time as his company and loan originators are holding a valid, WA State mortgage broker and loan originator licenses.
Hi Portland Real Estate,
I hope I can motivate others to help STOP the predatory lenders from breeding and multiplying all over again. It seems like they jumped right from the subprime and mortgage fraud schemes into loan modifications.
What’s disheartening is that I do meet some LEGITIMATE fee-based loan mod companies out there from time to time. Since the scammers are just crawling all over loan mods, it’s hard to tease apart who’s legit and who’s not.
Alan, maybe that’s the business model: Create a service to pre-screen legitimate loan mod companies and charge the loan mod companies a fee to become pre-screened, and then offer consumer referrals. What do you think?
Hi Portland Real Estate,
I hope I can motivate others to help STOP the predatory lenders from breeding and multiplying all over again. It seems like they jumped right from the subprime and mortgage fraud schemes into loan modifications.
What’s disheartening is that I do meet some LEGITIMATE fee-based loan mod companies out there from time to time. Since the scammers are just crawling all over loan mods, it’s hard to tease apart who’s legit and who’s not.
Alan, maybe that’s the business model: Create a service to pre-screen legitimate loan mod companies and charge the loan mod companies a fee to become pre-screened, and then offer consumer referrals. What do you think?
Alan, maybe that’s the business model: Create a service to pre-screen legitimate loan mod companies and charge the loan mod companies a fee to become pre-screened, and then offer consumer referrals. What do you think?
That isn’t bad. It is sort of a mortgage broker broker. I think it is a short lived business model. Once the market adjusts to new regulation that model will cease to add value. Right now it seems pretty good.
Getting customers would be tough. Maybe you could rebate some of the fee back through to the agents and clients. Agents have incentive to refer their clients to you. Clients have incentive to use you. Since you have customers, the lenders have a reason to pay you. Although I can’t imagine there is very much money available to support that chain.
Jillayne:
I have met all kinds of ethical individuals in both large and small companies, some them at the top of the food chain. So yes, people in businesses can behave ethically, and with compassion, and may direct their businesses to act in accord with their personal beliefs.
However, if you are the CEO of a corporation, trying to attract investors, boost the stock price, and keep your job, and justify your compensation, your primary concern may not be “Just Do the Right Thing”.
To propose a modest penalty of 3X the revenue derived (by the advertisers) is not going to put anyone in the media out of business, or behind bars. All I really want is for them to give 1 minute of thought to the legality of the advertising they air or print.
At present, all they do is give us complainers the figurative finger, unless a regulatory authority picks up the phone or sends a letter.
Having ethics policies and statements as a defense is laughable…don’t you suppose Ameriquest, Enron and Bernie Madoff had ethics statements in the lunchroom? And training for the folks at the bottom, while the top dollar earners went to a posh resort somewhere for their “ethics” training?
Jillayne:
I have met all kinds of ethical individuals in both large and small companies, some them at the top of the food chain. So yes, people in businesses can behave ethically, and with compassion, and may direct their businesses to act in accord with their personal beliefs.
However, if you are the CEO of a corporation, trying to attract investors, boost the stock price, and keep your job, and justify your compensation, your primary concern may not be “Just Do the Right Thing”.
To propose a modest penalty of 3X the revenue derived (by the advertisers) is not going to put anyone in the media out of business, or behind bars. All I really want is for them to give 1 minute of thought to the legality of the advertising they air or print.
At present, all they do is give us complainers the figurative finger, unless a regulatory authority picks up the phone or sends a letter.
Having ethics policies and statements as a defense is laughable…don’t you suppose Ameriquest, Enron and Bernie Madoff had ethics statements in the lunchroom? And training for the folks at the bottom, while the top dollar earners went to a posh resort somewhere for their “ethics” training?
Jillayne,
Way to go, excellent work!
Hi Roger,
Here’s the Bonneville Mission Statement:
http://bonneville.com/?nid=2
They say they try to balance “profit, people and community.”
Hi Julie,
Thanks….but, it’s not over yet! After receiving JBA’s call this afternoon from their CEO proclaiming that they were pulling all their WA State ads as of 2PM, I HEARD THE AD AGAIN at 5:35PM on KIRO.
Well I suppose I can wait a day. Maybe they had everything all cued up and couldn’t take the ad out of rotation so fast.
We shall see.
Hi Julie,
Thanks….but, it’s not over yet! After receiving JBA’s call this afternoon from their CEO proclaiming that they were pulling all their WA State ads as of 2PM, I HEARD THE AD AGAIN at 5:35PM on KIRO.
Well I suppose I can wait a day. Maybe they had everything all cued up and couldn’t take the ad out of rotation so fast.
We shall see.
Hi Alan,
You’re right, the profit margin would be too low. Here’s another idea. What about running a website that has a database of predatory loan modification companies that consumers could check before spending money with one of these companies, and monetizing it much like ml-implode.com
The downside: legal liability
Kudos Jillayne,
One of the most interesting, entertaining and effective real estate blog posts I’ve read in a long, long time (and this includes the ones I wrote!)
The WA state Attorney General’s office replied to my tweet.
AGOWA @geordieromer Please file a complaint. Complaints alert us to problems and help determine a pattern of practice (http://tinyurl.com/c8tygj)
Sounds like you got the scoop and got them shut down (for the time being). Awesome!
Great Work! I heard the commercial as well.
I assume Kiro is in the same boat as Comcast. We advertised on Comcast for 1.5 years. Now we are taking a year off from advertising and they call and email us incessantly for advertising $$.
We all know that its all about the $$ and simply nothing else……..(until they get called on it!)
Again…..Great Work!
Great Work! I heard the commercial as well.
I assume Kiro is in the same boat as Comcast. We advertised on Comcast for 1.5 years. Now we are taking a year off from advertising and they call and email us incessantly for advertising $$.
We all know that its all about the $$ and simply nothing else……..(until they get called on it!)
Again…..Great Work!
I heard from their CEO again yesterday. DFI contacted them immediately. He confirmed once again that all WA State advertising has been pulled and that their company will go through the motions to become licensed in WA State.
I wonder if Geordie’s tweet had anything to do with that.
Geordie, I’ve been wondering how to pronounce your name. Is it Jordy (Pronouncing the Geo like George) or is it Gordy?
Thanks. Are you seeing predatory loan modification problems in Leavenworth?
I heard from their CEO again yesterday. DFI contacted them immediately. He confirmed once again that all WA State advertising has been pulled and that their company will go through the motions to become licensed in WA State.
I wonder if Geordie’s tweet had anything to do with that.
Geordie, I’ve been wondering how to pronounce your name. Is it Jordy (Pronouncing the Geo like George) or is it Gordy?
Thanks. Are you seeing predatory loan modification problems in Leavenworth?
Ray,
I know you to be a discerning listener and a consumer advocate…what did YOU think when you heard the JBA radio ad?
Hi cautious buyer,
well…..they do have the ability to collect loan mod fees in accordance with their California state approvals, and I suppose they could just jump over and solicit in any other state without strict licensing compliance laws for loan mods.
I wonder if this will quickly turn into a national problem or crisis of sorts, leading to a federal law solution? If I were to guess, I’d guess that the feds will act but only after a few years. States are much faster at attacking problems like this.
Hi cautious buyer,
well…..they do have the ability to collect loan mod fees in accordance with their California state approvals, and I suppose they could just jump over and solicit in any other state without strict licensing compliance laws for loan mods.
I wonder if this will quickly turn into a national problem or crisis of sorts, leading to a federal law solution? If I were to guess, I’d guess that the feds will act but only after a few years. States are much faster at attacking problems like this.
Just heard about a new educational site run by the folks from FICO that will help educate homeowners in financial distress about their options and refer them to free HUD-approved housing counselors. Here’s the link.
http://www.mortgagereliefonline.com/
Disclaimer: Haven’t had time to play around inside there just yet. What do you all think about this?
Just heard about a new educational site run by the folks from FICO that will help educate homeowners in financial distress about their options and refer them to free HUD-approved housing counselors. Here’s the link.
http://www.mortgagereliefonline.com/
Disclaimer: Haven’t had time to play around inside there just yet. What do you all think about this?
Pingback: Thanks to KIRO and Bonneville for LISTENING to a listener : ceforward.com
I have enjoyed reading this information on this page. It is good and very telling. I myself have looked into doing loan modifications and as of yet I have not started. Why? Licensing has nothing do with it. What I have found is a pricing structure that I believe is predatory. One can find a Real Estate Lawyer with relationships with the Lenders and understands the RESPA, the NOTE, the TIL and the HUD-1 Settlement statement. They know exactly what to look for and when they find it they can succeed in lowering the Interest Rate and sometime the Principal. With that said a Lawyer can do the modification between $1000 and $1500. And if you don’t believe me take the time and make your calls. So why then are so called loan modification companies collecting between $2200 and $9900.00? Even at the lower price of $2200 they still make $1200 on the modification and the lawyer gets $1000. So you tell me. Do you actually think this will change when the state requires people to have a loan officers license? I can understand getting paid say $300 to bring business to the lawyers but not $1200, that’s a rip off.
That’s my thoughts,
Charles
RCG Readers, Brian Kelly, CEO OF JBA sent me an email today and asked me if I’d copy/paste it here on the blog:
Hey Jillayne,
I hope all is well with you. Just following up since we haven’t spoke for a while. I actually just got off the phone with one of our clients who resides in your state and he directed me to your blog, which I just got done reading through now. I first would like to thank for you for not completely slandering or bashing the company in anyway, I was pleasantly surprised that your story was pretty right on and not completely fabricated as some of these blog posts tend to be. I wanted to let you know that since we spoke we have discontinued our business efforts in the state of WA and are in the process of becoming licensed there, so that we can continue to do business legitimately and in full compliance of all state and federal regulations. If you could please make mention of our full cooperation and honest efforts of dealing with this sensitive matter on your blog I would greatly appreciate it. Believe me, or not, we are a very legitimate company whose ultimate goal is to help homeowners in any way that we can, the last thing I would want is for any readers of your blog to think is that we are a scam in any way, because we are not. We might not have been in full compliance in your state, but once we found that out we backed out of the state entirely without a fuss or a fight. I do realize there are a lot of not so honest loan modification companies out there, which is unfortunate, it’s just very important to me that your readers don’t think the same of JBA. However, I definitely can appreciate someone like you stepping up to look out for the best interests of the people, which in these times is incredibly respectable. That’s about all I needed to say, so thank you very much for your time and please feel free to follow up with me anytime In the future if I can be of any assistance to your cause.
Respectfully,
JBA FINANCIAL GROUP
Brian Kelly
CEO
95 Argonaut Suite 110
Aliso Viejo, CA 92656
Ph: 866-330-JBA1 (5221)
Fx: 888-235-2506
Bkelly@JBAfinancialgroup.com
RCG Readers, Brian Kelly, CEO OF JBA sent me an email today and asked me if I’d copy/paste it here on the blog:
Hey Jillayne,
I hope all is well with you. Just following up since we haven’t spoke for a while. I actually just got off the phone with one of our clients who resides in your state and he directed me to your blog, which I just got done reading through now. I first would like to thank for you for not completely slandering or bashing the company in anyway, I was pleasantly surprised that your story was pretty right on and not completely fabricated as some of these blog posts tend to be. I wanted to let you know that since we spoke we have discontinued our business efforts in the state of WA and are in the process of becoming licensed there, so that we can continue to do business legitimately and in full compliance of all state and federal regulations. If you could please make mention of our full cooperation and honest efforts of dealing with this sensitive matter on your blog I would greatly appreciate it. Believe me, or not, we are a very legitimate company whose ultimate goal is to help homeowners in any way that we can, the last thing I would want is for any readers of your blog to think is that we are a scam in any way, because we are not. We might not have been in full compliance in your state, but once we found that out we backed out of the state entirely without a fuss or a fight. I do realize there are a lot of not so honest loan modification companies out there, which is unfortunate, it’s just very important to me that your readers don’t think the same of JBA. However, I definitely can appreciate someone like you stepping up to look out for the best interests of the people, which in these times is incredibly respectable. That’s about all I needed to say, so thank you very much for your time and please feel free to follow up with me anytime In the future if I can be of any assistance to your cause.
Respectfully,
JBA FINANCIAL GROUP
Brian Kelly
CEO
95 Argonaut Suite 110
Aliso Viejo, CA 92656
Ph: 866-330-JBA1 (5221)
Fx: 888-235-2506
Bkelly@JBAfinancialgroup.com
That’s a nice letter and another feather in your cap (or letter for your cape)!
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