Dave Ramsey - say it ain't so!!

 

Let me begin this post with this disclaimer…. THIS IS NOT AN ATTACK ON DAVE RAMSEY -  he is an idol of mine… I have purchased his products and believe in what he is all about….   This is simply the facts on how their endorsed agents handle consumers and how Dave Ramsey personnel handle complaints…..

 

 

I am a huge fan of Dave Ramsey... honestly, he doesn't preach anything we don't already know but his delivery is spot on and about as real as it gets..... i recently received a loan proposal from one of Dave Ramsey's "endorsed agents"...

 - let me ask the Active Rain community.... is 2.75% on the front end in ponts + junk fees what you would expect from the man, myth and legend called Dave Ramsey?   I had to take a pic of the actual quote and insert into this post as I was not able to cut and paste it.... take a look for yourself........  i have left out the company and originators name, just as i did in the initial email i sent to the folks at dave ramsey ---   see their reply below......  ** as a side note - i copied about 13 of my long time friends from AR....  we all know them......  these people know exactly how this went down....  it is a disgrace!

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One option I would suggest is going FHA.  This reduces the monthly mortgage insurance by almost half.

 

 

 

Home Loan Specialist

 

XXXXXXX   Mortgage

Office: 866-xxx-xxxx  

Cell:  

Fax: xxx-xxx-xxxx

Exclusively Endorsed by Dave Ramsey:

 

 

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I have sent Dave numerous emails and all they do is get screened by his workers..... see below... especially if you are a fan of his.... let me know your thoughts...  

 

 

 

quote on 9/15/2009 30 Yr loan 5.125% 2.75% points cost of points $9679.56 est closing costs $2825.00 APR 5.56% huh????? I don't think so!!!!
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Dear Dave,

I am a huge fan. I drive my wife and kids nuts making them watch you on TV and listening o your products in the car. I would give my left arm to be endorsed by you. I have tried multiple times but my requests go unanswered. With that said – I have a MAJOR concern.

I am an 18 Yr vet in the mortgage business. I believe in a fair profit. I believe in Dave Ramsey. I do not believe in flat out rip offs such as the example below………. *** I am NOT accusing the actual company off ripping off clients – however I can prove in an email I have possession of that the company in mention does not police their originators -- Let me break this down for you…. I was forwarded this quote from a past client who wanted a competitive loan proposal…….. My mission here is not to get anyone fired or punished but it is to make you aware of the lack of quality control your company has with regards to your endorsed agents…… in fact, I have removed the agents name and cell phone – if you want that information just give me a call…. I can forward the complete email…… regardless, this is not the Dave Ramsey I admire and turn to for advice on a nightly basis and I feel I owe it to you for all the free advice you have given me over the years. 

I quote this refinance 5.0% ( which is par pricing ) and 1 point. The one point is my paycheck and it covers associated loan costs as well.

Your Dave Ramsey endorsed agent is charging the consumer 5.125% and 2.75 POINTS!!! On top of that, the APR – which is what the government tells consumers should be used as the basis for loan comparisons – is incorrect! I have not seen 2.75 points since the 90’s and the days of the 125% second mortgage……. this is worse than banks overdraft and over the limit fees….

Dave – say it ain’t so. Tell me you don’t endorse this crap……….. I look forward to your response…. 

Lewis Poretz
President – Open Mortgage

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 Lewis, please send me the entire e-mail.  We take these issues very seriously. 

As an 18 year veteran in the business, you certainly know that all loan situations are different.  I would ask that you allow me to find out all of the facts before accusing XXXXXXX of being “crooks.”  That is a very hefty word to throw around.  We have worked with XXXXXXXX for over 15 years and never have I had an accusation like that thrown at them. 

I will definitely check into this once you send me all of the information. 

Thanks.

XXXXXXXXX

Director of National Sales & Sponsorships

The Dave Ramsey Show

877.410.3283, ext. XXX (voice)

 

______________________    Below is my response to the original email from dave ramsey people.....

 

 

Wow -  I think it is awesome you guys responded to this that fast…. 

 

listen, I am not calling that company a crook. The company does not create the good faith estimates, the loan officers do…… But I can tell you this – I am part of a weekly conference call of about 20 small and medium sized mortgage shop owners like myself all over the country… we call ourselves the mortgage mastermind group -  we are experts…..  we also have principals and morals and as Dave says  “ a heartbeat”….   I will gladly forward anything you request but I would like a phone call from you guys just telling me my client or myself will suffer no repercussions……  in other words… I don’t want any pissed off loan officer coming after my ass……  so I don’t want my name or my clients name passed out…. can you call and confirm that?

 

Lewis   410-956-0050      below are comments from my group, they all love Dave as well….   I thought I owed it to Dave Ramsey to blow the whistle… I just don’t want to get in the middle of this….

 

 

Shit, tell David Ramsey that he should chop off this loan officers hand, for using him as an endorsement, when she is raping this person.  Hey, I don’t see a huge problem with someone making $8,000….  But there is $9,600 in upfront points plus about 1 pt on the back end, which is another $3,500…..   so, $13,100 on a $351,000 loan amount?   Just a wee too much…..     if my client ever found this out, I would not have a client for life nor referrals.

 

Send it to dave along with a rate sheet

 

Send it to Dave along with a carefully crafted story and maybe he'll have you on the air.

 

 

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Lewis, I would have to send the customer’s information to XXXXXXXX in order to get the whole story.  It’s kind of pointless without that, wouldn’t you agree?  Making a judgment without that information is the equivalent of blindly taking your word over XXXXXXXX and forgive me if I decline to do that. 

 

If you won’t give me the information then I cannot help your client.

 

 

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at this point i sent him the complete quote along with the originators name and contact info ---

 

All I want is a call from you…  it is not the client you need to help…. he understands that it was a bad quote……  he can clearly see the charges in black and white…  it is Dave Ramsey’s reputation…   why are you defending this shit…   here   do what you will but if I find you passed my name out as the whistle blower and something happens to me or my family by some loan officer who has nothing to lose I am giving forewarning… I want myself and my client to remain anonymous…   please   why do I feel as if I am the bad guy here????…….

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and this is the BS i get back from someone who works for one of my mentors.......

 

 

 

1)     You refuse to give me all the information needed for me to look into this. 

2)     I have said that we take accusations like this very seriously and that I would look into this situation once you provide me the information I need to do so.  You responded by accusing me of “defending this shit.”

3)     You’ve copied 13 people in on the e-mail chain who have nothing to do with this conversation. 

4)     Your actions and your language are completely unprofessional.

5)     I will not waste a single minute on the phone with you.

6)     I will not respond to any further e-mails from you.

 

xxxxx xxxxxxxxx

Director of National Sales & Sponsorships

The Dave Ramsey Show

877.410.3283, ext. xxx (voice)

xxx xxx xxxx (facsimile)