David Mackey - All Comments

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how to make money — Wed, 24 Sep 2008 12:12:04 GMT

Footnote 67 from T- Mobile UK’ s business pricing brochure[ PDF] on their roaming charges (no, please don’ t ask why I’ m spending Sunday evening reading this stuff):

re: Review: NationPoint, 2/5.

AR — Fri, 12 Sep 2008 19:36:17 GMT

I actually was a loan officer for NationPoint, who I had never heard of until I got a call one day from their recruiter. After approaching me, the recruiter had identified herself as the former recruiter for E-Trade, a company with whom I was in discussion with regarding employment. After this introduction, and her sales pitch I thought I would check the company out. From the outside, and inside, NationPoint was a better than average mortgage company. Since the nature of the busiess is a multitude of fires during the 30 day or so loan process, I dont think it is fair to blame any company for "unexpected" occurances during the loan process. Often enoeugh it is niether the loan officer's or the customers fault for any unexpected requests, changes, fires, or otherwise unpleasant experiences during the loan process.

My first impressin of NationPoint was positive. They had a good group of educated persons in management which I think is important for any company, but especially for Mortgage Companies (to address issues such as long-term growth, vs short-term growth). The training was very comprehensive. This is one part of the NationPoint experience I cannot say eneough good things about. Most loan officers are just sales people that are good at pitching. This is probably one of the several reasons that there is a mortgage cirisis right now. NationPoint made it their duty to educate each and every loan officer on the basics of mortgage sales, product knowledge, underwriting guidelines, and general sales knowledge. This training lasted a whole 30-days, which is unheard of in most Mortgage shops. They really did care about the loan officer representing the company in the correct manner, and it showed. Their facilities were also more than adequate, their pay plan itself was decent, and benefits were good.

The thing that NationPoint was a little below average at was delivering a competitive product for a lot of customers. I stayed there for a two-three months after training, and in that time I was able to fund 6 loans in one month. The negative of that was I only made a little under a grand commission on all of the deals. For the amount of work I put in, I believe this was a drastic undercompensation. After all, I was dialing about 100 numbers a day to get a loan, and still competing with other lenders on the rates. Another part that made me a litlte unhappy was the overall promise made when I was offered a position. The promise was that if I worked hard and kept with the program, within 3 months I should see some progress. Once I was actually hired, this timeframe became more like 6 months to a year. I basically had made a dicision to work with NP vs E-Trade, based on various factors including the advice from a former recruiter of E-Trade, who had happened to become the recruiter of NP. In the end, NP was my last mortgage company I worked for. I guess things work out for the best in the end. Overall, NP was a good company, with a little bit higher rates, and a good group of people working there.

re: Review: NationPoint, 2/5.

Mary W — Sat, 26 Jul 2008 20:19:58 GMT

I had a few difficulties prior to closing, but nothing too serious. However, I just received a notice that my ARM had been converted to a 30 year. It doesn't seem right that this could be done without consultation or paperwork or anything. Since it was a higher rate than the typical 30 year fixed, I can't see how this benefits me--and I'm sort of suspicious.

Has this happened to anyone else?

re: Review: NationPoint, 2/5.

Tina — Mon, 26 May 2008 13:45:38 GMT

I went through the same ordeal on the day of the closing, I was told I was approved, then I wasn't , then I was. The loan officer lied about my income for me to get approved but he never told me that. Now I am approved for shortsale due to financial hardship and in risk of foreclosure because of the market. I just wish he was honest in saying that the loan wasn't reasonable instead of making it sound so easy. Did I mention that I don't live there and I was just doing a favor for my exes parents? They are the ones who can't pay. I am sorry I would not recomend them to anyone. Also be wary of them putting 2 mortgages like mine, that disqualifies you for other options besides foreclosure. It sounds nice with no money down, but look ahead and remember financial situations change. Good luck all

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re: Review: NationPoint, 2/5.

Jay H — Tue, 13 May 2008 03:25:54 GMT

Im really sorry to hear so many negative complaints against NationPoint.

We purchased our home last year and couldn't have been more pleased with the results from beginning to end.Everyone we spoke to followed through with what they said they woud do.

Im not taking sides but just wanted to say that our experiance was a good one.

Erik R. was our senior lendind officer and he worked very hard to get our financing approved.

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make money online — Fri, 04 Apr 2008 08:49:13 GMT

If you are familiar with the GPT industry, I am sure you have heard of the PTC industry as well. If you haven’ t, it’ s very similar to get paid to sites. However, instead of paying you for every offer you complete, they pay you for every site you visit

re: Review: NationPoint, 2/5.

Evan Smith — Wed, 19 Mar 2008 00:27:42 GMT

I just posted another comment and checked out the news on NationPoint. They've shut down and Home Loan Services which services their loans is on the bidding block.

re: Review: NationPoint, 2/5.

Evan Smith — Wed, 19 Mar 2008 00:22:34 GMT

I posted a comment back on March 9, 2007 as I was going through the loan process. I have to say that my loans went through incredibly fast and I closed less than a month after my comment on this site. I went into the 3 year ARMs with my eyes wide open but I have always expected to refinance. My home was an estate sale, extremely under-priced, was not appraised in person although I was charged for a full appraisal, not a "drive by" which is what occurred, and I've put in over $25,000 of work into it. I called NationPoint about a refinance and the guy on the other ended all but laughed at me saying that there's no way any home has appreciated more than 10% in the past year. Guess what? Mine did. Over 43% even with everything that's going on and I'm getting better and better credit as time goes by. Yeah, NationPoint helped me get in there (right on the heels of this crisis), but I've got to go through a local (and "in person") lender to refinance since there's no way they can appreciate the housing market in my area which isn't like the rest of the country, apparently. Anyway, I just tried to check out their site and there's nothing there but a link to customer services. Interesting...

re: Review: Capital One Business Credit Card, 1/5 Rating.

Michael Clark — Wed, 12 Mar 2008 15:32:31 GMT

I have Capital One for my business and have had issues as well. I am a small business so place about 20k -50k year in charges for business expenses. Capital One is ok over-all, but the real frustrating experience is that they cannot provide year end summary statements. Obvsiouly having the year end statement is helpful when doing your taxes. Last year I called them 5x and each time they told me the year end summary statment was on it's way. It never arrived. This year I have called 10x since Dec 07 (proactive assuming I would have issues again) and here we are on March 11th 08 and no statment! My blood is boiling! This company obviously doesn't have their internal processes set up properly. I am officially cancelling my card with this company today. Best of luck.

re: Review: NationPoint, 2/5.

best refinance loan officer — Thu, 06 Mar 2008 04:11:33 GMT

Nationpoint closed it's doors today. No more bitching necessary. 650 americans jobless and headed to unemployment rolls for us all to pay for "out of pocket".

re: Attention Politicians: Guaranteed Way to Lose My Vote.

manda — Mon, 11 Feb 2008 18:05:28 GMT

Hillary Clinton although a strong advocate for womens rights may only be representing a small majority of staunch voters that are akin to manufacturing rhetoric to suit their means.

Could we please have a conscience vote that is moderated and represents the sentiment of the public at large. This is organised coincidence here but worthwhile in order to put to rest the underlying threads of the womens rights arguments that are not in fact enquirying in nature advocating the rights over the subjecated or those who are discriminated against either through direct means or through words and policy.

Again it comes down to voice, representation and definitions. Yes definitions. Girl, Boy, Chinese, living. In fact I know of people that administer their own form of justice which is so startling it can only be likened to Neecheese God.

No but seriously. Can I pose the question. What would you do as a Christian if you were faced with an unplanned pregnancy with limited funds to support the would be family and a supportive unit. Would you take a hard drive and do what ever it takes to ensure that this unique life was preserved.

I am a Christian advocate and I know there are extreme people out there but they only administer their own form of justice when they know the righteous path. Jesus was a poet and a profit and a natural mystic.

The administration of this government is actually wise enough to recognise a new movement termed - energy is enough. Christians know that every second counts in this life but as they say - no contract no money. To Christians this doesn't make sense. Its as if we have to sacrifice our values to create things. Imagine this - a football stadium filled full of people, highs, lows, tensions excitement .... 'energy'. That in its self should be sufficient to keep things ticking along. I've lost my train of thought but I guess if its a bout work/life balance.

Independently we are strong but if faced with a decision to go in to bat, sell a car, raise a family, boot a server or teach someone a lesson I would listen to those who have authority and means.

re: Review: NationPoint, 2/5.

mike — Tue, 05 Feb 2008 08:53:28 GMT

I have been in the lending industry for years and all of the comments I am reading are very common. There are two main reasons why people have a rough road during the loan process.

First, people never tell the whole truth when they are applying for a loan. They constantly leave out details regarding their finacial, employment, credit, alimony/child support, personal history that usually would require additional documentation during the loan. For example, dates of employment are rarely accurate. So when the lender verifies this and it isn't accurate they want additional proof. And not from your co-worker... a formal HR document. That can take weeks sometimes depending the company. The difference between 23 months or 24 months on the job can make all the difference in the world during the underwriting process. Or not disclosing that you were on disability for 2 months in the last year. So on and so forth...

They assume that if they don't tell it will won't come up or it doesn't matter. Changes in the purchase price of a home, rounding up income numbers, not disclosing tax liens, late payments, wrong job title, employment gaps, a property that doesn't appraise well...the list can go on for ever. These all add time and frustration to the loan process...And these things can also flag your loan to be reviewed which can add additional time or cancel a loan all together.

Are these all reasons to blame your lender? Not! When you apply for a loan everything you tell a loan officer as he is filling out your application is going to be verified with applicable and legal documentation. 80% of all issues arrise when the documentation does not support in the information originally submitted. Everytime you make a change the loan needs to be reunderwritten which often requires additional information or documentation needed to close the loan. So when you asked "is everything ok with my loan" and the loan officer said "yes" he/she was accurate at the time. The loan process is dynamic...it changes to reflect all the information and documentation collected throughout the entire loan process.

The second reason there are head aches during the loan process is that the property doesn't appraise well. For example, There are not enough comps, the comps used are too far or too old, the comps are not similar properties, it's in a declining market...on and on. This is one area that most borrowers do not understand. But a lender has specific guidelines to determine value and may not like the appraisers opinion.

I could go on for days...the point is don't be so quick to start pointing blame because many times customers create their own headaches!

re: Review: NationPoint, 2/5.

Andrew — Thu, 03 Jan 2008 03:12:23 GMT

I just read this blog and thought I would post a comment. I have had my mortgage with Nationpoint for two years now. Rewind back two years, and I was baited and switched by good ole Quicken. Found Nationpoint online and my request for info was followed up immediately with a call. I had no problems at all during the loan and closing process and was able to get a fixed rate on both mortgages, which was important to me.

I think a common theme amongst some complaints above is the face that the borrower did not do their homework. Yes, an ARM will increase your payment eventually. Yes, a prepayment penalty might not be waived. It's in the contract.

My only compaint, is that as far as I can tell, there is no way to use electronic payment over the web. I HATE having to mail in two checks each month because it seems to take about 5 days from when the check is received until it clears. No big deal, but an instant payment online would be so much more convenient. Get with the times. This would cut down costs on the Nationpoint end (processing, CSR's, check fees) and increase convenience for borrowers; Win Win.

re: Review: NationPoint, 2/5.

BB — Tue, 27 Nov 2007 06:20:56 GMT

I work at NationPoint also and would like to interject some points:

- Buying or refinancing a house is very different then lets say buying a car...there are alot of pieces which need to fit together to make everything work and sometimes this takes time. If you were lending thousands of dollars of your own money, wouldn't you want to make sure you are making a good decision? Ultimately, investors buy the loans using specific guidelines.

-People who took out ARM loans should have known that there is a possiblilty their rate would increase in the future. Everything is disclosed upfront and again at closing which must be signed. Ignorance is no excuse here. Realty is that interest rates which ARM loans are based off of have gone up in the past few years. Alot of people opted for a lower payment initially instead of playing it safe and going for a 30-year fixed loan. These days, there is so much more opportunity for consumers to educate themselves by use of the internet so there is no excuse here really.

-Current market conditions make it much harder to get financing, especially if you have shaky credit and your house has gone down in value.

-Loans are bundled up into packages and sold on Wall Street in bundles of millions of dollars to investors. The days of a single bank using their own money are for the most part gone!

-For each complaint posted here, there are hundreds of other happy and satisfied customers who have closed loans successfully through NationPoint. "Bad" experiences happen with every company in every industry.

-Admittedly, the NationPoint online disclosure system sucks and is in the process of being fixed in the next few months.