World Lending Group - Posted by Brandon

Real Estate Investing Real Estate Financing
21

Re: World Lending Group - Posted by Dion DeLude

Posted by Dion DeLude on September 07, 2003 at 15:10:43:

I have been with them since their inception and have had to ride the ups and downs. Beleive me when I say the “Ups” outweigh the “Downs”. In any new bus. launch there is going to be a lot of aggravation. I have worked for Corporate America for a 100 year+ old company…talk about change, growing pains and aggravation. WLG is a different type. At the end of the day it all becomes worth it, when you realize you are in bus. for yourself and being provided with all the items necessary to start your own bus. without having to do everything from scratch. I am willing to talk to you in detail about our group in Chgo. We are not the traditional MLM people that get involved to hire 100’s and 1,000’s of people. We work with a small group that produces closed loans. We make sure everyone gets the training they need and our support. There have been a lot of times I have wanted to quit, but then again there were those same times with corporate america that I wanted to do the same thing.

I can tell you more.

Dion

22

Re: World Lending Group - Posted by anon

Posted by anon on November 20, 2003 at 03:40:29:

Mr. McCord.

What state are you in and when did you join WLG?

I need to maintain a low profile for a day or so - so I can satisfy my clients, but I’m in the midwest, have initiated 3 loans with WLG - all of them moved to another lender as of tonight - and three new deals initiated with this new broker today. All together it’s almost 4.4 million in purchases and refi. I stand to make very good money indeed. But I can’t make the WLG system work…and I don’t mean the “system”…I mean I can’t get the loans to close. There’s no response from anyone and as two different processors have told me by phone “because they’re WLG originations, their hands are tied”. I have two “recruits” that just happened to materialize that I’ve put on hold until I could at least get ONE loan to close. Since the loans all aged over 60 days (including one purchase) I really had no choice but to look elsewhere. The two potential recruits are a bit confused as to why I’m delaying them - but until I could figure out the WLG deal, I didn’t want to give them the whole story…tomorrow I will. I’ll simply give them cash referrals for the business they can generate for me until I figure out how to work a deal with the broker I found.

Finding Ric Edelman’s "secret #1? reprint and discovering the whole Interest Only concept was certainly worth more than the $225 I spent getting into this mess - but the misery I’ve caused two of the three borrowers wasn’t worth it at all. And having HH skimming off 30% BEFORE the “100% payout” is just plain unethical. …and it said in the literature that a 10% “payroll” fee would be charged. Tell me: Do you think it’s worth a tenth of the points (more than $1680!) on a $2.1 million refi I’m doing to have WLG write me a check - that won’t likely get to me for two or three months AFTER the loan closes? I thought not. And what?s the extra 20% being taken out for? Where?s that in the agreement?

I’ve found a reputable broker that pays 50% on day one! (None of this silly “training sales” and no 10% payroll fee!). And I’ve just got to know, you say you’ve closed 17 loans. How many are still open?
What’s the range on the loan amounts,
the range and average of the file duration time,
and the time it took AFTER THE LOAN CLOSED for you to get your checks - again, range and average.

Let me tell you what a very frustrated EVP told me last week: He has over 1200 loans he’s initiated (including his downline). Guess how many were closed as of last Friday? 39. Now THAT’s client satisfaction. If you enjoy this business (I know I am beginning to), find a real broker, take your existing experience and REALLY make some money. Before writing this note I found this interesting fact: If I compare my current six loans, using the WLG 30% on the first three and then using the 40% on the rest, I find that my 50% arrangement with the broker (who won’t be charging a "10% payroll fee by the way) will cause me to gross PERSONALLY $49,360 but with WLG it would have been $26,597. WOW!!! Make 85% more money with another broker on your own production?and actually have some hope that the loans will close?I call that cashflow! Now I know why some of the bigshots in WLG are taking things outside too. And this shouldn’t be construed as “badmouthing” WLG. WLG has proven to me that I have no opportunity to satisfy my clients nor my cashflow needs. I?m doing this full time! When the loans don’t close, I don?t get paid! Is 60+ days realistic?

Tomorrow a check arrives from a bank (not my broker) that will fund a loan for a newlywed couple buying a house. They’ve waited over 2 months already (some gift I gave them, eh?). While we were waiting on WLG I negotiated a deal with this other broker, initiated a new 1003, and will have this loan closed in 24 days. This is the first loan I took the new broker and it was dealt with creatively to avoid Mortgage Insurance. 24 Days. WOW. Has ANY WLG loan EVER closed in 24 days? Does an answer to this question exist? I?ve yet to find any facts regarding closing time posted on the public or login sections of WLG. Now, I know that this broker wanted the other 4 million of refi I have sitting on my desk (he got a third of it tonight and will get the rest in the morning), but don’t you think that the internal processes at WLG could at least be designed to give new recruits special attention? My first three loans in the system for over 60 days with no end in sight? What else could I do?

I must maintain anonymity for myself, my potential recruits and my future clients! I really wanted WLG to work. I really did! I had a good experience with A.L. Williams two decades ago. I wish mortgages were as easy to process as life insurance. Maybe that’s the problem. Hmmmm

If you can honestly say that your loans are closing within the 30-45 day timeframe, that you’re getting your checks within a week of funding (as promised in my signup package), doesn’t it still make you nervous that so many bigshots with “A” Loan Originator #'s are leaving?

23

Re: World Lending Group - Posted by Safta

Posted by Safta on November 19, 2003 at 15:10:47:

I am attending an informational meeting tonight to become a loan officer. The comments are about to scare me away! Just what is the real problem with WLG?

24

Re: World Lending Group - Posted by Scott Gossett

Posted by Scott Gossett on November 18, 2003 at 14:21:07:

Loans closed = 17… does that satisfy the two naysayers on this board?

Isn’t it interesting that there are 2-3 bitter people on the board while there are 2-3 people who have made good money with WLG. James sounds like he actually worked the process but had problem after problem and gave up after 5 months of work… very reasonable; however I venture to guess he was an early signee (1 year ago or so) and the process has gotten much smoother since then. Lee just sounds bitter period and probably just focused on the fees instead of building a business…

Let me tell you something about “non-refundable fees”. Try becoming a Realtor, a Dentist, or heck even a Mortgage broker without paying anything out of pocket and see where that gets you. Lee, you may say this is smoke and mirrors, and that is your opinion. The fact is I have made substantial money with WLG, whether you want to believe it or not.

If anyone is interested in the FACTS and not just blatent bashing of this company, feel free to email me. This is my last message on this board, since I do not have the time to get into a shouting contest with a couple of malcontents… I am too busy making money and closing loans!

25

Re: World Lending Group - Posted by Scott Gossett

Posted by Scott Gossett on November 17, 2003 at 22:55:55:

Our Team has closed many, many loans with them (100’s)… and it has been getting better and better as time goes along. How long ago were you in WLG? The “old-timers” admit growing pains, but recently loans have been going smoothly.

26

Re: World Lending Group - Posted by James Strange

Posted by James Strange on October 20, 2003 at 18:37:17:

I may have signed up for the wrong reasons.

I signed up to close loans. I was not interesyed in recruiting. But the home office was not suporting me. They sent complete aplications back to me these were submitted online. Never returned my calles.

My upline was never able to give me a status on anything.

Loans disapeared from my pipeline with out a good explination.

So don’t make assumptions about why I have hard feelings about WLG.

27

Re: World Lending Group - Posted by c mathews

Posted by c mathews on September 05, 2003 at 09:24:57:

I just signed with them and I can’t get anyone to return my email requests on how to begin to start lending. Is it OK if I call you to followup on your other bad experiences. I promise it will be in the strictest of confidence. I’m a new originator and don’t want to make mistakes first off. thanks.

28

Re: World Lending Group - Posted by Jeff Cohen

Posted by Jeff Cohen on September 07, 2003 at 19:57:55:

Hi,
I would like to join the company, but I have been reading some forums, and some of them have not been so good. Can you give me any good reasons that I should join. I am new with the mortgage business (never done it before), but I would like to do it, and I have to start somewhere. Thanks. Jeff C.

29

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on November 20, 2003 at 11:39:16:

Dear Anon, I never actually closed any loans with WLG. Mr. Gossett is the originator who claims to have closed 17 loans, you may want email him directly to get the answers to your questions.
However, I do find it very interesting to hear that the EVP and his downline who submitted over 1200 loans only closed 39. Maybe they should incorporate that fact into the Terry Bradshaw video. In the video Mr. Charles Catledge claims that it’s possible to generate 3/4 of a million dollars in cashflow a year by closing 88 loans a month. I’m tellin ya, when you start to connect the dots…what do you see?..A PYRAMID??? hmmmmm

30

Re: World Lending Group - Posted by Anon

Posted by Anon on November 20, 2003 at 02:19:23:

I entered three loans within a 5 day period and immediately started having problems. The processing is just TOO far away from the LO to be truly accountable. NOT ONE response from ANYONE in over 14 days on one loan…NO ONE!!! Even though I’ve elected to use MPPI for processing (instead of WLG) MPPI’s got other non WLG clients that know how to push their buttons…if you’re new to the business you obviously don’t get any attention. One MPPI processor actually spoke to me on the phone - “didn’t want to bad mouth WLG, but…” the processor had been a WLG LO and had so many problems that he switched to processing. Having been a processor before, he said it was obvious that there were problems since even easy slam dunk loans were NOT closing - and he had his clients just go to the bank in the end - which he followed up on and they all closed within 45 days (this was in the July glut). He also said that WLG loans had restrictions that make it hard for processors to work freely on the loan and in my case the cause of 2 months delay on a PURCHASE (still not closed now 2 months and 4 days later). My advice: Read Rick Edleman’s book - at least the one chapter on why the rich don’t pay off their mortgages. Then, exploit the website - the E-Map - find a broker that will work with you - Indy MAC is the one that sells the Index ARM (WLG’s Power Option). If you find you can generate interest within your network and SELL, a broker will love you! I’m in the process of pulling all my loans (one by one as the stories go on and on…) and am now working with a broker that’s actually capable of closing loans and has been around for a long time. Forget the recruiting - sell big refi’s and make people happy by working with someone that won’t embarass you…like WLG has me. Understand the true place/time/value of the Interest Only approach and hit the rich guys…they’re all wasting their money on Principal when most of them could be doubling it every year or two in the RE market. If you want more info, email me at: t h e u n s e e n s t r e a m @ h o t m a i l . c o m

31

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on November 18, 2003 at 14:57:30:

Scott, I’ve corresponded with several people,including reputable real estate agents, regarding WLG, not just the people on this board, who have explained their experiences with WLG as “nightmares,” not growing pains. Not everyone I have corresponded with posts messages on this board. Just an FYI. And please refrain from making assumptions as to what I “…probably…” did. You’ve no idea. Good luck to you. Oh, and I guess my greeting on the post to which you responded does sound a little bitter. It should’ve read Dear Mr. Gossett. It was an honest mistake. My apologies, I got a little ahead of myself.

32

Re: World Lending Group - Posted by James Strange

Posted by James Strange on November 18, 2003 at 03:04:30:

I worked it for about five months but grew tired of the endless lies about it is getting better. Only to have something else happen. I decided to call it quites when my AMD quit returning my calls.

I was never paid for the loans that WLG screwed up. If they wanted to keep me going they needed to come up with some cash to compensate me for the loans that should have closed.

BTW WLG has no old timers it is a new company.

So how many loans have YOU closed?

33

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on November 04, 2003 at 13:19:38:

Hey forum readers…here’s something you might be interested in. It’s an email recently sent to all WLG emplyees or independent contractors or whatever you want to call them. Read the email, then go sign up for PPMG Elite…guess what, it’ll cost you another nonrefundable $100 :slight_smile: Does anyone see a pattern here?

WLG Leader,

The anticipated launch of our relationship with the Elite Division of
PPMG has occurred!!! The PPMGElite.com web site will be online at 7:00
AM Eastern Standard Time on October 15th allowing you to sign up and
become a part of a new era of greatness.

In order to complete the sign up process, each new associate must have
their upline’s new PPMG Elite code number. If your current upline has
not yet provided you with their new PPMGElite code number, contact them
immediately so you can complete the sign up process.

If you cannot locate your upline or your upline is not interested in
participating, you may enter the following code number, 0001AA, as the
upline code number. If this number is used to join and your upline
leader subsequently joins within a reasonable period of time, you will
be placed back within that leader’s team.

We are excited about the future of PPMG Elite. Get off to a fast start
and sign up today.

Greg Smith
Director of Operations
PPMG Elite

34

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on October 21, 2003 at 16:40:18:

James, I signed up to close loans also only to find out that allmighty Hubert Humphrey is much more interested in recruiting and collecting “nonrefundable” so called processing fees and training fees than ever closing loans :slight_smile: It’s Amway on Steriods !! And what kind of legitimate company charges it’s “employees” for training and also makes it’s employees pay for advertising and supplies. I think World Lending Group, soon to be Global Preferred Lending is about to be in major litigation concerning reporting people as employees when in fact they are Independent Contractors. this is nothing new to Hubert and his ilk. And by the way you are my uplines, upline…LOL

35

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on October 21, 2003 at 16:14:30:

Why is World Lending Group changing the name? Is it because of legal issues? And do you have any insight as to how World Lending Group can classify someone as an “Employee” when the relationship between World Lending Group and the Loan Originator legally looks like an independent contractor? I’m thinking there’s more to this name change than to “…better align our company name within the World Leadership Group of Companies.”

36

Re: World Lending Group - Posted by Raymond L. Harris

Posted by Raymond L. Harris on October 09, 2003 at 24:15:41:

use your Esupport with your WLG email

37

Re: World Lending Group - Posted by Dion DeLude

Posted by Dion DeLude on September 07, 2003 at 22:45:05:

Jeff:

If you’d like you can reach me on my cell phone: 708-267-7966. I understand your concerns, as I too have gotten caught up in on-line forums. My past company (non-mortgage related) had an ongoing message board on Yahoo and it was good for insomnia, but very non-productive and depressing. Each night I would ask myself, “why am I still working for this company?” Turned out most of the individuals posting their comments weren’t even related to the company and charges were filed. I was caught up in the gossip and it bent me out of shape for nothing. I digress.

The company has no doubt gone through some major, growing pains. I have had to be very patient. I also tested WLG by partnering with a local regional lender. Their issues were the same in terms of loans taking forever to close, lack of comm., etc.

The one thing I do have to say, is the founder, Hubert Humphrey gets the job done. The company doesn’t push down our throats the “new program” and we have to take it or leave it. If there are problems with the system, they are addressed and resolved. I’m really impressed coming from a Fortune 500 company and seeing what this start-up has actually done in a year.

Just like anything in life, you get what you put in. I’m not going to tell you that this business is easy and doesn’t come with it’s level of stress. Refinancing and purchasing a home is an emotional roller coaster for most people. There are a lot of things that take place during the process that are beyond your control and you have to do the best job at appeasing your clients that you can. Other times, the deals go through so smoothly that it’s almost a sin to get paid for this work.

We ahve a good group in the south suburbs of Chicago. Again, we are not the MLM type of crowd that focuses on soley recruiting. You do not earn a dime for recruiting anyone. Loans have to be originated and closed before anyone gets paid. I rather have 6 quality originators in my group, than 600 just for the sake of saying I recruited that many.

I have many stories, some bad, but a lot of success ones. I am willing to talk to you in detail more in person or over the phone. Again, I can understand your concerns. I was going through the same thing that you are a year ago, six months ago and just last week. But anything worth doing is going to have it’s ups and downs.

Take care.

Dion DeLude

38

Re: World Lending Group - Posted by Scott Gossett

Posted by Scott Gossett on November 18, 2003 at 14:59:30:

Fair Enough… we will just have to agree to disagree. Good luck to you in the future!

39

Re: World Lending Group - Posted by Lee McCord

Posted by Lee McCord on November 04, 2003 at 13:48:59:

Just to push the point home…If you want to attend the award ceremony in Florida guess what…Here’s an excerpt from the World Leadership Group website…

Reserve Your Place in History Today
Register today for only $100. Space is limited so registration is based on a first come first serve basis.

Seriously folks…

40

Re: World Lending Group - Posted by damien

Posted by damien on November 13, 2003 at 07:16:05:

I’ve only joined recently but think that it’s a great opportunity. I’ve had excellent support and their training is also super. People that have gotten upset are I think naive and un-realistic or possible deceived by their up-line.This isn’t a get rich scheme, but if you work hard at it there is the potential to make alot of money