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Central California and Inland Empire Counties

BBB Business Review

BBB Accredited Business since 09/11/2013

American Financial Network Inc

(559) 202-3780Unpublished, FresnoCA 93711

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BBB Accreditation

A BBB Accredited Business since 09/11/2013

BBB has determined that American Financial Network Inc meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised American Financial Network Inc's rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 1 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Customer Complaints SummaryRead complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)BBB Closure Definitions
11/04/2013Advertising / Sales Issues | Read Complaint Details
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Additional Notes

Complaint Category: Sales presentation misrepresented the service

Complaint: Tried to Refinance, paid $400 in fees after which they did not respond to email/phone call
I tried to refinance my house with these guys and they promised the rates that were better than others. I paid $400 dollars for house appraisal. House value came better than expected.
I was told by AFN to wait and they would initiate the process to close on loan.
However, after over month of waiting, they did not call or email. They would not respond to either my phone call or my email.
I am now short of $400 and wasted over 3 months of my time and effort.

Initial Business Response
AFN branch policy requires appraisals to be paid for by customers regardless of whether a loan is ultimaetely closed or not. This is communicated to the borrower at time of application. AFN was unable to proceed with the loan b/c it did not meet guidelines. Borrower paid $380 for the appraisal. AFN has issued a reimbursement check for $190 for half the cost of the appraisal as a courtesy. Thank You

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I disagree with AFN's statement that "the loan does not meet guidelines."

Throughout the loan application process, AFN let me believe that it would be able to close on loan without any issues. Even the house appraisal value came higher that expected and in addition, I was willing to pay for additional closing costs. All the required forms had been submitted.

AFN misled me throughout the process and when they did not deliver on their commitment, they stopped answering my phone calls and emails. That is completely unprofessional.

If my loan did not meet their guidelines, why did AFN not tell me before the appraisal was ordered. They had all the information right from start of the process.



***** ****






Final Business Response
AFN's Loan Originators are required to explain the mortgage loan process including the drawbacks of ordering and paying for an appraisal without an Underwriting Approval. The loan originator on this transaction is no longer with AFN and we are unable to determine whether this was communicated to borrower. AFN has reimbursed the borrower for 100% of the funds paid for the appraisal. We are sorry for the loan originator's lack of communication and any inconvenience caused to borrower. Thank You.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

Industry Comparison| Chart

Real Estate Loans

Additional Information

top
BBB file opened: 05/15/2008Business started: 01/01/2001
Licensing, Bonding or Registration

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Bureau of Real Estate
1651 Exposition Blvd
Sacramento, CA95815-5149
(877) 373-4542
http://www.dre.ca.gov

BBB records show a license number of 01317581 for this company, issued by Bureau of Real Estate. Their web address is http://www.dre.ca.gov.

Type: Real Estate

Check License Status: Click here to view license info

Please note that governmental licensing information may not be current.

Type of Entity

Corporation

Incorporated: June 2001, CA

Business Management
Customer Contact: Mr. John Fitzgerald (Project Manager of Legal Operations)
Contact Information
Principal: Mr. John R Sherman (President)Mr. John Gwen (General Counsel)Mr. John B Sherman (CEO)
Business Category

Real Estate Loans

BBB Program Participation
This company has agreed to use special procedures including mediation and arbitration, if necessary, to resolve disputes.
Industry Tips
Beware of Predatory Practices in Home Mortgage Lending
Home Buyers: Protect Yourself from Predatory Lenders
Know the Facts about Reverse Mortgages
Mortgage Choices
Shop, Compare and Negotiate - But Move with Caution When Refinancing Your Mortgage

Map & Directions

Map & Directions

Address for American Financial Network Inc

Unpublished

Fresno, CA 93711

To | From

LocationsX

1 Locations

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Central California. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*American Financial Network Inc is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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BBB began including complaint response text in BBB Business Reviews on April 25, 2013.

BBB reports the complaint response text for all reportable complaints against a business that are received electronically.

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BBB reports on known significant government actions involving business' marketplace conduct.

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

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