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A BBB Accredited Business since
BBB has determined that Perl Mortgage, Inc-Belmont Ave. 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 13 factors. Get the details about the factors considered.
Factors that raised the rating for Perl Mortgage, Inc-Belmont Ave. include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 2 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||0|
|Total Closed Complaints||2|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
These agencies may include:
Illinois Department of Financial and Professional Regulation
100 W. Randolph, 9th Fl, Chicago IL 60601
Phone Number: (312) 814-4500
Type of Entity
Business ManagementMr. Nathan Britsch, Quality Control Manager Mr. Steven Laner, Executive Vice President Mr. Ken Perlmutter, President Mr. Andrew Stewart, Vice President of Operations
Mortgage Bankers Financing Consultants Real Estate Consultants Financing Loans Loans - Farm & Ranch Loans - Small Business Real Estate Loans Mortgage Brokers Reverse Mortgage Mortgage Lender Financial Services Real Estate Credit (NAICS: 522292)
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Additional Phone Numbers
- (773) 862-1530(Phone)
- (847) 644-7956 (Fax)
Additional Email Addresses
- - eQuote
- - Communication/Mass Email
Complaint Trends - Last 3 Years
Customer Review Trends
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|
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Read Complaint Details
Complaint: My girlfriend pursued me to call and inquire about a Mortgage loan few weeks ago from a real estate agent name ***** In palm springs area, then I was referred to a Mortgage broker called Perl Mortgage in **** ******* *************, I then Directly spoke with a guy name *****. As I asked about our options he advised me to get an FHA loan, because that was the best option with my income and my girlfriends bad credit. He assured me that we will qualify for at about 115k once or twice in our initial conversation. However, after pulling our credit and submitting the application, he insisted, if we want to be qualified now we need to settle with 3 Credit collection agencies to move forward in my girlfriends credit. (my girlfriend worked as a collection agent for years as well and knows a lot of people in the industry. Her name is ***** ********* who is the second borrower on the application). He was convincing so it took me few days with complete dedication to call this agencies and negotiate. These negotiations are real hard work, being on the phone with these agents for hours going in circles, it is nerve racking to say the least. The first company was easy, but the last two Nissan and Cavalry was a total battle, but I did this for my gf and me and it was for us to buy and own something of our own together. These last two that we had to pay to settle, one was $1600 we settled for 800$, the other was $6900 and we were able to bring it down to $2600 when they spoke last with my girlfriend* ** ********** I paid $1000 of my own money to help her settle.NOTE the accounts were old almost 7 years, and would have fallen off in monthsWhen we called back with these settled letters, ***** said we qualify for 115k. After we made trips to Indio ca 2 whole day trips to indio ca, looked at 11 different condos, when we liked something we wanted to offer a price, we ve beed told that the building is not FHA approved by Perl Mortgage, ***** or ****. Well ok fine, are there any? no there arnt any In indio and just a couple in surrounding cities Way of our price range 115k. Little upset and later got mad as I was thinking about not being informed and just waisted days to look at condos. "its the real Estates Fault" they said. OK fine.. I spend another 3 full days of trying to get FHA approved buildings in our price range (condos). And I m letting ***** know all my steps, step by step. SO I finally found one that was close to our price range, one was listed 114k, the other one 130K so we could've made an offer. So I planed my trip in detail to meet my real estate agent at that property 120miles away from my home. At the last minute my real estate realizing the illusive nature of my Mortgage broker, asked me some questions and one was did ***** Included the hoa in his calculation, when I called *****, he said No he didn't that may "kill my debt and income ratio" oh really. So when he said that i wanted to make sure that he didn't miss anything else.. and I said " ok ***** so you did include everything else, all my expenses like my car payment. He said Oh i need to look at your file, and came back to me saying that we didn't put that in my application (file) and this will definitely with the HOA kill my debt to income ratio. But, he texted as I was getting furious at this point that I still qualify, but for a lesser amount. Note: we could hardly find one building with HOW approved at THAT 115k, price range. So after all that time effort and money we spent trusting Perl Mortgage, 1k of my own cash and all of my time on the phone with collections, real estate agents and Perl Mortgage, who had no trouble talking and explaining things for more then an hour on our first conversation alone, and I was 100% honest with them, we are put in a position where we don't have the 20% down payment for a reg loan, and can't find anything at that price HOW approved
Desired Settlement: We need our credit inquiries to be removed, and compensation for what we paid to the collector for very old accounts that were going to fall off in just few months, compensation for our time and money spent on this project, where in reality we were heading towards a dead end no matter how you view it. Thank you,
In review of the information, the Perl Mortgage representative gave accurate information to qualify the client for a mortgage. Collections and delinquent accounts do have to be paid current prior to qualification. In addition, Perl Mortgage cannot control the local real estate market, or guaranty that the client will be able to afford inventory available.
I have discussed this dispute with the branch and the employees involved and it appears as if Perl acted in the best interest of the client, even if the information received was not the desired outcome, it was accurate.
Read Complaint Details
Complaint: My parents and I jointly own a condo that I reside in, in ******************. The condo was purchased in September of 2010 with a 10/1 libor ARM. The mortgage is in my parents' name alone. I began corresponding with ************** of **** Mortgage in October of 2012 about refinancing the mortgage with a fixed rate, since interest rates had gone down significantly. He assured my family that he would be able to help us get a better mortgage payment plan. On January 15th, 2013, Mr. ****** contacted my father, ************, by phone, and we initiated the refinance application. The condo was appraised and all requested financial paperwork was sent to **** Mortgage. The process was very lengthy, but Mr. ****** assured me in writing that there was no danger of the interest rate expiring as he would renew it when needed. On May 8, 2013, Mr. ****** wrote that we had an official loan approval for a 25-year fixed rate refinance at 3.5% interest, but that there were conditions on it. All conditions were met, and we awaited a closing date. On July 15th, after several unanswered inquiries Mr. ****** wrote to say that there were three issues we had to deal with: the interest rate had expired, the appraisal had expired, and "****** the processor said there is an issue with the condo that the condo approval area has. I have asked for them to clarify what we need to get the project approved." When I reminded Mr. ****** that he had said the loan was approved and rate was secure, he replied that same day: "I had been paying for rate extensions on the file for months and months and could not continue to do so. Yes, I had told you I would extend it, in early March. However, I did not anticipate that we would now be in Mid July and the file would still not be closed. Because the market has now turned against us, It would have cost me about 7000.00 to pay for rate extensions. Since there was an issue with the condo project being approved and since we would need a full new appraisal, I knew that would add multiple more weeks to this. I will sit down with ****** tomorrow to go over the file and see if we are even going to be able to get the condo project approved. If not, then anything else is a mute sic point. I am concerned about having to order another full appraisal. I am most concerned about the rate as we would now be subject to current market regarding pricing. I will talk to our lock desk, but I am not hopeful on that front. However, lets wait to see what happens when I speak to ****** tomorrow to determine how best to move forward." Since then, I have received no update in almost a month and several emails have gone unanswered by Mr. ******.
Desired Settlement: Completion of the refinance at the offered rate of 3.5% fixed for 25 years.
Business Response: Initial Business Response /* (1000, 7, 2013/09/04) */ Contact Name and Title: ************** Contact Phone: ************ Contact Email: ******************** We are presently working with *********** and her family to see if we can provide a mortgage that meets her particular needs. Nothing has been resolved at this point but we are working to make her happy.