BBB Logo

Better Business Bureau ®
Start With Trust®
Minnesota and North Dakota
Sign up for our monthly consumer newsletter!

BBB Business Review

This Business is not BBB Accredited

Mortgage Elite Inc

Phone: (763) 557-9600Fax: (763) 557-9627View Additional Phone Numbers3131 Fernbrook Ln N Ste 100, PlymouthMN 55447-5336 Send email to Mortgage Elite Inc

BBB Business Reviews may not be reproduced for sales or promotional purposes.

BBB Accreditation

Mortgage Elite Inc is not BBB Accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

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

Factors that raised Mortgage Elite 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 | 0 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

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Mortgage Elite Inc
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Complaint Breakdown by Resolution

Complaint Resolution Log (1)BBB Closure Definitions
08/15/2013Advertising / Sales Issues | Read Complaint Details
X

Additional Notes

Complaint Category: Sales presentation did not disclose key conditions of the offer

Complaint: I specifically asked my agent three times on a certain matter, and he guaranteed that it would not be a problem. He lied w/o clarifying.
I specifically asked my agent, ************, three seperate times if my new mortgage co. would accept weekly payments. I told him that was very important to me, or I wouln't refinance with them. He assured me all three times that it wouldn't be a problem, they will accept that. I asked him again on May 17th, before we closed "now you are sure that ******* Mortgage accepts weekly payments"? He said yes they do. I got the welcome packet in the mail a week after closing and they only accept once a month payments. By then it was past the 3 business days to cancel the refinance. I feel I was lied to just so the agent could make a closing.

Business' Initial Response
Contact Name and Title: ****** ***** / Loan Offic
Contact Phone: ************
Contact Email: ***********@mortgageelite.com
I am writing thisw letter in response to **** ******s complaint made in regards to the weekly paeyments with her mortgage servicer. After speaking with my lender representatives during the process of the refinance I was told that they will be allowing clients to setup payment plans that the clients can use to have their payments deducted bi-weekly. The servicer advised **** that she could simply setup a seperate account with her bank that deducts payments from her primary checking account once a month. **** ****** could at anytime ask the lender to pull any execess funds that remain in the account and thus accomplish exactly what **** was looking to accomplish until they are setup to pull payment automatically. The mortgage servicer has advised **** that they will be setup to pull payments via electronic funds transfers bi-weekly within the next two months. ****'s loan had $0 added to the principal balance of the loan and **** paid $0 out of pocket. This was a true no closing cost loan as her payoff was $167,004.55 and her new loan was made for $166,870.00. **** has also recieved a large sum from her current lender for what was in her escrow account and $0 of her equity or cash was used to establish her new needed escrow account. **** ******'s total payment was reduced by $173.00 per month and her rate was reduced from 5.5% to 4%. Mortgage Elite inc worked with Mrs. ****** for the past year helping to improve her credit scores so that she could obtain a stronger financial position.

Consumer's Final Response
(The consumer indicated he/she DID NOT accept the response from the business.)
My new mortgage company does NOT draft weekly payments, which I specifically asked for several times. I know I am able to set aside $ each week, but I know I am not self disciplined enough to accomplish that. I made ****** specifically aware of my need for weekly drafts and he falsly stated that would not be an issue. And what is a large sum from my previous mortgager? I received $344.12. Mortgage Elite did NOT help me with my credit scores, I accomplished that, ****** told me if I paid one account down to a certain balance, they would be able to offer me a loan, I did what he said, and then he told me it wasn't enough. I paid off several accounts and he called me months later to offer another deal. I would like a different mortgage company that can accomodate my needs, like I was assured would happen!

Complaint Resolution: BBB determined that despite the company's reasonable effort to address complaint issues, the consumer remained dissatisfied.

Industry Comparison| Chart

Real Estate Agents, Mortgage Brokers, Loans

Additional Information

top
BBB file opened: 07/26/2002Business started: 03/01/2005Business started locally: 01/01/2001
Licensing

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:

Minnesota Department of Commerce
85 7th Pl E Ste 500
Saint Paul, MN55101-6013
(651) 539-1500
http://www.commerce.state.mn.us

Contact Information
Principal: Gregory Evenson (President) Gerald R Evenson (Owner)
Business Category

Real Estate Agents, Mortgage Brokers, Loans

Products & Services

According to the information provided by Realty Elite, this company offers full-spectrum lending and mortgage services.

Alternate Business Names
Platinum Lending Corporation
Industry Tips
BBBTips on SBA Loans
Beware of Predatory Practices in Home Mortgage Lending
Beware of Abusive Lending Practices
High Cost Payday Lenders Advertise Everywhere
Home Buyers: Protect Yourself from Predatory Lenders
Investors Warned Not to Risk Homes to Buy Securities
Mortgage Choices
To Rent or Buy - Which is Right for You
You Need to Hold an Estate Sale... Where to Begin?

If you choose to do business with Mortgage Elite Inc, please let them know that you contacted BBB for a Business Review.

Map & Directions

Map & Directions

Address for Mortgage Elite Inc

3131 Fernbrook Ln N Ste 100

Plymouth, MN 55447-5336

To | From

LocationsX

1 Locations

  • 3131 Fernbrook Ln N Ste 100 

    Plymouth, MN 55447-5336

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 Minnesota and North Dakota. 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.

*Mortgage Elite Inc is in this range.

X

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.

X

Additional Phone Numbers

  • (763) 746-4688
X

BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 10 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.

X
X

What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

X

What government actions does BBB report on?

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

X

About BBB Business Review Content and Services

Some Better Business Bureaus offer additional content and services in BBB Business Reviews. The additional content and services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release. Not all enhanced content and services are available at all Better Business Bureaus.

X

Thank you for your feedback.

Help us improve by taking our survey.

X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.