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BBB Business Review

BBB Accredited Business since 05/20/2004

Paramount Equity Mortgage, LLC (Headquarters)

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Phone: (916) 290-9999Fax: (916) 290-9992View Additional Phone Numbers8781 Sierra College Blvd, Roseville, CA 95661-5920 Send email to Paramount Equity Mortgage, LLC

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BBB Accreditation

A BBB Accredited Business since 05/20/2004

BBB has determined that Paramount Equity Mortgage, LLC 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.

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Reason for Rating

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

Factors that raised Paramount Equity Mortgage, LLC's rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 12 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

12 complaints closed with BBB in last 3 years | 4 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues5
Problems with Product / Service7
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 12

Read Complaints | Definitions | BBB Complaint Process | File a Complaint

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (12)BBB Closure Definitions
Complaint resolved with BBB assistance (12 complaints)
04/23/2013Advertising / Sales Issues | Read Complaint Details
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Additional Notes

Complaint Category: None of the Above - Advertising Complaint Issue

Complaint: i want to be removed from mailing list. i've sent written request previously but still get mailings for refinancing.

Business Response
According to Mrs. ******'s complaint, her husband, ****** ****** had previously requested to be removed from our mailing lists. Paramount maintains a process for ensuring that all requests from consumers, asking to be removed from our mailing lists are forwarded to a single individual who handles these requests. Based on our research, we were unable to locate a record of Mr. ******'s requests. That said, we apologize for any inconvenience that our marketing advertisements may have caused, and have promptly removed Mr. ****** and his mailing address in *** *****, CA from our mailing lists, and have notified our marketing distribution partners as well. We believe this action will satisfy the Mrs. ******'s desired resolution of her complaint.

Complaint Resolution: Company resolved the complaint issues. The consumer acknowledged acceptance to BBB.

04/12/2013Advertising / Sales Issues | Read Complaint Details
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Additional Notes

Complaint Category: Sales presentation not consistent with advertisement

Complaint: On two occasions, my wife (****** ****) and I attempted to have our mortgage refinanced through Paramount Equity this past year. We contacted Paramount Equity after hearing one of their radio ads state refinances are available for those even "underwater." While our house is NOT underwater, we were told on both occasions we did not qualify to refinance because although close, we did not have a full 20% equity in our home. This is a far cry from their advertising of refinancing homes "underwater." I sent an email to the company two seeks ago, and have not heard back.

Business Response
Based on our discussion with Mr. ******, he was upset due to our inability to assist him a refinance of his home as advertised in our radio ad. The HARP 2 program advertised requires the loan applicant's current mortgage loan to be owned by Fannie Mae or Freddie Mac. Unfortunately, Mr. ******'s current loan is retained by a local bank and thus ineligible for the advertised loan program. After this was explained to Mr. ******, he indicated that he is now thinking of selling his home. He also stated that he was emailing the BBB to acknowledge that his issue had been resolved.


Consumer Response
I spoke to **** at the Lake Oswego, OR Paramount Equity branch who explained that loans CAN be refinanced if underwater but ONLY if they are Fanny or Freddy loans. While I understand this, I still feel Paramount's radio advertising is misleading since their ads do not mention these conditions. **** promised to pass my concerns on to their advertising branch. I am satisfied with this outcome.

10/12/2012Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint Category: Delayed completion of service

Complaint: Over 4 months for refinance, which is still not completed. Have been charged 5 times for payoff amount from bank plus late fee due to incompetence
Began refinance process in ******, told it would take about 1 month, continually asked for additional information (why did they not know what was required as this is their business).
Bank, who holds mortgage was contacted at least 5 TIMES for payoff (costing me without my authorization $30.00 each time, additionally I was told that refinance would happen momentarially and therefore not to pay mortgage, costing me a late fee and additional monies. Supervisor told me that I would be refunded the late fee and costs of approximently $110.--, months later I have not received these monies.
I am now asked again for additional information, which I have responded to such as; wanting a statement for HOA, I do not receive statements and have paid well in advance which has been told
ad naseum, they know how to contact the HOA as they have done so several times to verify information. They have asked for a current tax bill, the county has not issued them, thus I cannot produce one.
5 times to contact B of A for pay-off costing me $30.. each time!!!
Now, a processor has contacted me and tells me how difficult it is for her to process loans, and wonders why I am not sympathic. This has been a tedious process staffed by inept persons which has cost me extra high mortgage payments, which is why I am attempting to refinance as well as costs that should only be required once.
I own several properties and have never had this problem elsewhere.

Business Response
The issues giving rise to this complaint, resulted from issues with obtaining MI certification; and the borrower purchasing a new primary residence during the processing of her loan with Paramount, resulting in our need for additional documentation which the borrower disputed. We have negotiated with the borrower and will be sending her a check in the amount of $1,244 to cover her out of pocket expenses. The borrower has advised us that she will be withdrawing her complaint.

Complaint Resolution: Company resolved the complaint issues. The consumer acknowledged acceptance to BBB.

06/25/2012Problems with Product / Service
03/01/2012Problems with Product / Service
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Industry Comparison| Chart

Mortgage Brokers, Real Estate Loans, Real Estate, Real Estate Services, Mortgage Lender, Loans

Additional Information

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BBB file opened: 02/02/2004Business started: 09/03/2003
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:

CORPORATIONS, DEPARTMENT OF (CALIF)
1515 K St. Suite 200
Sacramento, CA95814
(866) 275-2677
http://www.corp.ca.gov

BBB records show a license number of 4170047 for this company, issued by CORPORATIONS, DEPARTMENT OF (CALIF). Their web address is http://www.corp.ca.gov. The expiration date of this license is 07/22/2013.

Type: Department of Corporation

Check License Status: Check License Status

Please note that governmental licensing information may not be current.

Type of Entity

Limited Liability Corporation

Contact Information
Principal: Mr. Steve Taylor (VP of Quality and Compliance)Mr. Hayes Barnard (President / Owner)Mr. Matt Dawson (VP of Mortgage Operations)Mr. David Lippe (Vice President)Ms. Michele Magee (Chief Marketing Officer)Mr. Narish Parsad (Marketing)
Business Category

Mortgage Brokers, Real Estate Loans, Real Estate, Real Estate Services, Mortgage Lender, Loans

Service Area

BBB serving northeast California is the HQ BBB for Paramount Equity Mortgage.  Complaints are referred to them for processing. The company is currently doing business in Oregon, Washington, California, Arizona, Virginia and Utah.
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Map & Directions

Map & Directions

Address for Paramount Equity Mortgage, LLC

8781 Sierra College Blvd

Roseville, CA 95661-5920

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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 Northeast 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.

*Paramount Equity Mortgage, LLC 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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Additional Phone Numbers

  • (877) 290-9991
  • (916) 789-7538
  • (916) 746-7080
  • (916) 772-9090
  • (209) 464-4000
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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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