Nationwide Mortgage Bankers – Fake Reviews and Poor Service : Review 2023
Nationwide Mortgage Bankers is a mortgage provider based in Melville, New York. Their office is located at 68 S Service Rd Suite #400, Melville, NY 11747, US and their contact number is 833-700-8884.
It’s a highly unethical and scummy organization that tries to take advantage of gullible consumers. They post fake reviews, exploit employees, waste the time of their clients, and do much more.
Before you trust this firm with anything, it’s vital that you read the various Nationwide Mortgage Bankers reviews it’s trying to hide from you. The following review exposes the shady marketing tactics of this company and the complaints it’s trying to hide:
Who Owns Nationwide Mortgage Bankers:
The Nationwide Mortgage Bankers CEO is Richard Steinberg. He founded the company in August 2011 and has been running it since. Prior to this firm, he ran InterContinental Capital Group Inc from 2005 to 2011.
On paper, Richard seems like a trustworthy professional. However, he lies constantly.
For example, he claims that his employees consider his company a “Best Place to Work” even though his firm has received a ton of complaints for abusing its staff. Furthermore, he doesn’t hesitate to use shady marketing tactics to promote his company
In the next section of this review, I have highlighted some of the unethical marketing tactics Nationwide Mortgage Bankers uses to manipulate consumers:
The Unethical Marketing Tactics of Nationwide Mortgage Bankers.
If a company has to lie to get customers, can you trust them? You can’t. That’s why Nationwide Mortgage Bankers is an untrustworthy firm. It employs many tactics to manipulate consumers.
Below are some of the many unethical marketing tactics it uses to dupe clients:
Using Fake Reviews to Mislead Consumers
When a company received a plethora of complaints from its customers, it can do two things:
- Either address the issues and fix them, or
- Try to bury the complaints
While any ethical company would resort to the first option, it’s easier for the scammers to implement the second method. Nationwide Mortgage bankers uses the second option as well.
They post fake positive reviews on multiple platforms to seem more reliable than they actually are. Most platforms have no safeguards to protect consumers from fake positive reviews.
However, Yelp has developed advanced algorithms that can identify fake reviews easily. Hence, it’s able to separate suspicious reviews from the rest of them.
This exposes the companies that post fake positive reviews to seem better than they actually are.
The Yelp profile of Nationwide Mortgage Bankers has multiple “flagged” reviews. All of these are fake reviews meant to manipulate gullible consumers.
So far, there are 12 reviews on Nationwide Mortgage Bankers’ profile which Yelp has flagged as “not currently recommended”.
If they have tried to post fake reviews on Yelp, it shouldn’t come as a surprise if they post more on other platforms such as Glassdoor and Google.
Having a BBB Accredited Profile to Enhance Credibility
Apart from using fake reviews to promote itself, this mortgage provider also has a BBB accredited profile. Contrary to popular belief, a business doesn’t get BBB accreditation because of its quality service and products. Businesses get BBB accreditation by paying a hefty annual fee to BBB, which bestows the businesses with a positive page on its profile.
CNN Money had done an extensive investigation into this unethical marketing practice. It found that BBB was handing out A+ ratings to scammers and companies that have paid multi million dollars in penalties because they had “BBB accreditation”.
Having a BBB accreditation gives a company a lot of control over its BBB page. It can remove negative reviews, maintain an A or A+ rating, and dupe consumers.
Companies pay upto $10,000 per year to BBB for maintaining their accreditation. Certainly, they would get some benefits out of it.
Nationwide Mortgage Bankers isn’t the only shady company that uses this tactic. Another name that comes to mind is Sprott Money. The Canadian precious metals company has scammed countless consumers.
Now that you’re familiar with this company’s terrible duping tactics, here are the various Nationwide Mortgage Bankers reviews
High Turnover, Inexperienced Management and Exploitation of Staff: Reviews by Staff
There are a ton of Nationwide Mortgage Bankers complaints online where the employees of this company share their gripes. The most common gripe is the rampant favoritism and poor treatment of staff members. Furthermore, it seems the leadership of NMB doesn’t know how to strategize.
Many staff members question the decision-making of the CEO and other leaders of the firm. Before you consider looking into Nationwide Mortgage Bankers careers, it would be best to go through these reviews:
“Company Doesn’t Live Up to Its Values”
The reviewer shares that NMB doesn’t have its stuff together. They claim that they are the most organized group of managers you will find but it’s a flat lie.
The reviewer has seen the managers of Nationwide Mortgage Bankers exploit students, new grads as low wage earners for major IT jobs. According to the reviewer, his own job was designed so the company wouldn’t have to pay a third party.
Also, most of his co-workers and managers had little to no mortgage experience. He noticed a lot of turnover at this firm as well.
The reviewer recommends being very skeptical of this company. People don’t stay in this company for long, a huge red flag.
He suggests the management communicate properly and don’t stay limited to asking about “feelings”.
Nationwide Mortgage Bankers Only Values Loan Officers, No One Else
According to the above reviewer, the managers directly above him were great and there was a lot of diversity in the company.
However, the pros don’t matter because the company fires people faster than promoting them. According to the reviewer, everything was in chaos ever since he joined this company.
The managers always claimed that it wouldn’t like this all the time but they were lying. Executives lay people off simply because they get tired of them after a few months. Furthermore, they fire people with no warning. They don’t even let you finish your work day when they lay you off.
The reviewer shares that it happened to him and 6 other people before him, both above and below him on the corporate ladder. Moreover, the company had changed his manager 4 times in 3 months.
The leadership at Nationwide Mortgage Bankers expects its salaried staff to work on weekends and days off. Also, you’re also in the crossfire of office politics. You never have job security when you’re working here.
All of this suggests that NMB has a toxic work culture where the upper management exploits the staff daily through fear and uncertainty.
Company Doesn’t Provide Any Leads
The above reviewer is a Mortgage Loan Office at Nationwide Mortgage Bankers. He points out that the company looks good on the surface but lies to its loan officers. They promise to supply leads and deliver none.
The reviewer suggests the management stop lying to people so they would join the company.
Managers Don’t Support the Team, Extremely Unprofessional Environment
According to the above reviewer, this company provides no training to its staff members. Hence, you have to learn everything on your own.
The management doesn’t support its own team members. They recommend running away from this company because it was the most unprofessional company they have ever seen.
The reviewer ends their review by saying that NMB is a joke and it’s only a matter of time before it meets its demise.
Additional Nationwide Mortgage Bankers Complaints by Employees:
Nationwide Mortgage Bankers Reviews by Customers You Must Know:
“Numerous Delays Ruined the Loan Process”
The above reviewer had started his process with Nationwide Mortgage Bankers in early September. He was pre-approved promptly so he decided to do business with this company.
Then, the company assigned him to his loan broker who was amazing. But the company didn’t care for the loan broker at all.
Together, the reviewer and the loan broker had found a home and had initiated the contract as well. They had told the reviewer that the whole process would take 30 to 45 days because of his specific loan.
Hence, his closing date was set for October 23. There was some information error which delayed the closing date for an additional 10 days. However, the process ran over 2 weeks and a few more days.
The company fired all the people handling the reviewer’s case. So, he was left in the dark and couldn’t close. When the reviewer shared his concern with the company, the COO replied by saying “We’ll look into this, and get back to you”. But he never did.
The reviewer ends his review by saying that he would not recommend this company ever.
Nationwide Mortgage Bankers Has Incompetent and Rude Staff
Jennifer shares that the processor at this company is rude and condenscending. She asked Jennifer’s gift donor if lending them the money would leave them destitute. Certainly, it’s an extremely unprofessional question.
Furthermore, when Jennifer called her out on this she said that she was required to. But she couldn’t provide the FHA guideline for it.
Jennifer highlights that she had already provided NMB with the gift letter from the donors, a copy of the check and copies of the withdraw and deposit slips for the gift.
She adds that the entire process was painful and the lender didn’t help, guide, explain or respond promptly. They asked her to submit the same documents multiple times.
The lender had provided her with a portal which her processor couldn’t access. So, she had to send her personal banking and financial documents via email.
Also, her documentation was being sent to multiple employees with no clear indication of who they were and if she should be working with them.
Jennifer highlights that NMB doesn’t know how to work with contractors or consultants. They asked for items she didn’t have. Also, whenever she submitted her paperwork to underwriting, it took 5-7 days to respond.
Her closing date was Friday but she didn’t receive final approval until Wednesday evening at 9 pm. Furthermore, her realtor had to use different phone numbers to reach the broker and the processor because they stopped answering calls. There’s no excuse for such unprofessionalism.
Company Wastes People’s Time Through Sheer Incompetence
Jana shares that they have been trying to refinance their home loan for over 7 months with this company. However, they have been given the run around for months.
Nationwide Mortgage Bankers has been misleading them since the beginning. Also, the company has extremely incompetent loan officers. Hence, they don’t recommend using this company for any kind of loan or lending process.
Staff at Nationwide Mortgage Bankers Doesn’t Know How to Talk to a Disabled Veteran
Jesse is a disabled veteran and had a horrible experience with NMB. The company charged him for appraisal after closing his VA Home Loan. Furthermore, before he closed, he had reminded his loan officer several times that they needed to charge him before closing.
Yet, 3-4 days after he closed on his house, they charged him. Jesse points out that his closing disclosure states that his appraisal was already paid for.
Moreover, the mortgage lender tried to charge him $300 extra for some type of fee during closing. However, they never specified which fee it was.
Jesse thanks his attorney for saving him from that added cost. However, he recommends avoiding Nationwide Mortgage Bankers at all costs.
An Unfair and Crooked Company
The above reviewer had been a customer of NMB for years but found them to be completely unhelpful when he tried to port to another properly. They no longer accept commission which they did on the original application. So, now they won’t lend him the amount.
Moreover, they claim that he needs to pay £10k in early repayment charges because he is not porting the mortgage to the new property. The reviewer highlights that he was aware of the charges but had no intention of leaving.
The company says they won’t accept bonuses now when 3 years ago they did. Also, the company is not accepting his renewal but is charging him if he leaves. The reviewer says that it’s very poor customer service and unfair charges.
Company Delivers the Worst Banking Experience Ever
Bill highlights that this mortgage lender is a joke and must be avoided at all costs. They didn’t even spell his name correctly when they contacted him.
When Bill posted his complaint against Nationwide Mortgage Bankers, the COO reached out to him. He asked Bill for his contact info to discuss what happened and to see what they could do to make things right.
Bill sent his info on Friday evening. The COO called Bill and left a message the next day. He highlighted that he would call Bill again on Monday.
At first, Bill thought that the company was actually caring and respected its customers. But he was mistaken.
It has been 18 days since that Saturday call and he is yet to receive a phone call from the company to discuss his issue. Bill says that it was his worst banking experience ever.
More Notable Nationwide Mortgage Bankers Reviews:
Nationwide Mortgage Bankers fails to function effectively as a mortgage lender as well as an employer. The company suffers from incompetent leadership, an unclear vision, and a high turnover rate.
All of these conditions lead to poor customer service and delayed processes, which generates resentment in the consumers. What’s worse is that the leadership of Nationwide Mortgage Bankers doesn’t fix the issues. Instead, it tries to scam people by posting fake reviews and buying memberships.
It wouldn’t be surprising if they add fake positive reviews to this post as well.
Due to these reasons, it would be best for you to avoid Nationwide Mortgage Bankers and find a different mortgage lender.
Nationwide Mortgage Bankers charge significantly higher rates and trap unsuspecting consumers in horrible contracts. They also suffer from poor customer service and lethargic operations which delay the lending processes.
- Charge high rates
- Delay crucial processes
- Take no responsibility
Not worth it. They will waste your time and charge ridiculous rates which they don’t tell you about until you are near closing.
National Mortgage has the worst rates. DON’T TRUST WHAT THEY TELL YOU. They lie constantly to get your money.
Nationwide Mortgage Bankers is a scam company. They trapped my husband in a terrible contract and refuse to help 😢
My experience with this company was terrible. Heck, even terrible would be an understatement. I don’t recommend doing business with these guys ever.
This is all B.S. Whomever who wrote this is a complete Fraud…. Does your company review what people write and confirm the accuracy of posts? Shame on you…