Pacific Beneficial Mortgage Company – No Care for Consumers

Have you received a call from Pacific Beneficial Mortgage Company? Or maybe you’re looking into local mortgage lenders and came across their name.

Before you start doing business with them, read what other customers are saying on this company in this Pacific Beneficial Mortgage Company review: 

About Pacific Beneficial Mortgage Company:

Pacific Beneficial Mortgage Company is an Irvine-based mortgage lender. Their address is 18010 Sky Park Cir, Irvine, CA 92614, US and their contact number is 949-732-7021. 

The office of this mortgage lender opens from 9 AM to 6 PM. 

Pacific Beneficial Mortgage Company has been operating since 2009 and its CEO is Peter Patzakis. The firm claims to offer stellar customer service and quick approval. However, they have faced lawsuits for spamming consumers with numerous phone calls and harassing them. 

So, it’s very difficult to trust their claims of putting clients at the top of their priorities. They offer various lending options including VA loans, adjustable rate loans, FHA loans, and fixed rate loans. 

The Irvine-based mortgage lender also offers refinancing options to interested consumers. Apart from Peter Patzakis, other prominent people at this firm include Jason Bean (CFO), Shawn Buker (Sr. Loan Officer), and Rowel Enriquez (Sr Loan Officer). 

While they seem like an ordinary mortgage lender, this company uses various unethical business tactics to promote itself. Below is one of the various shady marketing methods they use: 

BBB Accreditation: Manipulating Consumers

Pacific Beneficial Mortgage Co. has a BBB accredited profile with an A+ rating on the platform. Many people don’t know this but a business doesn’t need to maintain any quality standards to get a BBB accreditation. You only need to pay a hefty annual fee to get BBB accreditation. 

Businesses pay upwards of $10,000+ per year to get and maintain their BBB accreditation. This helps them get an A or A+ rating on the review platform and fool consumers into thinking they are a distinguished enterprise. 

pacific beneficial mortgage company review

CNN had conducted a detailed investigation on this matter. They found scammers and fraudsters facing federal charges who had A+ ratings on BBB simply because they had the accreditation. 

It’s a common tactic among shady businesses and scammers to get BBB accredited to seem trustworthy. Pacific Beneficial Mortgage Company is using this exact tactic to mislead consumers. 

A prominent example is SD Bullion. They are a bullion dealer who received complaints for selling fake silver and to hide those complaints, they maintain a BBB accredited status. 

Jackie Winters v. Pacific Beneficial Mortgage Company, Inc.

Jackie Winters has filed a lawsuit against Pacific Beneficial for unwarranted phone calls and spam. According to the available documents, they withdrew the lawsuit. 

You can find more information on the lawsuit here: Jackie Winters v. Pacific Beneficial Mortgage Company, Inc. (2:17-cv-01567), California Central District Court (

Pacific Beneficial Mortgage Company Vs. Adam Carrion

Pacific Beneficial found itself in another dispute in 2019 when the filed a contract-related lawsuit against Adam Carrion and Bank of America. 

They filed this case in Orange County Superior Courts. You can find more information on the lawsuit here: PACIFIC BENEFICIAL MORTGAGE COMPANY, INC VS ADAM CARRION | Court Records – UniCourt

Apart from facing various legal disputes, this mortgage lender has received a ton of complaints from disgruntled consumers for various reasons. Below are some of those reviews to help you understand what it’s like to work with them: 

Pacific Beneficial Mortgage Company is Notorious for Spam

pacific beneficial mortgage company review

There are a ton of complaints against this firm for spamming consumers. Neil here says that this Irvine-based mortgage lender will keep calling you even if you tell them to stop. Below is another complaint on this issue: 

pacific beneficial mortgage company review

They Lie to Get Your Business, Stop Caring Once They Get Your Money

pacific beneficial mortgage company review

Kate is a first-time homebuyer and was going to go with a local mortgage broker at first. But she shopped around for a better rate and found Pacific Beneficial Mortgage Company on LendingTree. 

Her original lender had offered to pay for her home appraisal in writing. Kirk, the representative from Pacific, told Kate that he would pay for the appraisal and stated it in writing. Then, he asked for the letter the other lender had given her so he could get the permission to pay the appraisal from Pacific. 

He confirmed that Kate wouldn’t be paying for the appraisal and she was glad to hear it. But when she closed on the home, the cost of the appraisal was on her Final Buyer’s Statement. It was $525. 

She thought she’d be reimbursed as Kirk had told her she wouldn’t have to pay for appraisal. That was not the case. When she asked about it, Kirk said, “We paid for the appraisal upfront but we get reimbursed.”

After that, she reached out to him twice but he didn’t respond. Later, she contacted his boss so Kirk responded and said that the lender’s credit was all she was going to receive. This was clearly against the initial deal they had. 

After telling her about the lender’s credit, Kirk stopped responding again. 

When she reached out to his boss and explained the situation, they started calling her an extortionist. Disappointed with all of this, Kate posted this complaint to let other consumers know about the unethical business Pacific Beneficial is running. 

Pacific Beneficial Doesn’t Return Calls or Set Appointments

pacific beneficial mortgage company review

Initially, Melinda thought it was a great company. But she was mistaken. When she was reviewing her application with the loan officer’s assistant, she found a ton of mistakes. 

She wanted to discuss this matter with the loan officer so she tried to get an appointment. When that failed, she tried to call him but he didn’t answer her phone. In fact, she never heard from them again. 

Melinda says that they must be very rich. So rich that they don’t require any new business. 

Put the Client in Financial Trouble Through Delays, Blamed her For Everything

pacific beneficial mortgage company review

Rebecca points out that Pacific Beneficial Mortgage Company is a joke. There were errors in her processes from the beginning. They had started the process in January and finalized it in May. 

Rebecca signed papers which she later found to be wrong. The company representatives were confused all the time and didn’t communicate with each other. This made things difficult for Rebecca as both of them would ask her the same questions on different occasions. 

Things got worse when everything was almost done. One representative told her that everything was finalized and all she had to do was sign some paperwork. 

Rebecca points out that her bills were very close to being late and she asked the representative what she should do. They told her she shouldn’t pay anything as everything was taken care of. 

All of the bills were late by the time Pacific’s checks reached Rebeca. When she called the representative to discuss this matter, they said, “you could have paid them.” then blamed her for the problems. 

She ends her review by saying it’s a very unprofessional company. 

pacific beneficial mortgage company review

Natalie points out that she received a preapproval letter from a senior loan officer of this firm. He claimed to be a specialist in helping self-employed individuals claimed to know more than the other five lenders Natalie was consulting with. 

Those other lenders had told her that it wasn’t possible for her to get the loan because she needed  2 year of self-employment to qualify. Pacific’s representative said that they were all wrong and Natalie only needed 1 year of self employment. 

Because of his assurances, Natalie went ahead with the process of buying the home, paying for inspections, etc. She waited for days to get the final verdict on her preapproval and Pacific kept making excuses for the delays. 

However, the firm didn’t give her any hints of something being amiss during this time. So, Natalie didn’t go to any other lender for backup. 

Eventually, the loan officer told her that her loan wasn’t approved. But he told her after the contingency period of her home had passed. The loan officer’s excuse was that there was a mathematical error. It was a terrible experience.

Pacific Beneficial Mortgage Company: Conclusion

As a mortgage lender, this firm doesn’t seem very promising. Their loan officers have received complaints for lacking knowledge of industry rules and the company itself has received complaints for spamming consumers. 

Unless you want to get tons of calls and emails, you should avoid contacting them, let alone doing any business with them.

2.5Expert Score
Not Recommended

Pacific Beneficial Mortgage Company has multiple flaws. They have received complaints for lacking basic industry knowledge. Furthermore, they are known for spamming consumers with phone calls and emails even when told to stop. Avoid!

Concern for Clients
  • None
  • Spam consumers endlessly
  • Lie to clients to close quickly
  • Avoid taking responsibility
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