EC Financial

Aug 13, 2009
review #155054

EC Financial (mortgage broker) called me and convinced me to abandon a deal I was about to close on with another bank, to refinance through them with flagstar bank.We went through the prelimiary stuff, signing the RESPA docs, a $350 appraisal and all other info requests.

We had the rate locked and we were 'good to to go' to use their words.

We had the appraisal and have not heard from them again.It cost $350 for the appriasal and now no-one calls back and I can't get in touch with them.

BEWARE OF EC FINANCIAL in Seven Hills, OH.

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Shady Company

Nov 08, 2013 Cleveland, Ohio

EC Financial LLC is a true scam. EC Financial has fake loan officers working for there company which is against the law. They call themselves loan consultants, but anyone that takes a loan application, pull credit, take documents from a client, etc is classified as a loan officer. And without license its against the new laws to work on loans. This is a very unprofessional company. They have there CFO Niki Peris working as a processor, which caused for things to get badly messed up. I wish someone would go in the office and really take a look and find out how bad things are in there. I was disgusted with service. I wouldn't tell my enemy to work with them scums.

1 0 Reply
Anonymous

Nov 04, 2013 Walnut Creek, Ohio

I have been receiving unsolited calls from EC Financial and we are on the do not call registy. I saved two messages on our answering machine and will pursue charges.

1 0 Reply
Anonymous

Nov 03, 2013

E C Financial 8555 Sweet Valley Dr Ste C, Cleveland, OH 44125.

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Bud

Oct 31, 2013

Hey, We went through the same thing. We had our rate locked in and all of a sudden EC stopped calling us and when we would call them the man was always out sick. We never heard from them again. Now they are calling again and I am really against dealing with them again and yet my husband is desperate. I tried to contact the better business people but I don't know where they are located so they won't help me find out anything.

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Natus Copus

Oct 22, 2013 Cleveland, Ohio


-Diary of a Mad Banker-

I am a Nationally Licensed Mortgage Banker. What happened to you is this... They ordered your homes appraisal and the value came in under market value. If Loan to Value does not meet the guidelines for a program qualifications you do not qualify. The lenders and bankers in my business receive BBB complaints against us for this everyday. Lenders can offer excellent rates and incentives but DO NOT control recent home sale values. The appraisal was completed by a Licensed Appraiser from a AMC as well the $350.00 you paid was for a inspected property so no one ripped you off. Look at it from my end. We are out as well if your loan is not closed. Do you think we ring a bell and celebrate when of customers loans come in underwater? Appraisals are a 3rd party cost as well. Customers should educate themselves before they point the finger in the wrong direction. Check and see what type of your you are in currently. There are Streamline NO appraisal programs out.


Natas Copus

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jrogins

Feb 04, 2013 King George, Virginia

EC Financial ("ECF")is indeed a slimy, fraudulent operation. One of its employees, Eddie Flynn, called me and said that ECF prequalified me for refinancing my house at a rate lower by .5% than that at which my mortgage company offered me to refinance. Eddie said for his program my house had to appraise at about $377,000 and that their Virginia appraiser indicated to them he could appraise my house at that. Eddie said he was so certain this would be the case that should the appraisal fall short, he would reimburse me its cost of $480. Eddie sent me a large list of items I would have to provide, something with my extremely busy schedule I worked long and hard to put together. We were in the second month since Eddie's original contact when I sent a large package to ECF. Eddie told me not to pay that month's mortgage to my company as he said the payment would go toward closing. A friend warned me repeatedly my house could not appraise at the level Eddie had promised and that she believed I was being scammed for an appraisal cost. Wondering if she could be correct, I tape-recorded both Eddie making the promise to reimburse me in the event the appraisal came in short, and also recording his Virginia appraiser telling me on the phone, "You will be OK." After the house appraised way below Eddie's "prediction," he met my request for reimbursement with denials he ever promised any such thing. I e-mailed him, CC'ing the manager Niki Peris, and attaching a sound file that contained his... Show more

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Satisfied Customer

Oct 08, 2012

Here we have people always blaming the mortgage broker for there bad experience....its your problem to know whats going on in the real estate market not the loan officer's. How do expect a business to stay in business if noone sales their products its the credit bureau you should be mad at not the mortgage broker...who cares what this owner does in his personal life with his business he takes all the risks not you clean your back yard before you clean his.

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Drew12

Apr 20, 2012

All I have to say is "What goes around come's around" Goren Marich is a crooked thief, always has been, and always will be. He has screwed a lot of people throughout his years in business, everyone from customers to employees. But this seems like the norm in the mortgage industry. I know people that have had business dealings with them and Mr Marich. Predetory Lenders, this guy is the king. I am sure he will be back in this business someday and he will do it again.
Money does things to people, especially when it is other peoples that you are taking. Beware of this guy and his crew

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Christina A.

Oct 15, 2011

I was a former employee of Equity Consultants and I believe the person writing vicious things about the company and attacking its operators is out strictly for personal vendetta. The companies Mr. Marich have owned or ran were of the utmost integrity, despite his own personal choices in his private life, which is of no concern here.

I never placed a client in a bad loan or suggested anything other than what would benefit the homeowner. I could say the same with all of my past colleagues. Equity Consultants was not "ran into the ground" there were business decisions which needed to be made based on the hard hit economy. Most if not all mortgage brokers and warehouse lenders faced the same fate with the housing balloon problem.

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David S

Nov 30, 2010

Former employee--you are way off and I doubt you are a former employee (probably the owner of EC financial). To say that Marich can't pay his bills is an understatement. You are also way off that this is just his personal business. This shows his lack of morals. Who would buy all those services/goods and default on them (private schools, expensive cars, credit cards, etc)? Is this someone you want to do business with? Look at what he did with his prior business and how he treated his employees.
STAY AWAY FROM MARICH AND EC FINANCIAL.

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Former Employee

Oct 21, 2010

As a former employee I can tell you that EC Financial is not a scam. They are a legitimate business but their marketing practices suck. Yes they do cold call customers based off of leads obtained through the the credit bureaus but so do most other mortgage companies. The owner Goran Marich does have a problem paying his bills but that's his personal business. The fact is that the company will get you financed at lower rates and the loan officers will work hard to get you the best deal they can. They are not crooks but average people who do care about their customers. There is no reason to be afraid to do business with them because the banks they work with are very reputable and they are the ones who will be managing your mortgage, not EC. What EC does is structure the loans and assist their customers with obtaining financing and walks them through the entire process. They work with wholesale lenders so they can get better rates then most banks will offer. What ruins most loans is the appraisal that EC has no control over.

If a house/condo appraises for less then the value owed on it plus closing costs then the loan is dead and the consumer will be out the appraisal cost. It is not a situation that anybody wants but because federal law states that the appraisal company must be separate, there is nothing EC can do about it. It is the same with all lenders. It's a gamble so before you agree to have your house appraised do your research to get an idea of what
... Show more

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Rob. P

Jul 21, 2010

I hated to hear about your poor treatment by this company and I do empathize with it. I have personally had a lovely time working with the folks at EC financial and recommend them highly.

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filly

Jul 17, 2010

we got a cold call today they left a message for my husband as if they have business with him, asking him to call them immediatly because of a inquiry on his credit report. Sounds sleazy to me.

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Robert and Sandy Waters

Jun 29, 2010

I was contacted by a sales representative from EC Financial and after giving him a hard time, I reluctantly decided to work with him. It turned out to be a good experience. My wife and I were able to lock in a great rate, consolidate our debt and the process was quick and painless. We will definitely work with them again and I even recommended them to my sister in law who is looking to purchase her first home.

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PA

Jun 23, 2010

Just got an unsolicited call from them inquiring about other people that live in this apt. building. One person in particular who had just purchased a home and moved out.
After repeated requests, the person would not identify themselves or the reason for the call.

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David S

Apr 23, 2010

I dealt with them when they were equity consultants. They are nothing but a bunch of crooks. They had the nerve to call me now as EC financial. I am sure they will steal as much money as possible,file bankruptcy and then open up as another company.
AVOID THEM LIKE THE PLAGUE!!!!

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Wayne

Mar 10, 2010

Oh and "Thank you EC Financial" if you are so satisified you should send them a picture and a testimonial for their website seeing as they have had the same "Customer of the month" for six months now.

But wait, you can't because you are probably an employee writing on this site.

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Wayne

Mar 10, 2010

"Thank you EC Financial"

Did you read the second posting at the bottom about the managment and owners. You did a loan with a company that has people that are thiefs. What about them is good. Maybe do a little research and you would see that you dealt with crooks.

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Thank You EC Financial

Mar 09, 2010

We just closed our loan with EC Financial today. My wife and I are going to be able to take that cruise that we have always dreamed about. If I would not of been for EC Financial, we would never have been able to afford the trip. Thank you so much for the great work you guys did getting out loan approved and closed within a week or so. For all the people that are saying bad things about this company I have not idea how it could be that bad. We were referred to EC Financial form another satisfied customer. There must be someone writting all of the bad complaints. Maybe someone who was turned down by the company of a unhappy former employee. All I can say is that they did a wonderful job for my friends and they in turn told us about them. Nothing but great things to say and I will surely tell everyone about EC Financial.

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