Pacific Beneficial Mortgage Company may have called you, or maybe you found their names when you were looking for area mortgage lenders.
Before you do business with them, read this Pacific Beneficial Mortgage Company review to see what other people have to say about them.
About Pacific Beneficial Mortgage Company
Pacific Beneficial Mortgage Company is a mortgage company in Irvine. The number to call is 949-732-7021, and their location is 18010 Sky Park Cir, Irvine, CA 92614, US.
This lender’s office is open from 9 AM to 6 PM.
Peter Patzakis has been the CEO of Pacific Beneficial Mortgage Company since 2009. The company has been in business since 2009. The company says it has great customer service and gives loans quickly. But they have been sued for making too many phone calls to customers and bothering them.
So, it’s hard to believe them when they say that their clients are their top priority. They offer different ways to borrow money, such as VA loans, loans with variable rates, FHA loans, and loans with set rates.
The mortgage lender in Irvine also has choices for people who want to refinance. Peter Patzakis isn’t the only important person at this company. Jason Bean is the CFO, Shawn Buker is a Senior Loan Officer, and Rowel Enriquez is also a Senior Loan Officer.
Even though this company seems like a normal mortgage lender, it promotes itself in several shady ways. Here is an example of one of their sneaky ways to market:
BBB Accreditation: Using Customers as Tools
The BBB has approved Pacific Beneficial Mortgage Co. and given them an A+ grade on the platform. Many people don’t know this, but for a business to get BBB approval, it doesn’t have to meet any quality standards. To get BBB recognition, you only need to pay a big fee once a year.
To get and keep their BBB approval, businesses pay up to and over $10,000 per year. This helps them get an A or A+ grade on the review site and makes people think they are a reputable business.
CNN looked into this situation in great depth. They found scammers and fraudsters facing federal charges who had A+ scores on BBB just because they were accredited.
Shady companies and people who try to scam people often get BBB accreditation to make themselves look more trustworthy. This is exactly what Pacific Beneficial Mortgage Company is doing to trick people.
SD Bullion is a well-known case. They are a bullion trader who has been accused of selling fake silver, but they keep their BBB accreditation to hide this.
Pacific Beneficial Mortgage Company, Inc. vs. Jackie Winters, et al.
Jackie Winters sued Pacific Beneficial for making unwanted phone calls and sending spam. From what we can tell from the papers, they dropped the case.
Jackie Winters v. Pacific Beneficial Mortgage Company, Inc. (2:17-cv-01567), California Central District Court, has more details about the lawsuit.
Pacific Beneficial Mortgage Company Vs. Adam Carrion
In 2019, Pacific Beneficial got into another fight with Adam Carrion and Bank of America when it sued them over a contract.
They went to the Orange County Superior Court to file this case. Here is a link where you can find out more about the lawsuit: PACIFIC BENEFICIAL MORTGAGE COMPANY, INC. V. ADAM CARRION | Court Records | UniCourt
This mortgage lender has been in a lot of court fights and has gotten a lot of complaints from unhappy customers for a variety of reasons. Here are some of those reviews to give you an idea of what it’s like to work with them:
Pacific Beneficial Mortgage Company is known for spam
A lot of people have said that this company sends spam to their email. Neil says that even if you tell this Irvine-based mortgage company to stop calling you, they will keep doing so. Here’s one more report about this problem:
They lie to get your business, but once they have it, they don’t care.
Kate was going to start with a local mortgage broker when she bought her first home. She looked around for a better rate, and on LendingTree, she found Pacific Beneficial Mortgage Company.
Her first lender had said in writing that they would pay for her home evaluation. Kirk, the Pacific agent, told Kate in writing that he would pay for the appraisal. Then he asked her for the letter that the other lender had given her so that he could get clearance from Pacific to pay for the appraisal.
He said that Kate wouldn’t have to pay for the evaluation, which made her happy. But when she closed on the house, the cost of the assessment was on her Final Buyer’s Statement. It was $525.
Kirk had told her that she wouldn’t have to pay for the appraisal, so she thought she would get her money back. That wasn’t what happened. Kirk told her, “We paid for the appraisal up front, but we’ll get our money back.”
She tried to get in touch with him twice after that, but he didn’t answer. Later, she talked to his boss, and Kirk told her that all she was going to get was the lender’s credit. This was not what they had agreed to in the beginning.
Kirk stopped talking to her again after he told her about the lender’s credit.
When she went to his boss and told him what was going on, they started calling her a blackmailer. Kate was upset by all of this, so she posted this report to let other people know that Pacific Beneficial is running an unethical business.
Pacific Beneficial doesn’t answer the phone or set up meetings.
Melinda thought it was a great company at first. She was wrong, though. She found a lot of mistakes on her loan application when she was going over it with the loan officer’s helper.
She wanted to talk to the loan officer about this, so she tried to set up a meeting. When that didn’t work, she tried calling him, but he didn’t pick up. She never heard anything else from them.
Melinda says they must have a lot of money. So wealthy that they don’t need any more work.
Put the client in financial trouble through delays and blamed her for everything.
Rebecca says that Pacific Beneficial Mortgage Company is a joke. From the start, she made mistakes in the way she did things. The process began in January and was finished in May.
Rebecca signed some documents that turned out to be wrong. The people who worked for the company were always confused and didn’t talk to each other. This made things hard for Rebecca because both of them kept asking her the same questions.
When everything was almost done, things got worse. One person told her that everything was done and all she had to do was sign some papers.
Rebecca tells the agent that her bills were almost due, and she asked what she should do. They told her she didn’t have to pay anything because everything had already been taken care of.
By the time Pacific’s checks got to Rebeca, all of the bills were past due. When she called the agent to talk about this, they said, “You could have paid them,” and then said the problems were her fault.
She says at the end of her review that the company is not very professional.
Lender’s Carelessness Put the client in legal trouble
Natalie says that a top loan officer at this company sent her a letter approving her for the loan. He said he was an expert at helping people who were self-employed and that he knew more than the other five lenders Natalie was talking to.
The other lenders told her she couldn’t get the loan because she didn’t have enough years of self-employment. The person from Pacific told them all that they were wrong and that Natalie only needed one year of self-employment.
Natalie bought the house, paid for checks, etc., because he told her it was safe to do so. She had to wait for days to find out the final answer about her preapproval, and Pacific kept coming up with reasons.
During this time, however, the company didn’t give her any signs that something was wrong. So, Natalie didn’t try to get help from another provider.
In the end, the loan officer told her that her loan application had been denied. But he told her after the time for her home to be ready for anything had passed. The loan officer said that it was because of a math mistake. It was a terrible thing to go through.
Conclusion: Pacific Beneficial Mortgage Company
This company doesn’t seem like a good choice for a credit lender. Their loan workers have been accused of not knowing the rules of the business, and the company itself has been accused of spamming customers.
You shouldn’t talk to them or do business with them at all unless you want to get a lot of calls and emails.
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