First Allied Financial Services

Loan Service

My husband and I found Nelson via the National Mortgage Brokers website.

We knew we had a rough credit history and wanted a professional.

We planned to use our VA loan (two combat era disabled veterans are we).

First, we submitted all of our paperwork to him.

Days later, and every few weeks, he would contact us and ask for the same papers that we had already submitted.

Next, while he claimed to have found us a lender (though they wouldn’t preapprove us until we actually put an offer in on a house), we were unable to use a traditional realtor due to the lack of preapproval.

Nelson referred us to a colleague of his. The colleague let the one house that we wanted slip away by not supporting our competitive offer and submitting in a bid at the asking price against our wishes.

The realtor was definitely not a go getter (though a nice man, again) and he wasn’t familiar with the area that we were interested in at all.

He actually showed us several homes that were broken into and squatted in/damaged because he failed to contact the seller’s realtor to inquire first.

A couple of months after first meeting Nelson, we finally get an acceptance on an offer.

It isn’t the house we really wanted but at this point…almost seven months later…we just wanted A HOUSE.

We provided every last shred of paperwork to him over and over again and were on top of it 100%.

I read over the contract…it stated that closing was in 30 days or they would void the contract.

I mentioned this to him and he assured me that there was no problem closing in that time frame.

I also talked about it with my realtor. Weeks went by with no closing date from my lender.

They didn’t ask for any more information.

The week of the thirty days approached and I contacted him over and over, worried out of my mind that we wouldn’t close on time.

We paid for the inspection. We made the nearly two hour drive with our children and showed them the house.

We put in our thirty day notice at our rental. We paid the $1000 deposit to the seller.

Day thirty approached. Nelson was unwavered and casually mentioned that we would just request an extension.

I don’t think he ever even contacted the seller.

That entire week I tried to find out what was going on with him, our realtor, and our escrow company.

Finally, with nothing heard and no news about the situation, two weeks after the thirty days I told my realtor that I wanted my deposit back.

The realtor stated that I couldn’t have the deposit back because I voided the contract by not closing in time.

I was heated…and even more upset when I saw the house pop up active on the MLS again that week.

I did some research and found out that the seller had used another escrow company to sell the house to another buyer while still under contract with us!

The seller has now broken the law, I really wanted my money back.

No one would help…so I wrote a letter to the boss of the company holding our deposit.

I explained the legal issues involved and had a check in my hand for the $1,000 the next day.

To this day I do not know what held up our loan.

I don’t know the company he claimed to have found to fund us, I don’t know that he ever did.

All I know is that I lost the $400 for the inspection, $100 in gas visiting the home, and almost $1,000 deposit because he, a licensed mortgage broker, didn’t listen to me…a first time home buyer.

We told him we were done. He had the nerve to send us a postcard a year later stating that he’d love to help, “when WE were ready to purchase a home!”

Is First Allied Financial Services legit?
First Allied Financial Services is not a legit business owner or provider. They are not aggressive towards their customer satisfaction and complaint grievance, and hence 3 consumer(s) was/were given a First Allied Financial Services as a negative rating, and only a few left positive feedbacks.
Where is First Allied Financial Services located?
First Allied Financial Services is headquarted at 10104 Adams Ave Huntington Beach, CA 92646. We do not have any affiliation with the better business bureau or yelp reviews platform. You can contact First Allied Financial Services by dialing (714) 373-5700 or visit their website N/A.
How much monetary loss is incurred by First Allied Financial Services’s customers?
According to the reviews posted by First Allied Financial Services’s customers, US $4553 was the total loss incurred, and hence the severity of the scam is high.

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3 Reviews on First Allied Financial Services

  1. Nelson is a consummate professional and a very good man to work with.

    When my husband and I decided to buy a home, we thought it would be an easy enough process since we’d been pre-qualified. Gosh how we were wrong! After placing a bid on a home, we found getting financed a challenge, to say the very least. After attempting financing with several lenders–all to no avail–we were introduced to Nelson and his team and they soon made it happen.

    Nelson worked his magic, because that’s what I call it, and got us into our new home. Once in his hands, the process was painless. Nelson was very straightforward and honest. He was a no fuss no muss kinda’ guy, which I very much appreciated. He took care of business, and was always available to allay any concerns I may have had. Once it was all said and done and we were in our home, he didn’t just ‘gun & run,’ he was surprisingly and most unexpectedly around for milestones–6 months, one year, and so one; Nelson even remembers our birthdays.

    As far as businessmen go, he is one very classy man, very respectful, knowledgeable, kind, well-spoken, and very detail oriented, and resourceful. He is a brilliant man whom I refer to everyone I can. Nelson has kept in touch with me since and has done a refinance for me, which again, was painless. Every question I had, he and his team of experts answered.

    Nelson is a consummate professional and a very good man to work with. If you are in the process of buying a house and need a lender, or in the market for a financial planner, consider First Allied, they are the best. They are “As Good As It Gets!”

  2. Nelson Otero and his assistant, Stacey of First Allied Financial Services are simply rock stars of the mortgage lending industry.

    Nelson Otero and his assistant, Stacey of First Allied Financial Services are simply rock stars of the mortgage lending industry. I have used Nelson and his team for two refi’s and most recently for a house purchase. This recent transaction involved every imaginable complication of the sale of my home that was contingent upon my purchase of the home I wanted.

    Nelson and Stacey handled every obstacle with technical savvy and expertise which made the difference in the transaction. When purchasing a home there are multiple people in the pipeline of the transaction from underwriters, escrow personnel, real estate agents, notaries and county recorders any one of which can ruin a transaction due to poor motivation or incompetence. It is generally the luck of the draw.

    In our case the transaction almost fell through because of the negligence of a notary and a lower functionary at a bank who bungled a wire transfer. My point is that the consumer DOES have a choice when selecting a lender while its the luck of the draw, for example, when it comes to escrow, underwriting, etc.

  3. will not be compromised.

    his is in full and unreserved recommendation of Nelson Otero and First Allied Financial Services. Having worked professionally in outward- and inward-facing client service positions in major financial institutions in the past twenty years plus, I can say unequivocally you will not find better client service.

    And it’s really not so much ‘service’, per se; the professional and personable dedication to relationship building by Nelson and his team is unsurpassed. I first contacted Nelson several years ago in the course of seeking to purchase a house. A number of things precluded that at the time, but through the intervening years Nelson persisted in genuinely seeking to keep communication open and on-going. Indeed, and may I say, finally! – we were able to put a purchase together this past year.

    In terms of notional amount, very small potatoes, certainly, but Nelson never hesitated regarding the size. There was an apparent misunderstanding at one point in the transaction, and Nelson personally made sure clarification was paramount,

    taking full time to understand the issues and working with all parties until it was resolved, fully. You can know without hesitation, honesty and integrity, personally and professionally, will not be compromised.

Reported Loss :4553 $
Severity of Scam :High
Reported by : Anonymous
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