Security Mortgage Lenders

Loan Service

Be Smart – Do not repeat my mistake passing on my experience and lessons learned.

I closed on a refinanced loan with Security Mortgage Lender in April.

The loan agent, Nick Mgerdichians mentioned it was a $0 cost loan.

We requested for a good faith estimate (GFE) included was the appraisal fee $575 covered by the broker and a credit of $2,200.

Nick mentioned he had to request for extension on the loan costing $2,075.

After the loan was closed the net reimbursement that was due equated to $700 ($575 appraisal + $125 broker’s credit) which was never made and is still owed by the broker.

I called the agent and escalated this situation to the branch manager – Eddie Mansour providing of all records and proof of all emails communications.

The excuses I received was that he is no longer employed with Security Mortgage Lender.

Therefore they are not obligated or know of this event.

The loan was taken place on the clock and I am sure there was a Sr. Loan Manger who reviewed and authorized the rate and condition before processing the loan.

I come to find out they basically used the “Bait” tactic practiced by many brokers and loan officers to generate businesses.

It is so evidence there still a need to for more scrutiny and rigorous audits in this industry to help protect consumers who are people like you and I who worked hard for their earn money.

The era of creative financing with interest only loan are still being worked and represented by the very same people but under a different business logo or alias names.

There is no sense of business ethics nor practices – eliminate “Trust” in your equation and make sure you do not pay anything up front walk away if needed.

And if you’re too deep into your loan you have the rights to rescission which I should have done.

If you experience any fraud you can report your case to California Bureau of Real Estate, Department of Real Estate, State Attorney Office, Banking Commissioner Office of which the contact information are all online make sure to include the NMLS#131380 which can be found under your loan documentation as well.

Is Security Mortgage Lenders legit?
Security Mortgage Lenders 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 Security Mortgage Lenders as a negative rating, and only a few left positive feedbacks.
Where is Security Mortgage Lenders located?
Security Mortgage Lenders is headquarted at 1971 E 4th St Ste 240 Santa Ana, CA 92705. We do not have any affiliation with the better business bureau or yelp reviews platform. You can contact Security Mortgage Lenders by dialing (714) 640-8755 or visit their website
How much monetary loss is incurred by Security Mortgage Lenders’s customers?
According to the reviews posted by Security Mortgage Lenders’s customers, US $4332 was the total loss incurred, and hence the severity of the scam is high.

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3 Reviews on Security Mortgage Lenders

  1. they told me everything upfront there were no surpizes at the end.

    I worked with Security Mortgage Lenders Incorperated 2 months ago. This team of people help me lower my rate to a 3.875% 30 yr and they made the process very easy. they always answered the phone there was no press one for this, press 2 for that. If my loan officer was not availble they would get me to someone who can help me with my questions or cocnerns,

    they told me everything upfront there were no surpizes at the end. They called and updated me every step of the way. This was the easiest refinance I have ever done. I thank Security Mortgage Lenders Inc very much for a hasel free refinance.

  2. Never Again

    I refinance my Mortgage with Security Mortgage Lenders, Inc. it is a great pleasure to work with Eddie, he is extremely knowledgeable, friendly and responsive. I would recommend him to anyone I know, I have referred him to my sister and two of my friends. Security Mortgage Lenders, Inc. gets the job done in a timely manner.

  3. We were a slam dunk to refi.

    We were a slam dunk to refi. My Wife and I both make over $11k/month each, and have awesome credit. Our loan value was $270k, and home value $350K. We make more than that a year! And our income to debt ratio was fine as we live below our means.

    I called Alek, or Alex, or Also, depending on his email account. We were to get 3.625%. I would call or email him to ask him to call me back. He never did. After 3 months, he said the lender was moving too slow. He said we will switch to a different lender.

    Now his brokerage fee would be like $5k to change the loan to close in 3wks. I asked him if I would get the same interest rate and closing, and he replied yes. Only to find out that the interest rate and closing were higher.

    Long story short, he is full of shit. I did not go through the other loan. I asked him about the first loan, and he said the lender never locked in the rate. He tells me this like 4 months later.

Reported Loss :4332 $
Severity of Scam :High
Reported by : Anonymous
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