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Mortgage Grapevine

Intercontinental Capital Group

Does anyone have the skinny on INTERCONTINENTAL CAPITAL GROUP? Are they good to work for? What's the corportate culture like? Do they have good rates? Any help will be hugely appreciated!
by Greensox April 8, 2009 6:34 PM

I know several people that work there. They're all doing very well and their rates are extremely competitive.
by Teddleson April 8, 2009 9:22 PM

Thanks Tedddleson. Can you give me any details? What state(s) are your friends working in at ICG? Also, do you think any of them would be willing to talk to me directly? Maybe you could ask one of them to login and respond? Thanks a million....
by Greensox April 8, 2009 10:29 PM

They work out of NYC and I believe they are only licensed in NY,NJ,CT. I will try to contact someone today.
by Teddleson April 9, 2009 8:28 AM

I was contacted by NY home office for interview in Boston. They are looking to hire 20 LOs all inbound calls, option to originate on your own lead with higher payout. They are not cold calls but qualified leads generated by mailers and ads.

by GLH June 2, 2009 10:46 AM

Run as fast and as far away from them as possible. I know a number of LOs that worked there and left. They are dishonest and treat their LOs terribly.
by Survivor June 4, 2009 11:51 AM

This company Intercontinental Capital Group very simply is made up of the biggest scum scam artists from Ameriquest and Full Spectrum Lending...there was an article written about them at philly.com and how they are scamming even worse with the stimulus....If you want to be considered a crook and a bottom feeding loser, please take a job at this boiler room. It is run just like a stock boiler room. If you want a job where you have no self worth, and you are a gutless thief using a phone instead of a gun, and you don´t mind lying, cheating and stealing...please take a desk at this cesspool.
by reallyintheknow June 7, 2009 7:21 AM

Can someone tell me if they are really honest in saying that they can give you an FHA loan for more than $500,000? I need to know as I have been contacted and I was given a reference but not too thrilled with the person I spoke to. Not convinced at all. HELP
by bocampo June 15, 2009 5:53 PM

Yes, certain approved FHA lenders can depending on where the property is located. Most lenders are not able to get these types of loans done but I know that ICG can. Also, I know people who work for the company and they have nothing but GREAT things to say about it... and I heard their interest rates are very competitive. Hope this helps and you can always ask to speak with a different loan officer, there are probably plenty of others you would feel more comfortable dealing with.
by nsj2009 June 17, 2009 2:08 PM

Intercontintal Capital Group is a company that prides itself on deception. The marketing is a mailer that reads "Economic Stimulas Act". People think they are opening a letter from the goverment and call in to an 800 number and quickly find out that they are calling a mortgage company. Originators are prepared with a pitch to read to the borrowers right out of the boiler room handbook. It's all about pressure sales, finding the person who maybe has a need and exploiting it by charging as much as they can.

It's the Ameriquest "Trick and Trap" model. The rates are higher, the closing are higher and the service is quick because the company wants you to the closing table as quickly as possible so you don't have time to shop or think about the transaction you are about to do.

The company holds off on sending out disclosures as long as poosible becuase they want the borrower to pay for the $400 to $500 appraisal and get the neccessary documents together. Why aren't they upfront with the borrower? SImple reason, they are looking to rip them off.

If you are a solid borrower, call your current lender and don't get suckered in to a sales pitch. You will feel violated if you do a mortgage with this company.

Dustin Dimisa is the gentlemen who runs this organization and he will do anything to anybody if he can make a dollar from it. This company should be investigated by the goverment for their business pratices and they should have their licences pulled by the states they business in.

Stay away from ICG!
by Hamburg June 30, 2009 11:20 AM

This company is a total fraud (just look at the name, how pretentious can you be? - it a quintessential scam name). Dustin Dimisa and Richard Steinberg are two of the slimiest fraudsters in the world (not to mention Rich was fired from Countrywide for sexual harassment).

Please, anyone who has had a bad experience with this company, I urge you to write to the banking department and Attorney General and hopefully they will lose their banking license. They systematically do not sent the required RESPA disclosures, they are misleading consumers, and not complying with banking law. Make note of when (or if?) you get a good faith estimate, and let the baking department in your state aware of their failure to disclose their fees.
by taxidriver July 2, 2009 10:30 PM

I just got a letter from them. It says its a HUD lender and gives its ID number and a reference number. It says it's a second notice.

"ICG holds an unconditional direct endorsement approval from the U.S. Department of Housing and Urban Development .... Our records indicate you have not responded to our previous attempts to notify you."

The way this letter is worded, it's either going to scare you into calling or make you think this is something you can't pass up.

I run into this crap when I'm job hunting too.
by JJ July 2, 2009 11:28 PM

I don’t understand how people can post clearly bias OPINONS on here and act like they are facts. These negative post do nothing but put a further black eye on an industry where there are still good honest people trying to make a living and practice their business the correct way.

My experience with ICG was always very professional and on the level. I was a wholesale rep for them a few years back and it was one of the more professional compliant offices I have ever dealt with. I am currently still employed in the mortgage industry and doing well although not working for ICG , unlike may of the people who are posting here. I have a few former colleagues that work there and are very happy and doing well. These are people that held executive positions at very reputable companies not named Full Spectrum or Ameriquest, further expelling the myth of the post above.

For anyone reading these posts my personal advice is take everything you read with a grain of salt an take the steps to get proper information, for instance calling the banking department for the state you are in and finding out real facts. I’m not looking to point the finger at any posters here but there are a lot of out of work mortgage professionals for a reason, most offices were not being run the right way, employees were not trained the right way and it breeds forum of negativity that further bring down the good people trying to conduct themselves the right way, in my experience ICG was a company that practiced in the right manner

by ooomgt July 6, 2009 9:41 AM

Called ICG yesterday after 2nd notice letter came. Today there is an appraiser coming to appraise our house. I am going to cancel appraisal until I learn more about this group. They have our ss #'s and all our info, but I was led to believe they are working for HUD as part of HUD, and not an independent mortgage lender.
Any advice?
by pjmpr July 7, 2009 7:40 AM

My suggestion would be to walk away. By now you have already received phone calls from managers trying to pull you back in. If you want to continue with them, ask them for a detailed GFE and then shop this GFE with other lenders to compare cost. Ask them what the APR is and how the APR is calculated. Don't get suckered by rate because sometimes the difference in rate to the amount of closing costs involved can drastically change the payment.

Companies like ICG like to paint a pretty picture and then change the deal on you as the transaction goes on. In today's enviorment with home values are all over the place.

If you know what your credit profile is and you have good work history, it is worth you taking your own initiative and spending a little extra money and ordering your own appraisal to see what you're working with.

Knowledge is power in this transaction. Lenders like ICG want you to stay in the dark.
by onyourside July 7, 2009 12:20 PM

Below is the link to a copy of the infamous letter sent by ICG.

http://jacobapelbaum.com/download/files/ICG%20Letter.pdf

Did you notice that you never received a first notice from this company. It's a tatic to make you frightened that you didn't call and that you may have nissed something. Fear creates confusion and in turn you call in to find out what this is all about. A kid answers the phone saying "Stimulas Hotline" or "FHA hotline", and again you are lead to believe this might be something sponsored by the goverment. You start hearing about how the current administration is making an effort to lower mortgage rates and that you may qualify for a lower payment on your home.

Sound Familiar?

I bet it does. The key is to get you to call and then try to intice you with the idea of refinancing your home.

Be smart, the company will say you contacted us, but in truth they contacted you with the letter. Essentially any company that generates it's business from cold calls or mass mailers is typically working in a grey area when it comes to morals and ethics.

The marketing from this company bends towards a darker shade of grey and even if the letter states they are not a goverment agency. There is definetly some slight of hand snake oil sales thing going on over there.

by wacthout July 7, 2009 1:14 PM

You have to do a little better then these boiler plate mostly not signed letters and some cheesy looking survey's that you posted ICG_HR to convert me in to a believer.

After something like the Maddof scandal do you find it hard to believe that these letters were made by internal employees from this company?

I hope that anyone who is reading this does take the time to ask the right questions and if they feel this company stands on solid values then by all means work with them. Just make sure you are aware of the pitfalls as well.

The mortgage industry in general isn't healthy and people do crazy things to other people when they desperate. Something to think about.
by wacthout July 8, 2009 9:59 AM

The entire company operates as a chop shop. Most of the loan officers wont provide a gfe until the borrower gets an appraisal done which can cost up to $600 and whether the value comes in good or not, they wont disclose a gfe until the day of closing so they can power close them at the table. If the value comes in less then expected, the borrower is at a loss with that money as well..Dustin ( the so called owner ) also doesnt believe in doing the right thing by people. What goes around comes around Dustin so start thinking twice. And as for the so called managers that sit up front, they are not any better but i guess thats how it goes when you have a leader that can not lead. I will never recomend this company in any way, shape or form. They are expensive, liers, and love to bait and switch the borrower.
by thinktwice0989 August 5, 2009 12:33 AM

Thank you for this information. I previously cancelled an appraisal appointment that I had scheduled with this company because I read something online that got me nervous especially being a single mom that just got back to work after being injured. I checked out these links and feel alot better. I am going to give them a call and hopefully the rates are still low because I really would like to get rid of this adjustable rate mortgage and lower my monthly payments.
by educatedconsumer August 6, 2009 5:13 PM

BOILER ROOM BOILER ROOM BOILER ROOM Dressed up pig? That is the insider perspective of this new mortgage bank that boasts a corporate environment, free chips and soda (LOL) and unlimited leads with a base salary. That is the dream that I was sold as a 12 year veteran of the sub prime era and actually worked for real banks since. Sorry Dustin Dismissed but your chips and soda cannot make up for the incompetence of your brain washed rooky doormen, sorry I mean management team that whose jobs are seemly to keep the revolving door going over there at [HOME ADDRESS REDACTED FOR PRIVACY], oh my bad that’s the owners house down the way. Let’s not forget Robert T. (Mr. Senior Vice President) How many places has he blown up? At least he didn’t have to go far since he already blew up Refinance.com. Will this be # 5 that might be a new mortgage record for veteran who’s 30 years old? Mr. Robert T. and his four blind mice, you guys are all cute when you’re all huddled up in a circle. Sometimes I wondered how this place can afford this location but I think I have figured it out. The loan officers and the customers are the slaves that pay for this so called self proclaimed genius dream that is vastly becoming a nightmare. Based on the contract changes, pay out schedule, turn time, useless management, inexperienced processors, and overall failure to keep employees I decided to leave along with the smarter than I brothers who saw the filth before me. If your idea of a dream is working 12 hours a day for minimum wage this is the place for you. If I cared a little more I would hire a lawyer to look into their employment violations b/c 40 hours a week at minimum wage doesn't even pay for the transportation to this deranged dream and lets not forget about you have to sign pre-populated time cards regardless of how many hours you worked. Oh but thanks for the chips and soda PAL. What comes around goes around and it’s only a matter of time before you and you’re so called management team a shown to be the jokers you try so hard to not be. LOL. Enjoy but buyers beware.......!!
by Insidescoop August 31, 2009 5:20 PM

This outfit was interviewing for LO's in the Phoenix, Az area in July and August with plans to open a call center here in early September. To my knowledge, and as far as I can research, they pulled the plug on those plans and did not expand into Arizona. I can find no listing for the companny in AZ and the help wanted ads are all removed. Interesting, eh?
by DirectCommercialLender September 30, 2009 8:24 AM

I worked there and left. The accusations are all true. Stay away, these are bad people. They will get what they deserve!
by Survivor October 2, 2009 2:52 PM

Extremely low split, oh and very tricky people. They take advantage of college grads and they never pay you on time. They only take care of their top producers.
by safeemploy October 8, 2009 11:38 AM

ICG is a pyramid scheme which seems to change the rules a minute's notice to protect themselves without regard of Borrowers or Employee's. Their payout/ supposed salary forces the loan officer to charge the max fee's just to pay back the supposed draw/salary. Within 2 weeks of employment they changed the compensation plan forced bogus contract and have not been able to keep a consistent business plan or organization for more than 2 weeks at a time. The owner is a self proclaimed genius who lives in the plaza hotel. The sales manager is an owner and secondary manager as well. Hummm whose interest is best being served when the managers are owners and eat off the top. The saddest of the group is the Team Leaders or whatever you would like to call these glorified salesmen who received 200-400 leads and closed 8-10 deals and were thus promoted on the spot to managers. Great plan take your best sales people and make them your monkey managers b/c they have 0 management skills or experience. Good luck to anyone who is even considered working there or doing a mortgage with them you will be put through the ringer I can assure you!!!!!!!!!!!!!!!!
by Insidescoop October 16, 2009 1:25 PM

So, what is the verdict? Can you do business with this company or not? I received a letter from them and started speaking to them on the phone. I liked the rates and how much I would be saving. However, when I saw their fee schedule, I was shocked and decided to research the company. I am now more confused than ever. Is this a good company to do business with or is all of this some sort of a scheme? Please respond only if you have had dealing with them as a client (or a potential client). Thank you!
by kykolka11 October 16, 2009 8:57 PM

If you are a consumer. These are not consumers writing about the company. These are ex employees there who are bitter and looking to knock this company and say whatever immature things to discredit the company. Check on the Better Business Bureau. Check the HUD.Gov and FHA websites. There you will find factual information. Not this BS propaganda.
by thissiteisajoke October 19, 2009 4:19 PM

Not a former worker. Just a guy who applied with ICG.
Here's the skinny as of last night:
Good faith was provided with extremely low estimates (i.e. $300 escrow, $100 taxes) and was missing key items including the origination fee. This was used to convince me they had the best deal (4.75%, 20 year loan, with $3500 total closing cost on a $115,000 loan) and to end all conversations with my other lenders.
Told me to get an appraisal (before the paperwork came in the mail) to seal in the rate (I didn’t know any better…do now!)
ICG didn’t respond to calls or emails for a day and a half
GFE was prepared 10/17/09, GFE sent to me via email on 10/19/09, W2’s/bank statements/paystubs/etc. were sent to ICG at 8:00am on the morning of 10/22/09, appraisal done on 10/22/09, her paperwork for the 4.75 loan came through the mail on 10/24/09 (which breaks laws I was told).
ICG knew the appraisal was done and didn’t lock in the rates, but waited until the next week.
On 10/26/09 didn’t respond to calls or emails.
On 10/27/09 was informed rates had risen and 5.0% was now her best unless I put money down.
Same day got an email saying she would lock in at 4.875 if I put 3000 down and all she needed was my ok. Sent her an ok. No response.
Her boss called that night saying she would be out the next day on personal leave and told me that the lowest he could get was 5.0% and raised the closing costs to 6700 dollars! On top of that he stated she had only been there 60 days and wasn’t responding a lot the last week because she was out on personal leave. Whether or not this is true, I want them to pay for the appraisal and keep the paperwork (which they still haven’t provided). Oh, the loan officer that was always out on leave, that had only worked there 60 days, was titled “senior loan officer” on her email attachments!
Horrible customer service. Horrible open and honest communication. Extremely huge lack of experience. No trust. Bad practices.
Hope this helps someone.

by Benny4jesus October 28, 2009 1:23 PM

Update:
ICG contacted me and agreed to refund me of my appraisal. They were not able to match the original quote their new employee gave me, but they did own up to their mishaps and covered the cost of my appraisal. It meant a lot and I am very thankful. I will not be going with ICG. Their rates were average with local bankers and they seemed to be overloaded with clientele, but the man who took ownership of my situation was very polite and professional. I wouldn't steer people away from going with ICG now, but I would recommend people knowing their stuff before calling them up. When one company is a half point lower than everyone else, you need to know what the loan officer is missing or skipping over before going with their offer. Maker sure you have at least three loan officers competing over your business. It's a little more work, but at least you will be able to see where one is giving you an above average rate to try and make commission off of your business.

(p.s. received the check in the mail within two days of ICG apologizing for thier miscommunication)
by Benny4jesus November 2, 2009 10:57 AM

Good to see this matter resolved.
by factoid November 9, 2009 4:10 PM

Has anything happened with this company? I noticed that some of this press has gone away but the complaints haven't.
by mastermind2010 April 8, 2010 11:06 AM

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Intercontinental Capital Group

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