Posted on: 04th Dec, 2006 04:39am
Advanced Financial Services, Inc. is a financial institution providing mortgage lending services and bill consolidation loans. It is based in Rhode Island but it is licensed to operate in a number of states. In some states, Advanced Financial Services operates as AFS Financial Inc.
What are consumers saying about Advanced Financial Services?
In spite of getting an A+ rating from the BBB, the company has received mixed reactions from consumers who have opted for their services. They have shared their feedback about this company in our community forums. There have been complaints against Advanced Financial Services whereas some of the consumers seem to be quite happy with the services offered by AFS Financial Inc. Here's what consumers have to say about AFS (Advanced Financial Services Inc.):
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
- Affiliation: The company claims to be approved by Fannie Mae/Freddie Mac and the HUD but consumers are quite skeptical about it as they haven't found details of the affiliation on the websites of Fannie Mae/Freddie Mac or HUD.
The company says they are an active member of Mortgage Bankers Association of America and the National Home Equity Mortgage Association. But consumers say, the websites of these organizations do not speak about any affiliation with AFS. - Delayed closing: A borrower missed signing 2 documents but the loan officer at AFS didn't inform him about it. Instead, he kept delaying the closing. The person made repeated calls and each time he was given a closing date, but nothing actually happened. Finally, the borrower called and he was told that his loan has been denied. They cited the reason that he hasn't paid the first mortgage payment. But it wasn't the borrower's fault because the loan wasn't yet closed.
- Advertising low rates: AFS may send you mails promising to approve you for a bill consolidation loan at a low rate of interest. But once you go through the loan process, you may be approved for a loan at a much higher rate. Thus, you may not be able to save as much as they initially promised you.
- Dispute over financing issues: A guest in our forums has spoken about his dispute with AFS Financial Inc. regarding a mobile home loan. He says he had a very bad experience with the company. He had faxed the required papers to AFS for a mobile home loan approval. He had even paid them around $375 for the appraisal and finally he came to know that the company doesn't lend mobile home loans. After repeated calls and messages, the person could only get $100 as refund.
- Flier mails: The marketing department at AFS (Advanced Financial Services, Inc.) may send you mails stating that you're pre-approved for a bill consolidation loan. But this doesn't mean that you're approved. You'll have to go through the entire loan process in order to get an approval. So, it may be just a flier mail to promote the products of AFS and make you contact them in case you wish to choose their services.
- Response to customer calls: The official website of AFS (Advanced Financial Services, Inc) says the company is fast in approving loans. But there are consumers who have sent all necessary paperwork to AFS for pre-approval only to get no response from them even after repeated phone calls and email messages.
While some consumers have sent their complaints against Advanced Financial Services, others are of the opinion that the company isn't pushy at all. Though the company may send you flier mails for pre-approval, they do not use your personal information, except the name and address when sending the flier mails. Some consumers claim that there may be complaints against Advanced Financial Services (as revealed in BBB reports), but the company has resolved every complaint to BBB's expectations.
If you wish to go for the services of AFS (Advanced Financial Services Inc), or if you'd like to talk to a representative at the company, you may use the contact details given below.
Advanced Financial Services
25 Enterprise Center
Newport, R1 02842
Phone: 1(800) 644-3327
Fax: 1(800) 333-3450
Website: "http://www.myafsloan.com/"
Related Forum Discussions
Had anybody use Advanced Financial Services, Inc. (AFS)? They sent me a preapproval file in the mail. They list their address as 25 Enterprise Center, Rhode Island, 02842 with an 800 number.
it's hard for me to conceive of responding to a blind invitation to finance my home. granted, i have loads of experience in the financial industry, but these folk who claim to know my situation are absolutely not going to get my business.
beware, people
beware, people
I just closed my loan with AFS no problems what so ever. I read all the negative posts here and they are not so. As with any mortgage you must meet requirements for credit, prove enough income to repay, and enough home equity to balance out the debt you are trying to eliminate. Not everyone solicited will be able to fulfill all those. They don't make money on the appraisal fee, the appraiser does. Any financing co. will ask that of you. According to their website they've closed over 10,000 loans this year and were voted one of the best places to work in Rhode Island with over 300 employees. Hardly looks like a loan shark organization. Everyone should shop around carefully when mortgage hunting, but one of the services that sets AFS apart is the ability to pay off credit card and car loan debts and removing them from your ratio by making checks payable directly to those lenders at closing... no chance you can spend that cash out anywhere else. I did not find any other lender willing to do that. (disclaimer: I do not work for this company... truly just a satisfied customer.
paying off of accounts is a mixed bag. lenders will look at this in two different ways. if a borrower must pay off to qualify, then the lender will ensure that the debts are paid. if, however, a borrower is consolidating but qualifies with the debts remaining open, most - if not all - lenders will simply provide the funds to the borrower and it's up to that borrower to pay those debts.
requiring payoffs to be part of a closing puts a large burden on processing and closing departments as well as the title agent (lawyer, notary, title company) that is doing the closing. if it is not a necessity, it truly makes no sense to put that requirement in their hands.
requiring payoffs to be part of a closing puts a large burden on processing and closing departments as well as the title agent (lawyer, notary, title company) that is doing the closing. if it is not a necessity, it truly makes no sense to put that requirement in their hands.
and me again...i will definitely agree with your stance, susanbrown, that it is a nicety for a borrower.
well George, it's not like you're asking the title company to do you a special favor! You are paying them for the service.
i doubt you'd find most title companies happy to take on that requirement, though...paid or not.
I have worked at AFS since 1996. We are a full service mortgage lender currently doing FHA, Fannie and Freddie loans in about 40 states and DC. We have been voted as one of the Best companies to work for many times. We help customers save money by consolidating their debts within the guidelines of lending, take money for home improvements, college etc. We help people save money and better their current financial positions.
I got a letter to preaprved paid for aprarssial never heard a nother word .I can't even get a call back.N.C.
maybe robert w the employee or susanbrown the satisfied customer can direct you, nana, to the appropriate person who can give you the wonderful service they've told us about.
IT IS A RE-FI OFFER, THEY ARE AFTER YOUR EQUITY IN YOUR HOUSE, THE MINUTE THEY GET YOUR CREDIT SCORE & FIND OUT HOW MUCH EQUITY YOU HAVE THEN THEY DECIDE IF YOUR APPROVED, PRE-APPROVAL IS JUST A MASS MAILING, THEY HAVE NO IDEA WHO YOU ARE, EVERYONE IS PRE-APPROVED, WINK WINK.
i can put a little input on this if anyone cares to read. i got an offer from them and decided why not? as i have an adjustable rate and as anyone knows it goes up and down (more up than down) this was back in 2008 about eight months ongoing now.it was for a refinance. i told them my credit wasn't that great they said that wasn't a problem. so on we went with the paperwork. it went well at first, they sent an appriaser to come look at my house (cost of 375.00) then then the contact phone calls were getting so they were less frequent. most everytime i called my loan officer i would get a voice mail. when i did get to talk to him he would tell me he was working on it. well to make a long story short i haven't heard from them in months and they actually made my credit score go down because they keep checking your credit scoreand made deals with my credit card companys to pay off my debt, and all they did was pi** them off because nothing camme through. so anyway that was a 375.00 lesson for me!
rocky thanks for sharing. i truly think this is more likely incompetence rather than an outright raw deal, but the one thing i don't quite get is the reference to them having "made deals with my credit card companys to pay off my debt." unless and until you had closed on your proposed loan with them, they had no rights or reasons to make deals with your other creditors. it just doesn't make sense. of course, that may be part of their overall problem, too.
my loan officer told me he sent letters to the credit card companys that were included in the payout or whatever you call it and they agreed to settle for one half of what I owed. But as a result of him dragging his feet everything fell through I guess.
an over-enthusiastic loan officer at work there...i don't know how those creditors would have been willing to negotiate with a loan officer. he'd have no standing to negotiate a settlement with them - they're your accounts, right?
I came here to read about the loan offers- I ripped up that form...
Currently working for a large bank- and i work in the hardship department-
Word of advise- dont allow any company that claims to be able to settle your account for less than you owe-
1- we do not settle accounts- so basically the company will take your money and ruin your credit.
2- the companies do not inform customers that they wait months upon months until your credit is ruined b4 they contact us
3-- why not just save your credit and work with a debt management company or an internal program that lwrs ur interest rate and payments
***does it really make sense for you to not pay what you owe--- that is stealing**********
Currently working for a large bank- and i work in the hardship department-
Word of advise- dont allow any company that claims to be able to settle your account for less than you owe-
1- we do not settle accounts- so basically the company will take your money and ruin your credit.
2- the companies do not inform customers that they wait months upon months until your credit is ruined b4 they contact us
3-- why not just save your credit and work with a debt management company or an internal program that lwrs ur interest rate and payments
***does it really make sense for you to not pay what you owe--- that is stealing**********