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.
I just got off the phone with them and all it is is a Refi for your home. You can borrow up to 85% value. If you have equity you can pay off other debt. You are not preapproved.
please be certain of one thing: if you receive a "preapproval" letter or phone call from a company that you have never heard of, you must know that it is nothing but a gimmick to get you to offer up your information to that particular company so they can try to ensnare you with their product. that is not to say that what they are doing is necessarily bad, but it is pretty sneaky and most definitely deceptive.
at what time in this word becoz this is a very good information
I understand the logic of mass mailings. My wife (66) got one saying she was approved for up to $271,050. I was bored this morning so I read all 13 pages of posts, did my own BBB research on the company and took advantage of their offer on the back page to opt out of pre-screened offers (optoutprescreen) you add the d0t c0m.
Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.
Through this website, you may request to:
•Opt-Out from receiving Firm Offers for Five Years - (electronically through this website).
•Opt-Out from receiving Firm Offers permanently - (mail Permanent Opt-Out Election form available through this website).
•Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request - (electronically through this website).
If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies.
My advice for those of you that believe in the tooth fairy, is to sign up and reduce your stress level. :wink:
Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.
Through this website, you may request to:
•Opt-Out from receiving Firm Offers for Five Years - (electronically through this website).
•Opt-Out from receiving Firm Offers permanently - (mail Permanent Opt-Out Election form available through this website).
•Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request - (electronically through this website).
If you choose to Opt-Out, you will no longer be included in firm offer lists provided by these four consumer credit reporting companies.
My advice for those of you that believe in the tooth fairy, is to sign up and reduce your stress level. :wink:
This company like many others send out requests like this so that they can get your personal information to pass along to Credit Collection Agencies. Don't call any of them.
phil, thank you very much for taking the time to read through your wife's "prequalification letter" and following up with that post. you've given out some valuable information, and i hope that those "who believe in the tooth fairy" will reconsider their belief systems and act accordingly.
i hope you didn't get into trouble at home in opening your wife's mail.
i hope you didn't get into trouble at home in opening your wife's mail.
does it meaningful?Advanced financial services really helps as company?
arya, as you can clearly see from the preceding 12 pages, there is a great deal of conversation about this company, both good and bad. i think if you take the time to read through these posts, you'll get a good grasp of them...do that please, in the interest of energy saved.
Class action law suit pending?
to another: i don't know why there would be a class action suit. i don't see any evidence (from my memory) in this thread that such a suit has been begun. if the major impact that this company has is annoying people with "prequalifications" i don't see much success coming in any such suit, even if filed.
thanks for sharing this information....
DH received an offer today from AFS, David Noyce, President 1-800-644-3327 for a loan amount "up to $417,000.00". It states "As an approved homeowner, you have qualified for a Bill Consolidation Loan at our lowest fixed rate (see terms above). *Fixed rate 6.000% (6.185 APR)* It also gives a loan acceptance personal ID number. Inside it states "Dear (DH's name) I'm delighted to inform you that "I'm delighted to inform you that you have been approved for" and gives the loan amt and rate.
According to AFS, I am approved, not pre-approved, and they only need my acceptance.....states "We must have your acceptance now. If we do not hear from you, we must offer this money to another homeowner." There is no application fee, and the offer expires on Sept 3. It states in another area, in a box, "Approved: Yes" Then states If everything in your credit history is accurate and your application meets preset criteria, including income and collateral requirements you will get your loan. See terms and conditions on the back. Under terms and conditions "Fixed Rate Morgage in first lien position with a loan amount of $220,000.00 30 year and 1.5 points. Stated rate may change or not be availabe at the time of loan commitment or lock-in. Then discusses the different states and if AFS in licensed in them etc.
It does state, under the prescreened opt out heading, that this is a prescreened offer of credit based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria including providing acceptable property as collateral. So according to this, I should be 99% sure of a loan if my house is "acceptable". What I don't understand is if this is a re-fi loan based upon the value of my home, they should know that my home in today's market will not be valued at over $00,000.00. The statement regarding a value of $220,000.00 for the first lien is also somewhat confusing unless they are going to add $200,000.00 to the loan as unsecured. I haven't called them,, but if DH sees this, he probably will. Should I shred it quickly? lol
It does state, under the prescreened opt out heading, that this is a prescreened offer of credit based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria including providing acceptable property as collateral. So according to this, I should be 99% sure of a loan if my house is "acceptable". What I don't understand is if this is a re-fi loan based upon the value of my home, they should know that my home in today's market will not be valued at over $00,000.00. The statement regarding a value of $220,000.00 for the first lien is also somewhat confusing unless they are going to add $200,000.00 to the loan as unsecured. I haven't called them,, but if DH sees this, he probably will. Should I shred it quickly? lol
It would be better if you could first call their customer service department and understand the details of the loan. This will help you in understanding whether or not it is a legitimate plan. And then you can decide whether you should go with it. As far as the value of the property is concerned, the lender cannot know it automatically. The lender would appraise the property to know it's exact value.
niiccs, i have to stop you there. the poster (most recent) indicated what he'd received in the mail, and there's no way that it is a real loan. it is just one of those millions of junk mail offerings we all get, telling us that they've set aside money for us, but if we don't take it RIGHT NOW, it will be set aside for someone else.
checking with "customer service" will do no good at all here. i doubt if they know the meaning of the words.
checking with "customer service" will do no good at all here. i doubt if they know the meaning of the words.