The Washington State Department of Financial Institutions (DFI) received multiple complaints from consumers who received a mailer from First Loan Funding a/k/a National Industries regarding their ability to lower the consumers’ loan amounts and payments based on a recent settlement between the Department of Justice and a multitude of lenders. The mailer identified the consumer’s potential new loan amount and payment based on their services and requested the consumers contact them by phone at (800) 965-0441 or (888) 819-2415.
At least one consumer who contacted the business spoke with a man identified as John Medina who told the consumer to pay 1% of their mortgage upfront and that his company would negotiate to obtain a lower principal balance and lower interest rate on their mortgage.
First Loan Funding a/k/a National Industries is not licensed by DFI to conduct the business of a consumer lender. DFI was able to also identify an individual by the name of Jaden Alcon being associated with this business entity. However, DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.
DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on DFI's website at www.dfi.wa.gov.
If you are suspicious of unlicensed activity by a lender contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.
If you feel you have been the victim of a loan scam, contact the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357), or online at www.ftc.gov.
If you feel you have been the victim of a scam involving the Internet, contact the Internet Crime Complaint Center at www.ic3.gov.
If you feel you have been the victim of a scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.