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Mortgage Grapevine

Dana Capital - Any news?

I put several loans in with dana capital months ago and still waiting to be paid- Has anyone heard anything on this company?

by MisterLoans January 25, 2007 12:00 AM

Class action lawsuit
Argent and some other lenders dropped them
States filed against them

http://ripoffreport.com/reports/ripoff130607.htm

http://www.complaints.com/directory/2006/july/21/17.htm

http://www.banking.state.pa.us/banking/lib/banking/consumer_information/dana_capital_consent_agreement.pdf

by AMP LOAN January 25, 2007 12:00 AM

There is no class action lawsuit. The guy mentions he wants to file one because they telemarketed him.

One state fined them. Do you have evidence of other states taking disciplinary action against them?

I know nothing about Dana Capital, but your accusations don´t match up with the links you provided.
by Al Gore January 25, 2007 12:00 AM

I´ve been with Dana for two years and at first it started out ok, getting paid with 10 days. As time progressed it went to 14 days, then 20 days and now 31 days. I honestly think they are either short on cash or going out of business. All the old staff are gone, I will probably have to sue them in order to get my check.
by monytime February 28, 2007 12:00 AM

DANA CAPITAL-"PAY ME"

No one at Dana Capital will return my calls and there is really no good business reason or explaination for the delay in payment. ALL OF MY FILES PASS COMPLIANCE. After speaking to one source at Dana, I was told, "We are running behind in processing checks". Judging by the local lawsuits against this company, Dana´s large legal department, a lenders list from Green Acres and the downturn in the market, it´s highly unlikely Dana Capital accounting department is bogged down with printing checks. If there are any Dana employess out their please repond and defend you company and it´s honor.
by monytime February 28, 2007 12:00 AM

"LATEST DANA CAPITAL EXCUSE FROM THE COMPLIANCE DEPARTMENT"

Posted-March 2, 2007
The compliance department was temporarily working a limited stip sheet during the month of February. It was then determined that the quality of files received fell below standard. Therefore, we have to go back and re-review all of the files that were cleared with the limited stip. We are working through the backlog as soon as possible and you will have an update accordingly. We are truly sorry for any inconvenience this causes. Thank you for your patience.

-These type of stall tactics will prompt some sort of governmental action. Time is running out on Dana Capital.

by monytime March 3, 2007 12:00 AM

Everyone must start paper trail to Dana Capital. Send registered letters to:

Dana H. smith CEO, Kelly David, Calfiornia Broker of Record, Bill Baker, Complaince Manager, Steve Hanford, Retail Support.

Go to the following websites and post complaints: White House-President Bush, FBI, Secret Service, US Attorney General, CIA, YOUR STATE ATTORNEY GENERAL AND GOVERNOR. These governemental entities will call Dana Capital and ask questions. We must turn up the heat. Spread the word.

by monytime March 3, 2007 12:00 AM

by kilbin March 12, 2007 12:00 AM

Just to clear up a few things, the reason Dana Capital is in the position that they are in is because of all of the shady brokers out there. Brokers do not understand the importance of sending out initial disclosures on time and having them properly completed by the borrowers.

As a result of this not happening, Dana Capital is now paying mass fines to states where they hold there licenses in order to keep there license active in those state. In turn, everyone is being affected by this.

by kilbin March 12, 2007 12:00 AM

So kilbin, are you being affected by this and does anyone at Dana Capital return your phone calls?
by monytime March 13, 2007 12:00 AM

Kilbin, you make it clear that DNANA CAPITAL is short on money due to the massive fines and therefore is paying fines with our commissions. Correct me if I am wrong.
by monytime March 18, 2007 12:00 AM

Well Dana Capital did shut down their correspondent division, and are holding branch´s checks until they can find a new end investor.
by eppisgood March 19, 2007 12:00 AM

That should be "holding branch´s checks on correspondent loans until they can find a new end investor", not holding ALL branch checks.
by eppisgood March 19, 2007 12:00 AM

you all sound like the band on the Titanic, me included. Unfortuantely I do not think we can get off the ship fast enough....I say jump and hope to come back another day to salvage our valuables...

By the way, I went by "corporate" the other day and it is pretty quiet....No fish in the aqaurium either.....looks like someone might be plannig to get out of town in the middle of the night.

By the way, that bump you heard a while back was an iceberg....

"Now maestro if you please.........another song...."
by OZZIE34 March 19, 2007 12:00 AM

We pay within 72 hours at Global, or you did something wrong not corporate.
by cdfccim March 20, 2007 12:00 AM

Thanks OZZIE34, you made my decision easier.
by monytime March 20, 2007 12:00 AM

For any "Legitimate Brokers or Loan Officers" who need a home for their loans I am accepting applications. Its not right that any Broker or Lender put a Borrower or another Broker in the position Dana Capital has.
We all have a fiduciary responsibility in this industry, lets all try to hold our selves to a higher standard.
by Broker714 March 25, 2007 12:00 AM

by ningoglia March 26, 2007 12:00 AM

We use N.F.S.and get paid on time everytime, and to hell with Dana Capital they held up my 20k check 2 yrs ago and I vowed never to use them again...

find a new umbrella lender.
by Prodigy March 26, 2007 12:00 AM

Dana F´n Capital - pay me my money!

I have 2 files that were cleared to pay in FEBRUARY and they still have not paid me and will not return any of my calls. Even my "friends" that I´ve made there over the last 3 years will not return my emails or calls (and yes they are still there).

I heard the owner Dana, bought a home in the millions last year - ARGGGHHHHHH

They had the ballz to send out an email recently stating that their broker side was not affected and only the correspondent side was closed. Like anyone is going to send them anymore business if they are not paying!!!

In my humble and angry opinion, they are done.
by Ficopath March 26, 2007 12:00 AM

Kilbin, where are you? Another statement please!
by monytime March 27, 2007 12:00 AM

I have worked with Dana for 3 years. It´s not looking good. They are not returning anyones calls, or emails for that matter and it´s getting worse. Has anyone contacted an attorney in regards to trying to collect on owed checks?
by bertesser March 28, 2007 12:00 AM

Every time I ask when we can get our checks i get this email back. "We are behind in issuing all broker checks and are doing what we can to get your check out to you as soon as possible. At this point in time, I can not provide you a date as to when your check will be ready. You will be notified via pipeline when your check is ready". Has anyone contacted an attorney? Also anyone know a good net branch that pays fast?
by jhurt1 March 28, 2007 12:00 AM

by SBCLOANS March 28, 2007 12:00 AM

HAS ANYONE GOT PAID IN THE LAST COUPLE MONTHS BY DANA? IT SEEMS EVERYONE IS COMPLAINING ABOUT THEM RIGHT NOW... TOUGH TIME FOR NET BRANCHES...
by SBCLOANS March 28, 2007 12:00 AM

jhurt1, not sure if it is appropriate to solicite business on this thread, but we pay weekely on funded loans.
What state are you in?
by Broker714 March 28, 2007 12:00 AM

Lets just say I have interviewed about 50 Brokers in the lsat week and only a hand full have said they are getting paid...
by Broker714 March 28, 2007 12:00 AM

It´s time to turn the doggs loose on Dana Capital. Stop talking and call an ambulance chaser.
by monytime March 28, 2007 12:00 AM

And yes I called an attorney. You should also.
by monytime March 28, 2007 12:00 AM

Broker714 we are in PA NC CO WA OR CT.

We have not been paid for the last 60 days.
by jhurt1 March 29, 2007 12:00 AM

Dana Capital is up to their exit strategy, without a doubt. Q and Co., who have long known of the eventual failure of Dana Capital have their new plan Sage Credit Company now dropping all banking channels and adopting a net-branching model and screwing their old branches and taking on all the screwed dana capital branches promising a better and brighter future.

Myron who was referred to, probably very bitter over the demise of a company who he wanted to run, has been simply telling dana branches if you want payment, send me new files and new checks.

the exit strategies are abound, and you will probably see about $ 4 mil go unpaid to branches.

I sympathize with the branch that is owed $42k . I have friends owed $80k and can confirm for a fact that several branches are owed over $100,000 and some near if not at the quarter million mark.

someone should check very interesting possible subsideraries that may exist.....that could very well link Dana and Sage together as the same company.

by sagacapital March 29, 2007 12:00 AM

by makin$ March 30, 2007 12:00 AM

i too would like to be involved in a class action lawsuit against dana capital group, they owe everybody money. I had to also go to corp to pick up my check. And they too told me to give a loan of equal value commission if they want me to have a check released to me sooner than later. I suggest you get all your monies and not close anymore deals with them.
by makin$ March 30, 2007 12:00 AM

someone should check very interesting possible subsideraries that may exist.....that could very well link Dana and Sage together as the same company.
by sagacapital March 29, 2007

Hmmmmmm....working out of the same bldg maybe?

by Informedisback March 30, 2007 12:00 AM

makin$, it sounds like someone is breaking federal laws when making those type of statements. I hope you documented that conversation.
by monytime March 30, 2007 12:00 AM

*** PEOPLE DO NOT DO BUSINESS WITH DANA CAPITAL !!!!!!!

Believe me I know what I am talking about, there are only a handful of people that work there anymore and I do not expect them to stay in business for more than another month. The people that are keeping this place afloat do not know what they are doing. These people think that they are going to generate more business by telling brokers that if they submit another loan that they will get paid out quicker on there existing loan. Do not listen to there non-sense. Also if you were smart I would not do business with Sage as well, the same people that were with Dana are now a part of that company and in time they will end up just as Dana Capital is now.

I would seek legal guidence because if they file BK than none of you will be paid !!!!
by kilbin March 31, 2007 12:00 AM

Kilbin, I have a feeling you and Sagacapital are very very close to the pulse of Dana Capital. Thanks for the update, no worries, your reward is on the way and purnishment for the others. It´s impossible to formulate a plan to hurt thousands of people and succeed. Sooner or later it will catch up to you. There is a force more powerful than Dana Capital in this world and it fights evil everyday. Trust me, I know from experience.
by monytime March 31, 2007 12:00 AM

by loanoffcr April 3, 2007 12:00 AM

I funded a deal end of Feb., a hard money loan, and still have not got paid, per the pipeline report with Dana check should have been paid 3/29 and still no check, I have emailed twice the VP of Dana no response, called several times and all i have been told is there running behing, the Broker I submitted this referral loan thru finally went to speak to Dana today and they have been hit by 23 States with fines and will be paying monies owed to Brokers in installments weekly., we are expected to recv. are first installment this week., we shall see! Sage & Dana are under same ownership! Hope this helps! I know this will be my last Dana file.
by loanoffcr April 3, 2007 12:00 AM

Seems apparent to me that Dana Capital is doing everything possible to avoid paying out commission checks, and I know first hand.
by loano April 3, 2007 12:00 AM

Just like 90% of the "net branch" groups they will use your money when the times get tight. Anyone that lets someone use thier money for more than 5 days is just asking for trouble down the road!!
by baby its cold outside April 4, 2007 12:00 AM

They are paying those fines with the brokers money, they do not have enough money without it. The sooner everyone stops using them the quicker they will go under. Why reward Dana Capital with your business when they are not out for your best interest. Put the final nail into Dana Capitals coffin, and make them start to feel some of the uneasyness that everyone else is enduring.
by kilbin April 4, 2007 12:00 AM

Dana Capital - DCG Home Loans DBA Sage Credit Company

Wht a coincidence that the former National Sales Manager and other former personnel of Dana Capital are now calling unpaid Dana Capital Branches asking them to come to Sage Credit and informing they will get paid right away on new files. I wonder how the first set of unpaid Sage Credit branches will feel about that? Any of you out there? What a ponzi scheme, gee, I thought ponzi schemes were illegal.

Sage was this so-called "invitation-only" network who now is whoring out its licenses out because Quentin spent too muchmoney on his Jacob the jewler watches. I guess the Sage has left the building. If he cant pay his old branches how is he going to pay the new ones. Quentin you read this everyday respond if you have the courage too.

Quentin is screwing Dana out of his money. If those branches never went to Sage, then Dana Capital would still still be paying and we would be getting paid. Now Dana and Quentin are together making sure that Dana Capital survives in the name of Sage.

Quentin who learned from Dana also learned how not to pay branches and live his lifestyle through the hard earned money of branches.

Quentin if Dana goes BK those books become public and then everyone will know how much of their money you have ripped out of Dana since you went "independent". I bet the states, lenders, and wall street firms would love to know that you are and always were affiliated to Dana Capital.

Both of you weasels be honest and pay your branches and stop hiding behind your blackberries.

by sagacapital April 4, 2007 12:00 AM

I´m waiting on 25k Dana Capital owes me going back to beginning of year. All 5 files have passed compliance and have been "cleared to pay". Nobody will return calls emails when they choose to reply to them always say the same thing "We are behind in issuing broker checks and are doing what we can to get your check out to you as soon as possible, at this time I can not provide you a date as to when your check will be ready. You will be notified via pipeline when check is ready." Same blanket email reply I have been getting for almost 3 months. They won´t answer their phones or call you back from leaving message.

Total bullsh&t, send me my money!!!!!!!
by loano April 4, 2007 12:00 AM

Quentin, if is true that you read this thread everyday, you are hurting alot of people and they are crying out for mercy from the suffering you and Dana have caused. If you continue to ignore their plea just remember "You will reap what you sow".
by monytime April 5, 2007 12:00 AM

Dana´s back end site won´t let me in today. Today was the day the "grace period" was up. All of a sudden I can´t get in there to check and see if my money is ready. Highly doubtful since the loan has been funded since December and cleared "compliance" in Jan. This sucks and so does Dana Smith and Quentin Carruna and their related operations. Should have seen this coming with the amount of money they sunk into Sage.
by badfeeling April 5, 2007 12:00 AM

by dd1 April 5, 2007 12:00 AM

I am consulting with a Class Action attorney. Typically a case like this is contingent and requires no retainer. Please reply if anyone is interested and we can touch base.

Also, if anyone knows the mailing address & contact info for Sage Credit, please post it.
by dd1 April 5, 2007 12:00 AM

by loanoffcr1 April 5, 2007 12:00 AM

I would be very interested in the class action suit! There paying fines etc. off money that don´t belong to them, but the $400! Sage Credit address 8001 Irvine Ctr.Ste. 200, Irvine, Ca. 92618
by loanoffcr1 April 5, 2007 12:00 AM

Based on my most recent experience it appears Dana may be turning it around. I had the same problems and lack of communication as the others with respect to getting paid. After several emails threatening legal action I received a personal call from Myron Miller. To my surprise he acknowledged Dana´s problems and took total responsibility.

Myron told me he had been appointed CEO and was given the task of turning Dana around and cleaning up the compliance department. Apparently they have lost 90% of their staff but I was quick to point out that thet was their problem and they still owed commissions to me and others. When I mentioned that we had sent in the same documents more than ten times before we were cleared to pay he again acknowledged this issue and committed to fixing it.

Most importantly, I was told I they were sending my check overnight. I am happy to report it arrived the following as promised. I´d invite all who experienced similar problems to email Myron directly.
by bdub April 7, 2007 12:00 AM

by loanoffcr1 April 7, 2007 12:00 AM

I agree I went straight to the source Myron and he responded to my emails, stating we will start to recv. payment in installments starting Wed. next week, and every day until paid in full. I will continue to keep everyone posted on the progress.
by loanoffcr1 April 7, 2007 12:00 AM

I have had over $27,000.00 cleared to pay since February with DCG. Prior to that it was taking Dana 40 days plus to issue checks. I have lost 5 of 8 originators due to not being able to pay them on a timely basis and ultimately not at all.

I am now being sued by my prior employees for commissions that I am not able to pay due to DCG´s utilizing our commission monies to finance their company (Sage) and who knows what else.

I retained legal council last week after I made it very clear to Myron Miller and George Fitkowski that I was now being sued by my ex-employees and they couldnt take the time to return an email or phone call.

I have directed council to initially try and gain support with the District Attorney in order to try and file criminally as they are misappropriating funds that do not belong to them. If I am successful they can try and hide behind any company that they want as all personal assets will become up for grabs.

My suite will not only carry criminal charges but I am going after them for the destruction of my company as well.

The contex of this email chain should serve basis enough to direct criminal proceedings but I have to come up with a very large retainer for my attorneys to pursue in a criminal environment. I hope to have the retainer filed shortly and will keep all abreast of the success of my litigation.

It´s payback time for DCG and SCC.

Jim Brittain
Entrust Mortgage
by Jim Brittain - Entrust Mortgage April 9, 2007 12:00 AM

I too submitted my last loans in January and past compliance quickly. It is now mid April and I still havent been paid. Don´t get responses to voicemails but did get a bullshit form letter from Myron. Ya, like I´m going to submit more loans when you cant even pay on the ones i have there. Does anyone have any advice on what my next actions should be??

Thanks in advance,

T
by LeTimmy29 April 9, 2007 12:00 AM

THE FBI HAVE BEEN NOTIFIED REGARDING DANA CAPITALS FRAUDULENT ACTIVITIES.
by nojoke April 10, 2007 12:00 AM

Since the beginning of time man has tried to conquer and be successful at the expense of others and everytime he has failed. In some cases evil fell upon future generations of the evil doers and caused much grief and despair. It is written in the most read journal in the world "THE HOLY BIBLE". Dana and Quentin I´m sure you are familiar with the spiritual and physical fources in this world as evident by the "Tarrot Card Readers" at your Xmas Party. Both of you are being tricked and when it is all over, you will be alone. God will not purnish you, he will just remove the covering.
by monytime April 10, 2007 12:00 AM

We have had a new development with Dana Capital.

I called them to find out if the payment plan option that they were offering was in fact viable.

The reason for this is that our council stated that as long as they were willing to make payments that the courts would look at that as good faith and a refusal to accept payments on our part, would in turn, preemptively disallow for the damages that I was looking for.

I left a Message (for the 50th time) for Myron Miller and emailed George Fitkowski. I was amazed that I actually received a call back.

George called and stated that if I would work with them that they would payout $300.00 per day until my account was paid in full.

I told them that they had lost all credibility with me and that I might be interested in doing business in the future if in fact they could prove that what they promised was true.

I just checked my email and surprisingly have received an email with tracking #´s for five checks.

I understand that things can go sideways and have experienced it myself on occasion. If they in fact are for real and my payments continue - they may be pulling out of the financial problems and might even be viable.

I suggest that if you are owed $ from DCG to call them or email them. I would be interested in hearing if anyone experienced the same success.

If so we may start to use their licensing again if they guarantee a reasonable turnaround time on our commission payments.

Time will tell but it looks a whole lot better than the alternative...

I will keep everyone posted as to the continuation of our payments.

Jim Brittain
Entrust Mortgage
by Jim Brittain - Entrust Mortgage April 11, 2007 12:00 AM

Have had problems getting paid through Dana, too. In march they owed me for two files due to be paid in February. I was skeptical about sending any more files down. Problem was that I had 4 new files funding and it was to late to change to other brokers. Talked to George and Myron who promised me the check for check scenario. Tried to propose to them my check for check scenario. You send me a check I will send you a new funded file! Did not fly.

Reluctanly, I sent one down and was paid when they received the file. Sent another one down and was also paid when they received it. Waited for the new files I sent down to clear, which they seemed to rush. Instead of taking 15 days to clear it took 5. So I sent my other two files down and were paid on them as soon as they received the checks. For the first time in a while, I was paid as they said I would be paid.

They are sitting on two of my files right now as I am waiting for new files to close. You can tell that they are having a problem with their cash flow, otherwise we would being paid on files when they clear compliance. Seems like its getting better. At least when I send a check down to Dana now I know I will get one back now.

I have thought about co-brokering deals through brokers in other states. However, I have had friends do it and get stiffed by the brokers. Co-brokering is illegal so they did not have a leg to stand on.

I have looked at the other companies like Apex, Family First and few others. They seem to lag on getting paid also. Plus, most of them you are a full w2 employee which I do not like.

Did not consider opening a DBA under Dana or getting my title company to pay me like some of you have talked about. Rather get stiffed on my money than get stiffed in jail!!!!

Hopefully Dana gets back on track where we get paid on time without this check for check crap. I have made a lot of money with Dana so I am giving them this last chance.

JAY

by jay1970 April 12, 2007 12:00 AM

Dana has agreed to pay us on an installment plan as well until we are paid in full. They owe us for a couple of files, so its not an amount that would kill us, but I have paid out commissions on those files so I want to get paid. George did call us and say they will begin payments on the 30th until we are paid in full. Seems like they are trying to make good on their debts. For all involved I have my fingers crossed.
by badfeeling April 16, 2007 12:00 AM

I also got the email of a check for a check, buy they owe our office over $50,000 right now and I´m not going to send any more checks to sit and wait another 2 months. I have 12 funded & compliance completed files. I´m considering an attorney at this moment. I did my part, now they need to do their´s.

I´m actively seeking another nationwide mortgage broker. I use Western Thrift & Loan in the other states and I have not had any problems in over 3 years with them. Granted they had their growing pains too, but not this bad.
by AZ_Processor April 16, 2007 12:00 AM

To all, please give names of Nationwide brokers that will do a net branch type set up and paying 1099 with minimal W2 and a reasonable per file fee. Excluding Dana, Sage, Bridge Capital and American Home Loans.
Thanks!
by badfeeling April 17, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 1, 2007 12:00 AM

Dana changes their story as often as their employees! I have several checks clear to pay and submitted another check for over $9k. They say a check was overnited to me but the tracking number doesnt exist. The file they paid on...or claim they paid on was for only $3k. This is a copy of the latest memo....

We call the process “Files for Money”, as you bring in new loans, we check your Pipeline to see if loans are cleared to pay, and if so, we’ll pay out the same amount or more that day! You always leave with money in your hands, so you can pay your employees, operate your business, and best of all – have a piece of mind in working and continuing to work with Dana Capital.

I would just like to see them pick a story and stick to it. And has anyone else noticed every other employee there has Miller as their last name? Did Myron hire his entire extended family?

by fritzer13 April 18, 2007 12:00 AM

A leopard never changes it spots. You can fool some of the people some of the time, but not everyone all the all the time. You fool me once shame on you, you fool me twice shame on me. You owe me money, do you think I´m stupid enough to give you more money! If you stop paying your creditors, do you think they will extend more credit to you after you fall to pay thme for 90 days. People "WAKEUP".

There once was a lady walking down the road who saw a injured snake. The snake begged the woman for help, the old woman replied "But if I help you and you get well, you´re going to bite me". And the snake replied, "I would never bite you after you help me get better". So the old woman took the snake home and nursed him back to good health and one day "HE BIT HER". The old woman replied but you promised not to bite me and the snake said "WELL YOU KNEW I WAS A SNAKE".

AND NOW YOU KNOW THE REST OF THE STORY.
by monytime April 19, 2007 12:00 AM

TO ALL:

MAKE SURE YOUR PRIVACY SETTINGS WITHIN YOU INTERNET EXPLORER BROWSER ARE SET TO MEDIUM HIGH OR ABOVE WHEN VISITING DANA CAPITAL WEBSITE FOR PIPELINE INSPECTION.

SOMEONE IS WATCHING YOU!
by monytime April 19, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 2, 2007 12:00 AM

Isn´t dual licensing illegal - in many states? ABC - Do you just use another name/person to act as your Dana Rep? I was wondering when this offices´ sH%$ hit the fan if you and other companies like you would have recourse legally - seems like a employee issue and if it is, then how can you work for more than one mortgage company at a time, since they are treating you like employees and taking 10% and W-2ing and the whole thing shell game stuff...Aren´t you ate least partly culpable (sp). Dont get me wrong I feel bad, but you should have gotten your own licensing - and I am curious how the IRS, EDD, and Legal system will look at this system...

I wonder what thorlaw would think?

by smartbroker April 19, 2007 12:00 AM

I recently had to fly to Irvine to find out what was truly going on and why I wasn’t being paid. I have been fortunate enough to put money aside for that rainy day so that I wouldn’t be in the predicament that most of you seem to be in. Of course I could be much better off with the money that is owed to me, but I am not getting hostile about it. I had the opportunity to meet With Myron and what a pleasure it was speaking and meeting him in person. He had confirmed what I had already suspected and that was that they are not immune to what is going on in the industry. I learned why my calls and emails were not being returned. Like other mortgage companies that are down sizing and laying people off, they are no different. Less staff means it takes them longer to get back to you. I also discovered that Myron had hired his “extended family” (as one of you put it) because in difficult times, sometimes the only people you can trust is your family. It makes sense to me. They also put me on a payment plan to get me all paid up. I would prefer to have my money all at once, but as long as they will honor what they say, I am OK with it.
This is where some of you really need to pay attention. After having a lengthy conversation, I understand the direction they are going in and am glad I stayed with them. Dana Capital is turning this around. Do I have my doubts? A little. But I understand what they are up against. I have been a broker for quite some time and have seen the ups and downs in the industry. Let’s all face it, right now we are in a down time. Subprime lenders are going out of business, state’s are cracking down with larger fines & penalties, and mortgage applications are down. That is common knowledge. This being said, there are fewer loans today than there were a year or two ago. We all must understand that net branching companies rely on loans for revenue. Without loans, they hurt like in Dana Capital’s situation.
I have also explored other net branching opportunities and have been solicited by NFS, Western Thrift, and recently Sage. Every net branching company out there is hurting to some degree. Some are better hiding it than others. What I have learned after doing my research is work with what works best for you and who you feel comfortable with. But more importantly, we all need to stop the complaining and get back to originating loans. There is still a lot of good business out there despite what the industry is going thru.

by RealityCheck April 19, 2007 12:00 AM

Hello is anyone home, you will wait 60 days to get paid and you continue working with this company.
If I am not paid in 5 business days, I turn the water off.
Your 1st loss is your best loss.
Most medium size companies have not redused the size of the inter structure and continue to pay themself outragous wages. I will bet you that Dana has not missed a corporate payroll...leo
by leoknows April 20, 2007 12:00 AM

Is this kthe same Dana Capital that aoerate in Salinas, CA? Well another Fraud investigation is about to start up on several of it´s Latino unlicensed LO and notaries that have used fake ID´s for many Salinas and Seaside Purch. and ReFi´s...Careful everybody...the slammer can be harsh!
by HonestPete April 21, 2007 12:00 AM

We are owed monies for 2 files. One that cleared compliance back on Feb 21 and another that never entered the pipeline but that Sage deposited the HUD check. In our discussions with Mr. Fitkowski, he promised to start paying on the cleared file in the middle of May and look into the lost file that Sage cashed the check on.

This is not the first time Dana lost our file, but the fact that another company cashed Dana´s check is very troubling indeed. Has anyone else had a similar experience? Looks like a case for law enforcement to me. Hopefully Mr. Fitkowski can resolve it.

With regards to loan files for payouts proposal, Mr. Fitkowski and Mr. Miller refuse to give us something in return for this "rolling lates" on our commissions. I proposed their reducing their chop to 5% or $300 whichever is greater in return for the delays and inconvenience to us. They refused to consider this.

I also had a lender who is funding on a loan in our pipeline say that Dana is no longer on their approved broker list.
Although there is always a ray of hope, Dana´s prospects do not look good at this point.

by kideyse April 28, 2007 12:00 AM

Dana Capital is Closed!

I personally went in to their office today to pick up a check for a file they´ve been holding funds on since mid Jan. The following text was posted on their door. I´ll be able to get the picture off my cell phone later and post a link:

"Dana Capital has chosen to wind down its activities through dissolution under State Law. Dana Capital will not be filing a bankruptcy -- but rather will orderly liquidate its assets. You should receive notice of such and a status report within the next couple of weeks via email."

-Posted on the door of 8002 Irvine Center Drive, Ste. 1200, Irvine, CA the headquarters of Dana Capital Group at least as of 4/30/07. Their website is still up, and mentions nothing about this so far:
http://www.danacapital.com/contact.aspx

I have no idea what this entails as far as getting paid out of monies due, but I figured you out-of-town guys should know before the email notice goes out.
\
by bperlas April 30, 2007 12:00 AM

To bperlas,

Since you are local, can you tell us if DCG Home Loans bda Sage Credit that also resides in the same building as Dana Capital Group is also closed?

If Sage Credit is open, could you do us a favor and get us a name and phone number to contact?

We would appreciate it very much.

Ed
by kideyse April 30, 2007 12:00 AM

Is Sage located on the second floor? Suite 2___ something? I didn´t hear it mentioned by name, but I overheard a few other brokers outside Dana´s door saying they did get their check on the second floor. Not sure if that´s any help to you. Given the situation, I don´t foresee going back there any time soon, but if I do I´ll check into Sage for you.

by bperlas April 30, 2007 12:00 AM

To bperlas,

Thanks for the quick reply. Officially, according to public record, Sage Credit is at 7700 Irvine Center Drive. Unofficially, they share the building with Dana Capital at 8001 Irvine Center Drive. It seems they share much more also, the same executives, board members, etc. But Dana will not admit to this.

Sage Credit cashed our HUD check for our borrower. So if they are indeed seperate entities, this is fraud.

I suppose if DNG Home Loans or Sage Credit is not listed on the building directory, they could be using office space inside Dana´s as a sublease.

Ed
by kideyse April 30, 2007 12:00 AM

Dana is done. I doubt any borkers will get paid. They stole our money. Let the hunt begin.
by irvinebroker April 30, 2007 12:00 AM

by mquinnmquinn April 30, 2007 12:00 AM

BPerlas is correct. Dana´s doors are shut. They were supposed to put me on a payment plan starting today to repay me the thousands of dollars owed to me....kind of convenient that they shut their doors the same day. Yes, let the hunt begin. Good luck trying to get your money......
by mquinnmquinn April 30, 2007 12:00 AM

To mquinnmquinn and other local Irvine branches,

Is there a DCG Home Loans Inc. or Sage Credit still operational in the 8001 Irvine Center Drive building?

Thanks.

Ed

by kideyse April 30, 2007 12:00 AM

What is the difference between "dissolution under state law" verses bankruptsy. Does this mean we can still get some of money we are owed?
by loano April 30, 2007 12:00 AM

Here is my totally unprofessional and hard to read cell phone pic of Dana´s door posting. Needless to say, it looks like I just printed out a page and took a pic of it, but that´s actually what was on their door as of 2PM today:

http://aycu02.webshots.com/image/14721/2002602688941440580_rs.jpg

As far as dissolution vs BK, dissolution just means that they are voluntarily disbanding their corporation. That likely means surrendering all their state licenses as well. I´m not sure what this means for getting payouts, as I don´t know what assets they have to liquidate. Very highly unlikely that they total enough to get everyone paid off without lawsuits.

by bperlas May 1, 2007 12:00 AM

Ok, folks, all of the posts from the 30th are so far true. I was there @ 3 pm today and their doors were closed. I did receive 2 payments totaling $2,000 last week, but I have it on good authority that the check I received on Friday may have a stop payment on it. It seems as if they issued a ton of checks on Fri and placed just as many stop payments on them....I´m waiting for my bank to inform me whether the check was good or not...

On another note, if there is ANY way to link DCG to Sage, and anyone is involved in a class action lawsuit, please let me know. I am owed over $10k which is probably minimal compared to others, but I too was told by Myron Miller that we would be paid, and they also are not returning any calls or emails...not surprised.

If anyone knows of a way for us to re-coop even a portion of what is owed to us, I would be very interested. I was told by a buddy of mine that going after personal assets would break the "corporate veil" which is mainly why corporations are formed, however I´m sure there are exceptions to every rule.

He also mentioned that if there was proof that both companies were linked, that there is probably a way to go after Sage for restitutions....any thoughts on how to get these fu@kers would be greatly appreciated.
by tustinbroker May 1, 2007 12:00 AM

TO ALL:

Do not wait a couple of weeks to receive a email from Dana Capital Group. That will buy them more time to do whatever it is they are trying to accomplish with your mony. Go on the offensive NOW! Get an attorney or call the Dept. of Corporations regarding your mony. Act now and ask questions later.
by monytime May 1, 2007 12:00 AM

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by backgroundgrrl May 1, 2007 12:00 AM

Correction.....CA, IL, OR, WA, FL, and AZ(pending)

by TerryDyer May 1, 2007 12:00 AM

Terry, go scavange somewhere else.
by Bluejacked Badger May 1, 2007 12:00 AM

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by backgroundgrrl May 1, 2007 12:00 AM

Sage is on the 2nd floor of the same building. All of us local brokers should set a time where we all go to Sage together and give them hell
by ocbroker1 May 1, 2007 12:00 AM

by dd2 May 1, 2007 12:00 AM

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by backgroundgrrl May 3, 2007 12:00 AM

DANA SMITH RE-BRANDING HIMSELF ON FLOOR 4. SUITE 400.

GOBRANCH.COM

IS ANOTHER DANA CAPITAL SPINOFF. DO NOT SEND THEM CHECKS. THEY WILL DO THE EXACT SAME THING.

TAKE THE MONEY AND RUN.

THEY ARE HORRIBLE PEOPLE WITH HORRIBLE INTENTIONS.
by sagacapital May 1, 2007 12:00 AM

by robertch13 May 1, 2007 12:00 AM

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by backgroundgrrl May 1, 2007 12:00 AM

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by backgroundgrrl May 2, 2007 12:00 AM

Everyone, contact all Local, State and Federal officails regarding you issues with Dana Capital. They have deep pockets and other resources to bring them to their knees.
by monytime May 1, 2007 12:00 AM

ok... Just got off the phone with the department of corporations and they told me to fill out this form (link below) and send it in. If for some reason the department of corporations does not handle this, they will forward it to the department of real estate.

http://www.corp.ca.gov/pdf/doc29.pdf

I agree with monytime... we should act now before it´s too late!!

thx
by djtracks May 1, 2007 12:00 AM

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by backgroundgrrl May 2, 2007 12:00 AM

FACT DANA CAPITAL WAS NEVER GOING TO LAST FROM DAY ONE.
FACT MYRON TRIED TO KEEP DANA CAPITAL ALIVE.
FACT DANA CAPITAL IS DONE
FACT NOBODY FROM DANA CAPITAL WILL GET PAID

SUGGESTION: MOVE ON, CHALK UP YOUR LOSSES

FACT SAGE IS IN THE SAME BUILDING AS DANA CAPITAL
FACT SAGE IS NOT DANA CAPITAL
FACT SAGE IS A COMPLETLY SEPERATE COMPANY
FACT NOBODY FROM DANA CAPITAL IS GOING TO GET PAID FROM SAGE

SUGGESTION: MOVE ON, CHALK UP YOUR LOSSES

FACT: NET-BRANCHING WILL CEASE TO EXIST IN THE NEAR FUTURE.

SUGGESTION: READ THIS EMAIL AS MANY TIMES AS NECCESSARY FOR IT TO SINK IN!

SUGGESTION: READ THIS EMAIL AS MANY TIMES AS NECCESSARY FOR IT TO SINK IN!

SUGGESTION: READ THIS EMAIL AS MANY TIMES AS NECCESSARY FOR IT TO SINK IN!

SUGGESTION: READ THIS EMAIL AS MANY TIMES AS NECCESSARY FOR IT TO SINK IN!

by noitall May 1, 2007 12:00 AM

Always one idiot like "noitall" in every thread. People across the country got screwed out of hundreds of thousands of dollars, probably millions collectively that were brokers under Dana Capital. This is a serious discussion. People´s livelihood, and businesses have been affected. I am one of these people. Save your insulting remarks for building your weak ego for somebody who wants to listen. Your worthless banter is not needed here and is unproductive.
by loano May 2, 2007 12:00 AM

by Appraisalcut May 2, 2007 12:00 AM

As an American citizen we have certain God given rights under the Constitution of the United States of America. We do not live and work within a enterprise system which allows the type of abuse bestowed upon many of us by Dana Capital. Unfortunately the governmental system of the U.S. is slow moving but swift to purnish. Once evidence is gathered, anaylzed and constructed to form an indictment. Do not be discourage by those who suggest your fight is futile. I have wrestle one of these aligators and when I started to have doubts, I called my local Congressman and he replied, "Since you hired an attorney its a Civil matter and there is nothing we can do". And he continued, "Had you contacted this office first, you would have had the services of the UNITED STATES GOVERNEMNT for FREE".

by nojoke May 2, 2007 12:00 AM

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by backgroundgrrl May 2, 2007 12:00 AM

Do you know the difference between having the US Government on your tail versus an Attorney? The US Gov. objectives are to presecute, send to jail and recover damages. An Attorney will mainly be looking to recover damages for accrued billable hours. How many of you fear the IRS?
by nojoke May 2, 2007 12:00 AM

I rest my case.
by nojoke May 2, 2007 12:00 AM

No It All - It is obvious you are in the ranks at Sage Credit Company.

Until March of this year, staff from Sage Credit Company was recieving compensation through 3rd part consulting companies from Dana Capital. In mid 2006, the number was as high as $100,000 or more per month.

Furthermore, the President and CEO of Sage Credit Company until very recently was controlling accounting, payrolls, and management for Dana Capital Group Inc.

So FACT: you are full of shit, and obviously a SAGE faithful. That is fine, maybe you work for gobranch.com now? Or Maybe Trade Line Home Loans Inc? I recommend anyone go to the Secretary of States websites and do some research on the two companies I just named there.

Hmmm. Trade Line Home Loans Inc is operating out of the same suite as Sage and the Agent for Process is M.C., general counsel for Quentin C.

The reason Dana Capital isnt filing bankruptcy is simple, then the books would be open and people would be going to jail for a long time for Reg Z, RESPA violations, racketeering, and embezzelement.

I would also signup with Westlaw and find all companies associated with both Presidents and CEOs if you are so inclined to truly find your money, and find all companies with which Dana and Q are share holders in. Should be very interesting reading material.

Please note you gobranch.com syndicates, suite 400 is the same suite that Sage Credit Company was founded in 2003. Becaues it wasnt always called Sage, it was formerly known as DCG Home Loans Inc., and was in suite 200 of the irvine center drive building as well.

Sage, Dana Capital, Go Branch.Com, Trade Line Home Loans Inc.

You think you morons would at least operate the companies out of different buildings. NEWSFLASH: Panzi schemes and racketeering will land all of you a federal endictment soon enough.
by sagacapital May 2, 2007 12:00 AM

My typo:

When sage was founded sa DCG Home Loans Inc it wasnt in suite 200, it was in suite 400, which is the same suite gobranch.com now operates out of.
by sagacapital May 2, 2007 12:00 AM

1. "As an American citizen we have certain God given rights"

I dont think God gave us any rights or enters into this at all. Just MHO

2."FACT: NET-BRANCHING WILL CEASE TO EXIST IN THE NEAR FUTURE."

Not as far fetched as some of you think! I know of at least one state trying to stop all net branches within its borders. This is true and I dont care who believes me.

Nets have brought too much attention by non-supervision,many many illegal accounting and payroll schemes, etc.

3. Honest Pete: Are you from Salinas? I operated a real estate/office there in late 80 to 86

by JustplainMarvin May 2, 2007 12:00 AM

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by backgroundgrrl May 2, 2007 12:00 AM

Get out or get ready for a phone call you´re just going to hate. The real rules of netbranching. Az lists federal laws.
http://azdfi.gov/Alerts/Regulatory%20Bulletin%20BK-06-01.pdf

Dana is prominently mentioned on this page. Use caution in your search for a new employer. http://azdfi.gov/Final/Intro.htm

Same information available on the websites of many other States, let´s start posting webaddresses/statutes as we find them until we all agree maybe you were being mislead long before you were being shorted on pay.

Please show this to your attornies and have them ensure that you are not complicit. That would be as embarrasing as the consumer mortgage bailout saving the flippers.

Read this as you like, I´m 100% on your side and have never done business with anyone at or near DCG.

by ducksface May 2, 2007 12:00 AM

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by backgroundgrrl May 2, 2007 12:00 AM

My team was burned by Dana two years ago for well over a $100,000 in commissions. We hired an attorney and spent a year getting our money collected. I cannot believe that this company has managed to remain in business this long. We work with a broker shop that has eight states, but actually pays every Friday. Novel idea. Beware of another company out there, Bridge Capital Corp. and Genisys Financial.
by camloans10 May 2, 2007 12:00 AM

My office is also owed money, altho not at the same level as some of you. Dana was just too slow in paying to do much business with.

I would like to be part of any class action lawsuit if someone is actually going to do it. But you need to realize, if they are getting sued like that, they will most likly file chapter 11 and dissapear. Dont think that Dana wasnt smart enough to protect his personal property with corporations either. I would be willing to bet his stuff is untouchable.

good luck all!
by jjuge May 2, 2007 12:00 AM

Ok, I have some new information regarding Dana Smith, he is looking for new branches to fund his new projects, he is associated personally wiht.

gobranch.com, bravofinancial.com, pacificbancorpbranch.net, they are really trying to go after new branches, Dana Smith has his hands on a couple of other things, my attorney is not done, once he provides me with all the information or more information I will posted.

Beware Dana is still out there going strong and trying to con other people.

by bonnieandclyed May 2, 2007 12:00 AM

thanks for the update bonnieandclyed!

So, do you think class auction lawsuit is the way to go?
by djtracks May 2, 2007 12:00 AM

I want my money, and I am sure that other people want their hard earned money as well, we will be stronger as a group rather than one, and we will be able to get more attention, and have the goverment look at this guy,rather than just one person going after him,
by bonnieandclyed May 2, 2007 12:00 AM

by MHN May 2, 2007 12:00 AM

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by backgroundgrrl May 3, 2007 12:00 AM

You can´t dissolve a California corporation with any "known" debts...Here´s a link to som info. Maybe you need to file a claim with dept. of corporations stating that they owe you money. I wouldn´t doubt that they would pay off all of the claims made to dissolve vs. BK.

see article 1900.5. paragraph 3

http://caselaw.lp.findlaw.com/cacodes/corp/1900-1907.html

Godd luck everyone.
by NEEDISAYMORE May 2, 2007 12:00 AM

Anyone in the area up for a sit in may 3 ?
by taking action May 3, 2007 12:00 AM

Has anyone gone to the 2nd floor of 8001 Irvine Center Drive?
What was there? Sage?
by taking action May 3, 2007 12:00 AM

The entire 2nd floor is SAGE Credit/DCG
by broker13 May 3, 2007 12:00 AM

Any relation between Dana Smith and Amanda Smith( head of Compliance)?
by taking action May 3, 2007 12:00 AM

God Bless All of You and Your Families. Keep the Pressure On. Do Not Stop. We all have to continue to work and support our families, so when one gets tired, I see someone else taking up the slack.

This is fantastic!

by monytime May 3, 2007 12:00 AM

Wasn´t Amanda his wife?
by eppisgood May 3, 2007 12:00 AM

by KLOinNJ May 3, 2007 12:00 AM

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by backgroundgrrl May 3, 2007 12:00 AM

The first check I received on the so-called payment plan, I received last Thursday the 26th. This was to pay part of a loan that has been "cleared to close" with Dana Capital since January. I found out today by my bank a stop-payment was put on it by Dana Capital. My other loans cleared to close, going back to January, were to be paid through the month of May on the so-called payment plan schedule. I hear they are putting stop-payments on all checks. I wouldn´t put too much hope in a payment plan occurring.
by loano May 3, 2007 12:00 AM

Anyone know if Michael Carroll and Dana H Smith´s relationship is?

Michael Carroll is the CEO of Sage I was told.
by eppisgood May 3, 2007 12:00 AM

I´m open to suggestions. Any ideas out there on best way to recoup any of our money?
by loano May 3, 2007 12:00 AM

Michael C., is the general counsel to Sage Credit.

Dana Smith is not his true name, it was after a name change he had that name since his last company National Mortgage Funding got in trouble in texas for title 1 violations.

Amanda Smith was just an assistant to long time Dana attorney Kelly Christianson.

The payment plan was put stop payment too because their simply werent enough new files coming in.

These guys are a joke. BEWARE they are re-packaging and trying to create new companies overnight. Beware beware. Net branching may be close to a much needed ending.
by sagacapital May 3, 2007 12:00 AM

Dana capital has single handedly made me go bankrupt.

My advice, is if they still owe you money, go onto their website (while you can) and print out what you are owed.

At least this way you have a record of it from them.

by no longer in mtgs May 3, 2007 12:00 AM

Hi Everyone,

It seems like we´re putting pieces together and starting to work together... so, after reading all of the posts, it seems like a good thing to do at the moment would be to file a complaint with the department of corporations. (link below)

(http://www.corp.ca.gov/pdf/doc29.pdf)

It sounds like this is something we can do now until we have concrete plans. Anyhow, Just wanted to repost this link in case some of you haven´t already submitted your complaint. Thanks.
by djtracks May 3, 2007 12:00 AM

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by backgroundgrrl May 4, 2007 12:00 AM

WOW!!
Hi everyone,
I have read all the comments here, and I must say I am so sorry for all your business and personal challenges. Please understand this is not a solicitation or advertisement. I am semi-retired now, but after reading your comments, I feel compelled to lend my expertise.
Please understand I must stay anonymous at this time. I hope the following comments/information will be beneficial.
I have personally been responsible for the start-up, development, licensing, and operations of over 60 mortgage companies nationwide, and personally developed over 750 “Net Branches” in the past 25 years. I believe this qualifies me to address all the concerns/challenges on this site, and lend my professional opinions/recommendations.
I am not an attorney, but I have been a licensed broker in several states for over 25 years, and have had to navigate through several “State Specific” regulatory challenges/requirements.
As for Dana Capital: In my “Net Branch” seminars, I warned all that attended, to stay away from any company that promised you could simply do loans in all 50 states, operating under their corporate license. Unfortunately it fell on deaf ears.
In a nutshell here is just a small snapshot of what it takes for a “Net Branch” to do loans nationwide.
1. The corporation submits applications for state licensing approval (Tests may be required).
2. The corporation submits individual branch applications for location approvals
3. The individual branch locations submit applications for proper origination licensing approvals (Tests may be required).
4. The individual branch originators submit proper applications for personal origination licensing. (Tests may be required).
5. Note: many states do not allow for the import or export of loan origination or processing under any conditions).
Within all these applications, there are very specific requirements/qualifications.
Besides licensing requirements, there are the following. (Just to name a few).
1. Net worth requirements
2. Resumes
3. Background checks
4. Finger printing
5. Q.C. plans
6. Reporting requirements
7. Audit facilitation plans
8. File retention plans
9. Etc.
I know you are all looking for solutions not commentary!

So here are my recommendations.
1. Take a close look at your contracts. ( Look for the following)
a. “Indemnifications on both sides”. (There may be a clause that holds you as an originator responsible for obtaining all proper licensing for you as the manager, your branch, and all originators).
b. “Loan Origination Requirements” (There may be a clause that holds you as a “Net Branch Manager” responsible, and indemnifies the company from all representations made by your loan originators and you personally). Keep in mind; it is the corporate office ultimately responsible for overseeing, supervision, and management of all branch office/loan originator activities. (This means, you personally can not be held responsible, unless malicious activities can be proven on your part).
c. “Compensation” (Make sure it is clear in your “Signed” contract what entitles you to collect your commission). Sorry to say, if you read your contract in detail, this is where you will find you have many problems. This is where the company has one up on you. They now will take advantage of the state laws to avoid paying you. They just have to say because you did not follow the licensing requirements of the company in your contract they would be out of compliance if they pay you a commission.

Ok you all hate me now!! Sorry, just telling you how it is. If you have any chance of collecting your money, you will all need to ban together and do a class action against Dana, but sorry to say, these guy’s are pro’s and know how to work the system.
I recommend you all place your complaints with all the regulatory bodies to investigate, but keep yourselves personally removed.

The good news is; there are solid relationships you can enter into moving forward, I just hope you take heed to my comments, and find them informative. Please allow these comments to lead you to ask all the important questions, as you enter into your next business endeavor.

Wishing you all well in the future,
Dean

by Lenderdean May 4, 2007 12:00 AM

Lenderdean or anyone else on this blog, Is there legal recourse if an escrow check sent to Dana Capital was cashed by Sage Credit? Is it legal to have escrow or an atty. (in an atty. state) stop payment on a check that Dana Capital is sitting on?

Thx--
by taking action May 4, 2007 12:00 AM

I forgot to mention: If anyone here has questions or comments, I will check into this site twice a day, for the next few weeks. I am happy to respond and lend my recommendations.
Please forgive me if my response is slow coming, as I am in the Philippines developing call centers.
I am sure you have all been taken advantage of “lead providers”. I call them “Predatory Lead Providers”. They promise “exclusive leads” and charge $20 - $150 or more per lead. Please don’t expose yourself or your company to these scams. I am dedicated to put an end to these companies. I am dedicating my time developing a reliable lead solution for true mortgage professionals, again only true mortgage professionals. I will share the opportunities only after I have tested and proved results.
Stay Tuned

by Lenderdean May 4, 2007 12:00 AM

Is the Phillipines the new India?

by AliceBowie May 4, 2007 12:00 AM

If I understand correctly, Sage has already cashed the check? So there is no stopping the check.

Now we need to ask was it done legally.

As we walk through the transaction.
1. Who/what company originated the loan? i.e Dana or Sage?
2. Who/what company opened the “Escrow” i.e. Dana or Sage?
3. Who/what company sent all disclosures? i.e. Dana or Sage
4. What company Name is shown on the final HUD 1 Dana or Sage? (Need details).

If the “Final HUD 1 Shows “Dana Capital/Sage Credit” and the check was cashed, you may have a position, however as I mentioned in my in my prior comments, all they have to do is challenge your contract, and then you are back to joining all the others that have been “jacked” by this company.
So sorry for the bad news.
Bad guys win for now, please read my prior blog.
Please challenge me on my response, I will always respond.
Thank you
Dean

by Lenderdean May 4, 2007 12:00 AM

i´ve been with Bridge Capital for 4 years. They had their issues but are not going out of business. Top execs were fired for overhead and laziness reasons but they are fine now. Mike owns the company and is signing up tons of Dana branches now.

None with any history of fraud or any other things that will lead to the same fate as Dana. they are strict but one benefit they do have, and the very reason I wanted to post, is that they will pay the same day if you want it.

It will cost you an extra $250 if you want it but at least you can do it if you want your money right away and not worry about anyone floating it. I´ve walked in on numerous occasions, with a semi completed file and my check, and accounting takes out their fee (plus the $250 for same day pay) and gives me my check right then and there.

They just ask that if anything is missing once the auditing of the file is done that you have it back within a week. The only time they have held any money from me is when they are still waiting on conditions from files already paid out on. As soon as they get the conditions they are waiting for they release future funds. I know having to pay the extra $250 is not for everyone but with all of the rumors swirling around lately I didn´t want to take any chances so I thought it would be best to just do it.

I spoke with Chas today, who sets up all of the branches, and he just came back to Bridge yesterday and has assured me of the future. I´m flipping all of my deals back to them.

Anyway, sorry about what happened with Dana. Some of the posts i´ve read above would have put me out of business completely, with no chance of return. I hope it all works out for all of you. Best of luck.
by central123 May 4, 2007 12:00 AM

by AliceBowie May 4, 2007
Is the Philippines the new India?

Hi Alice,

Please!! India is a "JOKE" All the reviews have proved India call centers have a negative rating of 74%.

The Philippines has a positive rating of over 79% they just sound Latino.

Dell has set up a 7000 man call center here, Fidelity has two 2400 seat centers. Cisco has 6000 seats here etc. etc. etc.

No comparison.

Thank you for asking,

I wish more people would ask questions about the opprtunity.
by Lenderdean May 4, 2007 12:00 AM

Thank you central123,

I hope your relationship with Bridge works out well. I think they are a great company, and have sent a number of loans through them over the years. I wish them the very best going through these tough times, and I hope they will be one of the great companies remaining after all the fall out.

I still encourage and recommend everyone do their own research and consider posing questions based on my prior blogs. "Trust but verifiy”.
Dean
by Lenderdean May 4, 2007 12:00 AM

How good of a company can Bridge Capital be if they took in Myron Miller?
by eppisgood May 4, 2007 12:00 AM

So Myron Miller says it was the article about NJ that finally did it, NJ was looking for another $800k in fines that Dana Smith didn´t want to pay out. Myron said it was the net branches faults just as well as it was Dana Smith´s fault. The one thing I am glad of is that Myron did take my phone call, saved me a trip to Bridge Capital.
by eppisgood May 4, 2007 12:00 AM

anyone have a copy of the contract, we signed with Dana Capital, they can email me... thanks!

raul@danafinance.com
by djtracks May 4, 2007 12:00 AM

by ocbroker1 May 4, 2007 12:00 AM

I copied our pipeline report this morning to a .pdf

Raul I am emailing you the Salesperson agreement as I type.. it´s 5MB so it could take awhile.
by eppisgood May 4, 2007 12:00 AM

As long as we are all stressing about Dana, I heard that the Washington DFI was looking for copies of Dana contracts with net branches. Maybe we should get some regulators involved?????
by play_yalp May 4, 2007 12:00 AM

has anyone had any contact with anyone from Dana since they shut there doors? Has it been confirmed that good ole Myron is now at Bridge?
by ocbroker1 May 4, 2007 12:00 AM

Well... it looks obvious (to me)that Dana Capital representatives are reading these posts as yesterday, "no longer in mtgs" posted that we should print out our pipeline. Now, today... we don´t have access to that. What a coincidence. At least we know they´re worried about something.

Thanks for the idea "no longer in mtgs," I printed my pipeline report yesterday!!
by djtracks May 4, 2007 12:00 AM

TO TAKING ACTION:

is there a way to get a hold of you. i had something similar happen. Do you have an email or number.
by dd2 May 4, 2007 12:00 AM

To Taking Action:

How do you know for sure that Sage cashed this check?
I think I may have had something similar happen, but I´m not 100% clear.

by dd2 May 4, 2007 12:00 AM

Kita 1 kita wrote that Dana filed BK. Is there any truth to this or does anyone have info on this?

Also, can anyone prove that Sage has cashed Dana checks? This is important if anyone cares about attempting to get something back.

by dd2 May 4, 2007 12:00 AM

I´d be interested in what net branching company to take our loans in the future. Anyone have recommendations?
by elite777 May 4, 2007 12:00 AM

I´d recommend don´t take your loans to Bridge Capital. I´ve been lied to by Myron again and again. As the previous post said ´fool me once, shame on you, fool me twice- shame on me.´
by elite777 May 4, 2007 12:00 AM

Western Thrift? Has anyone heard anything about them going under or being in trouble? Its a crazy industry right now...
by elite777 May 4, 2007 12:00 AM

Western Thrift is great
by dd2 May 4, 2007 12:00 AM

anyone have a copy of the "branch manager contract?" Another net branch, who is in contact with a lawyer needs a copy... thanks.

raul@danafinance.com
by djtracks May 4, 2007 12:00 AM

ATTENTION -

You may not post personal information that is not your own here. No cell phones, no addresses, no social security numbers, nothing.

You may not post any ads -

Nothing saying you are hiring.

Nothing telling people they should pick this new net branch.

Nothing about a class action suit. Ads for class action lawsuits belong in the classified ads where they have always resided.

Anyone violating these rules is in danger of losing their posting privileges.

For information about advertising click the link at the bottom of the page or the classified ads link at the top of the page.
by backgroundgrrl May 4, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 4, 2007 12:00 AM

Beware of Bridge.
They went out of business 3 weeks ago. Closed doors, let go Amari. They were in debt over $500,00 from New Century buy backs. Dana has used our money to buy Bridge out of debt and send in his cronies to run the show.
Don´t fall Myron´s stories. He is the new Owner, not Amari he´s a RENT A BROKER. But 12 months ago, Myron was the IT guy at DANA. No experience, no cash just SILENT Partners backing his ownership at Bridge. That is the same story Quentin gave us about SAGE. Who do you think they ready are? Don´t fall for it again!
by broker13 May 4, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 4, 2007 12:00 AM

A typical newkey agent?

http://www.brooksbrown.net/Home.html

by Anybody May 4, 2007 12:00 AM

On ripoffreports dot com there is a big thread where WLG and newkey agents are spewing garbage at each other. Can you believe that doofs like the WLG newkey, etc. are making huge money by running our industry into the ground? These MLM idiots make me puke.
by Anybody May 4, 2007 12:00 AM

This tells all you people what---YES! Start your own, grab the big bucks then blow all your people off and BK.

Why be a branch when you can own the roots? Everyones doing it. The regulatory agencies just LOVE you net branches too.

So go net or be square. Put together 4 or 5 dudes with some coin and open up your own.
by JustplainMarvin May 4, 2007 12:00 AM

If you pay to open a branch, you´re in violation fof federal law. You can be banned for life in many states.
by ducksface May 4, 2007 12:00 AM

Need to access your Dana Capital pipeline? E-mail me and I´ll help you access it.

smilne78 ATTT cox DOTTT net
by eppisgood May 4, 2007 12:00 AM

http://azdfi.gov/Alerts/Regulatory%20Bulletin%20BK-06-01.pdf

That´s the link to AZ, it includes the federal link. It explains exactly why the Woolly Mammoth of net branches is already to it´s ears in tar, and still clueless about it. They were incredibly stupid, and are now credibly extinct. Do what you want, but net branching days are few. Just buck up and get a license, or join a legitimate lenders a legitimate branch. All any attorney against you has to do is present the linked document above to any judge and that judge will proclaim that you did not come to the party with clean hands, so culpability cannot be determined.

I´m not taking sides, I really don´t care, with the exception that I think you should be paid for what closed. I can´t believe {I can believe it it´s just overwhelmingly childish and unprofessional} that there are people among you who don´t have a copy of their contract or a copy of the pipeline. It makes some of you look really stupid, and unfortunatly those few stupid ones greatly detract from those of you who simply got caught up in the machine.

Bag on me for grammer and spelling, curse, call me names, just read the link and then go to the link inside that document. It´s federal, it´s wrong. PERIOD.

A favorite quote from God only knows where; ´After breaking the camels back, the last straw floated on the wind in hopes of finding a drowning sailor who would grasp at the straw.´ Punchline, there´s always been a Dana, always will be. It´s what legends are made of. Unless you are stupid children who never listen, you´ve heard the same stories about First Alliance, MoneyStore....

Please go to work for a legit company ASAP. It´s breaking my heart that so many in my good mortgage business are becoming unemployed. Of course I´m glad that the shoesalesman, strippers and bartenders are getting the hell out, just please don´t get caught in the crowd headed to failure. Professionals just get another job, live on the savings until the pipeline builds, and wonder what ever happened to ´Legs Stickly" that stripper that used to get spoon fed the deals, you know, the one that didn´t know there was t in mortgage....
by ducksface May 4, 2007 12:00 AM

by jdgsurfer May 4, 2007 12:00 AM

Pacific Wholesale Mortgage (http://www.pacificmtg.com/) is a good shop to do out of state loans...I have heard good things about them. A coworker of mine services them as their wholesale rep. Might be an option for some of you...

by jdgsurfer May 4, 2007 12:00 AM

Nets are one of the main causes of the degradation of this industry. They are petri dishes for the growth of the NON SUPERVISION fungus.
by JustplainMarvin May 4, 2007 12:00 AM

To Q I told you so and broker13,

You have no idea what you are talking about. At least speak the truth. If you don´t know what the truth is why even discuss it? Another prime example this industry has a bad name.

I read a post about an hour ago and wasn´t able to respond then from ´menonmyspaceare..´ that was true. I´m unsure why it was deleted, it didn´t seem to break any rules and it told the story fairly correctly.

Mike Ahmari owns Bridge Capital Corporation. Myron has no ownership in the company whatsoever. Has he been telling people this? Trust me on that statement, I only speak the truth.

Yes, there are a couple people that worked in Dana Capital´s corporate office that Mike Ahmari hired to assist in bringing over, and servicing, all of the Dana Capital branches that are interested in signing up with them, but no ownership has changed hands and there are no secret investors as the 2 of you guys have lied about in your rants above.

I got the entire scoop from an incrediby reliable source. They cut the fat at Bridge, it is as simple as that, but I´m glad they did because the people that are still there are the ones that have always helped me. I can´t say the same for those that no longer are at the corporate office.

I think every branching company has its problems right now, and if I am wrong then I will be the first to admit it. I´m not saying I have never had issues with Bridge. Saying that would be a lie. But all in all I´m still in business doing 40+ units every month (yes I wish it was more) and I like the fact that I can get in my car and drive South on the 5 freeway for 6.7 miles and be at the corporate office if I have an issue that needs to be resolved.

Sorry for calling someone out but the truth is the truth. I´m a branch there and don´t need clients doing a search and finding people talking BS about the company that is about to broker their loan out.

Thanks.
by central123 May 4, 2007 12:00 AM

To dd2 and lenderdean,

Sage used to be DCG Home Loans, Inc. Our title company made an error by cutting the HUD check out to that company thinking it was an alternate name for Dana Capital Group. We are still investigating how the title company came up with that name when all the documents clearly list ´Dana Capital Group, Inc.´ as the broker with the 8001 Irvine Center Dr, suite 1200 address.
We cannot get Sage for cashing the check, but both Sage and Dana could be culpable in handing over the borrower´s private financial documents to an entity (Sage) that didn´t have the borrower´s permission to have them.
The accounting officer at Sage promised to send a check in the same amount back to the title company along with the borrower´s file but we have our doubts about any promises from these unsavory people.

Ed
by kideyse May 4, 2007 12:00 AM

Unsavory like a title company that made a huge mistake that will probably cost them their bond? Unsavory like the prosecutor that will arrest someone at your office for complicity in unlawfull disbursement of funds? Unsavory like the prosecutor that will go over your books like you´re a criminal?
Write a new check before it´s too late.
That was truly a stupid thing to disclose in a public forum. Please consider the pure ´pass the buck´ attitude of this company when ordering your next title work. Dana and Sage culpable, nice try!
by ducksface May 5, 2007 12:00 AM

OK, I misread that one a bit. When you wrote ´our title company´ I figured you meant ´the title company that I represent´. I caught it on a re-read. Now you´re on the other end of my missive.
Get their bond. That title company did something completely criminal.
Still, Dana can´t be had for a title companies gross mishandling of escrowed funds. You´re out of the loop excpet for going after the bond.
by ducksface May 5, 2007 12:00 AM

To dd2:
I confirmed today that Sage Capital didn´t cash the escrow check. I had the atty.track the check, since the deal I originated was in Jersey. Any word on a class action suit or anyone having contact with Dana, since their doors are locked. I went down there on Thurs. their offices didn´t seem empty just locked.The lights were on. I also checked the 7700 building the Sage suite was empty, but they now occupy the entire 2nd floor of the 8100 building. Leave a contact where I can get a hold of you.

Thx---
by taking action May 5, 2007 12:00 AM

To Ralph D.,

I have responded to your emails. It seems that you are not receiving my replies. Please let me know.

Ed
by kideyse May 5, 2007 12:00 AM

To ducksface,

Why are you trying to defend Sage´s cashing of a check that they didn´t earn? It might have been legal to deposit the check, but obviously immoral and unethical. On top of that, 3 months of enquiring and they are still sitting on it. Only after ccing Mr. Caruana did I get a reply. With the borrower´s cooperation, we can still get Sage in trouble for compromising his private financial information that they did not have permission to see.

by kideyse May 5, 2007 12:00 AM

First, let me start by saying hello. My name is Mike Ahmari and I am the owner, CEO, President and at times the janitor at Bridge Capital. I have been introduced to this blog in the last 2 days after hearing about Dana Capitals Closure. I have read a lot of your comments and every one of you have valid points. All of you as entrepreneurs, your employees and their families have been effected by this. Please understand, the reason for this email is not a solicitation to capture your business but rather to explain to you where I and my company stand in the midst of all these rumors and allegations that I see.

I am the sole owner and stock holder of Bridge Capital. I was introduced to Myron Miller for the first time on Wednesday April 25th at lunch by a mutual friend. I have never done business or met Myron or any one else from Dana Capital. I was simply approached to hear what Myron had to say and his dissatisfaction as to the way things where being handled at his company. I was told that he was going to resign and he needed a place of employment with a more reputable company.

Bridge Capital has been doing business since 1998 and in latter part of 2006 got hit buy some buy backs as a result of our previous wholesale division as well as some previous branches. We were honest and straight forward with the few effected branches and made arrangements to address the issues. At that point and especially with the closure of New Century, I introduced the concept of daily or the same day pay outs to the branches. This process helped the branches with their cash flow especially in the tight market such as the one we are in at this time. (Which company that you know in this market that doesn’t run into cash flow issues from time to time?).

On Monday April 31st , only after finding out that Mr. Miller had resigned from Dana Capital, I offered him a job to assist me in running a portion of Bridge Capital. In no way was he offered ownership or given ownership of Bridge Capital. I believe in his story, his ethics and his passion. It is my belief that recently he was given a position as the CEO of Dana Capital to help run the operation with his hands tied behind his back. I believe with the right tools and backing he will do great at Bridge Capital.

I have no aspiration to be the biggest Net Branch Company but rather, one of the best. In the last 9 years we have carried a great name in this industry and we will continue to try to improve ourselves every day. It is very simple to contact me with any concerns or questions as I will include my e-mail address for you. ahmari@bridgecap.com

by Mike Ahmari May 5, 2007 12:00 AM

Mike,

You´re a dolt whose pathetic ad will be deleted and Myron is an asshole...

You both know differently about the reasons Moron (Myron) met with you (and when) and how the "surprise" notice came about...

You´re a fool

by Informedisback May 5, 2007 12:00 AM

Who does the processing? Is it in house or do the branches do it? If by the LOs, how do they communicate that to your main office? I ask this because of your same day payout. Many shops have to do a strict QC before cutting a check. How are your branches staying in compliance? Or did you mean same day as received and QC´d instead of waiting for payroll periods?
by JustplainMarvin May 5, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 6, 2007 12:00 AM

Informedisback, a typical ´branch manager´ probably fighting to do 5 loans a month calling a real, true businessman a dolt who has, himself, gotten his company licensed in almost every state in the US when Informedisback probably doesn´t even have a license to lend in California. That is why he has to use a net branch company in the first place. Sounds to me that the true ´dolt´ is Informedisback himself. Look in the mirror. The only fool is you. Get back to cutting and pasting tax returns and bank statements so that 1 loan you have this month can fund and you can make your C Class Mercedes payment. Tool.
by central123 May 6, 2007 12:00 AM

Cutting and pasting...? LOL!

That´s so 90´s

It´s my business, desire, and insatiable hunger to know what´s going on inside and since I´ve actually got "friends".......Info is FREELY offered as to what´s up

Insider stuff is the best,

PS: I´m the one in a King Ranch on a dusty road

Typical moron

Ask the two dolts as to why Moron left with branches (and when) Or was that an accidental thought process? Oooops,

Come out from under the desk and ask Mike face to face before you quip your stupidity to those that know putz

Create another screen name for a Bridge Capital back patter....it´s really hard to tell when after 1 post you have the support crew in line to defend your stupid ass.....especially late on a Saturday night,

LMFAO!!!

DDD

by Informedisback May 6, 2007 12:00 AM

LOL is right!!

What an idiot!!!!!!!!!!

Since I´ve had kids a Saturday night is the same as a Monday night so I´m not sure why you brought a day of the week into the arguement.

I have no idea if Mike really wrote the post, like I´ve stated in other posts before, I am a branch of Bridge, so that is why I said what I said moron.

If you truely are the one "in a King Ranch on a dusty road" (lame) than you shouldn´t have any problem jumping up from behind your own screen name, like Mike Amari did,
and let us all know who you are.

It won´t happen though because your "friends" that tell you stuff are just like you are - pissed off ´Branch Managers´ that can´t make their car payments because Dana ripped them off. That is all you will ever be, a struggling California Broker, if even that.

LMFAO
by central123 May 6, 2007 12:00 AM

Uh...first of, April only has 30 days, right? (read the post by Mike) I don´t know who Mike Ahmari is, and don´t really care. Can we keep this thread to people that want to get their money back? What progress has been made, other than filing complaints with the Dept of Labor/DRE?

Just an FYI...I had a check that was payable to Dana, but I didn´t give it to them, mainly because of the slow payment issues and the newly created ´payment plan´...

Lets just say Dana never saw their money on that one....

by tustinbroker May 6, 2007 12:00 AM

A check payable to Dana will be trackable through escrow. Hopefully that check will be trackable through Fedex, UPS, etc. If you received the check and did not forward it to Dana, you´re in about 100 violations of contract and law. Please don´t be stupid just because the title of ´net branch manager´ cannotes such. If you withold a check and it´s proven, cops will knock on your hollow core door and haul your ass off. Dispute this if you can.
I´m deriving that even as mad as all of you are, no one has yet to call Dana Smith stupid. I´m guessing one of you is going to try the corporate patience and be made an example of. Please note that while all of you want to get lawyers, the few that mention that they already have lawyers also say that those lawyers are floundering.
Deep pockets [Dana] and considerable time for forethought, is what makes for excellent defense in courts. Please revisit this train of thought many times before doing something as stupid as withholding a check, or tearing up a deal, or posting crap. Records of blogs can be requested as court documents and pinging your unique computer id number is a valid way to find the uninformed who are libelous in their opinion. Dana can casually through $10,000 at each and every one of you, $100k flung at whomever he decides to make an exmple of, appearently he can do that just from the money garnered during the ´check for a deal´ scheme.
Desperate times do not call for desperate acts. It calls for a revisit of the situation and extreme logic. The hive mindset is a good thing if it shows you a path out of the burning building. Joe know´s the second floor, Judy knows the first, we´re on the seconfd floor... ´I know, let´s listen to Joe, then Judy.´ The angry crowd mindset gets rewarded with scattering, then dieing.
I still don´t care. I don´t do business with any of you or Dana or Bridge. My attachment to this situation is long distanced yet it will provide me with much information as to how the system works and how not to fail if ever placed in your position. I´m just using this forum as a learning tool. I suggest many of you do the same.
by ducksface May 6, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 6, 2007 12:00 AM

To Mike Ahmari-
That´s a great story, but will you ask Myron how those of us who were screwed by Dana Capital can get our commission?
It´s great that he has been offered a new job, but again there are those of us who were relying on our commission to pay bills and support our families. It´s bad enough that our money is gone but the worst part of this ordeal is that the employees of Dana Capital were just rude and evil during the last few months. They were making up reasons as to why our deals were "out of compliance", verbally abusive on the phone (Bill Baker)not returning emails (Amanda Smith),...... on a daily basis. So it´s great that you believe in "Mr. Miller" however it seems that he has landed on very soft ground. Thank you for your email and invitation to contact you, but your message sounds a bit patronizing considering the circumstances. I have a processor that has approx. 25 deals currently in the pipeline with Dana Capital, what does Mr. Miller have to say about that?????? And yes, I am moving on with my other deals, but I´m still pissed.
by taking action May 7, 2007 12:00 AM

Anyone know Dana Smith´s original name?
by kideyse May 7, 2007 12:00 AM

To Kideyse

Is there any way you can get me something showing that Sage cashed the check? Is there a copy of a cancelled check or something that the title company can give you?

by dd2 May 7, 2007 12:00 AM

To dd2,

I can send you a copy of the deposited (cancelled) check. Sage legally did not do anything wrong by depositing a check that was made out to ´DCG Home Loans Inc´ which is an alternate name for Sage Credit. This was an error on the title company´s part, who thought the above name was just an alternate name for Dana Capital Group. Since it was originally a title company error, we can as ´ducksface´ had suggested, recoup our losses from the title company´s bond.

However the people at Dana Capital never bothered to look at the other documents in the file which clearly listed ´Dana Capital Group´ as the broker before handing the file over to Sage for them to cash the check and sit on the funds which they didn´t earn. And we can still get them both (Sage and Dana) for compromising the borrower´s private confidential financial information to a third party that was never granted permission to see them.

If Dana Capital Group and Sage Credit are indeed seperate corporations, then they have some explaining to do to this borrower and to a judge/jury.

Send me an email at ed@myhouse-now.com and I can send you the copy of the cashed check.
by kideyse May 7, 2007 12:00 AM

I may be mistaken [I sincerley doubt it], but I believe all borrowers sign a document saying that the potential lender can show the documents to whomever they choose, pull any credit reprot they choose and transfer or assign the file to any lender they choose at any time they choose. That´s what those authorizations you have signed are, and what a transfer agreement statement is. You know, the one with the boxes checked saying ´100% of the time we do not service loans´ or something to that affect. So I think you´re off base on this, and getting the borrower involved is a really really silly thing to do. He´ll get a lawyer of his own, and you really don´t want that to happen. If it´s a stated loan the lawyer will accuse you of being a kink because the lovely Mr Smurf would never lie, holy cow! Mr Smurf is a Christian [or Cenobite or whatever makes the jury cry], if it´s full doc and you got an exception, you´ll be a predatory monster for doing such a thing, you are on the wrong tact with this one....
NEVER GET THE BORROWER INVOLVED AFTER THE FACT. THEY HAVE SELECTIVE MEMORY AND THE JURY WILL BELIEVE THEM AND NOT YOU. ANYONE STUPID ENOUGH TO BUY A HOME IN THIS DECLINING MARKET WILL SAY WHATEVER IT TAKES TO BURY YOUR DUMB ASS.
It´s 100% the fault of the title company. Go after their bond. 1000 checks a day go into that office and that department is nowhere near, and only vaguely associated with the loan department. A check ocmes in, it gets cashed. A loan comes in, it sits till they find the right pile for it. The check was just a completed box on the loan survey to the loan department. Think a bit boys before you spout.
by ducksface May 7, 2007 12:00 AM

the 1000 checks a day I refer to is referencing DCG/Sage and not the title company. There is no excuse for the title company, they just screwed up and need to fix it on your first phone call. I´m sure even in your small offices thaat the check gets cashed before the deal is looked at to ascertain correctness.
by ducksface May 7, 2007 12:00 AM

Kideyse

I emailed you. Could you send me a copy of the cashed check?
by dd2 May 7, 2007 12:00 AM

by madashell May 7, 2007 12:00 AM

To ducksface,

You are correct about the document, it is called ´Borrower´s Authorization´. However, this is for the lender like you said, not the broker, and to the disadvantage of Dana capital, we had not included it in the file sent. A blessing in disguise.
by kideyse May 7, 2007 12:00 AM

http://www.dir.ca.gov/dlse/Form1.pdf

above is the link for the division of labor complaint form. I´ve posted the dept. of corporation complaint form earlier in one of my posts.
by djtracks May 8, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 8, 2007 12:00 AM

Sounds like an ad processcenter....
by I sold a barrette 2 a bald woman May 8, 2007 12:00 AM

Well, take it for what it is and move on! Just like grocery shopping. Maybe we can make this a positive site somehow!
by processcenter May 8, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 8, 2007 12:00 AM

Calloans123,

http://www.youtube.com/watch?v=0h0z6vkcY10

by Informedisback May 8, 2007 12:00 AM

Don´t you find it odd that there are people here who really know, such as processcenter, and probably justplainemarvin and then those that never will? It´s been a week or so since the debacle, how many of you have opened a new pipeline somewhere?
Some of you are just the tangle of undergrowth that the experienced people had to hack through to find the good timber. But as usual a wildfire is clearing it all out. Only the big trees survive a wildfire. The tangled masses are the first to go. I´m hoping you realize your position as tree and get a job soon, or weed and get the hell out of the way.
I´ve been through many many fires in many different industries. Luckily I´m so far away from this one I can barely smell the smoke, but those toys you´ll be selling for dimes on the dollar will at least get me to wander over and inspect the carnage.
The Dana story is old enough that it should be a nice hobby...the proposed lawsuits etc, not a huge portion of your day. Spend more time on work and let this Dana thing fill when the web is down or you´re waiting for a fax....

Someone is getting WAY ahead of you right now. That´s the someone who has found some normalcy and grasped onto it. They are building a pipeline right now, you´re reading this.

by ducksface May 8, 2007 12:00 AM

Do not do business with Bridge Capital! I am still waiting to get paid my commissions. They even sent me an email saying my check was in the mail. Their office in Foothill Ranch is gone. I have been asking for my commission for two months!!!! Do not waste your time trying to send deals through this company. You will be sorry.
by camloans10 May 8, 2007 12:00 AM

Duckbutter,
You should stick to learning, and unless you are an attorney, keep the legal advice to a minimum. Don´t worry about who´s coming to knock on my door...EVERYONE is looking for a much bigger door to knock on...

So, you mean to tell me, that if I hold a check from Dana Capital, and they owe me thousands of dollars, that I´ll go to jail for holding on to the check until they pay me? How about this...what about the fact that the last check they gave me, they placed a stop payment on, for no good reason? Do you think any of this would hold up in a court of law? You are obviously employed by one of these subsidiary companies, and know nothing of the violoations that Dana Capital has committed...you say holding a check is over 100 violations, then what is blatently stealing from brokers to buy back loans? cmon man, cmon....you sound like a buffoon.

"Try the corporate patience?" What the F are you talking about?!?! There is no more corporation...they have run off with our $$!! I WILL dispute this...if someone were to try to prosecute for holding on to a check (that I cannot even deliver now, and wouldn´t because they owe me money according to their "payment for loans" program" then Dana wouldn´t have a leg to stand on...there isn´t a judge that would honor a defense of theirs, no matter how much alleged $$ he´s got...

And your analogy of Joe and Judy? Joe and Judy have both left the building...along with Dana and our money. E.A.D.
by tustinbroker May 8, 2007 12:00 AM

To dd2,

I sent you an email yesterday, but it seems you didn´t get it. I sent you another just now 7:45pm EST. If you didn´t get it please post here. You may need to lower your SPAM filter settings.

by kideyse May 8, 2007 12:00 AM

Duckbutters meaningless banter graces our presence once more

"Only the big trees survive a wildfire." "I´m hoping you realize your position as tree and get a job soon

Yo...I got a big tree for you. LOL....

Trust...no one puts all their eggs in one basket, so quit with the "I am an experience broker that knows more than you" speech...

We ceased operations with Dana long ago, saw the writing on the wall and have already braced ourselved for the future. You won´t hear from me again, at least not responding to your less than mediocre attempts at belittling people. I´ve got loans to close!! while you´re reading this :) LMFAO
by tustinbroker May 8, 2007 12:00 AM

Kideyse

I got it, thanks. Now did you say that was cashed by Sage?
How did escrow mess up again?

by dd2 May 8, 2007 12:00 AM

To eppisgood and anyone else that might know,

I am trying to get a handle on the approximate scope of the problem here. eppigood, in an earlier posting, you had mentioned that you were able to access the Dana branch pipelines. Could you please provide us with an idea of how many branches are affected and what the total amount owed is?
by kideyse May 8, 2007 12:00 AM

Kideyse

Did you say that DCG Home Loans is an alternate name for Sage, and DCG does not stand for Dana Capital Group?

Who formed the name DCG Home Loans? Sage, right?

What does DCG stand for? Why would they use that name?
by dd2 May 8, 2007 12:00 AM

To dd2,

I sent you one email yesterday with the attachment and a return receipt request.
Did you get this one? Because I never received the return receipt.

Then I sent you a test message this evening with a return receipt but no attachment. Did you get this one? Because I never received the return receipt.

I also sent 2 emails with no return receipts, one of them had the attachment. But I asked you to reply to the emails. I never got the replies but you have confirmed through this post that you received the attachment.

Please let me know which of the 4 emails you have received.

I am trying to debug this email comm problem. I suspect that certain ISPs are filtering out email that requests return receipts or return receipts with attachments.

I will go offline with you on the Sage/Dana issue.
by kideyse May 8, 2007 12:00 AM

To dd2,

If all these alternate names for Dana Capital are confusing you, you are not alone. Even the title company got it mixed up. According to the people at Dana Capital and Sage that I have corresponded with:

DCG Home Loans, Inc is a former name and alernate name for Sage Credit.

However Dana Capital Group, Inc. and DCG Home Loans, Inc. are two seperate corporations, albeit sharing some of the same executives and shreholders.

Quentin Carauna is/was Vice-President of Dana Capital and he is president of Sage Credit (DCG Home Loans).

I am not in southern CA, but from what I gather from the postings here:
Dana Capital Group, Inc. occupies the first floor of 8100 Irvine Center Drive (now closed and locked to public);
Sage Credit (DCG Home Loans, Inc) occupies the 2nd floor of the same building.

by kideyse May 8, 2007 12:00 AM

Thanks Tustinbroker! Your reply to Duckbutter was great. He really needs to get a life! His notes are the longest ones on here. So he doesn´t seem to have to many sticks or logs in his fire. I have gotten paid in a half hour from Bridge. On the check exchange for an additional $250.00 fee, which is worth the money.
by processcenter May 8, 2007 12:00 AM

Last post, sorry they are so long, but I am cursed with a 110wpm typing speed and lucidity.
About the Bridge $250 deal; I just have to ask, do you pay the $250 because you don´t trust them, or because you´re perpetually broke?
I´m going to guess your average check at about $5k, isn´t that a 5% INSTANT loss? Seems like a plan.... So if you do 10 loans a month, you pay $2500 just to get paid? Is that $30,000 per year? You could pay for rehab with that. Remarkable. Did you explain it that way to your mom, or does it just sound stupid when you say it out loud?

Those that saw the Dana thing coming, Congratulations on being astute. You´ll add this to your collective knowledge and see the next one even sooner/clearer. Those that didn´t should really pay a lot more attention.

It´s not a good thing to put yourself in peril by riding the coat tails of the capable. One day the capable will just shake you off like so much dandruff. Oh, that´s right, Dana already has. And I am now.
Last request as my caring has truly waned;
I´m going to ask you to look up ´Casandra´.

by ducksface May 8, 2007 12:00 AM

I´ve been reading this thread and felt compelled to share my thoughts. Dana Capital´s mishandling of branch commissions has been nothing short of criminal. The underhanded, unprofessional approach has been nothing but frustrating. I have 22 years in this industry. The company I own is strong and licensed in over 30 states. Although I only lost 15,000 in this debacle, I am still frustrated by the unreturned phone calls and emails. These branches thought they were part of a team only to find out that there was little regard. To this day there has been no detailed explanation for the mishandling of revenue generated by the branches. This is unacceptable, unfortunate and simply greed at work.
by NoNonsense May 8, 2007 12:00 AM

I got screw over by Dana Capital too. Now, I can´t view the pipeline when I log in. They told me my check will be available on the 3rd, but when I came out the doors were shut, don´t pick up there phones, and I notice a couple of fed ex slips. Sucks that they are not paying anyone and not telling everyone else that they are closed, so they can collect more checks as they come in.

By the way don´t work w/ bride capital. They owe my friend 100 thousand and he has yet to see any money. I guess they are adopting the same method as the Dana punks. Collect, buy-time, and run.

I hear from some of you that Sage on the second floor is own by the same losers. We need to start rush that floor and demand some answers.
by tayzer May 9, 2007 12:00 AM

Sorry to all for my pissiness. I couldn´t quite put my finger on the source of my disgust. I just did.
Which of tustinbroker´s statements is the lie?

"Just an FYI...I had a check that was payable to Dana, but I didn´t give it to them....
Lets just say Dana never saw their money on that one...."
by tustinbroker May 6, 2007

"We ceased operations with Dana long ago, saw the writing on the wall and have already braced ourselved for the future."
by tustinbroker May 8, 2007

So tustinbroker was stealing from Dana ´long ago´? With-holding a check is tantamount to theft. Everyone thinks it of Dana, why wouldn´t we think it of tustinbroker?

tustinbroker will do so well on the witness stand....

OK, now I´m done.

by ducksface May 9, 2007 12:00 AM

TO ALL:

STAY FOCUSED ON THE MISSION AT HAND. DO NOT BE FOOLED OR FRUSTRATED BY THOSE WHO TRY TO SPREAD FEAR AND INTIMIDATION. THIS SITE PROVIDES AN OUTLET FOR OUR FRUSTRATIONS, WHICH ENABLES RELEASING OF NEGATIVE ENERGY. REMAIN STRATEGIC, CONTINUE TO LOOK FOR NEW NET BRANCH OPPORTUNITIES AND REBUILD YOUR PIPELINES.

HELP IS ON THE WAY.

by monytime May 9, 2007 12:00 AM

http://www.hudclips.org/sub_nonhud/html/nph-brs.cgi?d=MLET&s1=00-$[no]&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=../html/shortcut.htm&p=1&r=33&f=G

by ducksface May 9, 2007 12:00 AM

cut and paste entire link into your browser. Clicking on the link will not work.
by ducksface May 9, 2007 12:00 AM

Thanks for the encouraging words monytime! Duckbutter get lost and get a life! If your not in the Mortgage Biz anymore, don´t spread your good cheer!
by processcenter May 9, 2007 12:00 AM

My sincerest apologies to those I may have offended. It certainly wasn´t the plan.

by ducksface May 9, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 9, 2007 12:00 AM

I´m curious about the Involuntary BK thing as it is used from a creditors vantage and how as an employee you bridge that gap?

Has an Atty taken this?

by Informedisback May 9, 2007 12:00 AM

Ur the man robertch13, bring them goons to their knees!!
by tayzer May 9, 2007 12:00 AM

To: ´“Q” I told you´ A.K.A. Roland Serna. I have been involved in all of your dealings with Mr. Ahmari. I am a previous employee of Bridge Capital and I actually processed the loan that you referred, again let me emphasize, REFERRED to Mr. Ahmari. Your loan officer was in the middle of a personal crises which you admitted, and apologized for, and when Mr. Ahmari told you he did not want to handle this loan any longer you begged him to continue to close the loan. I can prove this based on saved e-mails and correspondence between myself, your loan officer, and the borrower, none of which wanted to do business with you directly. People like you simply like to pass the buck. Nothing is ever your fault and you never make mistakes.

Please understand that I am no longer there and therefore there is no reason for me to say what I am saying. I just don’t think you should bash people that have actually helped you in life. People like you are so ready to pass judgment, even though if truly and closely looked at, what is it that you have accomplished in this industry besides to sit on the sidelines and talk about every one else? At least some of these people have lost their income and livelihood to the Dana Capitals of the world. Mr. Serna, what is your excuse???

by jen1973 May 9, 2007 12:00 AM

"""By the way don´t work w/ bride capital. They owe my friend 100 thousand and he has yet to see any money. I guess they are adopting the same method as the Dana punks."""

To Tayzer, I have to disagree with your statement above. If Bridge were adopting the same method as Dana they would have done the same thing which would be to pack it all up, close the doors, put a sign up, and get ready to file BK. The diference is that they did not do that. Instead, they down sized tremendously, got rid of the big salaries, kept the hardworking helpful employees and are paying all of the branches back that they owe money too.

I am a branch, I am owed about a 3rd of what your friend is owed, and I am in constant contact with about 25 other branches at all times that have become friends of mine. Some of these branches have been paid back already. It is a rough time right now. I´m happy that Bridge is fighting on, keeping the doors open, with paying the owed branches as their 1st priority.

They didn´t take the easy way out and close the company and rip everyone off, they are keeping things going. I know I will get my money, and your friend will get his too, so I am not worried. Bridge could have just as easily did what Dana did, but they didn´t.

Look at both sides of the issue. They help me out and I look at this as a way that I am helping them. They are good guys over there, going through a rough time, and they will pull out of it. They could have easily taken the easy road and did exactly what Dana did (as you suggested they already did) and closed shop, screwing all of us in the process.

At least if you are a Bridge branch you will get your money within a couple of months. The same does not apply for the Dana branches on this board. They will never get any of the money owed to them and it is not fair at all. I, too, am getting screwed for a little over $7,000 on a New Jersey deal that just funded two weeks ago that I did through Dana. I know I will NEVER, EVER see that money. But I do know that I will see the $38,900 that Bridge owes to me.

I will be the first to admit that people should not do business in states they are not licensed in. That goes for almost all of us on this board, myself included. I don´t want to deal with all of that and have to get licensed in the 10 states I concentrate in and bonds, etc. so I am grateful I have an outlet in which to make this money. I will give Bridge the benefit of the doubt on this one because of what is going on in this industry and because they have never in the past done me wrong.

I suggest other people do the same. There is a lot of money to be made out there. Let´s continue doing what we do instead of talking down on everyone all of the time.
by central123 May 10, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 11, 2007 12:00 AM

Anybody know of a couple of decent branching networks we can run loans thru? One´s that pay 1099 and take only 10% of fees generated.
Thanks.
by badfeeling May 10, 2007 12:00 AM

I heard dove capital was pretty good. We are signing up w/ them and they sound like they are a million times better than Dana Cap, Sage Credit, and Bridge Cap. The only problem is that they don´t have as many states.
by tayzer May 10, 2007 12:00 AM

pacific wholesale mortgage, inc. in pasadena ca. this isn´t an ad, just an answer to a question. i found out about them recently.
by jca May 10, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 11, 2007 12:00 AM

Hey wannagetpaid,

Check your title website and type in dana smith. If I had to guess, it would be by the beach somewhere. Try laguna beach or cities around the area.
by loanstoday May 10, 2007 12:00 AM

To badfeeling and other people contemplating net branches,

When you are making a business plan, one factor that you cannot take risks on is how you are actually getting paid the money that you earned.

As a licensed mortgage broker, you are paid directly by a title company or attorney, both for which there is no risk since they are bonded and insured.

As a "net branch", you are paid by a third party that was issued the original check from the title company or attorney and therein lies the risk. If you don´t have enough solid references and other information on the brokerage, don´t risk working for them.

Sometimes even the best references and years of working together can go sour and you end up not getting paid for your work. Managing a company and paying everyone is not so difficult when times are good. Its hard to find owners of companies who don´t fold and run when they are really tested. And that is what we have witnessed with Dana Capital and others.

by kideyse May 10, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 11, 2007 12:00 AM

Copyrighted material has been removed.
by backgroundgrrl May 11, 2007 12:00 AM

anyone have an updated on a class action lawsuit?
by djtracks May 14, 2007 12:00 AM

I have lost more money with Q and Dana then most.

Cmon guys, at a certain point, its a moot point. My personal properties have gone into default and foreclosure, I lost my company, i am relegated to start all over again at square one.

but sitting here bitching about it forever wont solve anything.

get on the phones, dial for dollars, and close some escrows.

we are all just paying more tribute to two pieces of garbage in dana and quentin that dont deserve our effort of conversation.

they will get theirs on their own. as for us all and all of our lost money: its gone, its spent, and we wont ever get it back.

i am not happy about it at all. but i am doing what i do best now - building again starting over and closing some escrows myself to fix the hole they put me in.

godspeed all of you and best of luck.
by sagacapital May 14, 2007 12:00 AM

Stay away from Intel Marketing Group, LLC out of LA, they are a big scam on leads. Contact person is Jason Davis. Don´t waste your money!
by processcenter May 15, 2007 12:00 AM

I am a consumer located in Chicago. Two years ago I refinanced my mortgage through Dana Capital, who was referred by First Pacific Financial. Dana Capital used a California title company, who confirmed clear title on my property. However First American Title claimed the California title company made a "mistake" so they were fined $500. First American Title paid $80,000 to settle a $60,000 claim (!?!) then wanted me to pay them. Never going to happen. I filed a Federal lawsuit against both First American Tile and Dana Capital. This was last year. Tonight my attorney tells me Dana Capital seems to have disappeared, basically leaving our case nowhere. Dana´s attorney´s now want to withdrawl from the case (most likely not being paid).

I refuse to simply "go away" however. As part of my investigation if anyone has information on Dana Capital, i.e. names of officers, new company name, anything that might be helpful to my case, I would appreciate it. I will be posting here any information. Because of the antics of Dana Capital I am looking at foreclosure and the loss of literally several hundred thousand dollars of equity. I would call that motivation.

I was able to locate and sign up to this board after just a few minutes of research. Anyone who would like to share information confidentially can do so. I will provide my personal email address via cell phone. Please feel free to call me at 630-461-0913.

Thanks for any help or suggestions.
Datablade

by datablade May 15, 2007 12:00 AM

I want to clear one thing up about Myron, I have waited untill now to say something as I wanted to be sure of which I speak.
I went to Myron with a major problem,my check from Dana bounced 2 days after it was issued,at that time HE didn´t know that his own payroll check was no good,once we verified the situation, he told me he would do his best to get me my money, 3 days later he was able to get a check for $15,000.00 to me, it cleared today, of course Dana still owes me $10,000.00 but Myron lived up to his word and delivered. His only motivation was to help me, I do not have a big office so the thought of future scores also did not enter into it.
I am forever grateful to Myron for living up to his word
and getting me out of a tight place.
I am also very sorry that many of you are in even tighter places I wish I knew what to do to help.
BigMo
by onebigmo May 16, 2007 12:00 AM

only if i knew.

here is my problem I had with dana.
i signed up with dana about 3 months ago and submitted my first deal for payment about 25 days after that.

i was never given any idea of the problems going on with dana(should have read this board first).

i feel now that being solicited by the same people that assisted me with dana is quit funny.

here are the emails sent form bridge: part 1:"I have an approval letter ready for you for Bridge but the fax number I have is not working. Can you please send me a current number?"

thought to self: can´t they dial a fax number...works for me? do i really need to sign up with a company that has half the employees working at it from dana? maybe they can help get my money back? i will email them..

part 2: "We have nothing to do with Dana capital. We are trying to help some of the Dana branches and get them to a GOOD home. Anything in regards to Dana Capital you can contact Dana Smith at dsmith@danacapital.com If you are interested in joining Bridge Capital we will not charge you the signup fee. Check out their website and let me know."

thought to self: yeah right. let me make the same mistake i made before. should have stopped the dana thing when i asked:" how i can i deals in nj/fl when you do not license me as a broker?" dana response: "don´t worry about it"..should have got the hint then.

another thought to self: must be nice to have a list of broker offices to solicit...especially when they are in a tight situation.

i love life..you always learn from your mistakes. i am not going to make the same mistage again. "not an advertisement-the company i am using" i submitted an application to get my own license...check out this site...if you are a licensed broker in your state you may not need much more for other state http://www.amlicensing.com/state-summary.asp

you will still need cash for the bonds...but hey...why depend on some else...especially if you are not going to get paid anyway.
by ifionlyknew May 16, 2007 12:00 AM

Personal information has been removed.
by backgroundgrrl May 16, 2007 12:00 AM

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by backgroundgrrl May 16, 2007 12:00 AM

I sent Steve an email, but wouldn´t it be better to not give them a running total and just file with the Division of Labor Standards Enforcement? Why should we give Dana H Smith a balance sheet on what is owed? Let him undercalculate, not be able to pay out everyone, and then have to file BK and get thrown in Pelican Bay if we´d be so lucky.
by eppisgood May 16, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 16, 2007 12:00 AM

kideyse,
Thank you for the info. What if idiots like me do not have:
- employment agreement
- no pipeline printout (only email exchanges)

I only funded 1 loan in 2007 but do have 2006 & 2005 W2s and some past W2 paystubs.

Like i said before, i have the resolve but want to make sure this is done properly -- for the people owed a couple thousand and for the ones owed tens or hundreds of thousands.
by wannagetpaid May 16, 2007 12:00 AM

DUCKBUTTER,

YOU ARE A CANAL PAL.

LMFAO.

by tustinbroker May 16, 2007 12:00 AM

To wannagetpaid,

When the insolvency counsel realizes that there are thousands of unpaid employees out there, they will have no choice but to delay the insolvency process until they hear from all of them. This will buy all of us time to plan our next move, get paid at least our W-2 portion, prevent Mr. Smith from skipping town, and hopefully force Dana Capital to file bankruptcy.

Email me at ed@myhouse-now.com to access your pipeline at Dana Capital.
by kideyse May 17, 2007 12:00 AM

This post has been removed at the request of the author.
by backgroundgrrl May 17, 2007 12:00 AM

To whom it may concern,

As we have said in the past, we are filing involuntary bankruptcy. We have had numerous questions as to what an involuntary bankruptcy is, if we are actually filing the bankruptcy ourselves and what type of benefit it is for us to file an involuntary bankruptcy. I will try to answer these questions so you will have a better understanding of what an involuntary bankruptcy is.

An involuntary bankruptcy means we are forcing Dana Capital into bankruptcy and not filing for bankruptcy ourselves. Dana Capital will be the one that is in bankruptcy. Dana Capital will never file bankruptcy themselves because they would be subject to the bankruptcy court and a Trustee. As we all know, Dana Capital has stolen money from various individuals around the country. It would be the same as Dana Capital walking into the police department and saying “I’ve robbed numerous people and would like to turn myself in”. This, obviously, will never happen.

I have also been asked if Dana Capital has set up any additional companies and if we would be able to go after them through a bankruptcy. The answer is yes if Dana Capital has set up other corporations or other entities with the funds or the assets, or has done this in conspiracy with the other corporations. It is called piercing the corporate veil and yes, the other corporations would be forced into bankruptcy right along with Dana Capital.

Some of you may not be aware that we have learned that as recently as last week Dana Capital has been cashing checks in their name but has not been sending the broker fees back to the brokers. The other corporations (that have been alluded to in this website that Dana Capital has set up or has been associated with) have been instrumental in taking the actual files and the checks from the brokers and stating “we will take this over to Dana Capital to get this cash for you and get the monies back for you”. Well, lo and behold, they have taken the checks over, they have taken the files over but unfortunately, no, the brokers never got paid.

In the past I have tried to give out contact information as to who we are with our phone number and our address but unfortunately we are being told by the website host that we are unable to post any contact information whatsoever. So I would like to inform you that yes, we are still going forward with the involuntary chapter 11. If you have any other questions or concerns please post on this website and we will try to answer them as adequately as we can.

by bkbiz May 18, 2007 12:00 AM

I keep hearing people say file with Division of Labor and Department of Corporations. Has anybody done this and received any feedback or progress? Please advise.

Dana Capital owes me 23k, and wanted to see if anybody has heard anything back from the above filings mentioned. I can be emailed at abard2006@yahoo.com -Thanks
by loano May 19, 2007 12:00 AM

I switched to Bridge Capital a couple of months ago when I was introduced to Chas, who is the VP of the branches, by a friend of mine who I was with having some drinks one night. Chas was with a few friends himself and I immediately liked the guy. He wasn´t egotistical like most of these branch company execs, he didn´t try to sell me, we just talked for a few minutes, mostly about sports, the NCAA tournament was just starting and baseball was only weeks away. He is just a normal guy, pretty young too, I´d say 30 or so, and didn´t talk trash on Dana or NFS (where I sent my loans and told him this). He just told me if there was any reason I wanted to make a change to give him a call.

I was with Dana Capital for about a year. I know George and I know Myron, and they were helpful when I was at Dana so I´m not really fazed at all that they have gone to Bridge Capital. Honestly, I don´t know why anyone cares. "Q" I Told You So, it sounds like it is a personal issue you have with everyone at Bridge and Dana, not a business issue. By the way, if you really are Roland Serna, which it kind of sounds like you are judging from the fact that you insist on a poster apologizing to him, what a loser you are. I would say what I really think of him (you) but it would get me banned from posting and this would be deleted.

Long story short: Bridge has always paid me. I´ve only done just over 20 loans with them but I´ve been paid on every one of them. I´ve never done the ´early pay´ thing so I can´t really comment on what it is all about.

Have a good weekend.

by NB92660 May 19, 2007 12:00 AM

FYI...Eric Davies at the California Department of Corporations has a copy of Dana Capital´s general ledger. One of you with inside knowledge should help him decipher it.
by a_b_closing May 20, 2007 12:00 AM

Department of Corporations got back to us last week and said they couldn´t help us recover monies taken from us by Dana Capital Group but they did say that complaining with them is an appropriate step. Each complaint is documented, so if it ever does elevates to court there would be record of you formally complaining. File with the Division of Labor Standards Enforcement as well for any W-2´d portion of earnings you were owed (10% of each commission per the agreement).
by eppisgood May 21, 2007 12:00 AM

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by backgroundgrrl May 22, 2007 12:00 AM

I am probably in the wrong space but maybe someone has heard of a similar site for appraisers. I should have known better but I put in major time on an appraisal for NFS ie: Dana Capital ie: Global whatever. I have been in this 25 yrs. Have all the credentials etc...

Obviously, they owe me some money. Any ideas.

Thank you

Susan

Louisignau Appraisal Services

(Covering Southern Vt. & Western Mass.)
by louisignau May 23, 2007 12:00 AM

I should have added that the original appraisal was ordered by NSF Loans, Inc. In our industry they are the ones responsible for payment. Fortunately, this does not involve the amounts of money many of you have lost.
However, it does have an effect on those of us wanting to do business with a California company.
WhilThis was never ordered as a COD -- it was close-by but involved several trips. A Tony Perkins who worked for
NSF originally ordered this and asked if I would take payment through an invoice-- since the person meeting there was unable to and it was not far I said fine.
Well, you can guess what happened. While this is not a great deal of money as I said it does have an effect on doing business via invoice with any firms in Calif.
I will file that complaint form and thank you to whomever provided that link.

I have been appraising in western MA and southern Vt for 25 yrs. Every few years I guess we need another "lesson".

Susan Louisignau MED, RA, SRA, and still LEARNING

by louisignau May 23, 2007 12:00 AM

I´m sorry, I guess I have repeated some on this. I haven´t used a site quite like this before so I apologize for the repetition. I also want to add a James Hwang´s name to this list.
I had finished this appraisal in Feb. He faxed me March 21, 2007 to change the name to Dana Capital.
It seems that he should have known or someone in that organization by the end of March.

He works (worked??) for Source One Processing in Newport Coast, CA. He also, but accepting the report and bill
is responsible....

Good luck

Louisignau Appraisal Services
by louisignau May 23, 2007 12:00 AM

I have another question. Is there a site where you can check out Calif. mortgage companies. As I was typing I had a call from someone at a FINANCIAL HERITAGE

They are located at 9275 Sky Park Ct. #125 in San Diego, CA. They just ordered a reverse mortgage to be collected at closing or if there is no closing they also sent a letter "guaranteeing payment" Sooooo
if anyone knows of such a site I would appreciate it.
Thank you

Louisignau Appraisal Services
by louisignau May 23, 2007 12:00 AM

The appraisal problem is a simple one to fix; Stop being so greedy as to do an appraisal without being paid first!

If you´re too unprofitable to open a credit account get a free PayPal account.

At the gas station, don´t you pay for that microwaved twinkie now, instead of on payday?
by turdly May 23, 2007 12:00 AM

To all former Dana Capital branch managers:

Please be informed that your deadline for filing the proof of claim with supporting documentation is Monday, May 28th at 9:00 am Eastern time. The bankruptcy should be filed no later than Friday, June 1st. david@bk.fdn.com.

Also be aware that in the past three weeks Dana Capital has still cashed checks on closed loans. The files and checks were forwarded to Bridge Capital, who has stated that they sent them back over to Dana Capital to have checks cut back to the brokers. So it is obvious that their attorney letters that state that Dana Capital is no longer accepting files or checks are misdirected statements.

by robertch13 May 24, 2007 12:00 AM

not only did i join the bridge capital group but i sent two deals over and got paid the following friday with no problems
by joem May 24, 2007 12:00 AM

OK. So heres the deal.

Quentin/Sage/Horriblelending.com just bought out one of their remaining branches with their own money and had the branch owner move him and his staff into the office space at Irvine Center Drive. Then Quentin with that open office space move in Bridge Capital, now being managed by a team composing Myron Miller, Mike Amari, George F, and probably Dana about every other day when he is smoking grass. I do like the ties though.

So if you are looking for your money from Dana.....and didnt like the letter you got saying all unsecured debt would not be paid(YOU), then go visit them, say hi. check out their new cars and new rides on your backs.

by sagacapital May 25, 2007 12:00 AM

I have been told that dana did not make their payment to
Blue Cross for May´s group health insurance. I have been
on cobra for 2 months now and Blus Cross tells me that i can´t keep coverage by paying them direct.They say that the policy will be cancelled as of May 1st if no premium has been received by May 31st.

This means not only will I not have insurance available,
but the hospital stay and blood transfusion my wife
underwent in May will not be paid for. Any suggestions?
by danax May 28, 2007 12:00 AM

Shane Pierce is attempting to renew his Texas Mortgage
brokers license.
by danax May 28, 2007 12:00 AM

danax:

Contact the branch of the US Government which handles COBRA. Try this link for information:

http://www.dol.gov/dol/topic/health-plans/cobra.htm

Good luck.
by monytime May 28, 2007 12:00 AM

TO ALL:

IN REGARDS TO FINDING INFORMATION AS WHETHER OR NOT DANA CAPITAL HAS FILED BANKRUPTCY WITHIN THE UNITED STATES, GO TO THIS SITE FOR INFORMATION:

http://pacer.psc.uscourts.gov/

THIS INFORMATION WAS PROVIDED BY MY ATTORNEY.

GOD LUCK AND GOD BLESS EACH OF YOU AND YOUR FAMILIES.
by monytime May 28, 2007 12:00 AM

This ad has been removed.
by backgroundgrrl May 30, 2007 12:00 AM

I was a former Dana Capital office and took a loss like some of you. No one likes to take a loss on anything, but if you were smart, you would have set aside funds for things like this. Unlike most of you out there, I chose NOT to listen to all the BS rumors out there. Unless you have concrete facts, don´t post nonesense on here (yes I am referring to you SAGACAPITAL). I went down to Bridge and took the time to meet with the staff and, believe it or not, like what they have going on there and have signed up with them. For those of you that need a place for your out of state business, visit their site www.bridgecap.com.
by RealityCheck May 29, 2007 12:00 AM

RealityCheck - it makes me sick when someone spouts the "you should have planned better" mumbo-jumbo. People are justified in their outrage for not getting paid on work they completed. This isn´t like the loss of a job that results in lost income. THAT you would be smart to plan for. This is having money that is already earned stolen from you. Why do people like you ask innocent victims to shoulder the blame? Makes me think you must have a bigger interest in promoting Bridge Capital. If you "like what they have going on there" then you must have liked Dana Capital as well. It´s the same people running things the same way. They have compliance issues -they have had fines levied and have received "cease and desist orders" from certain states. Congratulations on your superior intelligence - just please don´t pile on to what is already a horrible situation for many many people. By the way, have you planned for the eventuality that your bank account might be cleaned out right under your own nose? Cuz that´s what happened to me and many other former Dana Capital associates.
by insiderinfo May 29, 2007 12:00 AM

Insiderinfo - understand that I am not asking people to shoulder the blame. I really feel bad for anyone that lost any amount of money. People´s lives have changed because of that. What I was saying is that because we work in such a high volatile industry, you would be a fool not to set aside money. Most inexperienced LO´s work paycheck to paycheck and don´t save for that "rainy day". I am sure you know exactly what I am talking about. But at the end of the day we work in the mortgage industry. With that comes alot of risk. The only safe avenue is to go out and get your out of state licenses yourself. Most people do not have $300,000 to go out and get 50 state licenses. So that doesn´t leave us alot of choices. My suggestion is that you go somewhere that you trust and feel comfortable with.

With regards to my liking of Bridge Capital, I like them because I understand them. I took the time to go there and meet with them. Of course it could have been easier for me to accept everyone´s false gossip on here (because thats all it is). Manyt of the people that put in their two cents are giving out incorrect info because they lost money or are out to seek vengence. That incorrect info is only confusing those that come on here looking for help. I am only trying to help others that once helped me.

I am also aware that they have baggage. What net branching company out there doesn´t? There are only a couple of people that work at Bridge that used to work at Dana. These people found jobs at a competitor. When you get laid off, thats what you do...you find another job. Those individuals helped me get paid at Dana Capital and are now helping me at Bridge. Trust is earned not given and they earned it. I am offering those my opinion. Not stating BS. I am letting people know that I found a good home. If there are any people that need a good home, then there may be an opportunity at Bridge Capital. Best of luck to you all.
by RealityCheck May 29, 2007 12:00 AM

I personally know a loan officer that is owed $60,000 by Dana Capital. How, exactly, do you prepare for THAT rainy day? I don´t care how frugal you are - or how diligent you are about saving - that kind of a loss cannot be planned for. Again, it´s money he EARNED, not the hope of future wages. Your argument doesn´t hold water. Dana Capital stole his money.

As far as Bridge Capital, I don´t want to sound just plain argumentative, but there are only a "couple" of people that work there who used to work for Dana because, by the time Dana Smith decided to close the doors and steal everyone´s money, there were only a handful of people remaining in his employ. The former Dana Capital CEO is now magically the CEO at Bridge. How, exactly do you think that was accomplished? By his years of experience selling loans? Years of financial management training? Years of running a net branch operation? Not at all, rather by his 2+ years of experience being at Dana Smith´s beck-and-call and by fooling the old man into thinking this is his only hope of some financial security. This is not the typical "competitor" that you are talking about. Bridge is a company that had closed it´s doors and has been temporarily bailed out by money brought from investors that were meant to bail out Dana Capital. In other words, the same thieves that stole from many loan officers under Dana´s name are now working under a new name. Had you actually lost money at Dana Capital, would it sit well with you to know that he is an investor in Bridge and that he´ll be earning a salary?? If that doesn´t get under your skin, than you are a bigger man than I am.
by insiderinfo May 29, 2007 12:00 AM

BEWARE OF THOSE WHO COME DRESS AS A CONTRIBUTOR WITH A TWO SIDED MESSAGE. THERE IS NO GRAY AREA ON THIS SITE. BE STRONG AND DO NOT YEILD TO USELESS ARGUMENTS, WHICH DO NOTHING BE PUT LIGHT ON DARKNESS.

KEEP MOVING FORWARD AND STAY STRONG. THEY ARE GETTING WEAK BUT STILL HAVE ENOUGH STRENGTH TO REACH UP AND IRRITATE ONE OF YOU.

KEEP MOVING. STAY ON TRACK AND CONTINUE TO ATTACK. SAVE YOUR ENERGY FOR THE REAL BATTLE.
by monytime May 29, 2007 12:00 AM

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by backgroundgrrl May 30, 2007 12:00 AM

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by backgroundgrrl May 31, 2007 12:00 AM

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by Elite79 June 6, 2007 12:00 AM

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by backgroundgrrl July 17, 2007 12:00 AM

by djtracks June 15, 2007 12:00 AM

WOW, bridge capital is not paying out either?? They keep bugging us to get signed up with them... but, we don´t trust them!!!! Old Dana Employees.
by djtracks June 15, 2007 12:00 AM

BRIDGE CAPITAL HASENT STARTED PAYING AT ALL. THEY THINK SOME MIRACLE IS GOING TO HAPPEN IN NOW 60 DAYS AND ALL THE MONEY THEY OWE IS GOING TO COME FROM THE SKY.
by bridgeowesme June 16, 2007 12:00 AM

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by backgroundgrrl July 17, 2007 12:00 AM

I heard that George F and Myron left Bridge Cap last week and they have NOT been paid. Plus, Mike (the owner) has not been around for the last couple of weeks. They are not issuing checks out!!!! Not looking good at all over at Bridge Capital.
by funderthighs June 22, 2007 12:00 AM

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by backgroundgrrl July 17, 2007 12:00 AM

Rumor has it Bridge is closing thier doors today.
by AZRocks June 28, 2007 12:00 AM

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by backgroundgrrl July 17, 2007 12:00 AM

by dontmess June 28, 2007 12:00 AM

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by backgroundgrrl July 17, 2007 12:00 AM

by CJWMX July 17, 2007 12:00 AM

I heard Dana Smith is starting his own new retail mortgage office.
by CJWMX July 17, 2007 12:00 AM

Do you have the address or phone number to this new location?
by monytime July 22, 2007 12:00 AM

I signed up with Bridge about 2 months ago. I went by their office last week, doors were locked. Phones are getting answered by an answering service. Where´d they go?

On the flip side, I´ve heard Sage is now in half the office space, shut down their banking division, layed off all those employees, and is focussing on just correspondent lending. They supposedly are paying their brokers again in a timely manner, but have not heard anything definite. But I do know they are actively recruiting for new branches and advertising they will pay in one week.
by funxpress July 24, 2007 12:00 AM

Sage Credit Company is not paying our branch, multiple loans closed and cleared in March, April and May, we still can´t get paid, we are now at the end of July, call there everyday, they have moved to the 4th floor of the building, no signs on the doors, you need a key card to get in, they appear to be hiding out,
by californiamortgages July 24, 2007 12:00 AM

From what I hear, they were hurting big time, (obviously)but they are turning it aroud. Their business was down 60% and the banking division was losing money. Anyway, I´m certain of this, the 4th floor is just a mailing address. Thats where they started before going down to the second floor, and they just it retained for mailing purposes. (4th floor is all executive suites). They used to have the whole second floor, now they are in half the second floor. (Where the reception area was/is) I haven´t been by recently to see if the doors are locked. I´m sure they are trying to lay low right now, since they owe so many branches money. I have a feeling they are going to make it, and go back to the way things were.
Everybody´s hurting right now.

(And yes, we encountered the same thing, we just 2 weeks ago, got paid on a file that closed in February. They are not totally out of the woods by a long shot, but I think they are heading in the right direction.)
by funxpress July 25, 2007 12:00 AM

Hey,

Anybody know which one of his many houses Dana Smith is hiding out in????
by play_yalp August 3, 2007 12:00 AM

Has anybody recently gotten paid from Dana Capital????
by money411 August 7, 2007 12:00 AM

Everyone might want to know that Q had another business partnership called "K-COMM LLC" with a guy named Sinan from K-COM www.kanatsiz.com ...huh business names look familiar

It is public record just look

http://kepler.sos.ca.gov/list.html-----type K-COMM in the LLC lookup field

ok so Dana Capital, Sage Credit, Sage Escrow and K-COMM

K-COMM, LLC
Number: 200418310053 Date Filed: 6/24/2004 Status: active
Jurisdiction: CALIFORNIA
Address
10 MAR DEL REY
SAN CLEMENTE, CA 92673
Agent for Service of Process
QUENTIN P. CARUANA
10 MAR DEL REY
SAN CLEMENTE, CA 92673

by truthandfact August 23, 2007 12:00 AM

Everyone might want to know that Q had another business partnership called "K-COMM LLC" with a guy named Sinan from K-COM www.kanatsiz.com ...huh business names look familiar

It is public record just look

http://kepler.sos.ca.gov/list.html -----type K-COMM in the LLC lookup field

ok so Dana Capital, Sage Credit, Sage Escrow and K-COMM

K-COMM, LLC
Number: 200418310053 Date Filed: 6/24/2004 Status: active
Jurisdiction: CALIFORNIA
Address
10 MAR DEL REY
SAN CLEMENTE, CA 92673
Agent for Service of Process
QUENTIN P. CARUANA
10 MAR DEL REY
SAN CLEMENTE, CA 92673

by truthandfact August 23, 2007 12:00 AM

put a call into sinan and he admitted to doining PR for Dana Capital but wasn´t sure about a partnership..funny the gov does. He admitted he and Q had a falling out--probably about MONEY.

maybe someone needs to investigate more i bet they would find illegal business practices...who knows maybe some of the money was being diverted this direction?
by truthandfact August 23, 2007 12:00 AM

by woodyloan August 27, 2007 12:00 AM

I am an Illinois consumer who has an active Federal lawsuit against Dana Capital for fraud. While they claim to be out of business I recieved a telephone call at my home tonight from a sales rep saying he was representing Dana Capital and was I interested in refinancing the loan they arranged several years ago. When I asked him when I could expect his settlement check to resolve the lawsuit he natually hung up quickly.

Obviously they are operating as Dana Capital again. This would seem to violate a few laws. Does anyone know more about Dana Capitol?
by datablade August 30, 2007 12:00 AM

Sage Credit Company aka Dana Capital Group aka DCG Home Loans Irvine, CA ripped off our branch for 100% of the commissions.

We paid for our advertising, processed and closed the loans, provided complete copy packages and the broker checks to Sage Credit Company, we even paid for the appraisals out of pocket and got ripped off from Sage.

I think we need to pursue the owners of Sage Credit Company listed above like this net branch in New Jersey did.

I heard yesterday from a Wholesale Rep that they are not paying any branches at all...

what comes around goes around..

by sage_credit_loan_officer October 19, 2007 12:00 AM

Does anyone have any information regarding the Dana Capital BK? I want to file a claim for moneys owed to me but I am having trouble finding out how to file a claim. I never received anything in the mail.

Thanks,
by jonz November 5, 2007 12:00 AM

did anyone else get the notice for BK Chapter 7 for Dana H Smith, we just got ours today.
by jhurt1 November 16, 2007 12:00 AM

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