Former Beneficial Finance BSM speaks out
With reports like this we will not publish the sender’s initials, only the state that the report came from. This was received from the state of Virginia:
“I am no longer with HSBC, but I was there for 8 years. I worked as a collections unit manager and then a BSM for Beneficial. I work for a different lender now. I can now tell my family who I work for. I feel ashamed that I worked for a corporation that abused and swindled customers into thinking we were doing something good for them. I was brainwashed when I worked there. I thought that if I charged a customer 5% and saved them $100 a month, I was doing something good. At least I would be providing savings. That is what they teach. They make you believe that brokers and other lenders lie to customers and use the bait and switch tactic once they get to the closing table.
The powers that be make you believe that these customers can’t go anywhere else. Well I am here to tell you that customers have better options. HSBC management is lying to its employees. FHA does not have a minimum FICO requirement, and normal LTV restrictions are 97%. Get your head out of the clouds.
I have read comments from HSBC employees on this website that stated these customers bring it on themselves, but that is not necessarily true. They don’t have to do loans with HFC/Beneficial. They can come to me and I will beat what you offer them all day long. Don’t be fooled. Your offices may not close now, and you may have a job now, but it won’t be there for long. Don’t wait to explore your employment options. There are better lenders out there to work for where you can be proud of the loans you write and then make it home to dinner that night by 5pm to see your kids and spouse at night.”
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A different opinion came from Florida:
“I am an employee of HFC/Beneficial and must say that I am outraged. None of the employees within this company are “forced” to sell anything to customers, we do not pull the “bait and switch” and we DO help people. And I have never worked one hour or overtime without being paid for it. I have never in my career with this company told a customer that they can’t go somewhere else to get a loan. I offer what I can to the customer and if they want it great, if not then that is fine too. As far as the company charging higher rates or fees for their loans, that is their prerogative. That may be why the company is able to stay in business, unlike so many other fly by night brokerage houses, or Countrywide, who cant afford to fund their own customer’s loans or don’t have the money to pay customers property taxes when they come due. There are many competitors out there who are very much teetering on the side of unethical, holding payoffs, lying about fees and rates etc, bumping appraisals, etc…NONE of which HSBC does. As far as the “layoffs” go…they have come and gone and weren’t really anything to write home about…again unlike Countrywide or Ameriquest or Citifinancial. The market is down and layoffs will happen, that is corporate America people. That does not DEFINE who a company is. For those of you on the website who are exemployees and are bashing the company…SHAME ON YOU! And God help your new employer when they upset you at some point, because they will. If you are the kind of employee that would get on a website and BASH the company where you worked for years, then you deserved to be let go.”