Phillip Y.
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As a broker, I submitted numerous deals to Stratton Equities over several months. 3 of those deals progressed to underwriting. All 3 of them closed, which is the reason I'm giving 2 stars, but not without issue. It felt like a 1 star experience but I give them 2 because the loans did finally close. Stratton's broker payment process is awful. Most lenders pay the referring broker at, or within a few days of closing. Stratton's process leaves the referring broker in the blind throughout the entire underwriting process and I've had to chase progress updates on the deal status each time. I've had to chase payment for 2 of the 3 files, one of which remains unpaid to date. This is September 2024 and I've been trying to collect commission payment since June. Additionally, the client on the last of these deals had a terrible experience with Stratton. Their feedback on Stratton's communication & transparency was very negative and they don't want to do another deal with Stratton at all. After months of back & forth regarding unpaid commission, I'm still being told they need to audit all the information & documents between their Loan Officer and me, which will "take some time". Stratton has had MONTHS to resolve the issue and still somehow hasn't found the time to "audit" these files. This is unacceptable and they are not holding up their end of the payment terms set forth in the broker agreement they require to be signed prior to submitting loan referrals. I brought business to this lender and have not been compensated per the broker agreement. Stratton's LO that I worked with has apparently left the company and expressed similar payment frustrations from his other brokers before leaving. Regardless of what the program descriptions look like, my recommendation is to avoid this company and do business elsewhere. Heed this warning and avoid learning a hard lesson for yourself.