4/13/15 final update: Supervisor indicated they would not refund the $680 in late fees. There you have it..caveat emptor.
3/27/15 update: Got word that check was couriered over to title. It recorded! So glad this is over.
3/27/15 update: Well it looks like we may get this done after all and my client was spared the lost of his earnest and appraisal. He still had to eat the late fees in the amount of $680. I reach out to the supervisor on monday and she was prompt and courteous. She indicated that they had escalated the file and were trying to get it approved even thought the UW department was still waiting for 2 items. Yesterday I got a call from the I think it was the director of public relations and she told me she had read my review and wanted to see if there was something we could do to in order to prevent this experience from happening again. She was very nice and indicated that they would try to see if they could get my clients late fees refunded somehow. As of right now the funding cut off time for wiring the proceeds was not met and it looks like they are going to send a courier over to the title company with a bank check . We anxiously wait.
3/23/15: I can't comment regarding their traditional banking services, but if were talking about home loans ...you'd be better off asking a goat for advice and assistance. As a realtor you expect some level of frustration associated with the loan process but this firm wins hands down. My client started the loan process with them back in December with Jay Lopez. He got us the pre-qual and everything looked good so we started house hunting. Found one, submitted an offer and it was accepted. Sent Jay the necessary docs and everything looked good. Told us that we could expect an easy close in about 30 days
An appraisal was ordered and that's when things started going bad. Appraisal was scheduled for a certain date but was moved back a couple of days. No problem right, stuff happens but time is ticking and the appraisal gets out and indicates that he has to come back to do a final on the house because the pool needed to be filled with water. So my client orders the water service to be turned on because the owner no longer lives there and he cant afford to.
Meanwhile they start asking my client for more verification documents that the underwriting department needs. Stupid things like his taxes have the company's name abbreviated and his check show the full name of the company or verification of some small deposit into the account. Then when the appraisal is asked to go out again they cancel because they said that utilities were not on when in fact they were. So now that gets pushed back 2 more day. But hey they say no problem we can get it done...its at the loan processors side.
Then things just get really stupid. Their underwriter doesn't bother to read the short sale approval letter that indicates that they are willing to pay for certain concession and that the approval is good until the 23rd and sends back the file requesting that the contract be amended and that they send out another approval letter stating that no concessions were being paid....and the clock is ticking...so I have explain to Jay and the loan processor (Rick Hoskins) that the terms are clearly spelled out in the approval letter and that there is no need for a modification to the contract...well more time passes and now the contract deadline is on us. Both Jay and Rick tell us that they just need a little more time, that they should have everything straighten out but to ask for an extension. I asked how long they say a few days...friday the 13th should be good. Friday comes around and nothing...they still have not clarified with underwriting the indicated points.
A second extension is requested for the16th and that came and went with no results just the same run around. Our last conversation with them yesterday was that everything should be at title by the 23rd. Today is the 23rd and we are dead in the water, facing a lost of $450 for the appraisal and $1000 for earnest. I probably called Jay and Rick 7 times today and they have either ignored my calls or stalled. When I did get through they just said it should be on the way.
So yeah I would stay away from this bank for home loans. I would tell my clients that it would be better to go somewhere else. I would tell management to change procedures. To train their loan officers not just to gather information for a loan but to read and understand the documents that are presented that way when there are discrepancies they can push back on the underwriters. And I would also tell them to change their underwriters.