What mortgage company do you have?

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10-22-2010, 20:49
kwando

What mortgage company do you have?

My rant...

Citi mortgage sold our loan after we refinanced to Nationstar Mortgage. Never had a problem with Citi, no late payments, etc. The refi was painless.

Did a quick google search for Nationstar and everything is negative!! Complains left and right about loosing payments, not paying taxes from escrow, payments going up, etc.

At first i was so sick i couldn't even eat. After some searching on the BBB, i realized that almost everyone has bad reviews. The saying that if you have a bad experience you will tell 100 people is definitely true.

My question is does anyone have Nationstar and have you had any problems?
10-22-2010, 21:06
ChunkyMonkey

It's not bad per se... But I had 2 clients with NationStar who needed loan modifications. NationStar's work flow was so bad that one department didn't know what the other was doing. I was able to extend their foreclosures close to 11 months of nonpayment before they realized what I was doing! [Tooth]

NationStar tends to nickle and dime you on services that are freely available with other lenders. For awhile, there were many complains about lost payment checks (monthly payment cashed but not creditted, escrow account deducted but insurance agency never received their checks), but they seem to improve the last 2 years.

NationStar customer service is bad...but not as bad as Litton, IndyMac, Homecomings, Saxon, and Taylor Bean. Good thing some of them are out of business!
10-22-2010, 22:26
sniper7

Wells Fargo has my mortgage. at first it was with richmond homes or whoever they use, but they sold it to wells fargo which happens to work out great since most of my banking takes place with them. nice and easy to do payments, never had an issue. nice online statements to see what the balance and escrow and payments are.
10-22-2010, 22:38
theGinsue

Same boat as Sniper. My mortgage has been sold about 4 times in the 15 years I've had it. The last sale, a few years back, was to Wells Fargo who we have our primary banking with.

We've had good luck with WF so far, but we had a few minor horror stories with some of our previous lenders.

Good luck with your new lender.
10-22-2010, 23:18
XJ

Wells Fargo sold me to Fanny-Freddy-Obama
10-23-2010, 07:41
HBARleatherneck

we had Taylor Bean, Whitaker. We had no issues whatsoever. Then they tanked and B of A got our mortgage. In the 8 months they had it, they never figured it out. we asked for pay off amounts in writing, we wouldnt get them for 60 days. we asked for other things, forget it.They never reported our payments to the credit bureau. We paid our mortgage off last December. They still show a balance on our credit report. We had so many problems with B of A. thankfully that shit is over.
10-23-2010, 07:45
scratchy

Provident Funding. No issues.
10-23-2010, 08:08
carnplanenut

Jeff & Nhi Aronheim with MegaStar Financial. Your loan will get sold, but it is usaully to the big banks. Ours went the B of A. The purchaser is a loan servier, not the lender. They are responsible for the billing and maintaining of your loan to include escrow accounts and proper payments out of those accounts.

As a real estate professional, I have a strong understanding of how this works. If your loan was sold, make sure that the terms of the loan are EXACTLY the same. This is required by law. If it is not, then offer the new loan servicer an estoppel certificate-this shows the new servicer what the terms of your original loan are. They can give you the form or most banks have them on their web sites.

Don't worry too much about the good or bad of your loan servier. They have very strict rules on how things muct be done. A phone call to any banking commission will go a lot further than to a supervisor or the BBB.

Just my two cents,
Jason
10-23-2010, 09:29
BPTactical

Our mortgage has been carried in state by our credit union. When we first bought our place it was Chase Manhattan and it was sold off 4 different times in like 2 years.
We refinanced with our CU and I like the fact it is in state and Freddy and Fannny don't get their claws in it.
10-23-2010, 11:49
bear45

I have Chase for several years, they are hard to contact.
10-23-2010, 19:34
kwando

Quote:

Originally Posted by MB888

It's not bad per se... But I had 2 clients with NationStar who needed loan modifications. NationStar's work flow was so bad that one department didn't know what the other was doing. I was able to extend their foreclosures close to 11 months of nonpayment before they realized what I was doing! [Tooth]

NationStar tends to nickle and dime you on services that are freely available with other lenders. For awhile, there were many complains about lost payment checks (monthly payment cashed but not creditted, escrow account deducted but insurance agency never received their checks), but they seem to improve the last 2 years.

NationStar customer service is bad...but not as bad as Litton, IndyMac, Homecomings, Saxon, and Taylor Bean. Good thing some of them are out of business!

Thats reassuring... thx for the info
10-25-2010, 21:44
kwando

Update: after a little bitching to Citi last week I received a call today. They are canceling the transfer. There are aparently a lot of unhappy customers and citi wanted to make us happy and put a stop to the transfer.

w00t