I know many who work for them, they pay really well but they are nothing more than a mortgage factory and work their employees to death. I had one friend who was paid exceptionally well but was working 15 hour days and had to quit and take less money to save his sanity. It is no wonder mistakes are made, the employees are stressed and overworked and frankly have lost sight of how to do the right thing.
Predatory lending practices are so common place. I had gotten my first home loan through a local bank who then was bought out and sold most of the servicing of their loans to several lenders. I must have gotten one of the worst in predatory lending. The new servicer sent me a coupon book starting in March of that year so February's payment was sent to the old lender, I wasn't instructed to do anything else. When March came around I sent March's payment to the new servicers. Around the middle of March I received the February payment in the mail saying it went to the wrong place. I then forward it to the new servicers at their address. When the Servicer received the March payment they returned that as well because according to them I owed them February and March and the needed both payments at the same time or accept nothing. By the time they send March back they now had February's second payment and was sending that back but I sent out April's already, even though I told them the issue and if they just waited a few days they would have all of their payments, no they now needed certified funds for all three months together or they would start forclosure action. I stopped payment on all checks and sent one certifed check for the full amount of all three months and sent it certified mail, and sent it overnight delivery so I had a tracking number and to be sure it was not "lost in the mail". I finally asked why I wasn't given a coupon for February if they were to receive February's payment and they said they didn't think they'd get the coupon book out on time for February's payment and the original lender was surposed to handle it. I then asked why they didn't set something up for these payments to be forwarded and they said that couldn't be done either. I think it is all very convenience for these lenders to pull these tricks. I was never late and paid my loan in good faith but I then had a 90 day late on my credit, I had that corrected but it took awhile. This was totally a predatory lender and would have loved to forclose on my property. I pay my bills via online banking/bill pay and a year after this situation I sent out my payment the second week of the month and it took them until after the first of the next to post it. They tried again to pull the same trick but luckily I had the bill paying service do a search on 12 months of previous payments to show the time frame it took for them to post my payment from date paid. That worked it was usually 7 days and this time it was 23 days!! Anyway they are gone, I sold that home and purchased another and I am happy with my new lender for now. Sometimes I think I should just rent.... |
