Bank+mortgage suggestions?

[patman]

Originally Posted by ARV

Ive banked with citizens long before they were citizens and have always been more than happy!

Exactly the same here, until recently.

Originally Posted by ARV

I wonder since now you've revealed whom your unhappy with, you'll tell us why?

Short version: we've been pursuing a vanilla refi+heloc transaction of our existing mortgage (that they hold) that is now approaching the 5 month mark with no end in sight.

[ARV]

To answer the questions...

Have I ever applied for a loan through Citizens... Yes, and I am quite happy with the terms (considering where rates are at these days), service, attention to detail and friendliness and expertise of all bank staff.

I have a business account through Citizens and thanks to a new acount that they are offering business clients, I pay NO FEES (replaces the $9.99 fee). Even better, they actually told me about the account while doing a personal transaction...I had to do nothing!

My checking account does not charge any fees - one deposit a month and I don't get changed a fee. Oh yeah, and I can go as low as having a $1 in my account and the same terms apply. Cash gets deposited the day I deposit it, no matter what! Plus, they have ATM's that you can deposit cash and checks into it.

I really do love my bank...and yes, as another poster commented, I would defend them tooth and nail because I have been a customer at other banks and all the above benefits were not offered. Perhaps because they are a larger bank than a local bank but also because they really take care of me!

[thinkxingu]

Originally Posted by ARV

To answer the questions...

Have I ever applied for a loan through Citizens... Yes, and I am quite happy with the terms (considering where rates are at these days), service, attention to detail and friendliness and expertise of all bank staff.

I have a business account through Citizens and thanks to a new acount that they are offering business clients, I pay NO FEES (replaces the $9.99 fee). Even better, they actually told me about the account while doing a personal transaction...I had to do nothing!

My checking account does not charge any fees - one deposit a month and I don't get changed a fee. Oh yeah, and I can go as low as having a $1 in my account and the same terms apply. Cash gets deposited the day I deposit it, no matter what! Plus, they have ATM's that you can deposit cash and checks into it.

I really do love my bank...and yes, as another poster commented, I would defend them tooth and nail because I have been a customer at other banks and all the above benefits were not offered. Perhaps because they are a larger bank than a local bank but also because they really take care of me!

There's nothing new here--EVERY bank does this, but my credit union doesn't require even a dollar and BOTH checks and cash are available the same day, AND I don't need any deposits to be free each month. Other than the people are nice, what's so great about your bank that you'd criticize someone who has a problem with it?!

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[ARV]

Originally Posted by patman

Exactly the same here, until recently.



Short version: we've been pursuing a vanilla refi+heloc transaction of our existing mortgage (that they hold) that is now approaching the 5 month mark with no end in sight.

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'm sorry that it's taking a ridiculously long time for approval, but something doesn't add up here...and you don't seem willing to share exactly what it is. Like I said in my last post, I love my bank. I don't like people who are willing to post publicly their opinions without the ability to explain why.

[Sue Doe-Nym]

Originally Posted by ARV

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'm sorry that it's taking a ridiculously long time for approval, but something doesn't add up here...and you don't seem willing to share exactly what it is. Like I said in my last post, I love my bank. I don't like people who are willing to post publicly their opinions without the ability to explain why.

You obviously have not tried recently to communicate with people at Citizens, especially the ones in the lending area. They make B of A look like a local friendly and competent credit union.

Not at all surprised at the 5 month runaround.

to be specific, phone calls are not returned, information is lost, appraisals are not forthcoming, inability to process application properly and in a timely manner resulted in receiving a lower credit score. These are just some of the areas where there were problems, more can be provided if you so desire.

[noreast]

Do you think maybe the banks should take some responsibility for the ever increasing regulations.

[secondcurve]

Originally Posted by noreast

Do you think maybe the banks should take some responsibility for the ever increasing regulations.

I think if all parties involved in the financial crisis: the politicians, the banks and the borrowers took shared responsibility things would get better sooner. The banks have admitted responsibility for their contribution to the mess as evidenced by the billions of dollars in fines they have paid. But I have yet to hear many borrowers or politicians apologize for their parts.

[mcdude]

I've been involved recently in the mind-boggling process of buying a new home. Based upon your recommendations I have gone with Meredith Village Savings Bank. Thank you all so much for this recommendation. The folks at MVSB have been a pleasure to deal with. My mortgage originator has even made herself available after office hours by providing her cell phone number and encouraging me to reach out whenever I had questions....and I had many! A big shout out to Nanci Coughlin at MVSB!!

[joey2665]

I agree MVSB has just financed my new boat at an awesome rate and I am also working with them on a commercial financing project.

[eyenotall777]

They were great to work with and also did not sell out my mortgage.

[patman]

Originally Posted by ARV

5 months for a refi and heloc? Have you communicated with them? There must be an explanation that you can give as to what is taking so long? An appraisal that you don't like...information that they are waiting for you about...

I'd love for there to be a reason, then I'd feel like there was something that could be done to resolve it. LTV is well under 80%, they hold current mortgage, excellent credit, appraisal came back fine, all our homework including the appraisal visit was done within the first 2 weeks, 20+ years as a Gold customer, and they're not waiting on us for any info. The only answer I can get from anyone (when calls/emails are returned) is that they are 'waiting on it to come back from underwriting'. I've been in contact with the whole chain up to the office of the chairman (customer relations) with an apology, but no resolution. Not only can I not get an estimate of the closing date, I can't get an estimate of when they think they can estimate the closing date. I've never encountered anything like this before.

It's crazy. If it wasn't happening to us...I wouldn't believe it either.