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Village Bank Reviews (1)

Review: I guess I will start by stating this has been the most miserable experience my wife and I and our 19 month old son have ever been through. We are buying a new home, and were getting the services of Village Bank Mortgage to assist with our mortgage loan. Our Loan officer is [redacted], and his Loan processor is [redacted]. To start, my wife and I submitted all required, and requested information for our loan to [redacted] and [redacted] with the bank. They had this information close to 5 weeks. 2 weeks away from closing I get a phone call from [redacted] in a panic, saying he had not done ANYTHING with our loan. It was more or less of a well I guess you are screwed attitude instead of an apologetic attitude as I would have expected. Instead of getting angry and upset as would have loved to do, I looked at him and asked for help. To let you know the desperation my wife and I are in, we have renters who just moved into our other property last Saturday. We are currently homeless, but we will get back to that in a moment. When [redacted] delivered this news to me, I asked him, " what can I do to help you"?. He gave me a list of things to get him, and I had it to him the following morning 12 hours later at 8 am. He then sent this off to do his part. The loan came back not approved. Which you might say is not our issue, however my wife and I had a couple of things addressed and fixed within three days to allow us to be approved for this loan. Next about three and a half weeks ago, I gave a dated check to [redacted] to have our home assessment done. A week ago from yesterday I sat in [redacted] office and he told me he had ordered the assessment, and would have it tuesday. Thursday came along, I heard from my real estate agent that he had not ordered it monday like he said, that he ordered it thursday. The close date on our house was feb 25. It is now march 4th. I look at this as, he had all this info almost 7 weeks ago, and he did not do ANYTHING with this. Not a thing. Now we are homelessDesired Settlement: I have been homeless now for a week waiting for them to get their act together. I want this addressed with the bank president. This is unacceptable to feat people like this. I want to know this was addressed, and want all this made up to my wife and I somehow

Business

Response:

To Whom It May Concern,

I write this letter in response to complaint #[redacted]. As many people already know from reading the newspaper, and watching television there has been a tightening of credit since the Great Recession. Mortgage lending is no exception, and is actually where people experience that tightening personally. Although we never like to hear that a customer is unhappy with the service they received, sometimes their unhappiness is a result of the nature of mortgage lending in general. With that in mind I would like to address and correct some of the time lines that have been alleged in the borrower's filing with the Revdex.com and can be documented with records in the possession of Village Bank Mortgage Corporation (VBMC).

The borrower initially met with the loan office January 6, 2014. At that time the loan officer advised the borrower on what he would need to do to get a loan approved. The borrower also indicated he was also looking at possibly using the [redacted] to obtain financing. In no way was it considered a loan application by VBMC. Ultimately it was not until February 11th, 2014 that the borrower made a formal loan application with VBMC for a closing scheduled to take place February 25th per the real estate contract.

The borrower returned his application and disclosures on February 12th. At that point VBMC moved as quickly as possible to get the loan approved and closed. We were able to close the loan March 7th which was one day over 3 weeks from the application. The industry average is about 6 to 8 weeks. I will also add two important pieces of information. One, that when the loan officer was made aware of the pending rental of the borrower's current home he advised the borrower not to proceed with the rental because of the tight time frames. Secondly, the borrower indicated that a student that a student loan which needed to be counted in the debt ratios would be "forgiven". In fact, on February 24th VBMC was told by the borrower that he could not provide the documentation showing that the loan was to be forgiven until the end of March. At that point the loan had to be retooled. This required a gift letter and proof that an alternate student loan had been paid off. We did not get that information until March 3rd. They closed 4 days later.

In conclusion, VBMC did everything in its power to make a closing in a very short time. Unfortunately, the process required to independently verify and collect all information is always time consuming, and when the time frames in which we are given to work are narrowed we cannot always meet a targeted closing date. This is disclosed to the borrower at application.

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Description: Banks, Commercial Banking (NAICS: 522110)

Address: 3350 Bridge St NW, Saint Francis, Minnesota, United States, 55070

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