Sign in

Waterstone Mortgage Corporation

Sharing is caring! Have something to share about Waterstone Mortgage Corporation? Use RevDex to write a review

Waterstone Mortgage Corporation Reviews (29)

The Charlottesville Waterstone office is terrible. They have had a ton of personnel turnover that has been working on our loan. Everytime we have been assigned an officer, they resign. We are constantly emailing with questions about our loan, it takes days to get a response. We are suppose to close on our loan tomorrow, it is currently 3:30pm and no one can tell me an amount that we need to bring to the table. Communication has been non-existent. It is really sad that dealing with this company has been the worst part of building our dream home. You expect to have problems and set backs with your construction, not from your mortgage company. I am so disappointed that we used Waterstone. Andy [redacted] and his team where so quick to respond at the beginning, obviously trying to win our business and as soon as we signed papers, that all ended. Your company should be embarrassed of this office. Some proper training needs to be done. The personnel turnover rate should be a red flag. The few representatives that did respond, rarely provided the right information. We feel as though we were poorly treated and will not be recommending this company.

June 15th, 2014 [redacted]Area Manager
WATERSTONE MORTGAGE CORPORATION
NMLS #275653
301 S. 28th St.
Tacoma, WA 98402
Office 253-359-9231 Mobile 253-227-9253
Fax 253-359-9221
WaterstoneMortgage.com [redacted],
I am writing to you today to express my deepest disappointment and disgust in you and your business.
I have never in my life experienced such unprofessionalism and disregard for a customer. Especially after your last e-mail to me expressing that you as a business man and father totally understood and sympathized with our family, and then to turn around and instead of just denying us of our loan that you obviously knew nothing about, you completely ignored us knowing you would screw us out of our loan and earnest money. You seem to have no conscience.
We have had no response to any of our e-mails messages or texts. Not even a response to our Agent or the listing agents e-mails. This being 3 months after you said we were approved for a loan through you, and after putting offers on 3 different houses you told us to go ahead and put offers on.
The last 3 months have been a total nightmare and waste of our precious time. Over and over and over you assured us of our loan approval… I have spent way too many days in tears and stressed out, along with our 9 year old daughter. You just left us in limbo…
Not only did you screw us over, but our Agent and the builder we were trying to buy from. You had us do extension after extension because you just needed some more time, with what was it? 3 different lenders you tried to broker out to? One lender you said just never got back to you like maybe she was fired or something? The next one said the day we were supposed to close they were backed up 45 to 60 days? How did they not tell you that when you gave them the loan? The third you said you scrambled to find so we needed yet another extension, we never did hear back from them because you just started ignoring us, knowing we needed to close or be denied after several extensions. You have no idea what you are doing or what you are talking about.
You said you could not do this kind of loan (FHA) in house? We have since found out it is against the law to broker a loan that you cannot do in house, which is exactly what you were trying to do. If you really knew what you were doing you should have known this.
I will be going to the Revdex.com and adding to the several other horrible complaints that I just read about on there.I wish I would have seen them to start with; we would not have bothered with or your incompetent business. I cannot believe they still let you have a license.
Even your assistant [redacted] promised in an e-mail to get back to us the very next day and we have never heard from her again either.
I just don’t understand how you could be so cruel and heartless knowing our situation. You knew we had everything in our house packed; living out of boxes and you did not even have the decency to call us and be honest that you could not do this loan. Instead you chose to just ignore us and acted like we never existed. REALLY?????? You are a chicken coward. How do you sleep at night?
I hope that every Lender & Agent are warned and spared your pretending to be a competent Lender, because you certainly are NOT.
Yours truly, [redacted] Hunt
Gig Harbor, WA

+3

Review:

We are writing to make you aware of a very messy, unprofessional and humiliating ordeal that we have been experiencing with Waterstone Mortgage located in [redacted]. The application process and attempt to obtain a mortgage loan through Waterstone has been a complete nightmare for us and the utmost cruel!

On Oct 8, 2014 my wife and I filled out a joint Mortgage loan application with Waterstone Mortgage. We received a DU approval, so we began our search for our new home which we quickly found. On November 23, 2014, we received a letter of loan commitment to attach with the contract we were going to submit.

Our contract was accepted and we quickly began the home buying process of paying a $2,000 earnest deposit, setting up the home inspection and appraisal. In addition to this, we worked really hard to gather all of the information that was requested of us, paid account balances and cleared whatever credit issues that were present. We submitted all of the proof timely often within minutes of the request.

During the initial underwriting process, we were told that in order for the loan to go through we would have to restructure the loan by removing my wife from the loan, so we did that. I filled out a new application and we continued to send every document that was requested of us within minutes of the request.

We were so on track of doing everything that was requested, that we were initially looking at closing by December 15, 2014. When that did not happen, we were told to file an extension with the sellers in which we did.

On 12/18/14, we were finally sent an approval letter with a few contingencies. We met all the contingencies one of which was to close a second vehicle account that my name was on, as I cosigned for my wife's vehicle. Though she proved the vehicle payments came from her own personal account, we were told that she had to have had the loan for a year to not have the loan payment held against me.

In order to accomplish this, my wife drained her savings and sold her vehicle that she only had for a few months costing her $8,500 out of pocket to release me from the vehicle loan debt. We submitted all the paperwork and were certain that our ordeal was almost over because after all, we met all of the contingencies set in the approval letter and nothing changed in our financial picture other than now having sold her vehicle releasing me of a $50,000 debt I consigned for.

While waiting for our packet to come out of underwriting, we had to file numerous extensions with the sellers. We were really tortured when we saw that the sellers had re listed our dream home for sale. They had to protect their interest as our closing date had been pushed back several times and they too were waiting for the funds from our settlement to settle on their new dream home.

On December 29, 2014, it appeared that we were back on track to close again because we were locked into a rate and were expecting our loan to come out of underwriting after the holiday.

On January 6, 2015, we received the shock of our life! The loan officer told us that Waterstone was not going to approve our loan even after we met the few contingencies that had been set in the approval letter. We were in complete disbelief! We had done everything that was requested. Not only had we spent $8,500 to sell our much needed vehicle altering our life completely, we shared our news of buying a home with family and friends. It was so disappointing and disheartening to find out that all the daily attempts of follow up, sleepless nights, stress from waiting and extending the settlement date, stress from the often lack of response from the loan officer, was all done in vain!

The loan officer stated that the underwriter could not accept that a bank released a property to me after charging off the debt. Not only did Waterstone's third party company verify that I no longer owed a balance on the property. We provided a letter of satisfaction and lien release to prove this.

Because the underwriter still didn't believe this, the loan officer requested a title search to show that the lien was clear. Through this step, we realized that the original loan company had not filed the paper work to release their lien, but this too was quickly resolved! The title was clear! Lastly, we got a verification of mortgage from the bank verifying that there was no balance owed and that I indeed owned my property.

After the title issue was resolved, the underwriter then wanted to deny the loan out of her concern that we would purchase a new vehicle after the mortgage loan closed. She stated that we only sold the vehicle to qualify for the mortgage loan. What's completely confusing to us is, how does the underwriter place in her contingencies that we have to get rid of the vehicle loan, we comply with that by selling the vehicle, yet she decides that she wants to penalize us for doing the very thing she said had to be done?

The underwriter then determined that she wanted to give us the house on a trial basis to see how we would do with making the payments and then fund the loan after 3 months if we made timely payments. We feel that this was completely inappropriate and that the underwriter set the approval contingencies because she never expected us to accomplish them. A person that could make comments like this and set standards based on their personal notions should not have this type of power and be allowed to toy with the livelihood of others. We are not children! We are a hard working family that did everything to prove that we earned and qualified for the mortgage loan!

Apparently the branch manager and director of underwriting didn’t agree with the original underwriter and on Thursday, January 15, 2015, we received a call from our loan officer informing us that the Waterstone decided to approve our loan! The branch manager, director of underwriting and loan officer met and had decided that we had met the contingencies, qualified for and deserved the loan. We were told that we were just waiting for clear to close.

Overwhelmed with emotion that this was finally almost over, we cried! We were excited to share the news with our family and friends that we would be able to accomplish this major goal. Our young children were elated that we would be getting a new house! We actually started packing!

On Monday 1/19/15, the branch manager, underwriter and loan officer met about our loan to review the file one last time. We were told that by Friday 1/23/15 we should be receiving our date to close.

On Tuesday 1/20/15, the loan officer requested proof that one of my credit cards were paid off and she asked for another employment and income verification. I provided that within minutes.

On Wednesday 1/21/15, I received a call from the real estate agent saying that he spoke to the loan officer who was now doubting that she could get our loan done. I was absolutely shocked! How do we go from DU approve, to pre-approval, to approved with a few contingencies that we met, to the loan won't be done, to the loan will be done and now back to the loan wasn't going to be approved? I tried to seek answers by contacting my loan officer and I received no response. The entire process has been completely cruel! How a company could treat people this way is sickening!

On Thursday 1/22/15, the real estate agent finally advised us to switch lenders. He had us send a letter requesting our file and other loan information be released to another mortgage company. Disappointed and without answers, what else could we do? We tried to obtain a loan with a Mortgage company who toyed with approving our loan. We didn't want the sellers to move on because after all their life and home purchasing goals had been placed in a state of constant limbo too.

On Friday January 23, 2015, we finally received a call from the loan officer telling us that she was sorry that Waterstone couldn't get the loan done providing the reason for change as being due to Waterstone not being able to get our loan insured through FHA and without that insurance they would not be able to sell our loan. From my understanding it's illegal to not do a loan based on the ability of being able to sell it.

Again confused, I asked what reason would FHA not be able to insure our loan when all the steps up to the branch heads meeting said that we met the FHA requirements and should get the loan. All of the information was provided and available from the very beginning of the loan process!

Without further explanation, the loan officer stated that she did receive the request to release our information and sent it for processing.

Waterstone completely wasted our time and the seller’s time costing us all lots of money stress and grief for a loan that they apparently had no intention of ever approving because they felt that they couldn't sell the loan. This has been a complete nightmare for us! To date, we still have not received a formal letter stating why they would not approve our loan.

It's appalling that a company would treat people this way and get away with it! Waterstone has completely dashed our hopes of purchasing our dream home and has caused us to lose faith in their mortgage system. We will never understand how you can meet all the requirements and still informally be denied for a loan in which you spent months trying to obtain with no ill change in your financial circumstances.

On January 26, 2015, we decided to reach out to Waterstone Mortgage’s Corporate Office expecting assistance is trying to understand what was going on with our loan before filing a formal complaint with the Revdex.com. We copied everyone involved in our matter on this letter. [redacted] of [redacted] responded and told us that she was in receipt of our letter and would begin an investigation in order to get to the bottom of the situation.

In the meantime, later that afternoon my wife received a call from the loan officer asking if this letter was in reference to her or the Mortgage Company. She expressed her frustration about working after hours on our account and how because of our complaint she would be looked upon as having done something wrong. At the end of her rant, she stated that a client was calling and told my wife that she would be calling her back after she completely read the letter.

My wife called my real estate agent to let him know what transpired. He had spoken to the loan officer who continued to express how upset she was. He basically said that you never know how people take letters and that he wanted us to wait to send it because he didn’t need anyone trying to stand in the way of us trying to obtain a loan. My wife paid this no mind as she felt that we did not do anything wrong, until she received an email response from the loan office on something that she asked of the loan officer on Friday January 23, 2015.

Then at 8:10pm that same night, I receive and email from the Loan officer stating that I didn’t get the loan because Waterstone was in receipt of documentation showing that my property did have a balance on it. She said that the audit department would be auditing the loan and that she wished us the best of luck. She made it appear as though she sent the info to the seller as well. It was rather ironic that we would receive an email telling me that I didn’t qualify for the loan because of a balance that I didn’t owe on the same day that I filed a complaint within the company. I felt threatened that she could be in our file after hours and manipulate my file to show something that was not correct and then toy with having out information in her possession by attempting to send our private info to the sellers. I quickly forwarded [redacted] the email and asked for help with this matter. I let her know that I did not want the loan officer in my file and that my information was at risk with her being able to access it.

On January 27, 2015, we called [redacted] to follow up on our email. During the conversation, we were informed that the loan officer would be able to access our info until she was told that she could not. As we dicussed the time line that bought us to this point, she informed us that our loan was denied back in December. She stated that we probably did not received notice because they were still trying to work to get the loan done. She stated that they had a host of meetings to determine what happened with our case, where misunderstandings occurred, why we felt that we had an approved loan, etc… She said that she would contact us by the end of the day to let us know the status.

With everything that we heard, we feel even further from having an understanding as to why Waterstone ever treated us this way!

Should you have any questions or require additional information, please contact me.Desired Settlement: We want the loan funded. If they are not going to fund the loan, we want a reimbursement of fees such as the appraisal and home inspection, long with the $8,500.00 spent in order to sell a vehicle listed as one of the loan approval contingencies.

Business

Response:

Waterstone Mortgage is in contact with this customer and will be investigating all details related to this transaction.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Review: I spoke with [redacted] several times about not selling my ;loan outside the Waterstone Bankng sysytem. He assured me that my loan would not be sold. So I picked Waterstone Mortage because I wanted a local lender. Sure enough...three weeks after closing, I recieved a letter from Waterstone Mortgage that my loan was in fact sold to [redacted]. This was the first problem. The second problem I now have from this loan sale is now [redacted] will not let me buy my insurance without a escrow account. This raises my monthly payment about $70 a month. I did not want this. I was told my [redacted] and [redacted] that I would be able to change this escrolw account set-up.Desired Settlement: I want my closing costs returned to me to pay for the extra funds needed for my escrow account. I fell like I was lied to and mis-lead. Now I have a loan that is not in my best interest.

Business

Response:

Waterstone Mortgage has been in contact with this customer and this issue is resolved.

Being in the financial industry for over 20 years, I understand the obstacles that can arise during a loan approval. Setting expectations and educating clients of the process in advance is critical to a more positive experience and Waterstone Mortgage delivers just that.

Terrible company to work with. We are first time home-buyers and I cannot believe that any other company would ask for the same documents numerous times! I was asked for one document 3 times! Two other documents I was asked for two time each.

Our mortgage officer claimed to us that he was "always available" day or night. We soon found out that was NOT the case. We would email him asking 2 or 3 questions (that was more than he could handle), he would respond to one of the 3 questions. He flat out lied to us. His business partner told us he was on vacation (everyone deserves a vacation) he came back and told me he was out with the FLU. WE ARE FACEBOOK FRIENDS AND YOU SAID ON FACEBOOK THAT YOU WERE ON VACATION- DONT LIE!!!

When we put our offer in on the house mortgage rates were low 3.75% my fiancé emailed him and NEVER got a response. The rates took a spike 2 weeks later and I emailed him again. It was not until then did he respond. Rates were now at 4.5% and never dropped again. All he kept saying was “He can’t control the market” We never asked you to, we simply asked for guidance and help. You do this every day! If you would have emailed us back the first time maybe we could have gotten a better rate! There was nothing that they would do for us.

When we think we are just days away from being finished with this guy I get an email notification from my credit card saying that my credit report was looked at again. I looked into it and it was the same company that pulled it when we first began looking. I understand that they had to pull it again to get our mortgage but it would have been much better coming from him. We were 3 days away from not having to have it pulled again but because they kept asking for the same documents over and over again they were not able to complete our mortgage fast enough. In the second pull our credit score had dropped which caused us to owe more money. I went line by line (I had to lay this out to him in MANY emails for him to actually understand) and there was no reason other than the 2 credit pulls that caused our credit scores to drop. All debts had been reduced and nothing new was opened. They said that there was nothing they could do about that either.

I wish someone would have written their experiences with this TERRIBLE Company so I would have known NOT to use them. I hope this helps. Go somewhere else!!!

Review: Never have I had a worse experience, in any industry, dealing with "industry professionals". After missing our closing date twice, due to "missing" documents and failing to forward them to other departments, our Title Company and Realtor advised us to switch lenders. My business partner and I stuck through it, which ended up costing us money, upsetting the Seller and delaying everybody in the process. The communication was so poor, we went in to speak with the Branch Manager. After he failed to return my follow-up email, we went up the ladder to the National Customer Service department. After discussing with that staff, they said they would call me back in the following week. Two weeks later, I called them and complained again. The following day they sent an email saying they were sorry for the delay, but they essentially did the best they could. I generally do not write complaints, but this experience was awful and the lack of professionalism was unacceptable.

We have submitted timelines and have maintained records of all emails, including where Waterstone claimed they didn't receive documents from us, and 3 days later confirming that they did and didn't notice that they had them. They also said they forwarded documents to the closing department, but the closing department said they have not even been in communication about our loan application and were unaware that the property had a tenant and was not owner occupied. This conversation and discovery occurred after the second delay.

A competing lender offered us $1,500 if they didn't close by December 11, 2013 and a free appraisal if we switched to them (our title company has email proof). Waterstone assured us they would make the date and ended up delaying twice. Only due to us overnighting documents, did we avoid a 3rd delay.Desired Settlement: I would like to be refunded $1,500 by sticking with Waterstone and relying on them. We have submitted timelines and have maintained records of all emails, including where Waterstone claimed they didn't receive documents from us, and 3 days later confirming that they did and didn't notice that they had them. They also said they forwarded documents to the closing department, but the closing department said they have not even been in communication about our loan application and were unaware that the property had a tenant and was not owner occupied. This conversation and discovery occurred after the second delay.

Business

Response:

Waterstone Mortgage has spoken with these customers regarding their complaint on 1/3/14, 1/7/14, and 1/31/14. As a good faith gesture, we refunded the customers their Good Faith Deposit on 1/3/14, and considered this issue resolved. The customers have since requested additional funds from Waterstone Mortgage in return for future business transactions. This type of negotiation is a potential RESPA violation, and Waterstone Mortgage is neither willing or able to reimburse the customer any additional funds. This information was explained to Mr. [redacted] on 1/31/14, and both parties agreed that this issue has been resolved.

Review: My offer to purchase the property I now reside in was accepted on April 16, 2014. I met with John [redacted]'s assistant, Jackie [redacted] in person within three days of the accepted offer informing her my one-year lease ends March 31, 2014. I also mentioned to Ms. [redacted] I'd be signing a two month lease based on the information she provided me.

I signed a two month lease that ended May 31, 2014. Ms. [redacted] assured me the closing would take place before then. The first closing was scheduled for May 30, 2014. John [redacted] contacted me at the end of his workday on May 27, 2014 informing me the closing was rescheduled for June 6, 2014. I placed my personal belongings in storage and moved into a hotel awaiting a closing date. After a total of 6 rescheduled closings we finally closed on July 16, 2014. The bill for storage and the hotel room totaled $1400. A representative from Waterstone offered to work things out with me provided I cancel my Revdex.com complaint from about a year ago. I cancelled the complaint.Desired Settlement: After cancelling the complaint to the Revdex.com she offered me $500, to which I refused. I received an approximate $540 at closing on July 16, 2014. A fair offer would have been $860 which I would have accepted. I'm about to refinance my home. Sadly, I will not be refinancing through Waterstone Mortgage given how poorly I was treated. In less than 10 days after I contacted the president of Waterstone Mortgage we finally closed on July 16, 2014. Brian Kludt is the branch manager at Waterstone Mortgage in Pewaukee. His assistant told me "we'll make this right".

Business

Response:

Waterstone Mortgage has already been in contact with this customer over 1 year ago. We have already taken the time to investigate the details of this transaction, and address all of the customers concerns. Waterstone Mortgage attempted to resolve this complaint. The customer did not accept our resolution. Waterstone Mortgage considers this complaint closed.

Business

Response:

Waterstone Mortgage has been in contact with this customer to discuss his current complaint. We have reached a resolution that is satisfactory to both parties.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,

Overall, our experience with Waterstone Mortgage was poor. We were initially promised a “Welcome Home Illinois” grant, so we moved forward with purchasing the home. After we were past the due diligence period, we were told we did not qualify. Perhaps for some people it is not difficult to come up with a few thousand dollars more, but for us, this was a major burden. The loan officer did not show much empathy for our situation or offer other viable solutions. I’m sorry, but getting a “gift” of thousands of dollars is a big deal.
My biggest complaint, however, was the system of communication. I rarely knew who I should be contacting for certain questions. Each day I would get an email or phone call from someone completely new at Waterstone. I never knew who my primary contact person was supposed to be and I found myself answering the same questions or sending the same documents over and over. I understand that multiple people need to work on the loan, but there needs to be more streamlined communication. It was extremely frustrating having to figure out who I needed to be dealing with on a daily basis. After our initial loan application, our loan officer was rarely, if ever, in communication with us.
In addition, this was our first time buying a home, and a lot of the terminology, costs, etc. were never clearly explained. If we had not been on such a tight deadline to complete the closing, we would have pursued another lender very early on in the process.

This is the most disorganized mortgage broker I have ever dealt with, losing papers, stating they will call back but never do!, makes promises they never keep, gave pre-approval without doing research prior, gives a pre-approval and then retracts it!, stay away from these unprofessional people. they are the worst ever. especially [redacted]!!!!!!!!!!

I just went through waterstone mortgage and let me tell you this was the worst experience I have ever been through. My mortgage lady in Madison was very unprofessional and would never get back to me for days. Every time I would send in documents she would come back and say we need more and more after going far and beyond. I would get my documents submitted right away and she wouldn't get back to me or seem to care. My closing date was extended 4 TIMES!!!! I ended up losing the house because the sellers did not want to sign another extension. This was over 3 month process. Please take your business elsewhere. Plus they ask for 400$ start up fee. Most places do not charge this. They are very unprofessional and am surprised people even choose this business .

I was a first time home buyer and I thought because a few people I knew had worked with this company and had good experiences, I would as well. That was at from true. The initial meeting went well and finding a house was not an issue by any means but after that and when it was time to submit all the paperwork for the approvals needed, it all went down hill. The under writer emailed me tons of times asking for the same document from the IRS and I spend numerous lunches in the phone. In case you didn't know the IRS takes an hour + to get through to. Then I was quoted a three separate monthly payments on the same house and my loan officer and realtor were never on the same page. One would tell me one thing and the other would tell me something completely different. I understand they were under a lot of pressure to get things moving but it's frustrating when you don't know what's going on. Next we had a close date set for 3 weeks, rented out our apartment, called and arranged for furniture, appliances and cable to be set up and two days before hand I get an email saying things have changed! Left is a scramble I was able to at least stay with relatives for the two weeks until the new closing date would be taking place. A week before the new close date I'm told an escrow account needs to be set up for work on the house and I may have to fork out $2,500 in the next 7 days. Buying a house is expensive, where did they think this money was going to come from? Finally they found a bid for the work that was feasible to us and once again I thought everyone was on the same page. The day before the new closing I get another email saying the time had to be changed because the title company didn't get the paperwork in time when I was told the week before they had everything they needed. By now I was fuming with the whole experience and couldn't wait for it to be over. It was truly like buying a house from hell! When I got to my closing the people at the title company (woman in the front office) was rude and the person with all my paperwork didn't come in the assigned room until 30 minutes after I had already been sitting there. This was a lesson learned the hard way....makes me never want to buy a house again....

Review: Paid $460.56 in late penalties for not meeting the agreed closing date on a Home Mortgate transaction. Waterstone had 2 Month to close and didn't meet the deadlines.Desired Settlement: To get a refund of the penalties paid ($460.56) paid extra on closing date.

Business

Response:

Waterstone Mortgage is in contact with this customer and her husband to discuss the details to this transaction. Thank you.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

will just attach the below email to the Broker as this explains our experience as a whole
[redacted] XXXXXX
Apr 20 (2 days ago)
No problem! I’ve enjoyed working with you for the last twenty-six months on your credit repair! I hope you enjoy your new home. J
I do have a question, though – is there a reason you didn’t give us the opportunity to try to match/beat what you are getting with the other lender?
With Warm Regards,
[redacted] XXXXX [redacted],
Please understand you asked me why and this is a detailed answer.
I am not exactly sure how to respond to this email. I will be as honest as I can though. The mere fact that you are "alleging" to have "worked" with us for the past 26 months on our credit repair is quite disturbing in and of itself. I believe when I contacted you last month to begin this process again your own words were something along the lines of "please fill out a new application online as we do not still have your records". I also don't recall speaking to you once in the past 3 years about our credit, or receiving a single communication other than your auto spam marketing emails that are designed solely for name recognition and to draw in more unsuspecting customers. My wife and I have worked very hard over the past few years to rebuild our credit with ZERO outside help and the fact that someone would try to step in and take credit for our hard work sums up a lot of the problem up right there.
Then there's the EXORBITANT interest and APR we were offered. The federal standard at the time of offering was 3.25. We were offered 3.9 with final APR of 4.9% from Waterstone. This seems like a more than an extraordinary interest rate. It's almost as if your company is trying to gouge the customer for every penny they can, not taking into account what the customer can afford or even the morality of such a rate increase. Now let me explain to you that I work in an industry that revolves around credit and interest rates. I completely understand that you are a broker and in this to make money and I understand Buy/Sell rates and that the interest is where you make your money. But even in my market which typically revolves around a 12, 24 and 36 month the sell rates are not that ridiculous. It’s bad when a car salesman looks at the Waterstone mortgage offering and says you’re being robbed. As a matter of fact after much research and many questions asked to very helpful banks and competition brokers we discovered that the normal rate of increase is more along the lines of 0.1 – 0.25% max on top of the federal interest rate. Even at the maximum 0.25% rate hike, that’s still only 3.5% which a LONG way from 3.9% when you are talking about a 30 year term.
Beyond the interest we just felt like we weren't being taken care of as a customer. I explained early on that I travel a lot for work and that I have limited windows to communicate. Early on my emails to you were going unanswered and I had to send a very stern email explaining to you how limited my time was and that I would need open lines of communication in a timely manner that I could work with or I would need to take my business elsewhere. You stated this would not be a problem. We did not send multiple emails a day or call repeatedly. Yet even at the rate of a single email every other day we were not receiving answers unless you needed something from us for the paperwork. And even then we felt like were having commands barked at us and treated more like a burden than a customer. I also happen to work in a field where customer service is everything, so I of course notice everything. I did not appreciate my wife being harassed through both email and on the phone, basically “demanding” that we lock in the rate even after she clearly stated that she would need to wait for me to make the decision. It was clearly explained to you that we had to read through everything and I could not do that at that very moment as my work takes precedence. When I did get to look through the paper work I found mistakes that I am not even qualified to find. Money was missing from the contract. While you did correct that right away how is it even a possibility in these kinds of dealings?
But let’s put all of that aside and look at the big picture here. When the pressure was being put on us to lock in our rates and sign the disclosures I knew something wasn’t right. When I inquired to you about the interest rate you had the PERFECT opportunity to lower the rate to relieve my concerns, but this did not happen and it was not until I told you that we were using a different lender that you even mentioned being able to adjust the rate. In my mind this is a “take all you can until you have to” approach to lending. These types of Predatory lending practices are why there was ever a housing bubble in the first place. People were pressured into interest rates that they could not afford just so the mortgage companies could make a killing off someone else’s naivety. If you truly cared about the customer and not the dollar why are you trying to take such advantage of the first time home buyers lack of knowledge?
To be 100% honest, had we received better customer service from the start we probably would have never even questioned the extreme interest rate, signed what you gave us and it would have cost us in the sum of well over $120,000 in interest over the life of the loan.
I must thank you though for this level of customer service with attitude and making us feel like a burden. Had you not we would have never been educated on something so detrimental to our future.
Thank you for your time,

Review: In October of 2014, we sought services for a home loan/mortgage with Waterstone Mortgage. We received pre-approval at that time and began the home search. At the end of October 2014, we entered into a contract on a home, but decided against the purchase after an unsatisfactory property inspection report. A few weeks later, we made an offer on another home, and again sought the services and were pre-approved for a home loan with Waterstone Mortgage in [redacted]. Once the mortgage process was turned over to underwriting, our nightmare began. After providing duplicate and triplicate copies of paperwork on numerous occasions to the processor, we were given notification that we were approved and I paid for an inspection and appraisal of the property. Next, there were unheard of requests for information from the underwriter such as a letter from my employer that my employment would not be affected by the move to the new home or a letter stating that I had access to the funds of my bank account. In between all of this asinine paperwork gathering, I could not get calls returned to me regarding questions that I had. As the closing date was quickly approaching, I was given excuses such as the underwriter was out of the office or some other excuses. At one time I was forwarded an email in error between employees that was in reference to another customer and not me that referenced giving the customer an excuse for the delay that they were receiving as well. With a few days before the closing date, my calls were still not being returned. I needed to know how much we needed to wire to the closing company for closing. The day PRIOR to closing, my call was finally returned with the explanation that the underwriter still had questions about an issue on my credit!! Wait a minute, why didn't he question this weeks prior? Regardless, I was assured we would still close the loan, just a day later, because the underwriter was waiting to hear back from FHA, but not to stress that everything was fine. I have this in an email. In the meantime, my wife turned in her resignation to her employer as we were assured closing would still happen. The day before the new closing date, we were still waiting for their final answer only to be stalled and calls not returned and we passed the closing date yet again. Finally two days AFTER the second closing date, essentially 4 days after the original closing date, we were told that the underwriter had issues he could not resolve and declined to extend us the loan. This was two months after we were pre-approved and after spending money on 2 property inspections, an appraisal report, the assurances we were approved, and my wife's now loss of income as her position had been filled, we were then told we would lose our binder deposit of $1,000 as we went out of contract with the seller(that had already vacated the property as he was being assured that we were closing.) STAY AWAY FROM WATERSTONE MORTGAGE, THEY WILL WRECK HAVOC WITH YOUR LIFE!!!! And by the way, we promptly sought a mortgage on a brand new home with another bank and were approved and closed on time all within a 40 day time span.Desired Settlement: I feel that I should at least be compensated for the $400 appraisal that was ordered and my complaint forwarded to the President of Waterstone Mortgage considering the undue stress that was placed upon us during this process.

Business

Response:

Waterstone Mortgage has been in contact with this customer to discuss the transaction. This customer has told Waterstone Mortgage that he apologizes for filing such a complaint, and decided that he will contact the Revdex.com to have it removed. Waterstone will follow up with the Revdex.com and the customer.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Waterstone was recommended to us by our realtor. HUGE MISTAKE. We have purchased and sold 4 homes previously, and never had an experience like this one. Originally, it was great. Everyone was involved, they requested information and we provided everything within an hour of their requests. Once they had all the information I was told it would be sent off to the underwriter. In the mean time we changed our closing date, which I informed them of the change. They assured me that they would be ready on the new date if not before. The week before closing our closing attorney and myself began contacting them for the time of closing we never received a response. I must say that [redacted] was the only one that would return calls and check in, however she was out of the loop at this time, but was gracious enough to help me.
I was informed that they would be ready on the original date, not the one we had changed it to. Then the systems went down. We were delayed for and extra 2 days. While I understand this is a huge issue for them, had they been ready on the closing date it would not have affected our closing. We were assured everyday that it would be soon. All the while we are now getting requests for additional and REPEAT paper work, items we had already provided. AND they requested an additional $20,000. at closing, we were fortunate enough to have those funds available, but most folks don't have that option. If they needed something from us, we would return it immediately. If we asked a question, we would not get a response. When I emailed and expressed my frustration over their business procedures, I was told that they would not presume to tell me how to run my business so they would appreciate it if I did not tell them how to run theirs. How's that for customer service?
The day that they had down as closing came and went, we closed 4 days later. So we were in limbo for 11 days. All of which we had all our belongings in a u haul. We moved from hotels to relatives. I would spend each afternoon calling and rescheduling deliveries and movers. Moving is stressful enough but to deal with the incompetence of your lender just put us over the top. This was the absolute worst experience we have ever had with a loan approval company.

My wife and I found the Waterstone/Team Flavin Mortgage office to be very unresponsive and impersonal. After our initial call with the team leader, we were advised that the documents necessary to obtain financing would be sent via courier; however, more than one week later they still failed to arrive.

When we followed up, we were promptly delegated to another member of the team who quickly offered us a product that was more expensive than that which we had initially requested (a first and second mortgage, both with higher rates, than the 30 yr fixed we requested).

During the two week period we were waiting for Waterstone's follow up and mail, we were able to find a responsive lender who offered a more competitive rate. There are lots of lenders out there and rates generally do not vary widely (for a specific product at a specific score) among them.

What differentiates one lender from another is his or her responsiveness and communication. I'm glad we had the foresight to contact multiple lenders because Team Flavin was unable to deliver.

Review: The [redacted] office has caused a tremendous issue with the closing of the sale of my home and subsequent purchase of a new home for the seller and the buyer. Their lack of performance had caused 4 contract extensions and currently are 5 days past the last extension. They have not provided instructions for closing and refuse to answer/return calls or able to give a time when instructions will be available. The sales manager stated to me, the seller, that "nothing positive would come" from my complaint on their failure to perform. I take that ad a direct threat that they are intentionally withholding instructions. We were once again supposed to close yesterday and yet again the [redacted] office failed to provide instructions to the title company as promised.Desired Settlement: Reimbursement for damages caused to property due to lack of occupancy of property, moving & storage fees & lost escrow since they have caused me to default on the home I was going to purchase, utilities reconnection fees.

Business

Response:

Though Waterstone Mortgage has confirmed that this complaint did not come from one of our customers, we will continue to investigate the details within.

Review: I took out a mortgage with waterstone Nov 15th 2013. I went to the branch to make my first payment and was told my mortgage was sold and transferred to Wells Fargo back in November 2013. It is Now January13 and is seriously past the 15 day written notice reqired. RESPA laws says the loan servicer is required to send you a notice 15 days before the loan transfer becomes in effect.

I have been having a hard time, besides the running around to banks trying to pay my mortgage, with the new bank because they have me under my maiden name and now my marrie dname so I am unable to get access to my account.

We were never told or given written notice about this; 2 prior emails to my mortgage lender about payments since december have gone unanswered. So they could have been made me aware then as well instead of ignoring me.Desired Settlement: I would like some sort of response about this and about all of the time and phone calling I have had to make to try and resolve this issue which still isnt resolved.

Business

Response:

[redacted]

Revdex.com of Wisconsin

RE: Customer

Complaint from

[redacted]

RESPONSE TO COMPLAINT:

Waterstone Mortgage Corporation (WMC) is fully committed to

providing a high level of customer service, as well as adhering to the

guidelines governed by RESPA. WMC has

researched this customer’s loan transaction.

The customer’s applied for this loan, and closed this loan as married

individuals, with the same last name, [redacted].

At the time of closing, on November 15, 2013, WMC owed this loan, and

the customer’s were provided the First Payment Letter, which provided them a

coupon to make their first mortgage payment (January’s mortgage payment)

directly to the corporate office of WMC.

The First Payment Letter referenced the exact amount of the payment, the

customer’s loan number, and the address in which to mail the payment.

On November 27, 2013, this loan was sold to Wells Fargo Home

Mortgage. The Notice of Assignment, Sale

or Transfer of Servicing Rights document was generated, and mailed to the

customers on December 2, 2013 at their disclosed mailing address/property address. This document notified the customer’s that

their loan was sold to Wells Fargo, and that Wells Fargo will be accepting the

first mortgage payment (January’s mortgage payment), and taking over the

servicing of the loan effective January

1, 2014. Included with the Notice of

Assignment document, was a Payment Letter, which included a coupon for the

customer’s to make their first mortgage payment (January’s mortgage payment)

directly to Wells Fargo. This Payment Letter

referenced the exact amount of the payment, the customer’s new loan number with

Wells Fargo, and the address in which to mail the payment. The production and distribution of these

documents meets the guidelines of RESPA and there is no violation. WMC understands the confusion that can occur

during the transition of a loan, and we apologize if the customers did not

successfully receive our mailed documents.

Thank you,

###-###-#### direct

Business

Response:

Waterstone Mortgage Corporation (WMC) is fully committed to providing a high level of customer service, as well as adhering to the guidelines governed by RESPA. WMC has researched this customer’s loan transaction. The customer’s applied for this loan, and closed this loan as married individuals, with the same last name, [redacted]. At the time of closing, on November 15, 2013, WMC owed this loan, and the customer’s were provided the First Payment Letter, which provided them a coupon to make their first mortgage payment (January’s mortgage payment) directly to the corporate office of WMC. The First Payment Letter referenced the exact amount of the payment, the customer’s loan number, and the address in which to mail the payment.

On November 27, 2013, this loan was sold to Wells Fargo Home Mortgage. The Notice of Assignment, Sale or Transfer of Servicing Rights document was generated, and mailed to the customers on December 2, 2013 at their disclosed mailing address/property address. This document notified the customer’s that their loan was sold to Wells Fargo, and that Wells Fargo will be accepting the first mortgage payment (January’s mortgage payment), and taking over the servicing of the loan effective January 1, 2014. Included with the Notice of Assignment document, was a Payment Letter, which included a coupon for the customer’s to make their first mortgage payment (January’s mortgage payment) directly to Wells Fargo. This Payment Letter referenced the exact amount of the payment, the customer’s new loan number with Wells Fargo, and the address in which to mail the payment. The production and distribution of these documents meets the guidelines of RESPA and there is no violation. WMC understands the confusion that can occur during the transition of a loan, and we apologize if the customers did not successfully receive our mailed documents.

Consumer

Response:

Review: Upon starting our journey for our first home buying experience we were advised by our Realtor to use Waterstone Mortgage company for the financial side of our home purchase. Our first meeting with Waterstone seemed to go well and we were pre approved for a home and ready to begin our home buying experience. Throughout the process we had three different instances in which we ran into road blocks with our purchase/closing and were advised by Waterstone Mortgage to take specific action in order to close on our home with finances through Waterstone Mortgage. These steps included spending a lot of money out of our pocket on home inspections, appraisals, radon testing, paying down credit cards etc. The last straw was when we were advised to pay of an $1,100 auto loan and find a co-signer because it was our "final and best option for closing", only to find out AFTER we paid out all of that money that the underwriters would not allow the co signer with our situation. This was a situation that could have been checked on before the unnecessary measures were taken to spend a large amount of money on buying a house that never materialized. We repeatedly confirmed with Waterstone Mortgage that our home loan was 100% accepted/going though before we spent the money on the home inspection, appraisal, and radon testing and mitigation system.

Money Waterstone Mortgage advised us to spend to pay debts in order to secure the home loan came to total of $1,445Desired Settlement: Refund of the money we were advised to spend in order to secure the finances for the property to purchase. Including:

Home Inspection $420.00

Radon Testing $125.00

Radon Mitigation $425.00

Appraisal $350.00

Rent money due to seller as part of closing extension contract at $21.13 per day from 7/5/13-7/19/13 Total of $316.95

Debts paid $1445

Total: $3081.95

Business

Response:

Waterstone Mortgage Corporation takes all clients’

comments and concerns seriously and strives for transparency throughout the

loan process.

We apologize for any inconvenience the client may have experienced. After

looking into this complaint, it appears that the client had a few hurdles to

overcome prior to shopping for a home.

The Loan Officer and client reviewed the client’s credit report prior to drafting

an Offer to Purchase. At that time, a pre-qualification was based off the

current credit report with the understanding that the loan must go through

underwriting to be qualified with the investor. A loan program was

recommended to the client based on the initial credit report and information

given to Waterstone Mortgage at time of pre-qualification.

Check fields!

Write a review of Waterstone Mortgage Corporation

Satisfaction rating
 
 
 
 
 
Upload here Increase visibility and credibility of your review by
adding a photo
Submit your review

Waterstone Mortgage Corporation Rating

Overall satisfaction rating

Description: Mortgage Bankers, Mortgage Lender, Mortgage Brokers

Address: 910 Harvest Dr Ste 100, Blue Bell, Pennsylvania, United States, 19422-1962

Phone:

Show more...

Web:

This website was reported to be associated with Waterstone Mortgage Corporation.



Add contact information for Waterstone Mortgage Corporation

Add new contacts
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | New | Updated