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Waterstone Mortgage Corporation Reviews (29)

Review: The 1st problem is when I first talked to [redacted] I told him I wanted to put 65,000 dollars down and finance the rest with no escrow account.Instead I ended up giving 71,488.87 why I do not know.The 2nd problem was 10 days before we had to close we were told we had to have our foundation inspected because a garage was added at a cost of 557 dollars even though all permits were pulled that I checked out myself and even contacted the building inspector so I was confident the job was done right.Waterstone employee [redacted] claimed the underwriters demanded this it made us question them then but we were close to closing so we paid.The third problem came the nite before closing when Miss [redacted] informed us our payment would be about 721 dollars a month and we needed to bring 71,488.87 to closing.All was wrong they set up a escrow account so she then said our payment would about 476 a month which was correct and we needed to bring 68,925.75 to closing still not problem number 1 amount but I was ok with it.Then the day of closing we were told in order to close we had to wire them 2563.12 plus 20 dollar fee for wiring the money but we would amend the closing papers the following monday and I was told by [redacted] on the real estate agents phone that I would get the 2,563.12 back by check in about two weeks.That gets us to problem number 4 two weeks plus go by and no check so we call and ask where's our check and were told that [redacted] made a mistake and that the number of 71,488.87 was correct.After all this how are we supposed to believe that these numbers are correct and Waterstone Mortage could not email us or a phone us telling us about this.It would cost us more in lawyer fees to get to the truth of this but I always thought there was a truth in lending law that would protect us but I suppose that's just another feel good law that does not mean anything to the average american.Desired Settlement: I feel we should be allowed 60 days to find a different mortage company to finance our house so Waterstone Mortage does not get one dime of our money.We request all our money back to give to a reputable mortage company to finance are new home.This is the only way we will be happy and our very sorry we have ever used Waterstone Mortage Company.

Business

Response:

Waterstone Mortgage has been in contact with this customer, and has resolved this complaint to the customers satisfaction.

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 underwent a contract on March 2, 2016 to purchase my first home with a close date of April 29, 2016. Prior to this I obtained a pre approval letter from Waterstone Mortgage. Within the first two weeks or so of the process I heard minimal word of what exactly was going on with my loan application. In the meantime I paid and obtained a full home inspection as well as paid for and obtained an appraisal. Nine days (two of which were weekend days) prior to the April 29th close my lender got with me explaining a long list of conditions that need to met prior to obtaining a clear to close. With the worry that I may loose this house, I scrambled together to ensure everything would be completed in a timely manner to close. Although I had provided all necessary documents I was still unable to close on April 29th.

At this point, the seller extended the contract with a close date of May 9th. Once again a few days went by with little word. Keep in mind that I call my lender on a daily basis for updates. AGAIN three days before this scheduled close date more conditions were needed to be met.

Needless to say it is now May 16th and I have yet to close on my house, I am currently out of contract since the seller is unsure whether they want to extend it AGAIN, and still am being harassed to meet more conditions.

My lender seems to be completely out of touch with the process taking place. Approximately a month ago I asked for the advice of my lender on whether or not to amend my 2015 taxes in a verbal phone conversation to ensure that I had all my ducks in a row for closing and was told not to due to the fact that it would extend the closing process. After the phone call I knew I should of had that conversation via email to have hard evidence of what I was told because now, already a week out of contract, I am being informed I need to amend my taxes. That is just a very small example of how unorganized this process has been.

I also wanted to add a side note that I contacted the regional manager, [redacted], and was told by her and my lender that now that she is overseeing the process it should go smoothly, although NOTHING has happened since then. I have also contacted Freedom Mortgage who Waterstone is selling my loan to and still have received no assistance in the closing of my loan.Desired Settlement: Approve my loan without more conditions and allow me to move on with my life. My credit score meets the requirements, my debt to income ratio proves that I make more than enough to afford my loan, and I have already provided a sufficient amount of documentation over the span of the last two months to obtain a loan. Either that or refund my $10,000 plus dollars and I will go elsewhere in hopes of avoiding anymore harassment from this company.

Business

Response:

When acting as a mortgage broker, Waterstone Mortgage loan originators work very closely with our clients and lenders to facilitate the exchange of information and documentation. However, we have no control or influence over a lender’s decision to grant or deny credit. For that reason, financing cannot be guaranteed until the mortgage lender fully and completely underwrites the loan application and issues final approval. Waterstone Mortgage works diligently to try to obtain financing for all of our clients, and we feel that we’ve maintained those same standards in this case. We appreciate the frustration that can arise while working through a challenging loan transaction with a 3rd party lender. Our goal is to provide exceptional customer service, and we will continue to work closely with this customer and lender, in hopes of obtaining all the necessary documentation needed for the lender to issue a final loan approval. We appreciate your feedback and hope that your concerns have been adequately addressed. Tell us why here...

Review: I applied for a mortgage with this company and have not been able to get a clear answer as to why I am being denied. I was advised I was conditionally approved and it was taken back when they stated I had a foreclosure. I was advised that I have a foreclosure when my credit bureau report clearly states that I paid less than agreed (no foreclosure). After advising the underwriter, [redacted], that I do not possess a foreclosure (the former lender GMAC deeded the mortgage to me after an integrity issue with the loan) she was argumentative and told me "she shouldn't even be talking to me". I have unclear information as to what has/had transpired and I feel as though if someone could have taken the time to explain this better. When I applied to this company they had no problem collecting information about me (personal and otherwise) but when it came down to providing me with a legitimate reason I did not receive one. I was advised to contact the credit bureaus. This was not an affirmative reason for denial as I was conditionally approved with the information from the credit bureau.Desired Settlement: At this point I would just like to know these people are a legitimate team of mortgage professionals. It's frustrating as a consumer to not 'know' the ropes and be seemingly bullied around. Even with a situation as unique as my own, I deserve an explanation and respect. I'd like to know this isn't a standard practice for the way business is rejected. Again, I do not have a foreclosure. I would like to know an honest representation of why I am being declined.

Business

Response:

Waterstone Mortgage has been in contact with this customer to discuss the details of the transaction and address all concerns.

I was referred to Waterstone Mortgage by a broker who wasn't completely familiar with FHA loans and thought this company would be better qualified to assist me with my home purchase... Obviously he was wrong. I put in an application and was pre-qualified for $165,000 (back in March). I quickly found a home for $108,000 and put an offer in which was accepted by the sellers. It took a couple weeks for my broker to get someone out for an appraisal. He kept telling me that the appraiser hadn't responded and "sorry for the delay." Finally, the appraisal came back and we signed the contract. I was told to put my two-month notice in at my apartment and we set the closing date for May 22nd. We ran into some issues in underwriting.. But I did everything they asked of me to overcome any obstacle we encountered.. They wouldn't accept my child support as income because it wasn't consistent enough (so I provided the necessary documents to prove receipt of child support). My debt to income ratios were too high (so I paid off credit cards to a $0 balance and closed them to get back under the ratios)... Etc. My closing date came and went. We ended up having to extend the contract and change the closing date at least 4 times. My loan sat in underwriting for about 4 weeks (is that even heard of?). Every time I inquired as to what the hold up was, my broker would tell me "sorry for the delay. I have called and emailed the underwriter and they haven't responded to me." I got this excuse for weeks. Now, I JUST found out this morning (3 weeks after my original closing date) that my loan got denied... after 3 MONTHS of working with this company. How can I not be approved for a loan amount that is far less than what I was pre-qualified for? I am single mom with a 2-year-old. I now have to be moved out of my apartment in LESS THAN A WEEK and I lost out on this house. What am I supposed to do now? Where am I supposed to live? And what about the sellers who were relying on the sale of this house to close on their new home? Now I am out $825 for the appraisal and inspection costs... My landlord is keeping my $800 security deposit at my apartment for breaking my current lease... I guess now I have to find another apartment where I will have to put down another security deposit and first month's rent, AND worry about moving and paying moving costs... To just move into another apartment, when I was supposed to be a HOMEOWNER. Not to mention all the stress this has caused me. All this time wasted that I could have been working with another company and gotten approved. Thanks for nothing, Waterstone.

I recently purchased a house through Waterstone Mortgage in Gilbert AZ. It was the most unorganized and unprofessional business transaction I've ever had to deal with. Besides having to lose one house because the agent didn't quite understand the new lending guidelines, I had to push the closng back on the second house I went under contract with because (again) the agent didn't understand the guidelines for closing on a loan with a foreclosure in my background. I paid good money because I wanted somebody that understand the new regulations, clearly these were NOT the people. On the day on my closing (when it finally came) the underwriter assigned to my case took the day off, so I was told I wouldn't be able to close. Really? Who ever heard of such a thing??? There is no back-up? Closing was changed FOUR times because of the ineptitude of this company. I ended up paying an additional $200 to my landlord (on top of an additional month's rent) to keep extending my lease. Communication was HORRIBLE. When my calls were returned, all I kept hearing was "everything looks good"- even though obviously it wasn't. Thank goodness for the title company that raised enough of a commotion to finally get the deal done. Do yourself a favor and find another lender. One that knows the business.

Review: Twice now we've made arrangements to discuss mortgage options with [redacted] in [redacted]. Yesterday he stated he needed to reschedule our meeting to today. We had arranged childcare and already dropped the kids off with the sitter when I was finally able to get ahold of him. Today we drove from [redacted] to [redacted] to meet him. Again we arranged childcare. We waited for 30 minutes before we left. I called his three phones multiple times with no answer. This is absolutely unacceptable and we will be financing elsewhere. Why enter into a business relationship with someone who stands you up?Desired Settlement: It's completely reasonable to receive reimbursement for not only babysitting cost of $80.00 but also the cost of gas to get from [redacted] to [redacted] and back- About $6-10.

Business

Response:

Waterstone Mortgage has been in contact with this customer, and has resolved this complaint to the customers satisfaction.

Review: Beth Bowden | Loan Processor | NMLS #[redacted] | Waterstone-FL.com

[redacted] ###-###-#### OFFICE ###-###-#### FAX

I have used Waterstone Mortgage in the past and never had an closing issue like we have during this process. We were supposed to close last week and due to what Beth called an issue out of her hands we still have not received the closing packet. I understand yall use companies outside of yours for lending purposes, and I understand that. But my issue is having to what we all feel is push to get the closing packet out. I feel I shouldn't have to look into it and Beth should be the one checking into it. And keeping us posted on whats going on with the process. Since we were extended from Friday until today. The bank that has the property listed is charging us 150/day until we get it closed. Today is Monday and we still have not received the packet. Beth told us this morning that it was sent out, but the title company has not received it. Then we get an email saying that due to the program on the computers it must of not sent out correct. We might end up being dropped by the bank because we couldn't get it closed out.Desired Settlement: To get resolution for closing and completed today. All we want is to get this process closed. We keep having to change insurance dates, contractors date. For Beth to actually check into it and make sure its sent. For the past couple of weeks its been tough to get an set closing date. All I ask is for a concrete closing date today.

Business

Response:

Waterstone Mortgage has been in contact with this customer and all parties to the loan transaction. We have confirmed that this loan closed successfully on the desired date. Waterstone Mortgage consideres this complaint resolved.

My husband and I used Waterstone Mortgage Corporation when we purchased our home in late 2015. Waterstone was suggested by our realtor, so we decided to go with Waterstone despite our reservations. Our first encounter with Waterstone was when a representative called me to touch base on pre-approval for our loan. I was completely confused because the man did not let me know that he had gotten my information from the realtor. Then, we started working with another representative from the company who did not respond to our questions in a timely manner. They seemed very rude. When we came in to sign off on our loan, we were met in a hasty manner that seemed to say "I don't have time for small loans like yours." After closing on our home, our loan was sold to another company within the first month. Come to find out, four months after closing on our home, the Waterstone did not submit the correct amount for our homeowners insurance premium. Of course, this caused a headache months after we thought we were done with them.

I will never even think about contacting any Waterstone Mortgage representative again. I feel that the Germantown, WI Waterstone employee who attempted to find a HARP 2.0 refinance package for me was unconscientious and dishonest. I consider the Phoenix, AZ individual who called me to be unconscientious as well. I filed a complaint with the State of Wisconsin Department of Financial Institutions.

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Description: Mortgage Bankers, Mortgage Lender, Mortgage Brokers

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

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