Mr. ***** handled our loan for a house and refused to speak with us when the time came to pay it off and get regular home loan.
My husband spoke with ***** ***** on the phone and in person several times to discuss a short-term home loan. Mr. ***** told my husband the bank would wave the closing costs when we pay off the short term loan for a larger traditional home loan. I made an appointment to speak with Mr. ***** myself as I had multiple questions my husband could not answer. Mr. ***** was very vague with his answers and when I pushed for direct answers he became agitated and it was clear he was not going answer my detailed questions about the loan. He later spoke to my husband and told him I was rude and if I kept questioning him we would not get the loan. My husband was told by Mr. ***** we had to keep the loan at least 3 months, even though he knew we only needed it for a few weeks. I did not see this stipulation on the paperwork we signed, but my husband, in good faith, did not contact Mr. ***** until our 3 months was upon us. When Mr. ***** did not return his calls, my husband went to the bank. The secretary said she would advise Mr. ***** that Mr. ****** wanted to speak with him. She came back stating "Mr. ***** is not available." When asked when he would be available she said I don't know. My husband said "I guess never?" and she said nothing.
We had to go to another bank to secure a new loan. We weren't able get a regular home loan because we could not afford closing costs. We ended up getting loan for a limited amount and limited length (to qualify and keep low interest rate), but no closing costs. They also had to run their own credit report which not have been needed if Legence Bank had done our second loan. We lost points on our credit rating due to the multiple credit checks. I hate to think what would have happened to us if we didn't have a good credit rating. I'm guessing Legence thought we would be stuck with the crazy high interest rate balloon loan and they would make a great amount of money because most people don't have excellent credit and would have had no recourse because of signing the papers in good faith.
We were mislead by Mr. ****** A legitimate business does not refuse to see a customer in hopes that customer will have to keep the high interest rate, etc.
Financial settlement is deserved but not expected. What's done is done and we should never have signed the papers (although he knew we had no where else to go and clearly tried to take advantage of us). I would others to know this is not a reputable business and Mr. ***** is a crook.
Upon being notified of the Better Business Bureau complaint (Ref#XX-XXXXXXXX-XXXXXXXX-X-XXX) filed by the consumer, Legence Bank took immediate action.
The executive leadership of Legence Bank not only emphasizes but also takes great pride in our customer service and satisfaction. Thus, the Vice President of Mortgage Lending was assigned the task of researching and addressing the allegations within the complaint.
It was quickly determined that the bank's ability to research the matter was limited to the records that are maintained on hand, so the bank attempted to reach the consumer by telephone and email to gain a better understanding from their perspective, initially to no avail.
In a continued effort to investigate and resolve the matter, a letter was overnighted to the consumer's residence. The letter stated that the VP was traveling to Evansville and would like to meet personally with the consumer at their convenience in an effort to address and resolve their complaint.
In the interim, after the careful dissection of the consumer's original complaint, the following was discovered. The Loan Officer to whom the consumer referenced in the complaint had resigned his position with the bank at approximately the same period of time that the consumer referenced that they were attempting to contact the employee.
When the Vice President of Mortgage Lending arrived in Evansville on October 8th, he again attempted to contact the consumer by telephone and was successful. During the conversation he expressed the bank's sincere intent and desire to not only understand the matter and address the issue but also come to a resolution that would be satisfactory to the consumer. The conversation with the consumer was informative, as it filled in pieces of the puzzle that could not be determined previously from simply reviewing the records and the compliant.
During the conversation, it was determined that the particular mortgage loan that the consumer referenced in their complaint was an in-house loan. Legence Bank clientele have the added benefit of having credit extended, upon approval by a loan committee, when due to extenuating circumstances traditional financing may not be available. In this particular matter, an in-house loan was extended to the consumer due to the condition of the property at time of purchase.
The consumer acknowledged this fact and said that they had inquired about securing a mortgage to purchase the property with several other banks prior to getting approved by Legence Bank.
It was explained to the consumer during the conversation that all approved applicants of similar qualifications receive the same terms for the same type of mortgage product.
It was also explained to the consumer that according to Freddie Mac guidelines, "When a mortgage being refinanced is a purchase money transaction, the mortgage being refinanced must have a Note Date at least 120 days prior to the date of the "no-cash out" refinance mortgage transaction.
The consumer then explained that the previous employee simply did not take the time to explain this previously to her satisfaction.
Unfortunately, Legence Bank had no knowledge of this matter prior to the consumer filing the complaint with the Better Business Bureau or the matter would have been previously resolved.
The Vice President of Mortgage lending expressed his sincere gratitude that the consumer filed the complaint thus bringing this matter to the bank's attention.
The conversation with the consumer was very pleasant. She was receptive and understanding of the fact that the employee referenced in the complaint resigned his position of employment with Legence Bank. It was also explained that the bank was not aware of the circumstances that led up to the filing of her complaint. It is the banks position that although we were not aware of this situation, proper communication could have prevented it. Therefore, in an effort to rectify the dissatisfaction of the consumer, an offer has been extended to personally meet this week in order to approve the consumer for a no cost mortgage refinance based on the consumer's qualifications and needs.
Thank you for notifying us about this complaint, as we are pleased for the opportunity to remedy this situation, help this consumer and provide needed information.
Please let us know if you require further follow up, information or an additional response.