This business is not BBB accredited.

HomeStreet Bank

Additional Locations

Phone: (503) 227-3956 Fax: (503) 827-7389 View Additional Phone Numbers 1618 SW 1st Ave STE 305, Portland, OR 97201 http://www.homestreet.com View Additional Web Addresses


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Description

This company offers financial services including mortgage lending services.


BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for HomeStreet Bank include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 1
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on HomeStreet Bank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: July 01, 2001 Business started: 01/01/1921 Business started locally: 01/01/1921 Business incorporated 03/09/1973 in OR
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Oregon Secretary of State Corporations Division
255 Capitol St NE Ste 151, Salem OR 97310
http://www.sos.state.or.us
Phone Number: (503) 986-2200
corporation.division@state.or.us

Type of Entity

Corporation

Business Management
Ms. Kathryn Williams, Senior Vice President Ms. Jennifer Cunnington, Branch Manager
Contact Information
Principal: Ms. Kathryn Williams, Senior Vice President
Business Category

Banks Consumer Finance & Loan Companies Real Estate Loans Mortgage Lender Savings & Loan Associations

Alternate Business Names
HomeStreet Capital HomeStreet Capital Corporation HomeStreet Inc a Washington Corporation HomeStreet Insurance HomeStreet Insurance Agency HomeStreet Investment Services HomeStreet Mortgage Center

Additional Locations

  • THIS LOCATION IS NOT BBB ACCREDITED

    10163 SE Sunnyside Rd STE 340

    Clackamas, OR 97015 (503) 652-4313

  • THIS LOCATION IS NOT BBB ACCREDITED

    1618 SW 1st Ave STE 305

    Portland, OR 97201 (503) 227-3956 (503) 827-7991 (503) 805-3280

  • THIS LOCATION IS NOT BBB ACCREDITED

    16200 SW Pacific Hwy

    Portland, OR 97224 (503) 968-2200

  • THIS LOCATION IS NOT BBB ACCREDITED

    201 Ferry St SE STE 200

    Salem, OR 97301 (503) 588-2200

  • THIS LOCATION IS NOT BBB ACCREDITED

    397 SW Upper Terrace Dr

    Bend, OR 97702 (541) 815-8050

  • THIS LOCATION IS NOT BBB ACCREDITED

    5335 Meadows Rd STE 325

    Lake Oswego, OR 97035 (503) 850-3900

  • THIS LOCATION IS NOT BBB ACCREDITED

    800 Willamette St STE 525

    Eugene, OR 97401 (541) 654-5008

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

1/20/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I am submitting a formal complaint against Homestreet Bank, specifically its lending office located in Lake Oswego, Oregon. My grievance concerns a mortgage application involving mortgage officer *** **** ******* NMLS # XXXXXX and his branch manager *** ******** ********** NMLS # XXXXXX. The disposition of my complaint arises from what I feel were misrepresentations and deceptive lending practices. Furthermore, I have an additional objection against *** ********** for not disclosing contact information and NMLS identification numbers upon request.At the beginning of August 2013, I was referred to *** ******* at Homestreet Bank for a mortgage prequalification. I contacted *** ******* by telephone to introduce myself and to find out what was necessary to qualify for a mortgage. In this conversation, I expressed my apprehension around obtaining a mortgage as the process is overwhelming. *** ******* advised me that he was there to help and to guide me through it and instructed me to send the necessary prequalification paperwork, which consisted of my financials and tax documents. I was prequalified through the FHA program. I reviewed the preapproval letter and its conditions and the final bullet point stated (Other) in parenthesis. I asked *** ******* what this additional condition meant and he did not reply other than to say start looking for a property. I was concerned about this other condition, but I followed his guidance and began viewing properties with my realtor. It wasnt until mid-October that I found a property and attained mutual acceptance from the seller.I met with *** ******* at his office to submit additional paperwork. In this meeting, he provided me a copy of a tri-merge credit report and told me you didnt get this from me and passed it to me across the desk. I didnt understand why I wasnt supposed to see my own credit report. We reviewed the report together and he directed me to a couple of alleged items on the report that concerned him and I advised him, per the report, they were in a dispute status because I felt there was an error in the reporting. Next, *** ******* asked me to submit a letter of explanation regarding negative marks on my credit report. I wrote a three page letter.I followed every step *** ******* asked me to take immediately and promptly. I continually asked for the next steps and he stated now that we had mutual acceptance on a property, we need an inspection and an appraisal, which would be ordered at my cost. I ordered an inspection from ******** **** *********** for $275. I offered to send this report to *** ******* and indicated he didnt need to see it and would prefer that his underwriter not see it either to call into question any aspects of the property. I found this clandestine approach to be out of the ordinary, and frankly dishonest. *** ******* advised me that the loan was pending a decline due to derogatory credit information. This was two months after having my credit report at his disposal and four weeks from the closing date. I repeatedly asked him how this could be if they had my report all this time and he went on to explain over the telephone that the system isnt perfect and they use and automated, assumptive process to prequalify. I do not feel this was fair just four weeks prior to closing as it caused undue emotion stress, called into question my financial character, lost work time to attempt to understand this matter, and reputation loss to the selling party. If there was any issue concerning qualification, we should have spent time addressing those long before being encouraged to start looking for a home. I feel that I was deceived and Homestreet Bank misrepresented themselves by building a level of trust and comfort between them and me. At this point, my realtor needed a copy of the denial letter in order to terminate the contract and by now *** ******* ceased communication. Per the denial letter, which I received in the mail, it states other as the reason and when I repeatedly asked for clarification and definition, *** ******* continued to ignore me. Since he chose not to respond to my inquiries, I requested his managers contact information. *** **********, his branch manager, called me to discuss the matter and she also stated the system isnt perfect and its just how it is. She asked me to obtain documentation from alleged creditors showing an error in reporting and they could re-evaluate the loan decision, but still no guarantee. Even though, I have done this step by my own volition in order to correct my credit report, it was too little, too late. The transaction had been terminated and I lost the property. I advised *** ********** that I would like to file a formal complaint and she indicated that she would provide me the contact information to her executive and corporate team. She did not respond. On November 12th, 2013, I sent an email requesting this again with the appropriate names and addresses, no response. On November 15th, 2013, I emailed her again and she replied on Saturday, November 16th stating she would provide me the information on Monday, November 18th. I did not receive it on the day she said. I placed two phone calls to her and she did not respond. I sent a third written request for the necessary contact information and NMLS numbers for her and *** ******** She replied and referred me to the Homestreet website.I would not have taken any of these steps unless I believed it would secure the mortgage loan. Homestreet Bank had my credit report for two months and if the alleged items were true, I would not have prequalified for the loan as my debt to income ratio would be too high. Homestreet Bank allowed me to proceed, in fact encouraging me along the path of homeownership. Then, they stopped communicating with me when I asked for further explanation Product_Or_Service: Mortgage

Desired Settlement: DesiredSettlementID: Other (requires explanation) I am seeking monetary reparations with Homestreet Bank. My original complaint letter to them has amounts listed, but also contains some personal information, so I did not include it in this complaint.

Business Response: Initial Business Response /* (1000, 8, 2014/01/02) */ From: ***** ******* (mailto:*************@homestreet.com) Sent: Monday, December 30, 2013 4:24 PM To: ***** ***** Cc: ******** ********** Subject: Case #XXXXXXXX Dear *** ****** I would like to follow up with you regarding a customer complaint HomeStreet Bank was made aware of on December 17, 2013 from *** ****** *********. Due to additional developments in *** *********'s complaint against HomeStreet Bank, we wanted to inform you that our response to the Better Business Bureau will be delayed as we seek counsel and further investigate his allegations. We do intend to respond to the concerns of *** ********* and hope to send a response to the Better Business Bureau at our earliest opportunity. Thank you in advance and please contact me if you have any questions or concerns regarding this email. Thank you, ***** ******** MPA Single Family Compliance Assistant HomeStreet Bank XXXXX XXth **** ** *** *** Lynnwood, WA 98036 ***************** *************@homestreet.com Final Consumer Response /* (2000, 18, 2014/01/18) */ (The consumer indicated he/she ACCEPTED the response from the business.) I received a telephone call from the attorney for Homestreet Bank (**** ********** on 1/16/14 offering me full monetary compensation as requested in my original complaint. He emailed me a copy of the terms and dollar amount. I accepted the resolution and will await the reimbursement and release from Homestreet Bank. If I do not receive this in a timely and reasonable time frame, then I will re-open the complaint with the Better Business Bureau. Final Business Response /* (4000, 16, 2014/01/16) */ January 16, 2014 *************** BBB Resolutions Consultant Better Business Bureau 1000 Station Drive, Ste 222 DuPont, WA 98327 Dear ***********: This letter is in response to a concern filed through the Better Business Bureau by ****** *********. We have reviewed the information regarding this matter and have established the following events of this application process. The Conditional Approval Letter (enclosed), issued to ***** ********* on August 9, 2013, indicated he was approved for FHA financing and with an initial purchase price of $100,000 and also stated the loan approval was subject to satisfaction of all loan conditions including, but not limited to, receipt of the documentation which supported employment and income; credit; expenses; liquid funds; source of down payment; property insurance; identification and evaluation of a suitable property; and a title policy acceptable to HomeStreet Bank. At the time of the issuance of the Conditional Approval Letter, specific concerns regarding derogatory credit accounts reported by **********, ********************, ************ and ******* ******* were discussed with *** ********* by his loan officer, ************. *** ********* maintained that the ********** debt was not his and he would contact them for supporting documentation for HomeStreet Bank to process. After subsequent conversations with *** ********* regarding the status of this information, it became apparent that he was unable to obtain the documentation needed to prove that the debt was not his. *** ******** requested a letter from ****. ********** which detailed explanations for each of the derogatory credit accounts to submit to our underwriting department for review and a possible exception for approval. Unfortunately, the letter did not provide enough proof that the debts reporting were in error. At this time, we also submitted a letter of explanation from *** ********* to our credit agency, ****************** *******, for review. Our representative from ****************** ******* was also unable to process this request as additional support was needed to show the debts were not owed. However, she was able to process the removal of the disputed trade line needed to proceed with a formal underwriting submission and ***** *********'s credit report was updated to reflect this change. While there was a continued to attempt to work with ***** ********* on the credit issues, We obtained a Conditional Loan Approval from underwriting. A Loan Approval Letter Was issued to him (enclosed), dated November 4, 2013, which detailed the terms o fthe loan approval along with conditions including a request to "update ********** charge off account, provide paid in full and or new terms of balance and payment". *** *******, again, discussed with *** ********* that we were still in need of this resolution to this matter in order to proceed which included not moving forward with an appraisal. At this time, *** ********* indicated that he was not willing to assist with obtaining the information required from ********** at that time, which effectively led to a decline of the loan due to credit issues. in reference to the NMLS numbers requested by *** **********, these were both listed on the loan in the officer's signatures lines as well as the loan application. In regards to the allegation *** ********* made involving *** ******* and his credit report, *** ******* denies the quoted text in the complaint. We are still willing to review any supporting documentation ****. ********* may have for the derogatory accounts referenced and attempt to help him amend his credit report to possibly move forward with financing. We have extended this prospect to *** ********* and have asked whether he would like to proceed with this option. Thank you for this opportunity to respond to the borrower's concern. Please contact me directly for any further information regarding this matter. Sincerely, **** ******** VP-Single Family Lending Compliance Manager Enclosure(s) CC: **************, HomeStreet Bank Date August 9, 2013 Dear ****** I am pleased to inform you that based on the information you provided, you have been granted conditional approval for a FHA 5/1 ARM loan with the following terms: Purchase Price: $ 100,000 Down Payment: 3.5% This loan conditional approval is subject to satisfaction of all terms and conditions that include, but are not limited to, those set forth below. The expiration date of this conditional approval is 12/07/2013. If we have not heard from you by this date, no further action will be taken by HomeStreet Bank. This is a final loan approval. Loan approval and commitment is subject to satisfaction of all conditions, including not limited to the following: Receipt of documentation verifying your employment and income, credit, expenses, liquid funds, source of down payment, property insurance, as well as other documentation which may be required, all of which are subject to satisfactory verification by HomeStreet Bank. Identification and evaluation of a suitable property, which indicates the home value to be sufficient to support the loan request. A title policy acceptable to HomeStreet Bank. (Other) This conditional approval letter based on an interest rate and loan terms currently available which are subject to change. Thank you for choosing HomeStreet Bank. We look forward to working with you to obtain final loan approval once you identify a home you are interestedin purchasing. If you have any questions regarding this conditional approval, please call me at ************* Sincerely, ********* ******* Senior Mortgage Consultant/Renovation Specialist NMLS ID #******** ***SUPPORTING DOCUMENTS REDACTED BY BBB***