Complaints

This profile includes complaints for Sherburne State Bank's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Sherburne State Bank

  12500 Sherburne Ave Becker, MN 55308

• 

  Sherburne State Bank

  136 N Rum River Dr Princeton, MN 55371-1617

• 

  Sherburne State Bank

  PO Box 428 Becker, MN 55308-0428

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  Sherburne State Bank

  1200 State Hwy 25 S Monticello, MN 55362

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:11/08/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We recently purchased a home and due to our lender's negligence our rate did not get locked in at a proper time. 7/29/2022 our Pre Approval letter was sent to us 8/2/2022 Executed contract of sale was sent to the lender 8/3/2022 Credit was pulled and the process was started.8/23/2022 Lender stated rate not locked yet but now at ****.9/6/2022 Lender emailed me asking to lock in the rate as it is now at 5.85%From this date on I have been trying to get this resolved with Sherburne State Bank. All of our paperwork we signed throughout the approval process had a 5.5% on it and a rate lock was not brought up by *****************************, the lender. ***** emailed me on week before our closing date to ask if I wanted to lock in the rate. When I asked why it was not already locked in she stated we had needed a final loan amount. I thought the interest rate was locked in the day that you applied for your loan and was locked in for 60 days. At no point was the rate lock explained to me that it is different on a VA loan, nor was I asked until 9/6 to lock in my rate. I was confused when she told me our rate was not locked when she sent me the email on 8/23. She finally locked us in at **** on 9/6 but it should have been 5.5. ***** never explained where on the paperwork it stated rate not locked until I asked why it wasn't the 5.5 we signed. When asking her boss for help he never returned my call. I am not a mortgage lender, I feel it is not my responsibility to chase the lender to lock my rate as they are the experts and get paid to know how that works. Due to not knowing mortgages and rate locks my rate is now .25% higher than it should be which results in an additional ****** to my loan. Such a horrible experience. What is the point of having a lender if they are not helping through the process. I shouldn't have to know or do their job. They did nothing to help me with a resolution, even though it cost me money in the end while they still got paid.

  Business Response

  Date: 11/17/2022

  When the borrower started the process, her current home was still for sale, leaving the lender without a final loan amount. The lender sent the original Loan Estimate to the borrower with an estimated rate of ****%. It was clearly stated on the Loan Estimate that this was an estimated rate, and that the rate was not yet locked. Borrower had not requested or approved the rate lock, as is required before our lenders can lock. Seeing as the borrower was previously a homeowner, it is assumed the borrower had went through and understood the rate lock process. Our lenders do not lock rates until authorized by the customers, and because of such, many borrowers do not lock until closer to closing. We apologize for any misunderstanding that occurred during this process.