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(CNBC)   Ok, who wants to refinance their mortgage? Not so fast there, curious George   (cnbc.com) divider line
    More: PSA, Mortgage loan, Mortgage, monthly mortgage payments, Federal Housing Administration, Fannie Mae, Federal Housing Finance Agency, Subprime mortgage crisis, Debt  
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1113 clicks; posted to Business » on 13 May 2020 at 7:24 PM (2 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



9 Comments     (+0 »)
 
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2020-05-13 7:35:52 PM  
This poor farker is going to be dealing with this FOREVER.  Banks' mortgage systems are shiatty with all sorts of one way traps that are easy to do (like put a loan into forbearance) but require a legal finding, a court order, an act of contrition and the sacrifice of a virgin goat to unwind.  And I have to believe Wells Fargo systems are the most Byzantine of them all.
 
2020-05-13 7:38:47 PM  
Reason 4069 for why you should consider financing your home with a local portfolio lender.

Tragedy hits, call Bob the mortgage guy at the bank who went to school with your Aunt Linda and 5 mins later, you are good to go.

There are a lot of good reasons to go with the lowest rate on a loan, but going local also has its benefits.
 
2020-05-13 8:03:01 PM  
I know they're a major bank, but chase has a very well designed website... specifically their online bill pay setup.  for the bills that don't auto transfer, they put a five day buffer on the mailed bills. for recurring bills that never change (i.e. your car payment), you easily set up how many months something should be paid and can count on it getting transferred;  they've never messed up for me in 20 years.  you get small percentage bonuses based on what accounts you have open as far as your mortgage is concerned as well.

conversely, the credit union my parents use has an atrocious website and doesnt offer that kind of service.   I'd say most small credit unions are going to have poorly designed web portals just based on the lack of talent available behind the design. That being said, i always look to credit unions for car loans.  I just pay them via chases bill pay.
 
2020-05-13 8:18:50 PM  

Priapetic: This poor farker is going to be dealing with this FOREVER.  Banks' mortgage systems are shiatty with all sorts of one way traps that are easy to do (like put a loan into forbearance) but require a legal finding, a court order, an act of contrition and the sacrifice of a virgin goat to unwind.  And I have to believe Wells Fargo systems are the most Byzantine of them all.


Well in fairness, wells Fargo is absolute trash with every bowl of mashed potatoes they stick their dick in to.
 
2020-05-13 8:26:13 PM  
Since early March, complaints to the Consumer Financial Protection Bureau have soared, with mortgage complaints leading the charge.

Yeah, good luck with that. And fark you if you voted for the people who broke the legs of the CFPB because OOGA BOOGA SOCIALISM.
 
2020-05-13 9:35:31 PM  

Priapetic: This poor farker is going to be dealing with this FOREVER.  Banks' mortgage systems are shiatty with all sorts of one way traps that are easy to do (like put a loan into forbearance) but require a legal finding, a court order, an act of contrition and the sacrifice of a virgin goat to unwind.  And I have to believe Wells Fargo systems are the most Byzantine of them all.



in Murca, the Banksters always win in the end.  and if they don't, they make the government bail them out with public money.
 
2020-05-13 9:52:51 PM  
I'm sorry, but the guy mentioned in the article is an idiot. Big banks do not have the personnel nor the compassion to deal with your "personal concerns". You either ask for a forbearance or you don't. You definitely don't pussyfoot around the subject.
When my business was forced to shut down in March, I thought about calling my bank to discuss payment options on my business loan. Then I realized I didn't want them f*cking around with my account and I continued making my monthly payments.
 
2020-05-13 11:25:31 PM  

Bovine Diarrhea Virus: I'm sorry, but the guy mentioned in the article is an idiot. Big banks do not have the personnel nor the compassion to deal with your "personal concerns". You either ask for a forbearance or you don't. You definitely don't pussyfoot around the subject.
When my business was forced to shut down in March, I thought about calling my bank to discuss payment options on my business loan. Then I realized I didn't want them f*cking around with my account and I continued making my monthly payments.


No, it's a new system and different lenders have different options available. Calling to ask about those should not be a farkup.

Asking a bank to correct a farkup 3 weeks ago and they still haven't is also not the consumer's fault.
 
2020-05-13 11:26:42 PM  

Bovine Diarrhea Virus: I'm sorry, but the guy mentioned in the article is an idiot. Big banks do not have the personnel nor the compassion to deal with your "personal concerns". You either ask for a forbearance or you don't. You definitely don't pussyfoot around the subject.
When my business was forced to shut down in March, I thought about calling my bank to discuss payment options on my business loan. Then I realized I didn't want them f*cking around with my account and I continued making my monthly payments.


That was exactly my point above. If you value concierge one on one service. You use a local bank who is a portfolio lender.

They don't sell loans. It's part of their assets.

Things like forbearance can be done or undone on the phone and a couple emails.
 
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