| 11/15/2022 |
Yes |
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Web |
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I'm a first-time home buyer and decided to go the route of first-time home buying down payment assistance program with my XXXX XXXX agency for assistance in this process. XXXX XXXX had several requirements, and XXXX was to complete the pre-approval home loan process with an approved lender from their approved lender document list. I contacted XXXX XXXX with XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, FL XXXX from the counties approved lenders list. I provided XXXX with all my personal financial information, and he advised me that day on that phone that he would be able to get a loan approval and it would only cost me out of pocket approximately {$1500.00}. XXXX XXXX expressed that the down payment assistance program from the county required a {$1000.00} towards the home loan, which I was aware of.
Being that I'm unfamiliar with home buying and did not have a realtor at the time. XXXX referred a XXXX XXXX XXXX with XXXX XXXX XXXX. Throughout the beginning of the process XXXX was very communicative. Constant communications with XXXX during this process after finding a home and placing an offer on a property. The home was selling at {$270000.00} and per XXXX XXXX advice I was told to put {$5000.00} in escrow and overbid ( {$280000.00} ) on a home to ensure that my offer would be accepted, even though the market was shifting into homes being on the market longer. Before I agreed to these terms and put the offer in, I spoke with my XXXX XXXX XXXX XXXX XXXX, with XXXX XXXX. I expressed to XXXX that I wanted to make sure this was the right decision because it took me a very long time to save the {$5000.00}. XXXX confirmed it was the right choice if I wanted to get the home over any other bid, he advised me that the {$5000.00} escrow money would be used towards the down payment assistance payment requirement and any other closing costs. I was in constant communications with XXXX during the final loan approval process because of the constant misunderstandings between I and XXXX XXXX XXXX XXXX XXXX, on several items she was requesting. XXXX, continued to assure me that this was normal in the loan approval process even though I believed the record keeping was negligent.
I was required to pay {$490.00} good faith deposit and home inspection upfront during this process. I received the home inspection paperwork from the agency and expressed all of my concerns with the realtor. Its my understanding some of the concerns with the seller were but not all. During the repairs of some items, I appeared to the home location and spoke with a XXXX XXXX working on some items. I expressed again my concerns and thanked him for completing these tasks. There was no other time I reentered the home to confirm the items were done but I was advised verbally by the realtor that it was completed at that time.
XXXX XXXX touched down in Florida and caused a lot of property damage. I requested the Realtor to provide me with a walk through of the property to ensure theres been no damage to the home because of XXXX XXXX. The Realtor schedule an appointment and we did a walk through, I immediately noticed that several of the requested items for repair or installation was not completed. I expressed this to the XXXX, XXXX XXXX, and she stated that it was past the inspection period and there was nothing that can be done. I immediately contacted XXXX XXXX about my concerns, and he expressed why arent you buying a home warranty. I explained to him that these items should have been completed during the inspection process. All my concerns were negated even though some were fire hazards. I received notice that the finalizing of XXXX XXXX XXXX XXXX XXXX XXXX was near and that theyd only be taking out the {$1000.00} from the escrow for the down payment requirement.
The appraisal was scheduled to be completed being that we were nearing the end of the home loan process. The appraisal came back {$280000.00}, over the price I offered several XXXX of XXXX of dollars over the number of other homes in the area. I reviewed the appraisal documents and found that XXXX of the homes utilized in the appraisal calculations were inaccurate home sales and fraudulent. I expressed my concerns about this overpricing to XXXX XXXX & XXXX XXXX. I requested a follow-up with the XXXX in re to the overpricing of the home and was denied this request.
Again, several conversations later with Underwriting XXXX XXXX XXXX XXXX advised me I needed roughly {$9000.00} to close the loan in addition to {$30000.00} of down payment assistance. I expressed to XXXX I exhausted all of my savings, XXXX, treasury bonds to get through this process and had nothing left to give. I explained to her that we can end the loan processing at that moment because I had no additional funds. She advised me to speak to XXXX XXXX about this and to not make a quick decision. XXXX assured me not to worry because any additional monies needed would be coming out of the down payment assistance programs. I again reiterated to XXXX that I had no additional funds.
Now we are days from closing, and I requested closing documents on Monday XX/XX/22. XXXX advised me that the documents are not completed, and he would give me a call later in the day. XXXX began the conversation requesting roughly {$7000.00} from me for closing and I explained to him there was nothing left to give. I reiterated to XXXX all of our previous conversations and how he assured me there would not be any additional monies needed at closing. XXXX began, what I felt was threatening me that I would lose my escrow deposit if I did not come up with this additional money. I explained to XXXX I was not sure how {$30000.00} in XXXX XXXX Assistance {$5000.00} in escrow, and over {$10000.00} paid towards my credit cards in the past several months was not enough to purchase a {$280000.00} home. XXXX again began threatening my escrow deposit will be lost if I dont come up with money XXXX dont have. Later that evening XXXX XXXX contacted me and advised me to take out cash from my paid credit cards to come up with the additional monies needed for the closing. I told her I would not commit fraud and go into more debt to close on a loan if I can not afford it.
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| 08/01/2015 |
Yes |
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- Application, originator, mortgage broker
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Web |
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I am claiming gross incompetence and neglect of duties of XXXX XXXX with Waterstone Mortgage because she did not read her own company prepared application and tried to sell a loan product she did not fully understand. I would have never started this loan process had I known that I would only have received a 70 % Loan to Value ( LTV ) of my loan. I have wasted time and energy to gather documents for this loan. This has added unnecessary stress and interest expense to my life due to such a disastrous process and incompetence. This could have all been avoided based on my application dated XXXX XXXX if XXXX would have read the application. It could have further been avoided if I was informed of the decrease in LTV on XXXX XXXX, which is when XXXX knew of the decrease. I, however, was not informed until XXXX XXXX ( thru an automated email disclosure ) of this reduction in loan to value. She was negligent for not timely informing me of the reduction in LTV and trying to push the loan to close without properly informing me. Please see details below : On XXXX XXXX the process officially began by submitting an application thru their online system.
On XXXX XXXX, I discovered the maximum Loan To Value ( LTV ) for this program was 75 % and wanted to confirm that I was eligible for this 75 % LTV with Waterstone. Waterstone Mortgage confirmed that I would receive 75 % LTV.
On XXXX XXXX, I sent a spreadsheet detailing the number of properties I had, how they were titled, and what bank the loans were with to assist Waterstone with how my properties were detailed and how they related to my credit report.
On XXXX XXXX, XXXX XXXX contacted me to discuss my rate and LTV based on my application that is dated XXXX XXXX. XXXX confirmed a 75 % LTV and loan closing by XXXX XXXX. In my opinion, the loan application clearly shows that I have at least XXXX mortgages in my own name from my credit report. The spreadsheet that I sent on XXXX XXXX also clearly shows how many loans I have and how they are titled. That spreadsheet shows XXXX XXXX mortgages, with XXXX in my own name ( and now would be XXXX with the new property I 'm trying to finance using their delayed financing ). The entire loan process should have ended here where I should have been informed that due to having more than XXXX financed properties, I would only receive 70 % LTV.
On XXXX XXXX, I was sent a Good Faith Estimate ( GFE ) showing a loan amount of {$77000.00} and interest rate of 5.125 % based on a 75 % LTV. This GFE matched the discussion of rate and terms laid out by XXXX XXXX on XXXX XXXX.
On XXXX XXXX, I received another automated request for me to sign more disclosures. It was thru this automated email that I read the new GFE detailing the new loan amount of {$72000.00} and rate of 5 %. This is based on a 70 % LTV.
This set off a number of emails from me asking why I was not informed of this change to 70 % and why it was an automated disclosure process ( rather than a phone call ) that told me. To me, this is a bait and switch on the rate and LTV. Waterstone and XXXX XXXX tried to " sneak '' this process by me in hopes that I would not read the new GFE. Waterstone ( specifically the underwriters ) said because I had more than XXXX financed properties in my own name, that I was limited to 70 % LTV.
On XXXX XXXX, XXXX tried to blame this XXXX financed properties restriction on the fact that my loans were unclear on how they are titled. I pointed to the spreadsheet I provided on XXXX XXXX, along with her company prepared application dated XXXX XXXX, that clearly showed how many properties I had and how they were titled. XXXX openly admitted that she did not review my company prepared application, but rather relied on an internal spreadsheet.
All the above headaches, stress, and interest expense from not closing timely, could have been avoided if XXXX would have read the application.
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| 02/16/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
Older American |
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On XX/XX/XXXX we closed on refinancing our home in XXXX XXXX, NM. The application and approval process went very smoothly and was handled in approximately 1 month. Our refinancing was done through Waterstone Mortgage Corporation at their local office in XXXX XXXX with Mr. XXXX XXXX. The closing was handled through XXXX XXXX at their XXXX XXXX office. We used these same two companies when we purchased our home in the summer of XXXX, closing on XX/XX/XXXX. We put 50 % down in cash and financed the remaining 50 % at the purchase. Therefore, we have 50 % equity in the house.
At closing, we were given a payment coupon for the XX/XX/XXXX payments. The monthly payment is {$1200.00}. The payment coupon directed the payment to be sent to Waterstone Mortgage Corporation at the address XXXX XXXX XXXX XXXX, XXXX, Wisconsin XXXX. It would then be directed to a new loan servicer. The mortgage account number we were given to write on the check was XXXX. We sent the payment as directed and on time. We have a copy of the cashed check which is among the documents we are sending.
At the beginning of XXXX, XXXX we received a letter a letter stating that in future the loan servicer would be Waterstone Mortgage Corporation at the address of XXXX XXXX, XXXX, NJ XXXX. The payment coupons directed payments be sent to Payment Processing Center, XXXX. XXXX XXXX, XXXX XXXX, CA XXXX. The coupons stated the loan number was now XXXX. We sent the XXXX, XXXX payment as directed in the amount {$1200.00}. Included in the documentation you will find a proof of payment from our bank, XXXX XXXX and a statement from Waterstone Mortgage in XXXX, NJ acknowledging receipt of payment on XX/XX/XXXX. This is also included in our documentation.
On XX/XX/XXXX we received a statement from Loan Administration saying our XXXX payment was due XX/XX/XXXX, as normal. However, the letter stated that our account was past due in the amount of {$2500.00} ( or the previous 2 payments ) and that made the total amount due {$3800.00} or three full payments. This letter is included with the documentation. We had already sent the XXXX payment for the usual amount of {$1200.00} and we have an email from Waterstone Mortgage Loan Administration acknowledging receipt of the XXXX payment on XX/XX/XXXX. This too is included in the documentation.
Separately in the mail we got a bill collectors letter with all the threats for non-payment. We started receiving telephone calls at odd hours as well as some voice mails demanding payment.
Given all these we called Loan Administration in New Jersey to see if we could get this straightened out. The online agent could do nothing, not even getting a supervisor or manager and told us to fax all of our documentation and proofs of payment to Fax Number XXXX which was the Research Department. We sent the fax immediately to that number and sent an electronic copy in an email to XXXX XXXX, our local Waterston loan agent. The next day we were contacted via email by MsXXXX XXXX XXXX from Waterstone Customer Service who said they received the documents and would be looking into the matter. We were hopeful. Her email and all the documentation is in the documentation included with this complaint. To be clear, the documentation clearly shows that all payments were made and received.
We were hopeful things would get sorted out. It is now XX/XX/XXXX and the collectors letters and telephone calls have continued unabated. The agents we talk to say they have no control over the collection side. A remarkable statement it seems to me.
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| 07/08/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Older American |
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To whom it may concern - Senior Management WaterStone Mortgage This is concerning a fraudulent real estate appraisal conducted at the origination of a FHA loan, orchestrated by WaterStone Mortgage. A federal crime was committed by XXXX XXXX XXXX, retained by WaterStone Mortgage in XXXX XXXX XXXX. When contacting your company, I was directed to a Mrs. XXXX XXXX who told me that WaterStone Mortgage has a strenuous process for FHA loans to be reviewed under and that the information that I was suggesting was totally false. I was also told at the time that the loan was purchased on the second market by XXXX XXXX and if I had further concerns about the validity of the loan, to contact them. Mrs. XXXX firmly stated that the problem was for WaterStone Mortage to resolve. I have pursued XXXX XXXX and have spoken to senior management regarding this serious allegation. They emphatically state that since WaterStone was the company that originated the loan and the supposed fraud took place at the origination of the FHA loan, it is solely the responsibility of WaterStone Mortgage to investigated the fraudulence, since it occurred under their governance. The facts are as such ; the entire comparison set of dwellings used to support the FHA funding are completely false. If one carefully examines the appraisal in question, the dwellings used for comparison are of an entirely different construction structure that that of the home that the FHA funded through XXXX Mortgage. The home located at XXXX XXXX XXXX XXXX, Iowa is categorically a SPLIT - FOYER classification of dwelling when illegally compared to single and two story homes commanding an entirely different price set than a split - foyer property. The financial loss here is quite significant. In the year of funding the property ( 2019 ) the entire Iowa county of XXXX home sales, clearly shows dwellings that have closed escrow in the range of {$100000.00} to low to mid {$200000.00} range when this dwelling was funded for {$340000.00} resulting from WaterStone Mortgage and their negligence, by clearly overlooking this enormous error. There could be no defense on the part of WaterStone Mortgage other than to admit the lack of oversight on the part of WaterStone Mortgage solely. Why would XXXX XXXX be at fault, when the loan origination took place solely by WaterStone Mortgage. Why would the fault of the federal crime be viewed anything other than neglect? Simply, the laws for an FHA certified appraisal are the compliance of a comparison study of like for like dwellings, not those of a completely different construction, as is shown in my appraisal that WaterStone Mortgage gave their blessings to and wrote-off on to be submitted to the FHA for federal government funding. The aforementioned dwelling has been on the real estate market in XXXX, Iowa for 18 months with not one valid offer. The home is so upside - down in value, I simply can not even sell the property for what the home was originally funded for by the FHA with the approval of WaterStone Mortgage. It comes to the basic underwriting of the federal loan which WaterStone Mortgage failed miserably and is in non-compliance legally. To be told that it is the fault of XXXX XXXX is entirely not acceptable practice in any circumstances.
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| 05/02/2016 |
Yes |
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- Application, originator, mortgage broker
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Web |
Servicemember |
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I started with will XXXX " XXXX '' XXXX on XXXX/XXXX/2016 originally of XXXX XXXX XXXX on or about XXXX XXXX transferred to Waterstone Mortgage. During that time XXXX pulled my credit twice once while with XXXX and again when she went to Waterstone. During this process I asked them why did n't they do my rescore before and I was told because if they would have done that, they would have had to leave me with XXXX as their client and they did n't want to do me like that. So I continued to march forward with searching for a home and on XXXX XXXX I found my dream home for my son and I. Being a XXXX veteran and a single XXXX mother I was finally able to realize the XXXX dream so I thought. On XXXX XXXX I submitted my earnest money check, along with my option fee and my inspection fee. Per XXXX, we could close on XXXX the XXXX. On XXXX XXXX XXXX runs my credit again then on XXXX XXXX I receive an email from XXXX XXXX. I was a bit confused I reached out to XXXX but she was unavailable as usual and XXXX advise because my score dropped they had to send me to XXXX. I was furious to say the least. Yes it dropped you 've only pulled my report 3 times. So I still marched forward because XXXX reassured me there would be no problems and I could get financed with XXXX. Well they pull my report on XXXX XXXX for a fourth time. During this time XXXX has advised myself, my Agent and the Sellers Agent we are still good to go and we will close on XX/XX/XXXX. The time comes and goes and no XXXX. She 's avoiding phone calls and barely returning emails. So we push the date back to the XXXX. XXXX tell the seller Agent on XXXX XXXX we have a clear to close and her clients can go ahead and sign their documents Wednesday XX/XX/XXXX and I can complete mine on Thursday XX/XX/XXXX with a mobile notary. I was advised I could go ahead and do a final walk through on the XXXX. Upon my return from doing my final walk through I receive an email from XXXX advising I do not have the clear to close and we need to push it back another week. At this point we are 41 days into this process and I need answers so on XX/XX/XXXX I started making phone calls only to find out that XXXX has been untruthful through this entire process. On XX/XX/XXXX after speaking with XXXX XXXX of Waterstone Mortgage who told my Agent that we would not be able to close this week on XX/XX/XXXX or XX/XX/XXXX, but we could close the week of XXXX XXXX, 2016. I received a phone call from XXXX XXXX advising that XXXX chosen to deny me and she was unable to disclose why and they would send me a letter in the mail I 've yet to receive. After all the deceit, gross negligence, incompetence and failure to perform in a timely manner I 'm out of thousands of dollars. The seller 's kept my earnest monies due to a clause in the contract. I 'm confused as to why I 'm losing out on so much and this was out of my control. Had I and my agent known the truth, we would have cancelled this process within the 24 day time period allotted. But because XXXX continued to reassure all parties involved everything was going smoothly and I had a clear to close on 2 different occasions we kept marching forward.
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| 07/29/2015 |
Yes |
- Other financial service
- Credit repair
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- Customer service/Customer relations
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Web |
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I was referred to Waterstone Mortgage by a realtor. I was told to work with a gentleman named XXXX XXXX. After speaking with XXXX XXXX on the phone and him reviewing my situation he referred me to his colleague XXXX XXXX so that she could advise my husband and I how to get our credit started again. We met with her and she advised us to get a savings loan, a prepaid credit card and to become authorized users on a family member or friends credit card in which we did all of those things. The authorized user was false information. She also told us NOT to pay off any of the items that we owed on our credit report. Af the end of the 30 minute meeting she told us that we owed her {$300.00}. No cost was mentioned until the end of the meeting. My husband gave her {$200.00}. She said to do the 3 things she mentioned and call her back, we did and it took 2 weeks to hear back from her. She said to come back to the office to talk. We went back and she had lost our file, she said that she left it at her home and I found it odd that our file would be at her home. We had to give her all of our information again and the last {$100.00} that she said we owed. We paid her in cash she said that they did n't take debit or check. We did n't get a receipt and I know that is my fault but when we gave her the money XXXX XXXX was there, although I did find it quite odd that XXXX put the money in her purse. She then gave us one of XXXX business cards and wrote on the card that we would get {$300.00} off our closing costs when he got us financed. I tried calling and texting XXXX a dozen times or more and I never heard back from her. This originally took place the beginning of XXXX 2014. During the winter we saw a place that we were interested in and I happened to know the broker. The place had been sold but I told him that we were working with XXXX XXXX and he laughed and told me that XXXX had discretely quit Waterstone and was no longer in that line of work. I called him because I still could n't reach XXXX and XXXX told me that by rights she should refund my money. He then refereed me to his brother XXXX and when I told him what had happened and he said that XXXX was a family friend but he would never use her in his business because she checks out and goes to XXXX quite a bit. I learned my lesson but I feel like me and my family have been taken for money that we could have used and we trusted someone that was supposed to be helping us. I have XXXX children of which one has XXXX and I 'm paying more for rent than a house payment would cost me. I feel as though XXXX took advantage XXXX. Even if no action is taken against her I think people need to be warned about the way she conducts business. Thank you for your time and I would appreciate it if you would look into this.
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| 04/11/2018 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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In XX/XX/XXXX I spoke to XXXX XXXX from Waterstone Mortgages about getting a loan to refinance my properties.
Waterstone Mortgage - XXXX XXXX | Senior Mortgage Advisor | NMLS # XXXX | WaterstoneMortgage.com XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX XXXX MOBILE XXXX FAX I had a decent credit score and he told me it looks I could get a XXXX loan.
He pulled my credit.
I explained to him everything, sent him my tax returns and balance sheets as I'm a XXXX XXXX XXXX. He said the way to go was XXXX.
He told me to wait till XX/XX/XXXX that I get my XX/XX/XXXX tax return and that then he could get me 10 XXXX loans to refi my properties that had hard money loans on them.
I believed him and waited.
On XX/XX/XXXX he had me appraise my house and it cost me {$500.00} for an approved XXXX appraiser.
On XX/XX/XXXX he tells me " go at XXXX XXXX at the IRS and have the tax return stamped and I can get your mortgage approved righyt away ... '' so I went as asked at XXXX XXXX to deposit my tax return and get the stamped copy ...
One of my lenders to whom I explained XXXX XXXX 's promises believed me/him and comited to lend the money I was going to get back ...
On the XX/XX/XXXX things were stalling and my investor started to get worried as his other client comitted and XXXX XXXX was showing signs of incompetence ...
All at once he told me middle of XX/XX/XXXX " you can't have a XX/XX/XXXX because you have more than 10 loans. You need a conventional loan. My underwriter is away for a week then she'll decide ''.
After a week he said, wait next week we will know for sure.
Then he didn't answer my calls or return them. My lender had to rush get a heloc on his house so his other client wouldn't loose his down payment.
I got upset yesterday and called his boss. She never returned my calls neither. I finally got her today and she said I didn't want to do business with them ...!
I pulled my credit. For nothing I paid for an appraisal. For nothing I got my lender upset. For nothing He can't say I hid anything because he had my tax returns balance sheets, etc ... He's either incompetent or jealous I'm well off and was just playing games and making me waste my time. His boss sided with him without analyzing that I was taken for a ride by this ignorant guy. He should have known that XXXX was not for me and direct me in another direction immediately and not make me waste 7 months of high interests, {$500.00} useless appraisal, pulling my credit, etc ... and then acting like I'm a lunatic who changed his mind.
This is not a way to treat a consumer. No?
Thank you for taking the time of reading me XXXX XXXX XXXX
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| 08/12/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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I was introduced to XXXX XXXX with Waterstone Mortgage at the XXXX TX franchise location by XXXX XXXX, realtor with XXXX with the understanding that he can close on the mortgage loan in XXXX4 weeks. On my initial contact with XXXX XXXX I found our conversation to be somewhat irrelevant since he was trying to know my ethnicity while going over the information, whether I was from XXXX. It was/is my understanding that pre-qualification and the underwriting process for a mortgage loan does not require disclosure based on national origin and thought it was inappropriate for him to inquire about my national origin. After few weeks passed I reevaluated my relationship with XXXX XXXX, the realtor who in my opinion was not being responsive to my requests or follow up on my offers on homes so I told XXXX XXXX that I may not be working with her but I will continue to work with Waterstone Mortgage and since I have already been qualified with them. A week XXXX later I asked him to send me update prequalification letter after he had factored in a new vehicle loan that was not initially factored in. The original loan qualification amount was $ XXXX and updated amount was $ XXXX. XXXX XXXX refused to send me the update prequalification letter and when I questioned why he would not release my prequalification letter, he referred to some banking guidelines regulated by RESPA that I found out do not exist. I spoke with their franchise and corporate customer service in XXXX who confirmed he falsely communicated a requirement that does not exist. He not only refused to release my prequalification letter but also refused me service after I had already been qualified for the loan with them. I reasonably believe he refused me service based on my national origin and after I had stopped working with XXXX XXXX, the realtor. XXXX XXXX NMLS Number is XXXX. I have copies of the correspondence between me and XXXX XXXX. I reached out to corporate customer service for Waterstone Mortgage and spoke with XXXX XXXX who acknowledged the situation but then transferred over to XXXX XXXX who seem to condone XXXX XXXX 's discriminatory behavior and refusal of service after I have qualified with Waterstone Mortgage. Waterstone Mortgage has caused mental anguish by impacting my first home purchase dream by their discriminatory practices that also seem to be condoned by their corporate office.
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| 10/22/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan servicing, payments, escrow account
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Web |
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In XX/XX/XXXX I received notice from my mortgage holder, Waterstone Mortgage, that my loan would be transferred to XXXX XXXX on XXXX XXXX, 2015. On XXXX XXXX, 2015 I called Waterstone and spoke with XXXX, who advised me to pay my XXXX XXXX payment ahead of time to avoid having a payment show late during the loan transfer. I did so over the phone, paying {$2500.00} on XXXX/XXXX/15. I have confirmation of this payment from Waterstone and the full payment was debited from my account on XXXX/XXXX/15. However, Shellpoint mortgage did not receive notice of this payment at the time the loan transferred, so their records still show that I owe them a payment for XXXX XXXX, 2015. I have provided the written documentation of the XXXX/XXXX/15 payment to XXXX. I have contacted both Waterstone Mortgage and XXXX XXXX multiple times by phone, email ( through their secure messaging systems online ) and sent written requests to XXXX to have the issue resolved. So far, all I 've gotten is both sides pointing fingers at each other, both claim they are investigating, but neither has resolved the issue, nor acted on my request to provide status updates. Waterstone mortgage took a full week ( from XXXX/XXXX/15 to XXXX/XXXX/15 ) to send a response to my online message inquiry. Their response was a form letter acknowledging that they were delayed in responding and instructing me to resubmit my request via the Message Center. Basically, I 'm back to square one with them.
I would welcome advice as to how to get both companies to take action and respond - I feel like I 'm stuck in the middle with no recourse while both do nothing. Meanwhile, a {$2500.00} payment I made is lost in limbo and the new mortgage holder, XXXX Mortgage, shows me as being past-due on my payment, even though I have provided them with written documentation from Waterstone that I did in fact make that payment. What are my other avenues to ensure that ( 1 ) my principal balance is corrected to reflect the payment I made, and ( 2 ) my credit is protected?
Word of warning to all consumers : avoid Waterstone Mortgage! Our experience throughout the process of buying our house was painful, and it 's only gotten worse from there.
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| 02/16/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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Around XX/XX/2017 I was in the process of getting a home loan with XXXX XXXX XXXX in XXXX IA, in that process I had received my letter of credit approval, I did everything the mortgage company asked on paper submitting paper work in. Well we got to closing date and then after all that work and having the seller ready to close the mortgage company said we couldn't close because I did not qualify. Well I called the company and then the confusing part and what makes me want to share so public know. Is that my Wife had used them in the past and my daughter was in the process as well of getting a mortgage loan from them. They started mixing my personal stuff with my wife 's company files from when she had used them. I asked them with what authority or who had let them go through my wife 's files so they could qualify me? My wife called as their agency was calling her company to get financials from her which were not necessary. She let them know that she had nothing to do with the loan that I was getting or her company. Then when I talked to them again they were trying to mix my file with daughters file so I could get qualified. Then the Seller reached out to them letting them know how unprofessional they looked in doing so they told the seller without my consent giving them false financial information about my family. I ended up taking my business somewhere else and luckily the seller understood and we closed with another mortgage company. Again the suspicious thing is they had no authorization to do that without my daughter and myself being aware. to We stopped the process I wanted a proper explanation all I got was that I had no need for the loan and that they made a reference towards my family as we did not have money without facts that excuse seem the most unprofessional excuse. I would not recommend this mortgage company to anybody their employees say one thing give you papers and then last minute always changes with huge increases and little explanation to why, also the fact that they are using other peoples files to approve another person raises a flag. I do urge this be investigated in dept so this experience and public people files are safe.
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| 08/01/2019 |
Yes |
- Mortgage
- Other type of mortgage
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Web |
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Mrs. XXXX XXXX, License MLO # XXXX from XXXX XXXX was the Mortgage Loan Originator for the purchase of my home on XX/XX/2014.
I didn't have previous experience in the purchase of a home and I entrusted Mrs. XXXX to handle all the documentation for the transaction.
In her eagerness to close the loan and benefit herself with the commission, Mrs. XXXX offered me the First Time Home Buyer Assistance Program from the Florida Bond. She stated that the could " give '' me {$10000.00} towards down payment and closing costs and that, if I lived the home for 5 years, that debt would be pardoned/waived.
Of course, it sounded great to me since I am a single mom, going through a separation and a rough financial time, so I took the course, got my certificate and received the assistance.
5 years will be on XXXX, and I am in the urgent need of buying a second home for my relatives using the equity on my home, so I started contacting the bank who owns my loan now and asking about those $ XXXX, they said that the information received from the Loan Originator, Mrs. XXXX at the time is inaccurate and not true. they said that it was processed as a second mortgage and it would have to be repaid not matter what is done with the property, sale or refinance.
When I received this information from the bank, I immediately contacted Mrs. XXXX to ask her about this and she admitted that she didn't looked for the accurate information and just told me what she thought it was.
With this circumstance, I am not able to purchase another property for my family as I so much need since I am XXXX short to be able to buy them a decent home.
I hold Mrs. XXXX accountable for her mistake of providing me with deceitful and misleading information to use for her convenience, close the loan so she could profit from it.
I feel that Mrs. XXXX took advantage of my inexperience & circumstances at the time and abused my trust in her to profit herself from it, leaving me with an unexpected and obviously unwanted debt.
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| 11/15/2019 |
Yes |
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Web |
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I went to Waterstone Mortgage Company to get a loan for a house through the FHA assistance program at the end of XX/XX/2019. I found a home I was interested in purchasing mid XX/XX/2019, put in an offer, and paid {$500.00} to get the home inspection. The loan officer then said it was okay to proceed with the appraisal which cost {$500.00}. The loan was approved by the Underwriter. The loan officer did not make sure that all the Seller 's paperwork was in order for the FHA portion of the loan before proceeding with inspection or the appraisal. I was not aware. She was aware. In mid XXXX of 2019 the lender told me that there was an issue that Waterstone Mortgage company could not handle. Therefore, I would not be able to finance this house. I however found another lender from a different mortgage company who could possibly work out the issue and continue the process. When the loan officer from Waterstone found this out, she proceeded to send out the bad information to the FHA to insure that no other mortgage company could finance the loan. Her actions cost me {$1000.00} in losses and prevents the seller from being able to sell the house in the future. This action at the very least is unprofessional and other consumers should be aware of this predatory practice.
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| 05/23/2017 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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I started my loan process w ith Waterstone Mortgage wit h the office in XXXX , WI with XXXX XXXX and XXXX XXXX . That office was shut down without notice by XXXX XXXX Branch Manager. My file was transferred to XXXX XXXX out of the XXXX , WI office. Documents went missing that had to completed a second time. After a bunch of running around during the extended time frame I was having to try to get IRS transcripts. I am a XXXX VET that lives on my XXXX . I have n't filed taxes in 15 years and they denied me based on this fact. I tried getting the transcripts online for the last three years that stated what I did n't file and was n't able to get it. I called the IRS and was on the phone for hours as well as online. When all attempts by me failed as well as by Waterstone. Th ey came back then and tried to tell me that I did n't disclose a second vehicle so now I was denied based on the debt to income ration. Everything was disclosed to the XXXX office. It 's not my fault that that office was shut down without notice and my documents were lost, misplaced, or misfiled. On top of that Waterstone XXXX XXXX shared my confidential financial information to the listing agent. This created increased stress and tension with the seller.
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| 10/11/2022 |
Yes |
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Web |
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I'm days to close on a mortgage and everything ( documents ) on the painful process has been complete ; we are in the final stage to close, and the lender is not accepting my funds to close, arguing that my money may be a XXXX or XXXX source because I have deposited XXXX cash from my safe in order to have enough money, because of this, the lender is requiring a gift letter from someone else to justified my funds. As a result, I'm loosing around {$2000.00} which I invested already on the appraisal, survey, inspection and {$1000.00} tittle deposit.
I can prove that the funds available in my bank accounts are clean money coming from my two jobs and my retirement deposits, and NOT XXXX money from XXXX or XXXX money as they suggested. I have refused to close with the demands of the lender not accepting my personal funds and asking me to get a gift letter. In addition, the lender refuse to provide a final closing statement until I don't provide the gift letter.
My name is XXXX XXXX, and my phone number is XXXX XXXX.
Thank you for your attention in this matter.
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| 07/28/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Credit inquiries on your report that you don't recognize
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Web |
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On XX/XX/2022 I received a notification via XXXX that my credit file had been viewed by Waterstone Mortgage. Upon digging deeper, I found that a mortgage loan officer by the name of XXXX XXXX, located in XXXX New Mexico, viewed my credit report without my consent. This resulted in a new inquiry being placed in my file, which I did not agree to. I was unaware that my social security number was even going to be used to view my credit report. In addition to viewing my report without my consent, XXXX XXXX shared my private credit information, debt amounts, loan information etc. with a family member. There was absolutely no regard for my consumer or credit security during this action which all took place over a phone call. I have never intended to obtain a mortgage loan in the state of New Mexico, as I currently reside and have built a life elsewhere. The use of my social security number, and the sharing of my credit file information was completely done without my knowledge or agreement.
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| 09/12/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
Older American |
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We applied for a mortgage with Waterstone Mortgage Co., a broker located in XXXX, FL and they sent the Realtor a pre-approved letter for a {$110000.00} USDA loan. With our income we could easily make the {$800.00}. monthly payments. We supplied them with bank statements and many other things they requested. They had us jumping through hoops for months, XXXX, XXXX and XXXX. We gave them our XXXX, XXXX and XXXX tax returns stamped by the IRS. Supplied them with rental statements and power company statements for 12 months showing that we pay on time.
We paid for the inspection and put the {$1000.00} required in escrow. At the last minute they backed out and said they could n't get what they needed from the IRS. Our rental lease was up XXXX XXXX, XXXX leaving us little time to find another rental.
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| 10/18/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Trying to communicate with the company to fix an issue with the loan closing
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|
Web |
Older American, Servicemember |
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On the closing disclosure at the bottom of page 5 it stated you do not have to accept this loan because you have signed or received this form. I notified Waterstone Mortgage the day after signing that I did not want the loan. In spite of this the loan was processed in a regular fashion as if I had never informed them of the fact that I wanted to cancel. An attempt to cancel this has dragged on since signing on XXXX XXXX XXXX I signed 8 to 10 documents prior to the closing disclosure even though it was stated the closing disclosure was the first document to be signed. I have retained all the emails that were sent to the company since XX/XX/ and could forward any of these if requested.
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| 07/08/2019 |
Yes |
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Web |
Servicemember |
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Waterstones Mortgage used 2 different closing documents and forged my signature. Furthermore, they included a fraudulent termite report and as a way to try and cover their tracks, they listed it as a concession for the inspection fee. This is just a small portion of what they did and it has seriously impacted me. The dollar amount is high and they stole money by alleging the funds were for property taxes, HOA fees, and disclosures that were never given to me. The advanced fees collected on my loan were supposed to pay for escrowed items. They collected my money but never paid taxes, HOA fees, or insurance premiums.
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| 07/12/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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|
Web |
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I was shopping around for lenders for a conventional mortgage loan. I did end up finding a more competitive interest rate with a credit union and after letting Waterstone Mortgage know of my decision ( nothing had been formally signed with them ), I was harassed and sent an extremely degrading and unprofessional email. XXXX XXXX ( The mortgage advisor that had been assisting me ) even called the listing agent to try and sabotage my purchase on the home! I do have the email on hand. Horrible way to treat a customer and extremely unprofessional.
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| 03/02/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Submitted a loan application to Waterstone Morgage in XX/XX/XXXX. Lender has never provided a loan estimate even when all documentation has been submitted. Requested more information on how to obtain the estimate, a preapproval letter and more information on down payment assistance programs. Received notification that when proof of funds is provided the letter will be issued and that they will take care of the downpayment assistance. They again did not provide the loan estimate.
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| 08/19/2015 |
Yes |
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- Loan servicing, payments, escrow account
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|
Web |
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Mortgage was sold from Waterstone Mortgage Corporation to XXXX XXXX effective date XXXX/XXXX/2015. I was notified today XXXX/XXXX/2015. XXXX 12-13 days, not the XXXX as required by law ) Called Waterstone customer service, they said it has n't been sold yet and I should n't have received anything stating it has.
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| 03/21/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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|
Web |
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Had to prepay for an appraisal In the amount of {$400.00} for a loan that I did not close on. When I asked about a refund, I was told that refunds are not given for appraisal. I than asked another lender and was told that if a loan is not closed on, I am not responsible for the cost of an appraisal.
|
| 12/03/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Credit inquiries on your report that you don't recognize
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|
Web |
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15 usc 1681 602 states I have the right to privacy 15 usc 1681 section 604 a section 2 it also states a consumer report furnish an account without my written instructions 15 usc 1666b A creditor my not treat a payment on a credit account open-end consumer credit as late for any purpose
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| 10/16/2017 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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|
Web |
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|
Told them twice to put me on do not call list but they keep calling.
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| 07/28/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Incorrect information on your report
- Account status incorrect
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|
Web |
|
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|
| 06/15/2022 |
Yes |
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Phone |
Older American |
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|
| 04/08/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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|
Web |
|
|
|
| 03/24/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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|
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Referral |
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|
| 02/20/2021 |
Yes |
- Mortgage
- Conventional home mortgage
|
|
|
Web |
|
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|
| 01/19/2021 |
Yes |
- Mortgage
- Conventional home mortgage
|
|
|
Web |
|
|
|
| 11/12/2020 |
Yes |
- Mortgage
- Reverse mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Phone |
|
|
|
| 08/06/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Struggling to pay mortgage
|
|
Web |
|
|
|
| 09/09/2019 |
Yes |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Phone |
|
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|
| 07/24/2019 |
Yes |
|
|
|
Web |
|
|
|
| 11/27/2017 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
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|
Referral |
|
|
|
| 03/01/2017 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Application, originator, mortgage broker
|
|
Web |
|
|
|
| 01/05/2017 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Credit decision / Underwriting
|
|
Web |
Older American |
|
|
| 07/02/2016 |
Yes |
|
- Application, originator, mortgage broker
|
|
Web |
|
|
|
| 12/15/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Application, originator, mortgage broker
|
|
Web |
|
|
|
| 05/29/2015 |
Yes |
|
- Loan servicing, payments, escrow account
|
|
Referral |
|
|
|
| 04/22/2015 |
Yes |
|
|
|
Postal mail |
|
|
|
| 10/22/2014 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Loan servicing, payments, escrow account
|
|
Web |
|
|
|
| 08/11/2014 |
Yes |
|
- Application, originator, mortgage broker
|
|
Referral |
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|
| 08/03/2014 |
Yes |
|
- Application, originator, mortgage broker
|
|
Web |
|
|
|
| 07/09/2014 |
Yes |
|
- Application, originator, mortgage broker
|
|
Referral |
|
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|
| 06/26/2014 |
Yes |
|
- Settlement process and costs
|
|
Web |
|
|
|
| 01/09/2014 |
Yes |
|
- Credit decision / Underwriting
|
|
Web |
Servicemember |
|
|
| 10/17/2013 |
Yes |
|
- Loan servicing, payments, escrow account
|
|
Phone |
|
|
|
| 07/25/2013 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Settlement process and costs
|
|
Web |
|
|
|
| 05/30/2013 |
Yes |
|
- Application, originator, mortgage broker
|
|
Postal mail |
|
|
|
| 05/03/2013 |
Yes |
|
- Credit decision / Underwriting
|
|
Web |
|
|
|
| 06/21/2012 |
Yes |
- Mortgage
- Conventional fixed mortgage
|
- Application, originator, mortgage broker
|
|
Web |
|
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