Two years ago we ran into a Countrywide loan officer who didn’t have both oars in the water. We refer to this loan officer as Mrs. Glib because she made reassuring statements that were not supported by facts. I wrote about our adventure with Mrs. Glib on this weblog and thought we has seen the last of this kind of unreliable service from Countrywide.
Recently, we were encouraged to make a new mortgage agreement with Countrywide and we dealt with a loan consultant who seemed to be quite knowledgeable and sincere as well. He was quite thorough and took pains to explain every aspect of the financial transaction we were interested in.
At the end of our conversation, he repeated the essential facts to us so that we would all be on the same page. He even rechecked the spelling of our names. His final words were that we would receive a loan package through Fedex to review and sign and return and that a "loan processor" would help us answer any questions that we had with the package.
We commented afterwards, how refreshing it was to deal with someone who knows what he is doing.
Little did we know…
The loan package arrived and it looked as though it had been prepared for two other people! My name was misspelled throughout
20 30 pages of documents and the financial data we had provided had been altered repeatedly and differently on different documents.
We thought, what the hell, we will just call the name of the loan processor who was supposed to help us with any questions. This "loan processor" woman blithely chattered away and skillfully avoided answering any questions we had. In twenty minutes, she provided not one factual answer.
When Gretchen pressed her for specifics, she brightly said that these were preliminary documents and it didn’t really matter if there were errors on them. Gretchen called her on that and said, "We cannot sign these documents! They are full of outright falsehoods. You have changed the data that we provided and the loan payments bear no relation to the numbers that were given us by the loan officer."
The loan processor started speaking faster and faster as if she could baffle us with BS. Gretchen tried to get her to slow down with no results. Gretchen finally cut her off gently and said, "We may not have a deal here. We are going back to the loan officer and see what is going on."
The loan processor continued to chatter until Gretchen finally hung up.
Gretchen sent the original loan officer an email. We received a conciliatory email back.
He was saddened to hear of our difficulty.
Interesting choice of words. I thought it was significant that that he was saddened, but not surprised. I wonder if he is one of the few competent people working there. What an environment to work in!
Is Countrywide coming apart at the seams? This was more like dealing with a used car dealer than with a financial institution. I felt we were experiencing a new kind of bait and switch operation. If it was just incompetence, I will feel strangely relieved.
Has anyone else been dealing with Countrywide lately? How was your experience?
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