Don't Work With Wachovia Mortgage

[Guest DC Homebuyer]

I received my loan package from Wachovia Mortgage Corporation today ... it opens with "Thank you for choosing Wachovia Mortgage. We a please to accept and begin processing your mortgage loan application." They lied.

 

Home buying is stressful. You put yourself out there, cross your fingers and hope for the best. For those of us with less than perfect credit and other special circumstances, such as being self employed, it is even harder. The bottom line ... you have to be honest and hope that those you are working with do the same. I am taking the time to make this post so that others do not make the same mistake that I did.

 

About 3 weeks ago, I contacted South Trust Mortgage, a part of Wachovia Mortgage Corporation to find out what programs they offered. Nena Chamberlain, my loan officer, was incredibly friendly and helpful. In less than a day I had a pre-approval letter in my hand for $575K. It seemed too easy so I asked about 10 times if she needed any additional information. She said no. I was an exciting day and I was ready to find the house of my dreams.

 

About a week later I found it - a beautiful 3 level Victorian in Washington. I was sick with the flu, but didn't want the chance to miss out. I called my realtor, checked it out and made the offer. Everything seemed perfect 2 days later when I had the ratified contract in hand. All I needed was the finacing and the little yellow dream house would be mine.

 

Being a first-time home buyer I was nervous, but my nerves were calmed everytime I spoke with Nena at Wachovia Mortgage. I sent over everthing she asked for. The loan then moved to the loan processor, Laurie Carriger, also of Wachovia Mortgage. Her job was to make sure that everything was in place before sending it over to underwriting. Each day she needed more paperwork, which I promptly sent. And, every time we talked I asked if she forsaw any problems with processing the loan. Her answer everytime -- NO, no problems. I trusted her, just as I had trusted Nena. Both, I was told, had many years experience.

 

The last item they asked for was a rent statement from my landlord. I hesitated. I really didn't want my landlord of 6 years to know I was looking to buy. I explanied this to the ladies at Wachovia and they said it was necessary to process the loan. That said, I picked up the phone and called my landlord. She wasn't too thrilled to hear I was leaving but was willing to do what we needed.

 

This morning, I spoke with the processor at Wachovia Mortgage and I was all set. The loan papers would arrive today and she had sent my paperwork to underwriting. I could expect the final answer by tomorrow. Of course, I was still nervous, but since both the loan officer and the loan processor said my loan was good to go, I could assume nothing else. I crossed my fingers and hoped for the best.

 

This afternoon, I received an email from Tony Bikowski, a Vice President of Wachovia Mortgage Corporation. It stated that the loan that my Wachovia Loan Officer had submitted and my Wachovia Loan Processor had sent to underwriting was not accepted because the program was not offered to first time home buyers. I was, and still am, in shock. My loan was not denied because of poor credit, because I was self employed or any other reason within my control. It was denied because I never met the guidlines of the loan in the first place. Wachovia Mortage should have never provided me with a preapproval letter on a loan that I wasn't eligible for in the most basic terms. When I called Mr. Bikowski he explained that neither Nena nor Laurie knew it was going to be a problem because it wasn't listed that the loan was for first time homebuyers. Talk about a load of something. How can two people whose jobs are to process home loans for Wachovia Mortgage not know that some loans are for first time home buyers and some aren't? How is it possible that they didn't check? Pehaps it was an oversiight on both their part. I can accept that. People make mistakes. However, I cannot accept that when they realized what they did Wachovia Mortgage took the cop-out. They sent an email - an email with no apologies. They couldn't even take the time to pick up the phone and admit their mistake.

 

Wachovia Mortgage wasted hours and days of my time, my realtor's time, the seller's time, the seller's realtor's time, the title company's time. Not to mention the money I paid for a home inspection for a house I never had the chance of getting and the bruised relationship with my landlord. They wasted all this time with no apologies. My recommendation

 

DO NOT DO BUSINESS WITH WACHOVIA MORTGAGE CORPORATION!!!

[Guest Bart Simpson]

I am not surprised one bit. Banks are loaded with no-nothings and prey on people who know less.

 

Bank of America handled my loan and all my finances perfectly - Try them.

[Guest guest]

This does not surprise me....... Nena will give you a letter of prequalification in the snap of a finger just to get your money.... I did a loan with them and to tell you the truth, she prequalified me for more then what I would have been qualified for by any other mortgage company...It is all about the money to her and her team... They have moved on to another loan company and I am sure others are being taken advantage of as well.....

[Guest Former Co-Worker]

I am a former co-worker of all of the parties mentioned. I have great admiration and respect for Tony and Laurie.. Nena is a different story.

 

First, Nena doesn't have "years of experience" as a loan originator. Until a couple of years ago she was a processor, and not a very good one at that. Before Wachovia she worked at North American Mortgage which was swallowed up by Washington Mutual. When almost everyone was running from that merger like rats from a sinking ship, she was one of the few that stayed. This is when she jumped over the desk from processing to originating. She is, on the other hand a very nice person with great people skills.

 

People do make mistakes and it happens quite frequently in this business. You have heard of practicing medicine and practicing law... this is practicing mortgages. With that said it is unacceptable that A) you were not given a personal phone call to let you know. A different loan program or another lender was not suggested to you that could do you deal. The important thing is that the customer closes and all parties are happy... even if it means giving the loan away to someone else.

 

We have a saying in the business, "friends don't let friends use mortgage brokers or banks". Mortgage Brokers are (besides anything that might say to you) are just middle men who get a cut for taking your application. When the loan is submitted to processing they have lost all control because they can't talk directly to the Underwriter of what ever lender is funding the loan. Banks mean well but do not have programs aggressive enough to do most loans today. The lending industry has evolved but the banks guidelines usually have not.

 

To make this posting some value from an insider’s point of view, I have a few suggestions. Contact three DIRECT LENDERS (i.e.: Countrywide, Wells Fargo, American Home Mortgage, Pinnacle Financial) and get written quotes from all. Ask how long your loan officer has been in the business and what companies they have worked for. Have one person pull your credit AFTER they agree to send you a copy of your credit report. This way you can use that one report to shop your best deal without having multiple credit inquiries. Find out who your loan officers assistant is, the processor and the operations manager. This way if you do have problems you know in advance who to contact.

 

I hope this will help one or two people…

[Guest Guest]

You are absolutly right!!! Don't work with Wachovia. That is why I am not there any more. I remember the loan that is being referenced here and yes we did issue an approval letter for a certain program only to be notified by underwriting that this was not for 1st time homebuyers. After much discussion within the branch and pointing out that this "footnote" was not in the guidelines and having this acknowledged by all parties, it was determined that their was nothing that could be done. Neither Tony, Laurie or myself could do anything even after making calls up the ladder to point out this error. It was not a decision to be made by me, it was a decision to be made by Wachovia. It was not my mistake it was their's Period, end of subject, but fine, make me the bad guy. No problem. But remember, there are two sides to every story and I will not disclose any "additional" info.

 

As for the "co-worker", it is very easy to sit behind a desk, seaching the interent for sites to slander, (yes I said slander) someone. If you are so concerned about me praying on other people and trying to make money then why don't you be open about it and give us your name, title and year to date income. How about people calling you for references on me? Will that work? I did work at North American with many wonderful people and it occurs to me that I cannot think of a single person there that meant anything to me that would feel that way about me. So then, you must not count, nor does your opinion especially to the hundreds of people that I have helped and who have had great experiences. I can provide my own references. How about that?

 

Bottom line, don't you have anything better to do?

[DarkSkye]

I'm fifteen, and from the way I see it, I'm more mature than you. (The last poster that is.)

 

Why shoudn't they 'waste their time', if you are as well?

[Guest Co-worker]

To all involved in this little "chat," including Jennifer Mack,

 

Presenting the story and posting it on the web for the world to see a false accusation and one-sided view is rediculous. As a co-worker to Nena, and one involved in the actual incident, I can tell you first hand that other options were presented to Ms. Mack. It was unfortunate that the FTHB stip in the program parameters was not realized until after the pre-qualification. Mistakes were made, and I was present when Nena, Laurie, and Tony all made personal phone calls to Ms. Mack to apologize AS WELL AS emails, and a presentation of other options. Therefore, slandering the name and business moral of a very good and hard-working loan officer is absurd. I have worked with Nena for five years, and have never been witness to any incident that would indicate that she was in it for her own profit. She has always put the customer's best interest forward. In this business, you will find a lot of unctuous loan officers and should feel lucky that you did not have one represent you.

 

To the co-worker that wrote in...jealousy is an ugly monster. Grow up.

 

It is unfortunate that the monopoly of Fannie Mae and Freddie Mac can control so much of underwriting guidelines as to penalize many first time home buyers. It's a catch 22 situation, much like finding a first job that doesn't require previous experience...you have to start somewhere. However, it is a "right of passage" to have to go through less than favorable loan program to obtain your first home's mortgage. Just as, in your first job, you would have to start at the bottom and work your way up. If others read this, and find themselves in a similar situation as FTHBs, might I suggest you go through with programs that allow FTHBs, or even ones that are made specifically for that purpose, and then refinance into a program that pleases you more. You can refi the day after you close on your purchase, and won't be "dinged" for being a FTHB anymore. This is a "sneaky" way around it, but a loop hole that works.

 

As far as Nena Chamberlain is concerned, she continues to strive hard to put together the best possible loan programs, rates, and effort into the financial needs of her clients and their families. I recommend her to anyone, especially if you are in the need of a 203k or rehab loan, her specialties.

 

If trashing her good name and Wachovia's made you feel better about yourself, Jennifer, then I'm happy for you. However, I see a bit of the pot calling the kettle black.

[Guest Co-worker]

BTW, DarkSkye....

 

Get yourself a few birthdays before you try to join the adults in tall talk.

[Guest Jennifer Mack]

The great thing about message boards is that a single voice can be heard by many. And, it appears, mine is being heard … or someone at Wachovia would not take their time to post a response.

 

Even now, looking back at my original post more than 8 months later, I feel that I accurately portrayed my experiences with Wachovia Mortgage. I was very clear that my problem with Wachovia Mortgage was three-fold: 1) I was given a pre-approval for a loan that was not available to first time home buyers. 2) The error was not caught until the last minute. 3) The management at Wachovia sent an email, with no apologies, instead of picking up the phone. I agree that people make mistakes, which is understandable and forgivable. I would have simply overlooked the situation if it wasn’t handled unprofessionally, particularly at the management level. Buying a house, especially a first home, is a very personal, stressful and exciting experience. A mortgage company and the individuals that work for that company should understand that.

 

As for the co-worker that was supposedly present when Laurie, Nena and Tony called me, that is a lie. I did speak with Tony, but only when I called him following the receipt of his matter-of-fact email. And, the ‘option’ he gave me was to put 20% down. That would have been close to $120,000. If I had that much cash in the bank, mortgage companies would have been lining up to give me a mortgage. I never heard from Laurie. Nena did call a few days after my initial post and did apologize, for which I was and still am thankful. Even so, I completely stand behind my original post.

 

Whether the problem was poor training of employees, inaccurate or incomplete criteria listings for mortgages, or bad management, I still believe that people should not work Wachovia Mortgage. Even if it was just a series of simple mistakes, I wouldn’t want a reader of this post to be on the wrong side of the next mistake that someone at Wachovia Mortgage makes.

 

In response to Co-worker, “If trashing her good name and Wachovia's made you feel better about yourself, Jennifer, then I'm happy for you. However, I see a bit of the pot calling the kettle black.” My intention was not to ‘trash’ anyone’s name, nor make me feel better about myself. My intention is to share my experience and my story. I am pleased someone from Wachovia took the time to share their perspective of the situation. Every situation has more than one side and just as they are here … the perspectives tend to be very different. The reader then has the opportunity to read both views and make up their own mind as to who they should believe.

 

Just on a side note, what I found most amusing about your post is when you wrote “I see a bit of the pot calling the kettle black.” Clearly, you don’t understand the meaning of the phrase. In actuality, the fact that you took the time to look up my file, find my name, and use it in your response to somehow try to make me look bad … now that is ‘the pot calling the kettle black.’ And to be really clear … You are the pot. I am the kettle.

 

Finally … I did get my dream house … and with just the loan terms I was looking for.

[Guest Guest]

Good for you Jennifer,

 

That was all any of us wanted for you and I can assure you that we all felt badly about the situation and that is why we took great offense at your portrayal of us. Utimately everyone is out to make money as are you in your line of work, but I take it very personally to be attacked like I was and portrayed as someone with no heart or feeling and obviously no morals. As you said yourself, I called a few days later to aplogize. Why was that not said in the begining? It is unfortunate that I have never seen a "posting" giving someone a good recommendation. Would you have been so quick to post a raving review? Probably not, you would have been to wrapped up in packing and moving to bother with the person on the other end who worked very hard on your behalf. Just like everyone else, only willing to tell the terrible "poor me" story on someone who made an honest mistake, tried very hard to correct it, only to be told by Wachovia, too bad, nothing we can do.

 

Glad it all worked out for you eventually and good luck in the future.

[Guest Ex-World Employee]

BTW, DarkSkye....

 

Get yourself a few birthdays before you try to join the adults in tall talk.

 

 

Wow, what an immature thing to post. Does your back hurt fro stooping so low?

[Guest Guest]

Good for you Jennifer,

 

That was all any of us wanted for you and I can assure you that we all felt badly about the situation and that is why we took great offense at your portrayal of us. Utimately everyone is out to make money as are you in your line of work, but I take it very personally to be attacked like I was and portrayed as someone with no heart or feeling and obviously no morals. As you said yourself, I called a few days later to aplogize. Why was that not said in the begining? It is unfortunate that I have never seen a "posting" giving someone a good recommendation. Would you have been so quick to post a raving review? Probably not, you would have been to wrapped up in packing and moving to bother with the person on the other end who worked very hard on your behalf. Just like everyone else, only willing to tell the terrible "poor me" story on someone who made an honest mistake, tried very hard to correct it, only to be told by Wachovia, too bad, nothing we can do.

 

Glad it all worked out for you eventually and good luck in the future.

 

 

In Jennifer's defense........When her credit was pulled, and there was no evidence of any past mortgages (as confirmed by all the FTHB talk), wouldn't that have given SOMEONE a clue to ask if she is a FTHB? Better yet, given someone an idea to check the footnotes on the loan program offered? This looks like a case of things being overlooked, and not followed through correctly. Maybe that might be a probing question asked during the consultation to find a better idea of what loan program might be best for HER. Anyway, some loans go through, some don't, but a better understanding of what's being offered is very helpful.

[Guest James Stedland]

I can't believe I am reading this. I was solicited by Wachovia's "Pick-A-Payment" mortgage program that offered flexible payment options but a higher interest rate. I realize now what type of Company they are. I will not be doing business with them that is for sure.

[Guest michelle_*]

Talk about problems with Wachovia, you have no idea - we had to file a fraud claim with our bank, with the attorney general and the Comptroller of the Currency Administrator of National Banks. We have the pick a payment loan and have had it for over 5 years on 2 different homes with no problem until World Savings became Wachovia and our loan statements officially changed to the Wachovia logo in January 2008. Since then we have had numerous unauthorized bank drafts for amounts that are different from our scheduled payments , including some weeks when there have been up to 3 attempted drafts in 1week. They have 3 of our payments in unapplied funds and cant explain why. Also when we call and ask to speak with a manager we are told to go to a local Wachovia Bank-!! There is no Wachovia Bank in the Mass area! It has been a mind blowing experience - meanwhile they have destroyed our credit and to top it off have recieved calls and mail from an employee by the name of Ramel Garcia in the San Antonio office @ 1-800-642-0257 ext 34304 , who I had an argument with and told him not to contact us again and today he left a message stating " we responded to the complaint you filed and you wont be happy with our response" - shocked yes we are . Now the COC is filing a retaliation complaint on our behalf . Wachovia also informed us today that they are revoking our previous payment agreement !!! If anyone has additional info on this type of situation - please help. We are also planning on calling the local news channels at this point.