Over the past four months, I’ve had five transactions with one particular big-box bank. All save one were a complete nightmare. What tipped me over the edge towards a new rant was Greg Nino’s post “I am prejudiced and here’s why…”, a post from Michael and Karen George “A Realtor really messed me up the other day.” and the fact that yet another loan is poised to have a prolonged escrow due to a Big-Box Bankmart.
I will leave you guessing as to the identity of the banks in question…I am not as brave as Greg. But I can say this much…my litany of complaints could fill a tomb the size of War and Peace. Mountains were made out of molehills. LO’s went MIA when the going got tough. Papers got lost, closings were delayed (5 times in one instance) the process went on so long that things such as employment verifications required RE-verification. Rate- locks expired and contracts were hanging by a thread because so much time had elapsed. There were extensions on extensions. You name it, it went wrong. The final insult came when the bank then “surprised” the buyers by trying to increase the agreed upon mortgage interest rate by 0.25 points at the closing table.
As I said in a previous blog on seemingly endless escrows – all I ever get from the powers that be at any Big-Box Bankmart is snarky arrogance bordering on disdain. Its pretty simple….Big-Box Bankmarts pretty much feel that they are in full control of the situation. The result is a smugness that is simply disgusting. Since the public feels that they are the ONLY game in town – Big-Box Bankmarts feel accountable to no one. If the public believes that Big-Box Bankmart is the only viable choice – it will become just that.
But hubris is dangerous…..There can be accountability – but we have to make them accountable. Let’s vote with our feet and tell our clients why we don’t want them using banks that just have not been performing. The public needs to say “NO!” – we won’t use a Big-Box Bankmart until they clean up their act – and by doing it collectively – we are doing ourselves, and in some ways – our country – a good turn. By using banks and mortgage brokers that can get the job done in a timely manner with decent customer service – we are saying “no” to bad service and a dangerous trend towards Big-Box Bankmart monopolies.
© 2009 Ruthmarie G. Hicks https://thewestchesterview.com. All rights reserved.
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