Complaint Review: Oak Street Mortgage - Carmel Indiana

 My name isNicole and unfortunately refinanced w Oak Street had two infants single mom and scared, I owed 110,000 on my house, not only did they refinance w no escrow after knowing that's what was required, I had absolutely requested it and it looked like all was good until I sent my first tax bill to Citi(who the sold mortgage to straight away) for them to tell me I was responsible for tax payments. To avoid tax foreclosure I had to scrap $3800 together and stay on time, unfortunately after almost another year I was forced into modification in PA to avoid foreclosure and top it all off still have a 6.94%interest rate, horrific credit I have a payoff balance of 142,000! One how can they get away w this two how did the Principal Balance on my home at the time go from 110,000 to 168,000 twelve years later finally figuring it all out still owe 143,000???? Is there any recourse u know of that I can take, I don't trust any company at all anymore enough to ask let alone believe them

Thanks a lot Oak Street. Since you completely screwed us over, HSBC has totally ruined my wife's credit. They have been reporting her (falsely) as delinquent for 3 months. Now that her credit is ruined, our motgage has NEARLY DOUBLED because we are now forced with an extreme rate plus PMI, which is nearlt 500.00 by itself. HSBC promised to fix her credit (LAST YEAR) Well big surprise. They never did. Not even after the RESPA letter a lwayer had us send to them expired. In fact here was the HSBC response to the RESPA letter: "We are sorry, but we lost your mortgage files." So now we are having to sue them for 7 counts of fraudulent credit reporting, and a list of other things that just keeps piling up, and guess who we are going to trace this all back to? Better yet, guess who still has it in writing from OAK STREET MORTGAGE that you would NOT sell our mortgage to HSBC? Karma has a very funny way of coming back to you, now doesn't it? You should be hearing something regarding this very soon.

Thanks a lot Oak Street. Since you completely screwed us over, HSBC has totally ruined my wife's credit. They have been reporting her (falsely) as delinquent for 3 months. Now that her credit is ruined, our motgage has NEARLY DOUBLED because we are now forced with an extreme rate plus PMI, which is nearlt 500.00 by itself. HSBC promised to fix her credit (LAST YEAR) Well big surprise. They never did. Not even after the RESPA letter a lwayer had us send to them expired. In fact here was the HSBC response to the RESPA letter: "We are sorry, but we lost your mortgage files." So now we are having to sue them for 7 counts of fraudulent credit reporting, and a list of other things that just keeps piling up, and guess who we are going to trace this all back to? Better yet, guess who still has it in writing from OAK STREET MORTGAGE that you would NOT sell our mortgage to HSBC? Karma has a very funny way of coming back to you, now doesn't it? You should be hearing something regarding this very soon.

Thanks a lot Oak Street. Since you completely screwed us over, HSBC has totally ruined my wife's credit. They have been reporting her (falsely) as delinquent for 3 months. Now that her credit is ruined, our motgage has NEARLY DOUBLED because we are now forced with an extreme rate plus PMI, which is nearlt 500.00 by itself. HSBC promised to fix her credit (LAST YEAR) Well big surprise. They never did. Not even after the RESPA letter a lwayer had us send to them expired. In fact here was the HSBC response to the RESPA letter: "We are sorry, but we lost your mortgage files." So now we are having to sue them for 7 counts of fraudulent credit reporting, and a list of other things that just keeps piling up, and guess who we are going to trace this all back to? Better yet, guess who still has it in writing from OAK STREET MORTGAGE that you would NOT sell our mortgage to HSBC? Karma has a very funny way of coming back to you, now doesn't it? You should be hearing something regarding this very soon.

Thanks a lot Oak Street. Since you completely screwed us over, HSBC has totally ruined my wife's credit. They have been reporting her (falsely) as delinquent for 3 months. Now that her credit is ruined, our motgage has NEARLY DOUBLED because we are now forced with an extreme rate plus PMI, which is nearlt 500.00 by itself. HSBC promised to fix her credit (LAST YEAR) Well big surprise. They never did. Not even after the RESPA letter a lwayer had us send to them expired. In fact here was the HSBC response to the RESPA letter: "We are sorry, but we lost your mortgage files." So now we are having to sue them for 7 counts of fraudulent credit reporting, and a list of other things that just keeps piling up, and guess who we are going to trace this all back to? Better yet, guess who still has it in writing from OAK STREET MORTGAGE that you would NOT sell our mortgage to HSBC? Karma has a very funny way of coming back to you, now doesn't it? You should be hearing something regarding this very soon.

As an ex employee of oak street mortgage I can tell you that Oak Street had a couple of different ways to prevent this from happening. When someone applied for a mortgage with Oak Street, the loan officers had a few different options. They could underwrite the loan to Oak Street Guidelines, which were then sold in buckets. These buckets did go to the highest bidder. The next way was to underwrite to specific investor guidelines such as Bear, HSBC, RFC, Citi, etc. This way would allow the loan officer to guaruntee that the loan would initially be sold to one of these companies. Once sold the loan would be out of there hands. The other two ways involved brokering the loans out. What happened here was unfortunate, the loan officer could have prevented this but most likely was someone with no mortgage experience and did not realize that the loan had a chance of going to HSBC or that they could prevent it from doing so by taking the second method. However, all papwerwork is disclosed with these loans and I doubt your lawyer will have any luck getting anywhere as far as a lawsuit goes. I hope this sheds some light on the situation. The only advice I can really think of is, that when the next time comes to refinance, go with a direct lender, or a broker who can specifically tell you who will be holding your loan.

my name is tom I am currently a mortgage broker, and am waiting to take the next step to becoming a 'corrsepondent' lender myself. The diff between a mortgage broker and correspondent is that they can claim to be a 'direct lender' and get around a bunch of laws regarding disclosure. secondly, they then can SELL that loan to make even MORE money. Like an uneeded middleman , this is why they crowd the sub prime market. There is no room for an EXTRA middleman in conforming. When i was just a loan officer way back I too had a customer wanting to get away from HSBC. I didnt know why, and i didnt ask. When i found out Oak street sold to HSBC, i took him elsewhere. When i found that there is NO GUARANTEE that ANY LENDER will not eventually sell the loan, i disclosed it to the borrower. 'No matter who u sign your loan with, there is a chance that one day HSBC will own it. Maybe they wont, maybe they will. We cant control or guarantee the lender wont sell the loan'. He hummed an whinned , then a few days later called me back and did the loan. The REAL problem was the loan officer didnt care to find out -or knew the loan would be sold 500 times and just went .....YEAH YEAH YEAH sign your god d**n loan..... he should have been FIRED.

my name is tom I am currently a mortgage broker, and am waiting to take the next step to becoming a 'corrsepondent' lender myself. The diff between a mortgage broker and correspondent is that they can claim to be a 'direct lender' and get around a bunch of laws regarding disclosure. secondly, they then can SELL that loan to make even MORE money. Like an uneeded middleman , this is why they crowd the sub prime market. There is no room for an EXTRA middleman in conforming. When i was just a loan officer way back I too had a customer wanting to get away from HSBC. I didnt know why, and i didnt ask. When i found out Oak street sold to HSBC, i took him elsewhere. When i found that there is NO GUARANTEE that ANY LENDER will not eventually sell the loan, i disclosed it to the borrower. 'No matter who u sign your loan with, there is a chance that one day HSBC will own it. Maybe they wont, maybe they will. We cant control or guarantee the lender wont sell the loan'. He hummed an whinned , then a few days later called me back and did the loan. The REAL problem was the loan officer didnt care to find out -or knew the loan would be sold 500 times and just went .....YEAH YEAH YEAH sign your god d**n loan..... he should have been FIRED.

my name is tom I am currently a mortgage broker, and am waiting to take the next step to becoming a 'corrsepondent' lender myself. The diff between a mortgage broker and correspondent is that they can claim to be a 'direct lender' and get around a bunch of laws regarding disclosure. secondly, they then can SELL that loan to make even MORE money. Like an uneeded middleman , this is why they crowd the sub prime market. There is no room for an EXTRA middleman in conforming. When i was just a loan officer way back I too had a customer wanting to get away from HSBC. I didnt know why, and i didnt ask. When i found out Oak street sold to HSBC, i took him elsewhere. When i found that there is NO GUARANTEE that ANY LENDER will not eventually sell the loan, i disclosed it to the borrower. 'No matter who u sign your loan with, there is a chance that one day HSBC will own it. Maybe they wont, maybe they will. We cant control or guarantee the lender wont sell the loan'. He hummed an whinned , then a few days later called me back and did the loan. The REAL problem was the loan officer didnt care to find out -or knew the loan would be sold 500 times and just went .....YEAH YEAH YEAH sign your god d**n loan..... he should have been FIRED.

I am not taking sides on this, but will shed some light from my first hand experience as a previous Oak Street Mortgage Loan Officer. First off, Oak Street Mortgage is not and has never been a direct lender. They do have a small line of credit which they use to front the money no several loans, but truly are a correspondent lender with a handful of actual lenders such as Citi, HSBC, RFC, etc backing them. A correspondent lender is kind of in the middle of not being a broker anymore but not quite an actual lender yet either. They are a clearing house to larger more well known companies. Jeff, the problem here is that the Loan Officer and management, to be perfectly honest, had no control over which of the investors will be buying your loan as they sell them in bulk within 60-90 days of closing. When I was an employee with Oak Street, I had several customers request that they do not care who buys their loan as long as it is not HSBC. I sent this information up the chain of command only to find out 2-3 months later that the customer was sold to HSBC anyways. To put it bluntly, your loan is sold to the highest bidder. Tyler (the LO in the Grand Rapids office) You sound like you are a true company man. I give you kudos for that, but open your eyes man and see the truth out there about the company you work for. You need to find a good company with good beliefs that will recognize you for your talents and will help you along in your career, not just use you up and push you out the door. Good luck with the merger with Novastar, as you will severely need it. Novastar used to have a retail platform up until they laid them all off and closed down all of their offices a few years ago. Remember, history repeats itself. Good luck to you both.

You are wrong. I DO get it. I made it perfectly clear before we closed that I wanted to get away from HSBC. I have already explained in great detal why I have a problem with them, and I am tired of explaining it over and over again to you people at this point. I have retained ALL of the email correspondence between myself and your company WHICH CLEARLY STATES THAT I DID NOT WANT MY LOAN SOLD TO HSBC. I don't know if it was an accident that it was sold to them anyways, or not. I don't care. It's your mistake, not mine. Bottom line is you stuck me with a mortgage provider I do NOT TRUST. For many many reasons I have already told you about SEVERAL TIMES, and yes they are still messing up our paperwork, harrassing us even though we have made our payments on time and sending us letters in the mail that basically tell us that they can not keep track of their own paperwork. This scares me, and YOU have put me in this situation. As soon as my lawyers are done reviewing all of the correspondence between your company and myself that took place before the loan went to close and finish reviewing all of the facts, you will be hearing from them. When I get my paperwork back from them, I am filing with the Federal Trade Commission. It wont stop there. Your local news station needs to hear about this too. I will not stand by and let others be victimized. I am going to escalate this in increments until you people do the right thing.... which I very much doubt you will do because you have shown me that you are all about money, and do not care who's life you mess up.

Well Jeff you are wrong and you did not get screwed. First off we are not a broker we are a direct lender and lend our own funds. We may have sold your loan to HSBC, but when we sell the loan the terms never change. How are they oppressive? Do they hound you when you are late on your mortgage or what? The loan terms never change when a loan is sold. What was agreed upon on the closing table is what you get, the terms dont change just because your loan got sold. Selling loans is a common practice in all banks. We did do the right thing and got you out of a mess you were in. Regardless if HSBC has your loan or XYZ mortgage has your loan, the terms will be the same as which was agreed upon by you after closing

Ok, I gave them a fair chance to do the right thing, and they apparently don't care that they completely screwed me and my family over, so I have filed with the Better Business Bureau and the Federal Trade Commission. Next is another meeting with my lawyer and more complaints will be filed. I suggest everyone else that was victimized by these people do the same. You can contact me if you need to know how to file your claims, or if you are planning on pursuing a class action lawsuit.