- Report: #133557
Complaint Review: World Savings Bank - Boynton Beach Florida
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Author Confirmed
Why?
World Savings Bank
12700 Military Trail Boynton Beach, 33136 Florida, U.S.A.
Phone:
305-466-0151
Web:
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World Savings Bank ripoff After closing date had been confirmed requested additional information which was provided and I have not heard from them since. Boynton Beach Florida
Approximately 3 months ago I applied for a new mortgage with World Savings Bank thru my mortgage broker. In December of 2004, I received an application kit and in a seperate letter I was advised that my application was withdrawn by me or my broker which was not correct. World Savings had no idea why I would receive both an application kit and a notice of withdrawal at the same time.
The process continued and I was advised, after numerous requests on my part that my application had been approved & a closing date was confirmed with me and my title company. I should add that I sent a $310.00 application fee along with the application.
Two days before the schedulde closing I was advised by my broker that due to ongoing litigation between my condominium association and the owners of the corporation that manages the property that the closing was delayed. I contacted my title company along with my broker and was advised that an indemnification on the title was needed in order to protect World Savings interests even though the litigation in no way affected the value of my condominium and/or put World Savings at risk.
The indemnification was completed and forwarded to World Savings. I thought that would close the issue however World Savings then requested and was sent a letter from my condo association fully explaining the litigation. I thought that would due the trick.
After repeated calls to my broker requesting a status update and being advised that World Savings had not given her any additional information and a request to speak with a representative of World Savings, I still have not been notified by World Savings as to the status of my loan application.
As of this date, March 3, 2005, no one from World Savings has notified me regarding the status. This delay has caused me to have to continue paying higher mortgage payments to my existing lender for the previous two months which amount to approximately $1,000.00 more then I expected to pay thru World Savings and that loss does not count the $310.00 application fee.
I cannot understand and other consumers should be leery of a financial institution like World Savings that treats its potential customers with the disrespect and lack of consideration evidenced by my experience. Anyone that applies for a loan is entitled to know the status at all times.
It would appear that World Savings Bank aggresively solicits business, gets application fees, makes money and leaves the consumer in the dark to fend for themselves regardless of the consequences.
I believe that I should receive a refund for my application fee and due to World Savings poor business practices, lack of communication as to the status of my application after it was approved and all information that they requested subsequent to that approval given to them, I should also receive the difference in what I have spent in mortgage payments over the past two months and what I should have been paying if World Savings had conducted their business properly ie. an additional $1,000.00.
Tatyana
aventura, Florida
U.S.A.
The process continued and I was advised, after numerous requests on my part that my application had been approved & a closing date was confirmed with me and my title company. I should add that I sent a $310.00 application fee along with the application.
Two days before the schedulde closing I was advised by my broker that due to ongoing litigation between my condominium association and the owners of the corporation that manages the property that the closing was delayed. I contacted my title company along with my broker and was advised that an indemnification on the title was needed in order to protect World Savings interests even though the litigation in no way affected the value of my condominium and/or put World Savings at risk.
The indemnification was completed and forwarded to World Savings. I thought that would close the issue however World Savings then requested and was sent a letter from my condo association fully explaining the litigation. I thought that would due the trick.
After repeated calls to my broker requesting a status update and being advised that World Savings had not given her any additional information and a request to speak with a representative of World Savings, I still have not been notified by World Savings as to the status of my loan application.
As of this date, March 3, 2005, no one from World Savings has notified me regarding the status. This delay has caused me to have to continue paying higher mortgage payments to my existing lender for the previous two months which amount to approximately $1,000.00 more then I expected to pay thru World Savings and that loss does not count the $310.00 application fee.
I cannot understand and other consumers should be leery of a financial institution like World Savings that treats its potential customers with the disrespect and lack of consideration evidenced by my experience. Anyone that applies for a loan is entitled to know the status at all times.
It would appear that World Savings Bank aggresively solicits business, gets application fees, makes money and leaves the consumer in the dark to fend for themselves regardless of the consequences.
I believe that I should receive a refund for my application fee and due to World Savings poor business practices, lack of communication as to the status of my application after it was approved and all information that they requested subsequent to that approval given to them, I should also receive the difference in what I have spent in mortgage payments over the past two months and what I should have been paying if World Savings had conducted their business properly ie. an additional $1,000.00.
Tatyana
aventura, Florida
U.S.A.
2 Updates & Rebuttals
Michele
Clifton,New Jersey,
U.S.A.
I have one better
#2Consumer Comment
Sun, September 18, 2005
I am a broker, and the World Savings rep comes in every week, begging for business. I can see why she has to BEG now. That company doesnt know left from right. They all blame eachother for the mistakes. Here is one first hand...which will eventually lead to a complaint against me in the long run..... In doing a refinance for a very nice guy who owns a property in another state, in his OWN name, and who resides in New York. I refinanced the out of state property for him, and only used World because it gave him extra cash flow for right now, which he wanted and needed. He is seperated, and yes, I understand there are certain laws out there that have to be taken into consideration, however LET US KNOW WHAT WE NEED PRIORTO CLOSING SO WE AS BROKERS DONT LOOK LIKE COMPLETE IDIOTS!! If there were any other documents that were needed,let us know. He closed August 29th. AUGUST 29TH!!!!! Here it is SEPTEMBER 18th, and they just decide to tell me that they, World Savings are...ready for this one.....TAKING THE LOAN BACK. Exact words!! Never in my life have I heard of that crap. When trying to contact either the underwriter or the rep , they both had no clue why, and started making up some retarded stories, then blaming one another for being incompetant. In going steps further and contacting what they call "upper management", it turns out that they only needed an affidavit signed from the wife that she has no interest in the property. THAT WAS IT. That could have been signed at closing! This poor guy technically missed his September payment because it was thought to be paid off already, which dropped his credit score when they mysteriously had to "re-run credid" because it "expired". (credit doesnt expire in 27 days). This is why brokers get bad raps....because of these unethical wholesale banks that we have to deal with. Now the guy has no loan, and wants to come after me. Brokers, consumers, beware of this lender. They dont live up to anything they promise, and cant even explain any of their policies.
Michael
aventura,Florida,
U.S.A.
Silence is golden or so they think.
#3Author of original report
Fri, March 18, 2005
I filed my report on 3/3/05 and as of this date, 3/17/05, no one from World Savings Bank has contacted me with an explanation as to why I have had no communication regarding my home loan. My mortgage broker has informed me that I am not the only applicant who has had a problem with them. I do not understand how this company can do business in such a slip shod fashion, wasting peoples time and money without even a bye your leave. Anyone who does business with this bank should keep in mind the most famous of buyer/seller quotes, ie. Caveat Emptor!!!
