- Report: #1350919
Complaint Review: HSBC Mortgage - Nationwide
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HSBC Mortgage
Nationwide, USA
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HSBC Mortgage Octavia Thompson, Marie Tomaselli, Natasha Bucks, Eric Zoldos HSBC mishandled refinace mortgage transfer ruins credit poor communication no leadership New York Nationwide
In November of 2016 I applied for a HARP refinance of my coop apartment with HSBC. After 13 months, my refinance was cancelled due to "lack of documentation." Over the course of the 13 months, all documentation was submitted promptly and there was never a point that documentation was asked for and not given. I continued to ask HSBC what if anything I needed to do to close the loan because it was still in limbo. My lock in rate was missed four times and they needed to rerun credit four times over the course of the process - thereby creating 4 credit inquires on my credit and dropping my credit score in the process.
I still had not heard from HSBC about approval so I contacted Natasha Bucks who is my Premier Relationship Manager. After she got involved, I was immediately told on On October 25th, 2016 that my loan would be approved. Nevertheless, I wasn't contacted again or repsoded to for over a month. Sunsequently, my loan rate was going to expire again. I could not afford to have them run my credit for a fifth time. I then got an email stating that "my manager (Eric Zoldos) has requested the file to be cancelled. The cancellation will most likely occur sometime today. Very sorry for any inconvenience."
After 13 months, my loan was cancelled.
It should never take over a year to close a loan. If there aren't processes and procedures to ensure that loans are handled promptly and properly - there should be. If they do exist, they were not followed in this case. I'm that if there were a huge loan generating a lot of income for HSBC, it would have been handled much differently. Instead, I am a middle class client, trying to refinance a small loan to help make my payments smaller. It may not be "a big deal" to a major bank like HSBC, but it is to me as it is to so many other American homeowners. I can luckilty afford to continue to pay for my mortgage at the old rate, but for other people struggling to make payments, having been essentially put on hold for 13 months could have forced them into foreclosure and losing their home all because someone did not manage their refinance properly.
To make matters MUCH worse, right when around the time that I was told that we were ready to close, HSBC apparently sold my loan to Nationstar. Despite the hundreds of emails going back and forth about the refinance, no one told me that my loan had been transferred. Additionally, the address they sent the notification letter to was an incorrect address. Nationstar also sent notification to the wrong address. I only learned about the transfer when it showed up on my credit report as 60 days late. My credit immediately dropped over 130 points!
So, in addition to not closing on the refinance, I now can't apply to refinance again until my credit is fixed as my new credit score is poor whereas it was 775 beforehand. I have communicated with Eric Zoltos, Natasha Bucks, Octavia Thompson, Marie Tomaselli, and the customer service department at HSBC. I was told that there is nothing they can do to help - it's out of their department or out of their hands. They are sorry for the inconvenience. I've also been told that I can go ahead and apply for another refinace.
Thanks but no thanks. Never again HSBC. You've lost a loyal customer of over 12 years.
