While seeking to refinance our loan with Fairbanks, they refused to give payoff information to our title company, letting several weeks of interest accrue before being re-contacted by the title company. Then Fairbanks said that the borrower needed to contact them to get this payoff balance. My title company assured me that this is a very common practice of Fairbanks. I contacted Fairbanks directly, at the advice of our settlement officer. When contacted, Fairbanks said that they needed an additional 5 days, from that point, to process the payoff.
Their intentional run-around and delays in getting this information to our title company caused us several thousands of dollars in additional interest expense, and it still did not include escrow information. They obviously had much to gain by refusing and delaying sending out payoff information to us and our title company. They are intentionally inflicting great financial harm on consumers... Why isn't the Banking Commission or some other applicable agency putting these thugs out of business? How can they get away with this poor business practice???
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