Approximately 3 months ago I applied for a new mortgage with World Savings Bank thru my mortgage broker.in December of I received an application kit and in a seperate letter I was advised that my application was withdrawn by me or my broker which was not correct.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, 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.
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