I used Countrywide when I bought my first house, and they were excellent. Since then, I referred over 2 million dollars worth of business from friends to them, at this Palm Desert Office.
Six months ago, I decided to buy a new home and move. I picked out the home and made a deposit with the builder / developer. I immediately went to the Countrywide office and asked them to pre-qualify me, and I gave them $4600.00 for a builder rate-cap program they have, so I would not have an astronomical interest rate, should the rates spike between when I found the house, and when it was supposed to close escrow.
I have called Countrywide personnel several times over the past six months, asking what the progress was on my home loan, and wanting to make sure they had everything they needed to complete it. If I was lucky enough to speak to a human, they would give me a very positive "yep, everything is great and we're right on top of it!" They did a good job the first time, so I figured they would at least complete it this time.
My loan closes in two days. I have not had the opportunity to use the "float down" rates that I paid $4600 for. I had to call them four times over the past five days to beg them to send an appraiser over to the house, so it would close on time. Now, when it's supposed to close in two days, they tell me that they will have to wait a week for my employer to complete the employment verification paperwork. I ask why. They acted like it was my employer's fault. Turns out, my employer just received it today.
I found another mortgage company that would do a loan for me on a last-minute basis and would actually return my phonecalls. I called Countrywide to demand my $4600 back, and they said I would need to speak to the branch manager, who wouldn't take my calls and has now turned off her cell phone.
Not only has Countrywide had 6 months to complete my loan and they didn't, I guess because they're just too busy. They also won't return my money or my phonecalls so I can at least go with another lender. I will now have to pay $300.00 per day to the developer for every day that my loan doesn't close after the deadline.
As far as I'm concerned, they have absolutely no excuse for failing to produce my loan in the time allotted, maybe because they are too busy trying to take over the industry, that they now completely disregard their customers!!! Beware! Once they have your money, they will do nothing to help you! They're too busy getting new accounts! I will never use Countrywide again, and I'm even considering backing out of this house (it's been such an amazingly distasteful experience) just for the sheer gratification that they won't be able to benefit from securing my $600,000.00 home loan.
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