ComplaintsforNationwide Mortgage Bankers, Inc.

• Initial Complaint

  05/15/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I had bought a house, ************************************************************ in October 2021 and had got loan from Nationwide Mortgage Bankers. All my payments are excellent with auto pay.On March 1st this year, 2023, Nationwide Mortgage Bankers transferred my Loan to Service Mac LLC. With effect from April, my auto pay goes to Service Mac LLC. But on my credit report, it still shows a loan from NATIONWIDE MORTGAGE BA amounting to $474,063, and an amount of $472,283 from SERVICEMAC, LLC. Thus showing a double loan, total amounting to $945,346. This has caused my credit score to go down by 22 points!I have called Experian, Nationwide Mortgage and Service Mac LLC many times and also sent them emails about this double loan showing on my credit and they keep saying it will be taken off but even as of today, May 12th 2023, the loan from Nationwide Mortgage Bankers has not been removed.Please get involved and help me.Thank you *****************************

  

  Business response

  05/23/2023

  Nationwide Mortgage servicing department has reached out to the borrower and we are working to make sure that all trade lines are properly reported and to achieve full customer satisfaction. 

  Customer response

  05/24/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***********************
  
  
  
   
  
  

• Initial Complaint

  04/17/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  We took out a mortgage 3/2022 to purchase a house. We were using the funds from the sale of our house to use for the down payment towards our new house ($100k). The bank knew this from the get go. We were gifted $20k to use as the initial down payment when contracts were signed. The bank would not allow this to be used towards the loan since it was a gift. They only calculated $80k down payment in stead of $100k. This caused ** to not have 20% equity and need PMI. I found out when we did our taxes this year that the $20k should have been calculated in. This caused ** to have a loan $20k higher, pay more in interest and pay the unnecessary pmi. I fully believe the are practicing unethical business and lying so they can make more money.

  

  Business response

  05/01/2023

  We reached out to the consumer and explained the mechanics and workings of the loan product.  We all funds, including the gift funds referenced were appropriately applied.  We believe the reason for the complaint was due to a need for ** to educate the consumer on the loan product, and we did so in a direct communication to them.  We remain available should there be a need for further follow up and believe the issue is hereby resolved.

  Customer response

  05/02/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  They emailed me a break down of our closing disclosure and said we did not qualify for a conventional mortgage, only an fha.   I already reviewed this item and emailed the business back explaining what their loan officer explained to me. Our purchase price was $449 and we had a  $100k down payment and closing costs were being paid out of pocket so our loan was to be $349k. When we received our preliminary closing disclosure the loan amount was $378k our loan officer said the $20k was being applied to the back end of the closing. I asked if the loan amount would decrease to $349k at closing and was told no. It was then explained that since we did not have enough equity that we would have to pay *** for 2 years. The final disclose has ** paying *** for 11 years. On paper it only adds up to ** paying about a  $80k down payment and closing closts at closing (which we did-we never paid the full $100k) Our loan officer never explained to ** that we only qualified for fha since everything initially went through as conventional. She also lied about the length of time of time we would be paying the **** I stand by this complaint and still ask that the mortgage payment be revised to remove the *** since they have lied throughout the process.

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  ***************************************
  
  
  
  
   
  

  

  Business response

  05/12/2023

  The consumer had a misunderstanding as to how the loan product works.  We reeducated the consumer on the product.  We are unable to share any further details as it involves non public consumer information.  We also extended an invitation for the consumer to reach ** directly with further concerns.

• Initial Complaint

  11/10/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  The bank is constantly disregarding my financial and credit wellbeing. They are in the practice of mis application of funds. I am not sure at this point if its intentional to make more money on their end or honest mistake, but honest mistakes don't happen over and over. This issue has to do with escrow shortage. In the past I've paid of an escrow shortage in July of ***************************************************************************************************************** the loan. this has also caused my monthly payment to be incorrect, usually higher cause the included escrow shortage. this would roll over month after month. The original issue took months to clear up. The problem now is that the escrow is short again and not surprisingly i've paid prior to the date clearing up the shortage and they applied it how they saw fit. they disregarded my allocation and not surprisingly gave me another monthly mortgage statement higher than it should be. i pay it because i am in fear of my credit being screwed up. I work hard for this not to happen, but this company doesn't care enough about its customers to solve this issue. I spoke with a **** ****** who told me the company policy with check payments is anything extra goes to principal. This is absurd, i clearly put on the paper statement tear off where the money is allocated too. This is going to end up s******* up my loan or credit history. this company should not be in the business of mortgage loans. I pay in full and on time but to no avail. please look into the company practices as I believe it to an issue not just with me but widespread. Corruption?

  

  Business response

  12/09/2022

  We investigated the issue and educated the consumer better on the product and assisted them in obtaining their intended goals.  The consumer was contacted directly with this information, much of which is private in nature as it involves personal financial information.  Accordingly, we believe the matter is resolved at this time. 

   

   

• Initial Complaint

  05/04/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Let me preface this by saying that I am a **** estate Agent and a **** estate investor. Over the past 20 years I have worked with dozens of banks, brokers and individuals within the real estate industry, and Nationwide Mortgage Bankers is the worse I have experienced.Nationwide Mortgage Bankers offered me financing terms for a mortgage. Somewhere along the line they realized that they could not deliver what they have offered and instead of being upfront and truthful, they jogged me along for almost 6 weeks; constantly delaying, lying and creating unnecessary issues, all in hopes that I will go away on my own initiative. Within days of losing my ******* Deposit, Inspection cost and everything else I have invested, I decided to quickly use another company so that I do not lose my investment. Left with such short timeframe and increasing interest rates environment, I was forced to accept an interest rate that was 2.0 greater and a down payment that was 10% higher than I would have otherwise received. This company and their business practice is unethical, unprofessional, and completely lack concern or compassion for their clients. They will ghost you for days, or if they do respond it would be some open ended nonsensical remarks. I strongly recommend that you DO NOT do business with this company. Save yourself the headache and heartache and take your business somewhere else. By the way, if you ever come across a Broker who called himself ***************************, please take my advice and RUN away.

  

  Business response

  05/04/2022

  Good Morning **** *********

   

  My Name is *****************************, *** of Nationwide Mortgage Bankers.  I am very sorry to hear that you had this experience with one of our loan officers.  I would like to speak and find a solution to this complaint and how we can make it right for you.

   

  My contact info:

  ***********************

   

  I look forward to speaking with you 

• Initial Complaint

  04/29/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I'm a REALTOR & for months, I've endured endless & unwanted solicitations from this company via ******************* asking for me to do business with them. My phone number has been registered on both the federal DNC list & the ******* DNC list for many years. I've blocked numbers so they call from other numbers. I've asked to stop, repeatedly! This is pure harassment & illegal. From now on, I'll warn everyone who wants a mortgage, how this company incessantly begs for business.

  

  Business response

  05/19/2022

  Hello *********************,

  We are in receipt of your complaint.  In the event you received unauthorized and unsolicited marketing, we do apologize.  We have since provided your information to our marketing team to ensure that you do not receive any communication from us in the future unless in the form of a response to a direct inquiry.

   

  Respectfully, 

  ****** ******** 

  Customer response

  05/19/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ***********************************
  
  
  
   
  
  

• Initial Complaint

  01/19/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  A QUICK SUMMERY GOING BACK TO JULY 2021 MY MORTGAGE WAS TRANSFERRED TO NATIONWIDE MORTGAGE BANKERS TO NATIONWIDE MORTGAGE BANKERS. THEY HAVE MIS **************** REPEATEDLY EVEN WITH NUMEROUS TELE***** CALLS MADE TO THEM IN REGARDS. THEY HAVE ALSO MISAPPLIED ESCROW PAYMENTS AFTER PUTTING MY PAYMENTS INTO SUSPENSION CAUSING MY MONTHLY MORTGAGE PAYMENT TO BE MORE THEN IT SHOULD BE CAUSING ISSUES. I HAVE CALLED AND REQUESTED SUPERVISORS NUMEROUS TIMES AND HAVE BEEN TOLD I WILL GET CONTACTED BACK BUT RARELY HAPPENS. I CONSISTENTLY CALLED NUMEROUS TIMES A MONTH AND HAVE SPOKEN TO NUMEROUS PEOPLE FOR HOURS AND HOURS OVER THE ***** WITH NO RESOLUTION. I LAST SPOKE TO ************************************* ON 12/29/21 AND WAS TOLD THIS WOULD BE CORRECTED. I CONTACTED THE COMPANY ON 1/18/22 AT **** HOURS AND STILL SHOWS PAYMENT MIS APPLICATION BY CLAIMING NO PAYMENT WAS MADE FOR MONTH OF JANUARY 2022 WHEN IN REALITY A PAYMENT WAS MADE ON 1/10/22. PLEASE CONTACT ME ANYTIME ************ THANK YOU

  

  Business response

  01/19/2022

  Good Afternoon ********************,

   

  My name is *****************************, CAO of Nationwide. This was brought to my attention earlier today on a call with our servicng department.  I am personally involved and will make sure this matter is handled to your satisfaction.  I apologie as this should have been handled correctly already for you.  You can reach me anytime at ****************** I will keep you up to date as I get information.

   

  Sincerely,

  ***************************** ***

  Customer response

  01/20/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved. I spoke with representatives from the company who contacted me and are going above and beyond to help me. I wish to withdraw my complaint and would like this matter closed. 
  
  Sincerely,
  
  *******************************
  
  
  
   
  
  

• Initial Complaint

  01/10/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I had started working with Nationwide Mortgage last month to see about refinancing my home. ******************************* said that they would need to have my credit card information on file to pay for the appraisal, but it would not be charged until I filled out the credit card payment form. He said it would be ******. I never filled out the form and was talking to another mortgage company to see who would get me the best rates. Nationwide took ****** out of my bank account to pay for an appraisal I didn't authorize. I texted ****** and asked to have my money refunded because I never authorized it. He said okay and asked me to call him. I called him and he kept telling me it is their policy. I told him he had told me it was only ****** and I hadn't filled out the authorization form. I asked for a refund and told him I wanted to close my application. He told me that he was not authorizing a refund and told me to grow up before hanging up on me.

  

  Business response

  01/10/2022

  Good Afternoon,

   

  I will call you shortly to fix this matter, we will issue full refund.

   

  SIncerely,

  ***************************** ***

  Customer response

  01/10/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ****************************************
  
  
  
  
  
  

• Initial Complaint

  11/04/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I was referred to Nationwide Mortgages, I inquire related to a cash out refinance. My loan only qualified for a FHA loan. I started the process back in July 2021 and here we are beginning November and not yet clear to close. I feel the company drags thru a long wait. I was hesitant to go somewhere else and i did not want to start the process all over again. I had to harrass loan officer to get things moving and was being kept on promises. Horrible experience and I will NEVER recommend this place to someone. I'm actually embarrassed to let this company/loan officer drag the process for too long.

  

  Business response

  11/26/2021

  Good Morning *****************,

   

  I hope you had a nice Thanksgiving.  I never want to hear a customer had this kind of experience.  I would like to speak with you and find out what occured and what I can do to make this better.  Please email me at ***************** if you have a minute and fill me on what happened.

   

  Sincerely,

   

  ****************************** ***

  Customer response

  12/01/2021

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  The loan has not yet set closing with the same excuse of reviewing the numbers. No transparency in the underwritting procedures and process to clear to close. Have been on a promise to close day to day over one week or so. Nothing so far but promises. 

  Who is the underwritter, who do I call? is it happening or not? 

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *************************
  
  
  
  
   
  

  

  Business response

  03/25/2022

  This correspondence is in reply to the most recent complaint raised by *** ******. 

  While we are working with **************** to try and originate a loan, NMB works within a regulated industry and we are only able to originate loans that meet program guidelines as set by government sponsored agencies as well as our investors.  This means we can only originate and close a loan if approved by underwriters based on objective program guidelines -   If we are able to assist **************** by closing a loan for her then  we will.  However, in her last response she said that the complaint will not be finalize until the loan closes.  While we do hope that we are able to originate and close a loan for ****************, we are unable to promise this, it is based on program guidelines.We continue to work with **************** and we apologize that she is unhappy with the experience and are hopeful that we can turn it around for her.
  
  Respectfully - Nationwide Mortgage Bankers, Inc.

  Customer response

  03/29/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

   

   Thank you for your answer. Although I agree that a mortgage bank company has to comply with regulatory agencies. The transparency to its policies and procedures weren't clear to me, somewhat deceiving. My understanding is that I had a loan commitment or what is called a "loan approval" that dragged for several months. The only outstanding items were related to the underwriting clear the loan to close which until now I don't get what is pending since I have provided over and over the information required. I'm still currently on the waiting point and this complain is not yet resolved. I'm willing to give the company two more weeks from today to comply with the commitment. 

   

  Regards, 

  ******

   

   

  
  
  
  
  
   
  

• Initial Complaint

  10/14/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  First I got preapproved for 520,000 on a brand new construction and they advised they can not underwrite on my file until we’re going to close. That home didn’t work out so moved on to another for 500,000. They dragged me along three months giving me every excuse of why we were delayed and told me I needed a co-signer days before closing. I couldn’t find one so I lost that home and $10,000 in Ernest money. I find another for 330,000 and ask would this work? Advised it would, but again the process is being dragged as I am told it will work out. Then they tell me -a month before closing that I have to move in with whoever closer to the new purchase, find a new job, and provide a pay check before we close so we miss the initial closing date. Then I miss the second closing date for reasons no one has yet explained. Now we’re at the potential third closing date and I am not able to close because now I am missing 5,000 and can’t obtain docs from the bank since it’s too far away.

  Customer response

  10/19/2021

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *** ****
  
  
  
   
  
  

• Initial Complaint

  09/20/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  The insurance department is completely competent and has essentially lost $3716.00, which they paid to a flood insurance company, American Flood, which I did not have coverage with since January, 2021, when I closed my loan with Nationwide. They made the erroneous payment twice in June, both times I caught the error in time and they were able to be get a refund back by cancelling the check. A 3rd time, they did the same thing again, and sent money to who they told me was *******, in the amount of $3716, again, which I did not have active coverage under since January. Up until today, September 20, they told me that ******* had cashed the check, and essentially lost it. An account number was on the check which was not a ******* account number, and they sent the check via email ******* as well as wasted my time with a 3 way call, which was to help ******* to investigate the whereabouts of the check. Each time I call, I never can get the same supervisor on the phone, and waste over be

  

  Business response

  10/22/2021

  T0 Whom It May Concern:
  
  First, we apologize for the inconvenience you have experienced.  We reviewed the file and found that the erroneously collected amount of $3716 was refunded to you and we are awaiting for that money to be refunded to us from the insurance carrier.  The check was sent to you on 9/30/21, a copy of it is attached to this response for the consumer to review.
  
  We consider this matter closed but remain available should you have any further issues.
  
  Respectfully,
  
  Nationwide Mortgage Bankers, Inc.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩