Warren Bank failed (Detroit, Northville: credit, loan, broker)

[Jwo85]

Huntington National Bank is taking over
Regulators close troubled Warren Bank | Detroit Free Press | Freep.com (http://freep.com/article/20091002/BUSINESS06/91002064/1320/Regulators-close-troubled-Warren-Bank - broken link)

[Wingnatic]

Go with a Credit Union , Huntington could care less about their customers and care only about finding ways to charge people .

[Dexterguy]

It's sad to see the smaller local banks fail. It appears that one day everything is going to be big national banks and that's it.

[Coldjensens]

I ran into that problem. I wanted to use a small local and locally owned bank and went with Main Street Bank in Northville. They failed and my lender ended up being the FDIC - aren't they a joy to work with. Then they sold our loan to some collection agency in Virginia. - Even more fun than the FDIC.

I was considering moving our accounts to Warren Bank at one time, but then I heard about their troubles. Now I am considering Flagstar. Maybe I should just stick with horrid and rude customer service from B of A and forget about trying to support the local economy. My two bits is nto going to make a significant difference anyway.

[jeanniepep]

Warren Bank handled our home loan and they were IDIOTS about it from start to finish. We wound up closing two weeks late because of moronic issues like "I can't read this one set of initials on this purchase agreement that's been faxed back & forth 100 times" (hint: it's exactly the same as the other 10 sets of initials on the same piece of paper). Or, "We have 5 pages worth of bank statements from your bank. Sheets 1,2,3, and 5 have your name and account number. Sheet 4 only has your account number. Please have your bank send us Sheet 4 with your name on it."

I think the employees must have seen the writing on the wall because they were just dragging everything out for NO reason whatsoever, other than perhaps getting to keep their paycheck coming in for an extra two weeks.

Oh, and I had to sign all the closing paperwork TWICE because they didn't like the Power of Attorney verbiage on the first set of paperwork, even though they knew well ahead of time that I would have to sign for my husband who was out of town. Of course he would have been in town if we had closed when we were supposed to in the first place. So, on all the little tiny lines where there is barely enough space to write your name and the date, I had to go back and write "(husband's name), by (my name), his true and lawful attorney-in-fact." If you've ever bought a house, you know how many times you have to sign your name, well imagine writing that sentence every time AND having to do it twice.

I'm sure there are good people working there (perhaps not in the mortgage-lending dept) who may soon be out of a job, but personally I won't be losing much sleep over the failure of Warren Bank.

[MTUCache]

Originally Posted by jeanniepep

Warren Bank handled our home loan and they were IDIOTS about it from start to finish. We wound up closing two weeks late because of moronic issues like "I can't read this one set of initials on this purchase agreement that's been faxed back & forth 100 times" (hint: it's exactly the same as the other 10 sets of initials on the same piece of paper). Or, "We have 5 pages worth of bank statements from your bank. Sheets 1,2,3, and 5 have your name and account number. Sheet 4 only has your account number. Please have your bank send us Sheet 4 with your name on it."

I think the employees must have seen the writing on the wall because they were just dragging everything out for NO reason whatsoever, other than perhaps getting to keep their paycheck coming in for an extra two weeks.

Oh, and I had to sign all the closing paperwork TWICE because they didn't like the Power of Attorney verbiage on the first set of paperwork, even though they knew well ahead of time that I would have to sign for my husband who was out of town. Of course he would have been in town if we had closed when we were supposed to in the first place. So, on all the little tiny lines where there is barely enough space to write your name and the date, I had to go back and write "(husband's name), by (my name), his true and lawful attorney-in-fact." If you've ever bought a house, you know how many times you have to sign your name, well imagine writing that sentence every time AND having to do it twice.

I'm sure there are good people working there (perhaps not in the mortgage-lending dept) who may soon be out of a job, but personally I won't be losing much sleep over the failure of Warren Bank.

lol... sorry to laugh at your experience, but I just found that story hilarious. All those hoops to jump through, all the checking and re-checking, and how long did it take them to sell your loan to some broker or prospector? A month? Two months? What a completely backwards way of doing business.

[jeanniepep]

Haha, I know!! It was maybe 2 weeks AT MOST before we got notified that the loan was taken over by Wells Fargo. I can laugh about it now, but back in July I was about ready to storm through all their offices and slap them all right in the face!