TD Bank Mortgageescrow/mortgage payments

Review updated:

This is my first ever written complaint to any forum of any such, but I am so disgusted by td banks lack of competency that I feel obligated to warn others. Do not do business with td bank!!!

I refi's my mortgage with them because of a great rate less then a year ago and I have regretted the decision from day one! First off it started with an application process and final approval that lasted nearly 3 months.. Unreal! The incompetency alone on the process was mind boggling and I had to stay on top of everything, finding numerous errors in the contract on paperwork, I should have known what I was in for from the get go.

6 months ago I received a deliquency notice from my township that my taxes had not been paid... They are escrowed and supposed to be paid by td bank. My account shows that my escrow money was in fact distributed for payment, but guess what.. It paid someone eles's taxes!! Unreal, they fixed it, but it was a headache.

Then last month I get a deliquent notice from td bank that my mortgage had not been paid. I have never missed a mortage payment because the money is auto-debited from my td bank accoount!! Apparently, they had a system problem, messed up by auto-transfer and never told me anything! Fixed, but another headache.

Now yesterday I received another deliquent notice from my tax office, yes again, my taxes weren't paid, yet the money has been sent somewhere!! This is crazy, I have never been so aggrivated and annoyed at such incompetency. This company does not deserve to be in business if they cant get these simple things correct. If it wasn't going to cost me money and valuable time to change companies I would do so in a heartbeat, but since it will and im not willing to spend more money, the next best thing is to warn the person next in line!! Do yourself a favor and stay away from td bank and their incompetence.

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  • Td
      Jul 29, 2010

    Ditto on everything- complete incompetency . They qualified us but after 4 months have failed to close, and now are charging us fees!

    +2 Votes
  • To
      Sep 09, 2010

    I wish I had checked these complaint boards before I applied for my refinance.
    They have changed the closing date 3 times and keep referring to the fact that they have 90 days for the lock.
    Who cares about the lock if you cannot get the closing??
    The people there seem uneducated, cannot write a simple grammatically correct email and are rude.
    They talk over me... a paying customer. I mean I know they are lending me the money, but aren't they going to make tens of thousands off the deal. where is the service? my"loan processor" aka gedeena apologizes that they are not meeting my expectations. I said, excuse me... you are the ones setting the expectations then changed them. all they have left to do is verify our 1040's which they have now had for over a week. gedeena even states that they do not have much purchasing business. why aren't they reallocating resources if they are so over whelmed by refi's.
    We are credit exemplary people with scores in the 800's and looking to refinance with cash out for a home for which we have almost 100% equity. if they don't want my business... whose do they want?
    I took out a home equity loan 6 years ago. it went off without a hitch and was over in weeks. something in this latest merger brought in a wave of inefficiency, inefficacy and sheer inability.
    Do not apply for a loan with td bank!!! you will be sorry!!!

    +3 Votes
  • Td
      Oct 06, 2010

    I completely sympathize with you. We applied on 8/18 for a refinance and didn't get a decision until 9/6. Didn't receive package from them until a week later. Closing was originally supposed to be 9/18. Home appraisal was done and submitted on 9/8. Without any communication, closing was changed to 10/18. Never received a phone call from loan processor, original documents were wrong, submitted everything on the "to do" list right away. Still no communications from loan processor. I log in and check our status on the website last week, and there's a bunch more things added to our "to do" list that weren't in the letter. Of course, we received no phone call, email, etc., that they needed anything else. Some things we have submitted 3 times already. If I hadn't checked, it would have gone on forever and we'd be twiddling our thumbs waiting to hear. Loan processor is completely unresponsive to anything, and won't commit to a closing date. Says everything is in underwriting. This is the WORST mortgage experience ever. We both have credit scores of 800+, have 6 figure salaries, and a great deal of savings. Only financing 50% of our home's current value. Ideal customers.

    Will NEVER, EVER recommend TDBank to anyone - completely incompetent and horrible customer service.

    +3 Votes
  • Jj
      Sep 03, 2011

    We are first time home owners and never really thought we would have to worrie about td... well weren't we wrong. we have owned the home for 1 year and 1/2 and had nothing but problems with td. first was our down payment in which they took the taxes and two months from, which made our downpayment lower and made our home amount owed even higher. now the issue is that td claims they sent us a letter stating that our taxes are behind??? if I must say, what kind of a bank under pays the taxes? well we were not just going to pay something that didn't make any sense what so ever. we looked into it... funny thing we over paid and by alot. but td didn't want to agree to that in fact the amount they took in the begining plus the year of payments we maid, over paid till this year. but they claim we never paid... thank god we used scotia to do our banking! infact a word to the wise...!!! use another bank at all times!!! one verses the other! they all want your business and will fight to get it! this may be a battle td isn't expecting!!! signed jj

    +3 Votes
  • Jf
      May 16, 2012

    I have had problems with TD Bank. First I locked in at an interest but when paper work came rate was higher. Then I received notice that my monthly payment was increasing by about $600 a month or $7200 per year claiming my taxes increased when in fact I had my taxes lowered. I had to spend time and energy proving my taxes were lowered which I don't understand because the bank was paying the taxes and in possession of tax records. Lastly, when I made my loan I was told I could modify loan and the fee would be .005% on the principal balance. When I went to modify I was told fee is 1.25% of principal balance. When I protested I was told "too bad". I filed a complaint with banking department and will be commencing a lawsuit for fraud.

    +1 Votes
  • Ra
      Jun 14, 2012

    I just got a loan rejection letter from TD due to the reason the condo I am purchasing does not meet their loan guideline (less than 50% owner-occupied). I have no problem with the reason, but I have problem with the application process. It took almost 25 days for them to sort this out. The guideline thing should be the first set of questions to ask before even I should start the loan. This notice came when the appraisal is done, credit check is done and lawyers have been working on the issues (means there are a lot of fees I have to pay). I am actually not working with a live person because my calls always go to voice mail and never return my calls. The system generate some notifications and send to my email, but those request for documents which I already supplied a while ago. Imagine to work with a robot for your application.

    They are so unprofessional and lack of order of business. When I tried to complain about this, no one want to hear about it. The # provided in the rejection letter simply go to their general sales line and need to transfer numerous time to reach to someone has no clue about what is going on, eventually they gave me an email, as you can guess, I wrote a long letter and it went to a black hole...

    Do not apply your loan with TD bank, they simply not qualify to process a loan. They do NOT care about how you feel, they just try to follow a procedure which is already broken. if you are lucky to get loan, from what I read here, can create more nightmares. I now feel lucky my loan got denied so that I do not have to deal with them in the loan payment process.

    I will file more complains with their regulators. We as customer should deserve at least some respects!

    0 Votes
  • Td
      Nov 28, 2012

    They have just update there mortgage website. the biggest complaints I have heard from people has been payments out to the town taxes. there new website has no information on escrow information. it does not show you the current balance of your escrow. it does not show you how your payment was split between escrow, principal, and interest. calling this isn't much help either. tdbank, your new online website is crap. you need to have escrow information available to your customers.

    +3 Votes
  • Ra
      Dec 24, 2013

    Worst bank to work with is td bank. I opened an application for mortgage. thy initially approved me. they trapped me with their competitive rates but after working with them for 4 months they can not close the house.
    If you talk to their staff they will tell you different thing at different time.
    I have done at least 10 closings but working with td is a mess. they will make you pay for appraisal than thy will request engineering inspection (you have to pay out of your pocket) then they will not be able to meet the deadline imposed by the sellers bank. big mistake really big mistake going with td.

    +2 Votes
  • Lo
      Apr 07, 2015

    Yes td bank loan division is very incompetent or just fraudulent.
    Td bank take my loan payment 2 times a month and do not apply to principal, just as payoff. then charge me over draft fee. they would fixed the problem for a few months and then again start the scam.

    +2 Votes
  • Ma
      Jun 09, 2015

    I've been fighting with them since 2011 because of their lack of record keeping. i've even filed a complaint with the dept. of currency and it was dropped because td claims their records are right. i've been to my local branch many times to resolve this and it's sad the manager there doesn't even know what's going on, nor understand it (last one has been doing this over 23 yrs,) I contacted an attorney who told me any legal action would be at my expense and I can't get reimbursed even if they're proven wrong. it doesn't matter that I have reeipts for payments they don't have record of. they just don't care. I don't know what i'm going to do, I am totally frustrated. I do know I am doing something.. stay away from this bank or you will regret the problems you will have.

    +2 Votes
  • Td
      Jul 02, 2015

    Yes I also regret having a second mortgage with them, right now I paying about 800.00 a month even after I payed down half of the home-equity. I was just told I just pay it off quicker. they change the story every time you call only to get more money and it to there benefit.

    +1 Votes
  • Td bank bullies inoperable deaf blind cancer patient and his disabled son
    They are the worst incompetent lying bank in the world. after my 87 year old father became ill with 3 near death illnesses in as many years he became behind in property taxes on his home of 57 years. unbenounced, td bank directly paid outstanding propertyy taxes to the city and added it to the helock line of credit. they sent a letter stating they had added this amount to the credit line and he could pay it back at any time. they then took a payment at the new rate but for some reason the auto withdraw payments had stopped. it took 2 1/2 months to get a straight answer from them and now 6 months later they are demanding 8500 immediately or they will for close. and they say he is in arrears 6 months yet he has never missed a payment. they lied up and down and have intentionally steered him into forclosure despite his extraordinary situation and despite they never missed a payment
    My dad is a feeble 87 year old who has lived in this home since he had it built in 1958. they refuse to amortorize the new helock (mortgage) amount despite federal regulations stating they must. they made me drag him into the bank from his sick bed to apply for a new mortgage only to refuse him. never ever deal with this bank in a mortgage. they have put 2 disabled chronically ill men in jepordy of being homeless.
    But they never missed a peny
    Shame on td bank-never deal with them

    +1 Votes
  • Ra
      May 16, 2016

    Mr. shon redden,

    I just left you the voice message regarding the loan rate lock. the whole loan application process with td bank has been very frustrating and disappointing. the loan processor ms. cordelia roberts is very unprofessional and inresponsible. she claimed that the hoa's providing documents late was the reason for the lateness of the loan closing. but:
    Why did it take her two months to find out the documents were not the correct ones? she requested documents multiple times by the last minute. then this has become her only explanation for the lateness.
    All people related to this deal, including myself, have found it hard to approach her. she barely explains what exactly she was requesting. she just kept quoting the terms from the documents. if you ask what the terms mean, she just cited them again. it took my attorney and I three days to educate her the contract was a complete contract!
    I tried to approach ms. roberts' supervisor to help proceed the process. the complaints have been blocked by her. the customer service line just transferred my complaints about ms. roberts to ms. roberts herself. was this the reason she had the attitude to the case? so if the processor purposely holds up the process, I would be punished by paying late fee?
    Even by last friday, may 13th, after we had confirmed the closing date may 17th, ms. roberts failed to deliver the last step. closing department raquel sent her the notice for client to view the cd. ms. roberts forgot to forward the notice to me. I only found the information next monday morning from the closing agent. then we had to reschedule the closing date.

    The whole process is very unfair. I was advised, even one month after the origination, to keep the closing date april 15th. I believed her and terminated my rent lease to april 30th. it turned out the closing got one month late plus the lateness fee. can you imagine how embarrassed my situation was?!

    I hope td bank is not actively making revenue by fooling clients around in this way. I hope you don't allow unprofessional employees to manipulate the loan process. I hope someone listens and responds.


    Rachel feng

    0 Votes
  • Da
      May 20, 2016

    I agree with everyone else here. I think they hire incompetent loan processors for a reason. but it doesn't stop their. it goes all the way up to the vps (yes, I dealt with a vp and they are of the same cloth). long story short; I was not able to refinance with them. some highlights of my ordeal: loan processor indirectly threatened me to lock the rate (and they didn't even tell me what the rate was!!!) or they will reject my application. they kept asking for superfluous documents over and over. they wouldn't check / read the emails that I would send them and would continue to ask for documents that were already sent. the kicker is that they wouldn't contact you for anything. you have to call them to check the status of your loan request and then they would scratch their heads and spew out nonsense that would make your blood boil. they sent emails to the secondary email on file (which I never used for any sort of communication with them). the entire experience from start to finish (finish = when I gave up) was a nightmare one which I never intend to revisit. i'm also moving my checking accounts to another bank in the near future. can't stand the thought of them making money from the free money i'm keeping with them. the low rates may seem appealing in the beginning. but trust me, these guys have no idea what they are doing. before applying for the loan, I googled them and was directed to this site. I figured I have excellent credit and enough equity on the house so I didn't read too much into these reviews. learned my lesson the hard way.

    0 Votes
  • Dd
      May 26, 2016

    I had a very similar experience with td - I was approved for a loan, found a home, went through every hoop they asked. I had to send them paper work 3 times because they didn't look in their emails to see they had it. I went into the branch 3 separate times to figure things out. the entire time was told everything is great. we would close on time. they asked my attorney to send them the title - without sending a mortgage commitment, but he did it anyway. then on the actual day of closing - they called stated that they were just then looking at my debt to income ratio and wanted me to pay my car and my student loans off. this is impossible to do. they didn't care that this affects my life, the sellers life, my attorney, or anyone else involved. let alone how much money I have one day I had to find another mortgage company and be approved again. (which I did and now have to do all this paperwork again-) absolute incompetence from td. I would never go there for anything. when I finish my closing with the new company I will be taking all my money out of this bank - as will everyone I know. I can't even fathom how this bank is still in business, but soon they won't have my business. never use this bank!!! I promise it won't be a good experience.

    0 Votes
  • Lr
      Jun 20, 2016

    Chiming in with complete disgust. I applied for a tiny mortgage (less than 50K). They first tried to tell me the property was in a flood zone, which it is not. I had to prove this by providing FEMA maps and statements. Once I jumped that hurdle, the rate lock became an issue, as did the consistent lack of response and follow ups by a processor named Michelle. In the end, my loan was denied because the condo HOA master insurance policy did not carry flood insurance., which again...I do not need. All this after having paid their fees and a $500+ appraisal. Now I am going through another lender who is amazing thus far. I close in 3 weeks.
    I will say, however that the personnel at the branch in NYC who initiated the process for me were wonderful. I hope they can find a better employer someday, as I will be finding a better bank with which to do business.

    0 Votes
  • Bi
      Oct 10, 2016

    I am in the midst of getting an extremely tiny mortgage from TDBank. I have excellent credit, plenty of assets, etc. It has been 3 months since we started this process and they keep requesting more documents, some of which they already have, and they lie and delay constantly. I would like to assemble a team of wronged consumers to seek an attorney to take our collective cases as a class action suit for fraudulent and obstructive consumer practices, the use of wrongful commitment letters and delaying tactics that cause consumers money. lost purchases and other deleterious effects. If you want to participate, please leave some info in the comments here and we can begin pursuing this. This first point, of course, will be to seek a national new agency to assist us by broadcasting some of the worst stories that show TDBank for what they are: an incompetent organization that takes advantages of consumers by delaying decisions, seeking more and more unneeded documentation and causing consumers to lose home/condo purchase transactions because of their fraudulent and misleading practices. Is anybody interested? Let's see.

    0 Votes
  • Ma
      Sep 06, 2017

    @BillIsPissed Are you still planning a suit? They are still up to the shoddy standards as of today 9/6/17. I am currently trying to close on my mortgage and it is delay after delay. I'm scared to do it now. Kathleen

    0 Votes
  • Ja
      Oct 05, 2017

    They just jacked my closing costs up $1, 100 because of a 9 point credit score difference. A 33% increase on what was quoted the day before.
    I've been with them over 10 years and have dealt all of the customer service issues mentioned in this blog and more. Incompetence and archaic technology
    reign at TD Bank but the worst is: They have no sense of relationship.
    The only thing they claim they can do to lower the closing costs is to give me a HIGHER rate or maybe if I can get them lower quote from a competitor. All bottom line with them. Nothing to do with what's right. It will lose them this customer and hundreds more.

    0 Votes
  • Te
      Jan 23, 2018

    We have had problem after problem with TD bank since we got our mortgage. Our monthly payment has gone up $300 more per MONTH in 3 years. We can't get a hold of escrow so we called the same guy we dealt with to get the mortgage loan and he said he was unable to contact the escrow Dept either. Wtf?

    0 Votes
  • Si
      May 16, 2019

    I am shocked at the incompetence, rudeness and overt lack of professionalism I have received from numerous individuals in the TD Bank mortgage area. Each person had a different story, I was told that documents printed directly from were 'not acceptable' and the appraisal classified our house as a 3 - bedroomed house ( it is four, trust me ! ) .
    They offered to arrange for and pay for a second appraisal but then inexplicably changed their minds and said that whether the house was 3 or 4 bedrooms wouldn't affect the price ( even though most of the comps were against other 3 bed houses in my town ) .
    Their behaviour and attitude is truly terrible and I hope one day they are held accountable for their tactics which are obvious, blatant and border-line criminal.
    There is zero doubt in my mind that if rates move up once a customer has locked in and they want to escape from the obligation, they have a few 'friendly' appraisers up their sleeves from whom they know they'll get a super low valuation and thus claim the LTV %s don't work .

    A terrible company, or division of a company, who have some serious and systemic issues that appear to be unchecked and unregulated .

    Steer clear !!!

    0 Votes
  • Ch
      Aug 01, 2019

    Is there a lawsuit in this regard?

    0 Votes

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