North American Savings Bank Complaints & Reviews

North American Savings Bankfalse information in applying for loan

My neighbor decided to sell his house and my wife and I decided to buy it as an investment property. It was sudden. Using all the money in our available accounts, we had just enough to cover 20% and a few thousand dollars in closing costs. We also had a preplanned vacation coming up and no way to cancel. After shopping around, I settled on North American Savings Bank. I explained to the loan officer our situation and that I would need a no-origination fee loan because I only had enough to cover the down payment and closing costs and NOTHING more. So, we worked out a loan at a higher interest rate. I got him all the paperwork quickly and urged him over the phone and in a cover letter to let the loan processor know I was leaving the country in a week and that he or she should review my paperwork immediately to see whether something was obviously missing.

A few days into our trip, I get an email from the loan processor casually requesting more documents. Huh? I said. Why am I getting this request now. The loan processor was dense, but eventually acknowledged that she had not been informed I would be travelling and if she had, would have gotten her request in before I left. So, I dance the tune called by the incompetent loan officer and coordinate for the delivery of the documents. A couple of weeks later, still while I am out of town and one week before closing, the loan processor emails me and says that because $15, 000 was no longer in my money market account (I had transferred it to a local bank in preparation for the wire transfer) and was no longer available for the reserve funds the lender required, I needed to send statments for other accounts showing I had the necessary reserves.

Huh? What reserves? The loan officer knew, because I told him repeatedly, how much money I had and that it would just be enough to cover the down payment and closing costs. Who said anything about needing to have more money available? Nobody, until a week before closing. The loan processor refused to acknowledge I had been screwed over, so I spoke with her supervisor in the hope of obtaining full information. After all, if the person I was dealing with was too dense to understand that I applied for the loan because I didn't have any money beyond the down payment and closing costs, and that her request for documentation of additional reserves was not simply a minor nuisance, then what else was she unclear about?

I figured I had just barely enough to cover the six month reserve that had been thrown at me, but not wanting to continue dancing to the tune called by fools and spending my time sending statements for all my accounts with next to nothing in them, I needed to speak with someone who knew what she was talking about. A minute into the conversation, she informed me that in addition to the six month reserve on the investment property, I needed to have two months reserve for my own.

Meanwhile, the loan officer is sending me emails with his ideas on how to solve the problem (that was resulting from his ignorance). They could make x amount more available if I took a higher rate. Perhaps they get away with renegotiating in this way with desparate people who think they are about to close and move into a new home. Probably. I told him to take a hike, not mentioning that my confidence in him was zero. As it turns out, even after he was made aware of the problem, he was still unable to come up with the right numbers. The x he mentioned was still far short of what was needed because of the other reserves.

The backdrop is that the seller is leaving the country a few days after the closing date, again something NASB knew.

The appraisal I paid for is worthless, of course, as no lender these days will accept it.

So, if you want to deal with what seem to be children who have no idea what they are doing, who refuse to acknowledge their errors, but who offer to fix them by having you take a worse deal, then by all means go ahead and do business with NASB.

North American Savings BankRefinance

Began refinance with NASB and they initially requested my charge card for an application fee. They then charged me for an appraisal unbeknownst to me and without authorization or disclosure. The Godd Faith Estimate provided stated the appraisal was a closing fee, not a pre-paid fee and after the apparaisal came back with the info on the property, NASB said they don't like "special properties" as mine has 47 wooded acres in a rural no loan closed. Now I am trying to get my appraisal fee back. Also, they said they would lower the interest rate based on the 10 year treasury rate and when it got way down, NASB would not reduce my rate. They not work with these people for a refinance...period. You will hear everything you want and then poof, they won't loan you money. For those who doubt, understrand my FICO score is 795 and I make nearly $200K annually on a secure career...this was for a 250K loan!

  • Ho
    Hope2009 Jun 12, 2009

    I had a similar experience with them. I was charged up front for a bogus appraisal. I am seeking legal counsel. DO NOT USE THEM - they give false promises to people who are hungry for a better mortgage situation. Instead, they take your money.

    0 Votes
  • Jc
    J/C Jun 21, 2010

    I have received a call from NASB, but have not responded. I don't think I will now. Thanks. /jc

    0 Votes
  • Je
    jester826 Jun 25, 2010

    DO NOT USE THEM!!! they can not do basic math, all lies!!! Was told by them a FHA streamline was very easy and would take a couple weeks. It's been over a month and the figures keep changing! first my closing cost won't be over 1000 then on the day we were to close, oh sorry, closing costs are 3600!!! What??? then we asked about a credit, well we can do 1000 credit and raise your interest rate slightly, then all the sudden a change in the market. We can get this done for you. They said they re-did the figures and closing cost will be 1500, but you will get your esgrow refund too...well I just recieved an e-mail from Todd the person we have been dealing with and his calculations were off a little, again, you are to close tomorrow but the cost are now 2450, wow I am done with this place!!! WARNING STAY CLEAR!!!

    0 Votes
  • Ma
    Maverick1352 Sep 24, 2010

    I have used NASB to refinance two houses and they have followed through with everything they promised. Their closing costs are about a third of other lenders. They provided a good faith estimate that was so right on I couldn’t believe it. I will never use another mortgage company - ever. If I have any complaints it would be that they were so dam thorough. I have credit scores in the high 780s with nearly a six figure income, so I wasn’t used to so many questions and document requirements. I even had to prove that I wasn’t responsible for child support. So in the grand scheme of things, I appreciate a company that doesn't take unnecessary risks. WAY TO GO NASB - GREAT COMPANY TO DO BUSINESS WITH! I’LL BE CALLING YOUTHEM AGAIN SOON, IF RATES CONTINUE TO DROP.

    0 Votes
  • Mt
    mtg specialist Jan 14, 2011

    To the original person who complained - Did you tell them that you had over 47 acres? That would be the first thing I would tell a lender because you should know that most lenders do not take more than 5 acres of land into consideration unless they do farms which NASB does not. Next, they collect an upfront fee for the appraisal because if you decide not to do the loan, guess who has to pay for the appraisal??? the loan officer who just spent all their time with you and then has to pay your appraisal!! Your appraisal is transferable. Just ask for them to transfer it to the lender you choose and you don't have to pay for it again. You can even get a colored copy!! To the person who complained about fees changing... with the new RESPA laws, your fees cannot change more than 10% on title fees if the lender chooses the title company. They cannot change more than a PENNY on their fees so you are either lying or don't know what your talking about. Your loan amount probably changed since application. Do you live in a state with transfer taxes? That affects your fees at closing. Were your taxes due? That is not NASB's fault. If you chose your own title company and the fees changed, that is not NASB's fault. It is impossible for the lender to change your fees by that much under the new RESPA laws without you knowing it and NASB wouldn't do it anyway. I'm sorry but it just drives me crazy when people don't read the paperwork that is sent to them that SHOWS you everything I just told you. "your entitled to a copy of your appraisal" "fees in this box cannot change" -- things like that are all over loan docs but people don't read them!!! J/C, how did another lender treat you?

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  • 20
    2011 dfb Mar 07, 2011

    mtg Specialist. You are wrong about transferring your appraisal. Most lenders will not transfer appraisals. It depends on the type of loan and the age of the appraisal. I had to get two appraisals last year for two different lenders

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  • Mt
    mtg specialist Nov 16, 2011

    2011 dfb - every lender I've every worked for or heard of in the last 15 years accepts transferred appraisals! if your appraisal is too old then yes, you will need a recertification of value and that will cost you an additional fee but that is your fault for waiting 120 days to find another lender. If you had a conventional appraisal and were denied, then you go to another lender and apply for a VA loan then yes, you will need an appraisal done by a VA approved appraiser. That can also be converted in most cases. Anyway, there is a lot of talk and blame going on on this website by people that don't seem to ask questions.

    0 Votes
  • Di
    Dick Eggleston Jul 06, 2016

    Refinanced with NASB and they immediately sold o Wells Fargo. Now I get a nasty letter from Wells Fargo that my insurance had lapsed. My mortgage was set up with a prepaid escrow acct for insurance taxes etc. Now I am faced with dealing with Wells Fargo about he escrow. NASB offered no help in tracking down why it was not paid a Wells Fargo is threatening to replaced m insurance at my cost. BE Very CAUTiOUS

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  • Ma
    magdalena soto May 12, 2020

    I am having problems also I did a cash refinance an investment property last year 2019 with NASB

    I filed an insurance claim for property damages on 2017 finaly i got my claim settle but the problem is now they have to endorse my check and this Bank is horrible once they get your business they don't care for the customers the lady that awnser the phone talks to you like an idiot don't know what they are doing she told me to sent documents plus pictures of the roff wish it was replaced before they refinance my property I sent every thing but 2 weeks after and no body from the insurance department respond no emails not my phone calls is frustrating I regret using this Bank . I won't recoment NASB to no body very bad is just unvelievable I am still waiting and I have only 30 days to pay the ajusters part.
    I am frustrated .

    0 Votes

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