VNB Loan Services (Valley National Bank) review: Final billing overcharge and general incompetence 8

Worst customer service... A money hungry bank completely screwed me and my credit. Trying to tack on an extra $5, 000 to my loan that was suppose to be paid off in July all for insurance reasons? Didn't even know about the extra $5, 000 until the last month of my loan I receive a letter. I am obviously refusing to pay but then my loan won't be paid off and I can't get the title to the car. Worst expience ever.

I applied for a Mortgage Refinance with Valley National Bank (VNB) on November 17, 2012. It was advertised as a $499 program to complete the closing process. They had performed a Credit and Financial background check with score 810 (Excellent).
On January 9, 2013, I’ve received a letter from VNB stating my application was denied due to “Insufficient Income.” To my surprise, I believed it to be a mistake. I immediately contacted VNB to discuss but they stated it was based on underwriter’s credit criteria with no further information disclosed. They were actually surprised that I was denied the Refinance.
I requested the refund of the $499 since they refused to reverse the decision. They refused stating that it was non-refundable. I was told repeatedly that my financial credentials were strong and not to worry about that lender fees being non-refundable. Before paying the fee they did a pre-background check and said they did not expect any problems. The lender fees would be non-refundable only if I backed out early from the review process which I haven’t
Upon investigation, there are several other applicant complaints for $499 program that they knowingly denied applicants on trivial reasons to collect on the $499. A simple Google search will show you this pattern of fraud that was perpetrated on others victims. A search on “Valley National Bank complaints” will produce these results (links attached end of letter). I do not think it is fair that their bank practices dupes people who are trying to save some money just to collect fees.
I definitely felt I was misled and was told half-truths. VNB Branch Manager, told me not to worry based on the pre-background check that it was just a formality. She said she has never seen anyone get denied based on such strong financials and that I was a Quality Applicant. The branch manager gave reassurances which lead me to trust their institution. Their refusal to provide any supporting information to their decision further reinforces their unfair bank practices.
I have made a good faith effort to try to resolve this issue, but the branch manager was unwillingly to work it out and hid behind the Mortgage Refinance process. I was lied to, hence disputing this unconscionable and fraudulent charge.

In December 2012, Valley National had a $499 promotion for refinancing.

My house had previously been appraised at $280.000, as well by the town's tax assessor as with another bank's refinancing two years ago.
Now my refinancing application with Valley had been declined on the grounds of "insufficient collateral" (I had wanted to refinance just $110, 000). Despite repeated requests, I am not getting a copy of the appraisal, but was told on the phone that the appraiser had marked my application with "do not refinance" because my house allegedly lacked a working heating system, which is absolutely untrue, and "because there are many houses with storm damage in the area" (Neither my property nor any others in the neighborhood have downed trees or other damage.). Houses nearby much smaller than mine and in much less good condition are selling at $240, 000.
I think this appraiser was completely incompetent. It was very hard to even get him come to our house. Every time we called him, he said "I can't talk, I am driving", although no car noises were being heard. When he finally showed up, it was an hour later than the appointment time. He even did not bring a tape measure, but measured the inside dimensions of the house "from furniture item to furniture item, not from wall to wall" with that little wheel that's for outside.

It has been over a week now since the denial letter. The bank keeps my application fee and lock-in fee. Telephone calls are returned with a significant delay time. They promise every day to send a copy of the appraisal but so far have not sent it.

We just fell for Valley's $499 refinance scam! They sent their "appraiser" to ouur house and it was valued $65, 000 less than our 2 year old appraisal and $55, 000 less than our 1 month old assessment. We asked ablout this and were told that they don't use the appraisal, just recent sales in a 3 mile radius. Features, lot size, condition don't matter. Three miles from my house includes 3 other towns that are much lower than mine in property value. The house next to mine with a similar lot size just sold for just under what we bought ours at and one up the street, with a smaller lot, just sold for more. Valley just stole $499 from us!

Valley National Bank - refinance $ 499, I say its a RIP OFF. Wee xpected a decent response from this bank for refinance as per their commercial. Nobody came for appraisal...without appraising We received a letter from their office - North Jersey rejected our loan within 1 week stating - Not enough Income- ? Hello ! Is that a response we expected, then how are we paying till now. I want to complain about Valley national Bank... People who read this please dont pay your hard earned $ 499 to this Bank...I feel they totally under estimated our Application by stating not enough income which is unbeleivable...the reason could have any other choice they had...Common Banker you cannot reject my Loan for the income reason. This shows you are big RIP OFF. I am going to complain to BBB also regarding this. I can just imagine $v 499 non refundable times innicent million application in US...this much money?

On 01/30/2012, I called to get a payoff for my vehicle. These people quoted me a figure about $1600 more than I figured I owed. When I asked about it, they said it was because back in 2007 I had a period of time where I had no insurance. When I disagreed, they took my information and they said that they look into it. I called a few hours later to verify that something was started. They gave me an attitude and we ended up in a screaming fight over the phone. I hung up and called my insurance company at the time and they found the information I needed and they agreed to do a conference call back to Valley National Bank. The issue was resolved and 2 days later, they called me to give me my final payment. This could have been avoided IF I had gotten a notice at the time. It was almost like they were looking for a reason to charge me extra. Moral of the story...make sure you know your balance AT ALL TIMES! I will never do business with this bank again. Their customer service sucks and their bookkeeping is incompetent!

When I requested information from Mr. WL to initiate a new application for a $499 refinance pre-qual last week, I was very clear in that I had previously started an application in October and we werent able to provide the paperwork within the 10 days due to circumstances out of our control. At that time since our application was declined(due to lack of paperwork), we decided to wait out the 60 days and take our chances with the interest rate in a few months. When I called Mr. WL back, I was informed that the application could be reopened or a new application could be started. I decided to go through the new application route since I wanted to start fresh and take my chances with the current interest rate. To save us both time and hassle, I told Mr. WL I would call back once I had all the paperwork ready for the applciation process. I left several voicemails and emails and did not receive a response from him. I called back one last time on 1/26 before trying to start anew with someone else. He called me back and said he was going to "send me the paperwork, and hopefully this time we can make it happen". I indicated I had the initial paperwork ready and I could just send that, but was told just to make sure the form versions hadnt changed. I had all the financial paperwork ready as well and was ready to pay the fees. I was told just to complete the initial pre-qual I was being sent and provide the fees and additional paperwork once I receive mail from the processing department.

I do not know where I was unclear about already having started the process previous before and having the application declined. Yet, on Friday (1/26), when I was called about reciept of my paperwork I was told that while processing my prequal you realized that I already had a file and I would now only get 3.75% or the higher rate at the time of closing. This wasnt made clear to me when I called to follow up on our declined/abandoned application or when I was restarting with the pre-qual. In any case, didnt seem like him or his "supervisor" whom he referenced, gave me the opportunity to explain myself or even hear me out. When I tried to, I was told "please don't make me repeat myself, I've been clear". I went through all the initial pre-qual paperwork and didnt see anything about going with the higher interest rate as you indicated. Had I known this was going to be the case, I wouldnt have wasted his time or mine and gone with another bank in October - would've saved me $5000 in interest already.

I just wanted to make myself clear and prevent this kind of miscommunication with any other customers going through Valley National Bank for the $499 program. BEWARE, proceed cautiously. I trusted him and wanted this to work, but the change in his tone and demeanor still has me baffled. This experience has left a sour taste and therefore I did not proceed with my application for a refinance through Valley National Bank. Wish you the best of luck with your loan officer for your refinace.

Do your self a favor DO NOT DO BUSINNESS WITH VALLEY NATIONAL BANK.
There are a dozen banks today who will appreciate and earn your business on every corner.
These people make a living ripping off thier customers who have loans with them.
Truly the States Attorneys Office Needs To Investigate This Bank.

Save your a lot of grief!