Our loan originator in Daytona Beach from REMN did a fantastic job getting us the deal we wanted. Part of this, though, involved putting over $2,000 in a repair escrow account with his company, as we were required to make repairs to the purchased property within 14 days of closing. We were led to believe (which is why this was appealing) that our escrow money would stay local and therefore would be returned to us almost immediately upon the repairs being made: the whole purpose of the account was to have money to pay a contractor to complete the job.
We closed on the house 10/5/12. On 10/17/12 we had the house reinspected, as we had completed the repairs. We were told that we would receive our check "any day." It wasn't until we called the local REMN office that we learned our check had been sent to the REMN office in New Jersey -- just what we didn't want to happen.
Meanwhile, our contractor waits to get paid. Finally, we pay him out of pocket.
I contacted REMN in New Jersey on November 5, 2012. I explained the situation and inquired about when we would receive our check. I was told in a nasty manner that their systems had been down due to the storm that hit 10/29/12. Note the difference between 10/17/12 and "immediately" and "any day" and 10/29/12.
I explained that we held up our end of the bargain and did everything that was required; therefore, we needed our check sent to us.
The reply, stated in the voice of someone who apparently felt the need to pick a fight, was, "There is NOTHING in the contract that says WHEN we have to cut a check!" I asked her if what she was telling me was that they would or could hold my money indefinitely. She repeated what she said before, only nastier. I asked, "Really?" and she replied, once again in a very nasty tone, "YES. REALLY!"
The customer service of this company, especially when they are sitting on over $2000 of my money, is absolutely astounding. They have no care in the world that contractors need to get paid -- which is what that money is for; and they certainly don't give a crap about people who just got large loans from them.
Once they have what they need from the customer, forget it. All we have heard is a bunch of lame excuses as to why they aren't holding up their end of the bargain, along with the attitude of someone who would do better working the french fry maker in the back room of some fast food joint.