Report: Washington Mutual Home Loans
Category: Mortgage Companies
Washington Mutual Home Loans Rip-off scam that wasted my time by doubling escrow payments Milwaukee Wisconsin
*UPDATE Ex-Employee responds ..Escrow not their only problem
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Washington Mutual Home Loans
Fax:
Milwaukee, Wisconsin, 53201-3139
U.S.A.
Submitted: 3/19/2003 2:56:42 PM
Modified: 9/29/2003 2:10:31 PM
Gary
Cary, IllinoisI had just read the other reports on some of the practices that WaMu (Washington Mutual) has scammed customers with. We got caught in the escrow account doubling scheme.
In September of last year we received a copy of their Annual Escrow Account Disclosure Statement. In this statement they said that our county taxes were going to billed at $12,092.40 for the next year. Now I know that we live in a fairly high tax district but my taxes for the year before were only $6311.36. I called them and said that there must be some mistake and they said that my case would be put into a work order. I have a bi-weekly direct payment plan and in the next billing period we were stung with an increase of $450.00, an increase of $900.00 a month!
I called them again to point out the error of their ways and again they said there was this 'work order'. This went on through another billing period so I called my tax assesors office to get documentation from them. The first words out of their mouth was 'This wouldn't be a loan with Washington Mutual would it?'. They then faxed me the proper information which I in turn forwarded on to WaMu.
This went on for three months. I stopped payments in December, informing WaMu that they have to get this resolved. I kept getting this run around about the 'work order' that was supposed to have been filed in my behalf. I had to continually call and fax information to them until this whole thing was finally resolved in February.
I cannot understand why, with all the documentation I had sent,it took four months to correct what a few keystrokes in their computer system would resolve. I was accusing them of using the same creative accounting practices that Enron had. I am definitely taking my business elsewhere when we go to refinance at a lower rate. They handled the whole thing like they hire managers out of grade school (Bubba was 21 when he made it out of sixth grade!).
Gary
Cary, Illinois
U.S.A.
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Escrow not their only problem
I am sorry that you got caught in the 'WAMU' mess. I know that it won't make you feel any better but you are not the first escrow victim, many customers of Washington Mutual never recieve their annual disclouser statement therefore have not idea what is happening on their accounts. Washington Mutual has,unfortunately, gotten to big to soon. With the mergers of Bank United, PNC, Fleet, Dime and North American Mortgage Corp., WAMU tried to intergrate all of the sites: your taxes are handled in South Carolina & California, your payments go to one of 3 processing centers that are manned by an outside company, and when you call in you are routed to one of 6 call centers. All of this without sucess, there is internal measures to try to correct this problem. But as the old saying goes 'To many cheifs,Not enough indians.'
Washington Mutaul has good intentions on paper but getting them to work in the 'WAMU world' has been a slow process.
You metioned refiancing your loan from Washington Mutual, Please keep in mind 9 out of 10 new loans end up serviced by them. The only sure way to keep that from happening is to write into you new contract that you loan can not be sold or serviced by Washington Mutual or one of it's other companies. Good Luck.
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