TD Bank, N.A. Commerce Bank Bait and switch Mortgage Practices Internet

Buyer beware when dealing with TD Bank Mortgage services in NJ.  Let me give some background information on myself, I am a 28 years old happily married with one wonderful son.  My wife and I are currently employed making a decent salary, have no large debt and a superior credit score (780).  We are essentially an A rated customer for any mortgage company. 

I have been doing business with Commerce back for over 10 years including 2 checking accounts, 1 line of credit and a 1 primary mortgage.  So it made sense to continue my relationship with TD bank (merged with Commerce bank in 2007). 

When we were looking for a home, we called the bank to get a pre-approval.  PROBLEM #1 We were surprised that TD Bank no longer does pre-approvals and will only deal with customers after they have a signed contract.  I thought that was unusual but they had competitive rates and I dealt with them before.

We finally find a 3 unit house in Pennsauken NJ that is selling at a discount and we put an offer.  PROBLEM #2 After receiving the paperwork, I then called TD Bank (loan by Phone) to set up my mortgage, the processor on the phone was almost shocked that I had all the paperwork and was ready to proceed.  I got the feeling that they were doing all in their power to discourage mortgage applications.

She then gave me a quote based on a 20% down payment and then faxed me all of the applications to complete.  The next day I was notified that I was approved for my mortgage, 30 year fixed, 4.75% with a 20% down payment.  Great I say to myself, then I get an email from Michael Massaro the SR Mortgage Processor on a Saturday stating that I had to fax back paper work within 48 hours, if I want my mortgage rate to be locked.  And let me tell you, it was a lot of paperwork.

Instead of rushing, I decide to drop by my local TD Bank branch and have them fax all the paper work for me.  Problem #3, we spent about 2 house trying to fax the paperwork but the fax machine was always busy.  The nice employee at the local branch took it upon herself to fax it and then call me to let me know everything went through.  I then sent Michael (my processor) an email asking him to confirm that he received it.  He never replied to me.

I am scheduled to close in the next month, so time is essential.  1 week goes by, no response, I send more emails and leave voice mails.  2 weeks go by, again silence and I send another email and leave another voice mail. 

Problem #4 On the 3rd week, a JR processor calls me to let me know that TD Bank is counter offering their original proposal and will now require me to put down 25% in lieu of 20% due to the fact that my house is in a "Declining market".  I am in awe, and the junior processor agrees that this is ridiculous.  She promises me that my Sr processor will contact me that day to discuss.  Guess what is next? that's right Radio Silence. 

I finally write a nasty email to Michael Massaro (Sr Processor) stating that I need to hear from him or I am going to escalate the situation.  Problem #5 He calls me and treats me like an idiot.  I threaten to pull all my business from TD Bank and he doesn't even bat an eye.  He could care less, the bank could care less.  I asked him why it took him so long to contact me, his response, you guessed it SILENCE. 

The moral of the story is TD Bank pulled a bait and switch on me without any warning.  How do they expect regular people to coe up with an additional $20,000 in cash within 2 weeks.  They are pulling all stops not to write new mortgages.  Last time I checked the entire country was in some sort of declining housing market, this is complete BS.