Mr. Cooper agreed to provide the appraisal Trustco paid for to another lender to help me minimize delays. After another 9 days of no communication I went back to the branch and he then said his Bank would not authorize it.
Mark and Helene are great.
Think twice before apllying for a mortgage here. I had an experience recently with Trustco that I thought important to share. Let me start by saying that any bank has the right to decide who they loan money to… so no sour grapes on that.
In the final 2 weeks before the formal rejection Mr Cooper did not respond to either emails or verbal messages left at the bank with customer service. The only time he would respond was if I went to the branch and stood in front of him. This was extremely unprofessional and the whole situation very stressful.
Great Experience
I immediately provided the additional documentation requested, I understood that all loan docs were sent to underwriting and was told that would take 2 weeks. I was asked to sign an intent to proceed a week later. After more than the 2 weeks and absolutely no communication from anyone at Trustco I was asked for additional docs by underwriting and provided them immediately. In the interim Trustco ordered an appraisal at their expense based on the pre approval.
I applied for a construction/perm loan at the Venice branch with Mark Cooper. Early in March ( took 2 weeks to get an appointment) I spent several hours with him determining what the loan amount should be based on 3 years of income information. That resulted in a “pre-approval” that was never formally documented. I am self employed and wanted to be sure of the requested loan amount. I was told that I was the type of customer they look for and that I could get an additional equity line beyond the loan amount once the house was built.
Be careful!!!!
Conclusion: Mr Cooper does not fully understand the underwriting guidelines for self employed people. He does not know his bank’s policies. He wasted a lot of my time as well as his bank’s time and resources. I easily secured financing form another source who communicated with me on a daily basis and that experience highlighted the incompetence of Trustco. I lost 8 weeks of valuable construction time which creates significant delays since we are now in the rainy season.
I guess if you get your loan turned down you post a negative review so as a counterweight if you get approved I'll post a positive review! I was approved and self employed too!
After more than a month following the pre-approval I received a 1 line email telling me my application had been declined for debt-income ratio. That was the first thing I discussed with Mr Cooper during the pre approval process? I did not even get the courtesy of a direct phone call.
Good people to help you get through Mortgage Jungle.
Thank you very Much
Mark Cooper is probably one of the best managers I have ever done business with. I live in Indiana. No TRUSTCO Bank..Every time I have a question Mark answers me back in a timely manner. Go to Venice once a year and Mark still remembers me
THANK YOU Mark Cooper for all your hard work on getting me a loan, I know it wasn't easy but you were able to do some magic and I thank you. I sure hope that the corporate office knows what an asset you are to their company. Mark & Helen were both very helpful, friendly and patience and I would use them again.
Mr Cooper at the time seemed overwhelmed with loan activity, was confused reading my business tax returns. I should have trusted my instincts and gone elsewhere.
Trustco Bank is a US Bank based in Venice, Florida. Trustco Bank is located at 2057 S Tamiami Trail, Venice, FL 34293, USA.
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