A mortgage loan customer took to Facebook to say how she was badly treated by the Banker after the loan was disbursed. The Banker in question was not the Banker who had initially served her, and allegedly told her that she should not disturb him because “he did not get a commission” from her loan application. The Banker also told her not to disturb him on a weekend and rudely hung up the phone on her.
The mortgage loan customer said:
“Fed up with stupid XXXbank over their mortgage loan servicing!
“Last year when we were viewing to buy our first home, we were introduced to a XXXbank banker, Banker A by a Property Agent and was impressed at how fast the Banker A could give us a IPA quantum. Banker gave us a reply in less than 24hours, was quite pleasant and followed up quickly. However, we decided to drop Property Agent as we could tell she was inexperienced and there was no chemistry.
“Big mistake! Banker A started showing some subtle signs of being not so pleasant and not replying as fast as previously but we dismissed it and thought he was busy as he claims to be. After all, we just want the loan processed and disbursed.
“Due to some personal issues, XXXbank offered a conditional loan involving placement of a small sum of FD before loan would be disbursed at TOP.
“However, there was a disconnect from loan servicing and branch as we were told to go to any XXXbank branch to do the placement of FD but no one at branch knew what’s going on and the fine details were not advised to the branch. During this time, we got to know Banker A had left the company and he told us to contact Banker B from XXXbank for assistance.
“We mostly used WhatsApp to communicate with Banker B to ask about when and whether the loans would be disbursed. Banker B’s reply was short, curt and uninterested. However, we also dismissed it, thinking that since it’s at the last stage of our home loan, all we wanted was just to make sure our loan was disbursed and we could move in to our new home!
“The loan was successfully disbursed and we moved in. 1 month later, we were sent a letter from Etiqa, part of XXXbank, saying that we had signed up for some insurance to be paid via our home loan servicing account which we never agreed to or knew the details about.
“I tried to email XXXbank so someone would get in touch. 1 week passed but no one bothered to call back.
“Then I reached out to the Banker B and highlighted that we were not aware about the insurance and he told us it was a fire insurance. I told him that what I was unhappy was that I was not informed about it and he replied nonchalantly that it’s compulsory and comes with every home loan.
“I then called him up to speak verbally. During this time, Banker B’s tone was indifferent and not pleasant at all so I called him out for it. Banker B then told me that he was not the officer in charge of my loan so he would not have gotten a chance to communicate those insurance details to me. He then highlighted that he did not get a commission from my loan application and that I was calling him on a weekend (Saturday to be exact) which is not during office hours.
“I was like XXX! But I swear that I did not say expletives to him, although I was highly furious. I then told him to tell his manager to call me back. He then repeated that he was not in charge of my portfolio even though Banker A left and made it seem like he was doing me a great service by talking to me, if at all, highlighting that it was a weekend and he shouldn’t be taking my call. Then he did the most amazing thing ever – HE HUNG UP ON ME!
“Wow, fantastic customer service, XXXbank! I’m like the beggar who’s begging for service even though I paid for it via the commission on my housing loan!”
Commenting on disputes such as this between the mortgage loan customer and the Banker, Paul Ho, chief mortgage consultant at iCompareLoan said: “Sure, you can easily walk into the bank and ask for quotes. Most of the time, your property agent would also refer to you a contact at a bank. The point is, does the property agent know which bank package is good for you? How to calculate your loan affordability and interest costs? Do the property agents have the supporting home loan reports to assist you to find the right home loan packages and layout the facts for you?”
He added: “In Singapore, where we have a good number of local and foreign financial institutions, the choice of a lender and its packages can be mind boggling. Imagine having to compare over hundreds of different loan packages and wondering which is best for you. Even if you are a specialist in finance, it is not so straight forward as there are quite a few variables.”
That is where the mortgage broker comes in and can be most helpful to the mortgage loan customer.
The mortgage broker is typically an experienced professional who is familiar with the loan approval process, and having worked with different banks, they know their criteria and what makes the cut.
As mortgage brokers are independent, they will also be able to tell mortgage loan customer which lender offers the most suitable loan package rather than selling the loan package from the financial institution they represent.
“Most importantly the service of a mortgage broker is free, and the brokers offer impeccable customer service whicch banks may not be able to provide,” Mr Ho said.
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