Banks >North American Savings Bank
12498 S US Hwy 71, Grandview, MO | Directions 6403038.898274 -94.525599
Mon. - Fri. 9am - 5pm;Sat. - Sun. CLOSED
We entered in a sell agreement with a buyers William and Jayne King for the purchase of our house on May 30th 2013. NASB issued a preapproval letter to the buyers for the amount of $267K and our mutual contract was $253K. Based on the preapproval letter they received from NASB we felt confident that we were entering into this contract with a buyer who could financially make it to close.
In fact our realtor, spoke directly to Nick Weeks of NASB approximately 2 weeks ago to get a status on the loan process and he told our agent he had all of the required documents and everything looked in order. The buyers had their home inspection conducted June 10th, 2013 and the appraisal conducted July 10th, 2013, with the expected close to be July 31st, 2013
As a result of the inspections we performed the requested repairs which totaled $4000, again based on the assurance and confidence that all loan issues were in order.
Today, July 11th, 2013, NASB determined that the debt to income ratio and resulting credit score were not sufficient to complete the loan. We were informed by our agent that our deal was off, we have no recourse and we have no explanation.
Our house has now been off the market for over 6 weeks based on NASB’s issuance of an inaccurate qualification letter. The interest rate climate has changed considerably and the considerable interest we had in our house as a new listing in late spring is now passed.
The only conclusion to be drawn is that NASB did not do their due diligence initially and multiple parties acted in good faith due to their negligence. We have been financially harmed by their lack of vetting and reckless actions and may not be able to recoup.
In addition to the approximately $4000 to fix the repairs, we will now have to enter into this market again, with buyers applying for higher interest rates, will be incurring additional cost and cannot claim the earnest money.
We have done all we have been asked to do, have documentation of all our required steps and are entitled to equal disclosure and due diligence in return.
We hold NASB responsible for the transaction being terminated and hold them responsible for the costs we incurred due to their lack of accuracy and lack of due diligence. We expect NASB to reimburse us for the costs we incurred due to their neglect.
We spoke to DAN REYNOLDSON| Vice President | Production Manager on July 16th and NO responsibility was taken from their side. He gave us a song and dance and will do the same with you!
DO DO A LOAN WITH THIS BANK ....they tell you you are qualified for your loan after submitting all your financial information then charge you for your "generation fee" AND appraisal.....then inform you are not qualified and you are out your money....NEVER EVER AGAIN WILL I DO BUSINESS WITH NORTH AMERICAN BANK
I have been banking with NASB for several years, and I can't say enough about the great customer service provided by the cashiers and personal bankers. The personal bankers, especially Linda and Sarah, are credits to the profession. I haven't used the mortgage loan division, but all of my experience with regular banking has been phenomenal. The tellers consistently offer the fastest and most courteous service I've experienced of any of the 7 local banks I have used over the years, including 4 major banks and 2 credit unions. I wouldn't think of changing now that I have found NASB. I have gone there on lunch break, and always knew that I would still have time for lunch. I've recommended them to family and friends, and always receive great feedback. Their hours are very accommodating as well. One can easily see that they place a lot of value on expedient, efficient, and pleasant service to their customers.
Can't meet a deadline of any kind – From the beginning it appeared that going with NASB for my mortgage would be a smooth process. This was far from the truth when it got down to crunch time. I DO NOT recommending contacting NASB for anything at all regarding a mortgage.
NASB had 30 days to secure a loan and 38 days to close on my condo. The day before I was suppose to have a loan commitment I received an email from my loan officer at 3:42PM stating they would be late. They had to do an extra “field review”. Mind you my agent said they had never had this problem with the previous 28 units sold in the condo development. Wells Fargo, NASB’s underwriter, demanded this field review to sign off on the loan. The review itself was a bit ridiculous itself considering the developments past, but to realize the review needed to happen less than 24 hours before a loan commitment was due? That’s inexcusable. NASB was 10 days late securing a loan commitment while up until 2 days before it was due all I heard was “Don’t worry we will get it done on time”. This caused me to close 8 business days later than I was expecting to. Also they charged me an extra $325 for an extra appraisal (which was basically just a second appraiser double checking what the first one did) and would not waive that fee even thought NASB was late every single step of the way.
In summary, in a time critical process NASB and their underwriter’s weren’t able to meet any sort of a deadline at all. What good is a decent rating on the BBB website if you can’t meet any deadlines as a mortgage provider?? That’s like being an eight foot ball basketball player and not being able to catch, dribble, or shoot the basketball. PLEASE use somebody else to secure a loan for your new house or condo to avoid what I had to go through. NASB failed to meet any expectations I had for them. I know every company has little slip ups. This was a major one. Stay away from NASB for your mortgage if you want to close on your home on time. Everything NASB was extremely last minute. Reply to this review and I can email you actual emails from NASB with dates and time stamps on them.
Misrepresented refinance terms – I contacted North American Savings Bank (NASB) to refinance my mortgage. When negotiating whether to use NASB and lock in a refi interest rate with NASB, I was told that I would receive a credit from NASB of $995 off of its lender fees, and that I could float down to a lower rate if one became available before the refinance closed. I accepted this offer, locked the rate, and paid the credit check and appraisal fee. I was not told that if I accepted a float down to a lower rate, I would lose the $995 lender's credit. When the opportunity arose to float down to a lower rate, I was then told that I would lose the $995 lender credit. At that point, however, I had already paid the appraisal fee (approximately $385) and the credit report fee. If I had known that I would lose the lender's credit if I floated down, I would have been able to compare NASB's loan product more accurately to that other banks' loan products. NASB was completely unwilling to acknowledge its misrepresentation to me and offer me even a partial credit. I feel that its offer was misleading.
Great Mortgage Bank – Employees were more knowledgeable about company products and services than other banks. We got in and out quickly.
NASB is a Great Bank – Great atmosphere! Clean, well kept. Seemed like all the tellers were friendly & courteous to everyone. Linda was great, knowledgeable & positive attitude. I could tell she really likes working for NASB. Very loyal employee!
Worst Bank in Missouri is NASB – I am ashamed to say that I prefer Citibank or GMAC than NASB. They have an underwriting dept that will ruin you loan.
NASB will also sell off your loan to another bank so be prepared for a switch-a-roo soon after you first few statements.
Do Not Refinance with NASB – Don't waste your time trying to refinance your mortgage with this bank.The mortgage underwriting department is very difficult to deal with and do almost everything they can to make your loan fail. They did not accept the first third-party appraisal amount ($295k), which I paid for, and NASB had a second appraisal done ($250k) with no visit to the property. They only accepted the low number, no middle ground. They also ask too many personal questions and require everything under the sun accept a picture of my wife. My credit is 775 and I had $100k cash in the bank. No risk.
By the way, they will pull all this nonsense 1 or 2 days before closing. Lastly, they told me they are just going to resell my loan in 2-3 months.
Just another example of a shady bank. Stay away!
Helped with my house payment – I have had a great experience with this bank. They have made my payment on my house where I can afford it with a modification for 2 years. I would have liked it to be permanent but as long as I don't lose my home
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