North American Savings Bank

DO NOT USE.......BUYERS OR SELLERS\r \r We entered in a sell agreement with a buyers 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. \r \r 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 Kenny 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\r \r 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. \r \r 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. \r \r 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. \r \r 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. \r \r 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. \r \r 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. \r \r 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. more

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. more