Wachovia Mortgage Complaint - Uses LLyod's on Your Dime
My home has a mortgage through Wachovia. I did not allow them to escrow insurance and taxes as they wanted fees which I hadn't experienced with other lenders and thought less of it. Through an error in communication with our carrier, one of our policies MAY (we are still sorting it) have had a lapse from early April to the 28th. Once we showed the home covered, they(Wachovia) billed us for the 3 week lapse. The bill was around $2500 for less than a month. Our total premium on the policy in force is around $3300 for the whole year. As the story goes, they use Lloyd's to underwrite lapse coverage.
So my tip for the day is if you use Wachovia, make sure you stick the insurance coverage responsibility on them through escrow and demand it not be at an extra fee as I have now done. Through this simple error in billing from my insurance company, Wachovia has now cost me double this year by using a carrier that is 10X the price of anyone else. I cannot believe in the name of service benefits to their borrowers, they can't find a more reasonable insurance carrier to cover their property when they know it's on someone else's dime.