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Charles Schwab Complaint - What's up - Chuck? - Mortgage

Review by cjoslin on 2009-10-05
I've been a customer of Schwab for financial services for almost 10 years and had a 1st mortgage with them for over two years. We recently approached them about refinancing along with other companies and were very disappointed in their value and service.

After lengthy discussions I received a call in the middle of the day while driving from an agent that had been talking to my wife. They briefly went over what we were being offered and what our savings would be. I agreed to this from what I heard and thought we had a good deal.

When I got home that night and went to compare what we were offered and compare. I was surprised that we were not given a good faith estimate prior to locking in the loan and the fees were over $1500 more than the other company. We were given GFE's from the other companies and I assumed that this was provided before any negotiations. We immediately called and left a message to stop the process, just a couple hours later. We didn't hear anything back for several days and then found out that we were being charged the lock in fee of $500.

We tried to escalate the resolution and have been turned down. Other companies offer a 3 day window for cancellation, I'd think a company with the reputation of Schwab would offer at least this. I guess they don't value existing customers...
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