HSBC Mortgage Review

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HSBC Mortgage
0.7 stars
Average rating for this product is: 0.7 out of 5

From 3 ratings and 30 reviews

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Kayemjohns's Review of HSBC Mortgage

25th Jul 2008

Overall Rating

0.5 stars
  • Value for money
    0.5 stars
  • Repayment Method
    Repayment
  • Product
    Fixed rate
Good Points

Some people are satisfied with this company. According to various HSBC employees, they are the largest mortgage lender in the world.


Bad Points

Poor customer service. When we tried to resolved various problems they referred us to the "research department". This is a "non person" department the only way to contact them was by sending items to a fax number. Several faxes were never answered, Authorizations that we wanted posted to the account were always lost. People were inconsistent with answers. They don't listen well and for awhile collections were calling us (and they shouldn't have been) and they were really feisty.


General Comments

Our loan was purchased by HSBC and we didn't see any issues at that point and refinanced to be able to fix up the house. When we brought up our account online, the original loan would always appear having a past due balance. It was also flagged with a statement they were attempting to collect a debt from us. It seemed impossible to get this taken care of. Later we made two lump sum payments toward the principle balance. One was for $15,000 another was for $2,900. The applied $14,000 and used one thousand towards an additional payment. Our regular payments were being withdrawn as normal and the check stated apply to principle only. Instead of decreasing the principle $15000, it decreased 14,177.31 the rest went to interest! This happened in November 2007. I complained several times and finally someone realized the money was not applied correctly and said they'd have the "cash dept": fix it. In two days we received phone calls, very rude phone calls, from their collections dept. They backed out the money and started to keep all the payments in a separate account. This went on for about eight months, all the while we continued to make our payments as scheduled. Actually in between we made another lump sum payment and again it was just applied to future premiums rather than the principle. This must be their normal procedure. We had to get the Director from the Nebraska State Department of Banking involved before anything at all was straightened out. We have contacted a law firm and we are looking for anyone else that has similar problems about additional payments being lost or applied wrong.

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