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We tried to get a mortgage through HSBC and our coordinator was Gregory **. First exchange with Gregory sounded promising but very quickly it all fell apart.
Below is a laundry list of the many issues we had in dealing with them. Some of which pretty egregious in my mind... Gregory took off for a week long vacation without any email automatic email responses advising his clients why he is not responding. Only after I get on the phone and spent 1 hour to get someone to help us with our application.
Poorly communicated the status of missing documents, which were almost always positioned as last-minute emergencies instead of simple requests. Their online submission process is so inefficient and impossible to track. Constantly sent spam e-mails and texts that have nothing to do with the status of our loan, many of which actually confuse loan process. They processed the $500 appraisal fee without approving the property HOA. Every document sent had to be revised 3 times over and apparently internal communication is a joke. There is no point person that can guide you through the process as Greg in the end proved to be a completely inept and incompetent. I'd read terrible reviews before using them, but I gave them the benefit of the doubt since I used HSBC many years back but apparently things have fallen apart there. DO NOT WASTE YOUR TIME WITH HSBC and Gregory **.
Started out promising, got the mortgage in principal certificate but went rapidly downhill. I have to chase them to find anything out! This has got to be the worst customer service I’ve experienced in a decade. Seriously blunt and unsympathetic that a house, a home is relying on their professionalism. I’ll probably lose the property. Beyond frustration right now.
Normally I assume you get complaints ‘after the fact’ so in actual fact little if anything can be done, however my issue is current. I have applied for a mortgage Ref No. ** and initially told two weeks for a decision but I had to produce some more documentation as the upload payslips we not 100%. I did so immediately. 2 weeks became 4 weeks. After some chasing up I was emailed back to say the underwriter found another property in my name. I immediately sent the sale completion statement as evidence that the property in question was sold in June.
Now coming into week 6 and poor communication, update, lack of acknowledgement of receipt of documents sent. I have tried is a series of emails to explain the vendor and estate agents may pull out because I keep promising ‘next week’. Too much to explain all here, you’d have to look into my case but if I would of known about this service I would have gone elsewhere. If after 6 weeks I get refused, I would be furious as I’d probably lose the property and have to start from scratch. As I said at the beginning, this is not after the fact. It’s happening now and could actually be resolved with some expedience. To be honest, I’m not holding out but the customer care has been so poor for such a big corporation. I’ve since google many similar reviews warning people away from HSBC mortgages. Anyway. If nothing else thanks for reading thus far.
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If you use HSBC, you must allow months for any issues to be worked out. At first they seem to help but then fail to follow through. We closed a home equity line of credit 6 years ago and paid the required recording fee. Now that we are closing on the sale of our house, we find that they never recorded a lien release. They tried to pass off the responsibility to a related lender, but after weeks of getting nowhere with that company, they acknowledged responsibility. A branch manager tried to help, but the correct department didn’t even respond to HIM! We already missed one closing date and are on the way to missing another and possibly losing the buyer and much more.
I am a REALTOR and after my heavily advising against using HSBC my client still went with them. I have closed over 400 transactions for my clients and this was my first experience with HSBC and it was an absolute nightmare! HSBC has held their file in underwriting for a week. We've missed 3 closing dates and my buyers are now in a hotel for Christmas with all of their belongings in a moving truck locked inside a warehouse. HSBC is unresponsive, they refuse to answer questions and I can honestly say they are not only the worst mortgage company I've ever dealt with but the absolute worst company in general I have ever dealt with in my life. Please stay away from this company.
My wife and I had a horrible experience trying to get a mortgage through HSBC. The mortgage agent tried to get my wife and I to sign up for a mortgage that was incorrect, the agent also tried to get us to sign documents that he incorrectly filled out. Communicated only occurred when I reached out to the agent. The mortgage agent was very selective and sparse with any correspondence. In many instances the loan officer would request documents which my wife and I had already submitted. It was a clear sign the loan officer did not review the original document package we sent over.
The mortgage application took 6 months to process due to the lack of correspondence and due diligence from HSBC. My wife and I were anticipating closing in September, but due to multiple delays from HSBC we did not close till December. My wife and I are dealing with extra expenses due to the lost time in acquiring the new residence. These extra expense are causing us financial hardship that we did not anticipate. The lack of professionalism is unacceptable. My wife and I lost 6 months of our time and efforts. If I had the opportunity to start over I would stay clear of HSBC. Both Consumer Affairs and the Better Business Bureau rate HSBC mortgage at one star which is too high. I have tried multiple times to file complaints against the mortgage agent and the loan officer but they seem to fall on deaf ears. This is absolutely unacceptable from a bank that claims to be "world class".
I applied for their home mortgage online. Uploaded all required documents, including w2, etc. It's been more than 3 weeks now, and I got no emails, no phone calls, nothing from them. I was assigned to an agent Jennie **, that I found out by calling to their phone numbers. Once I was transferred to her, she just hung up on me, and when I tried to call her back, none picked up the phone. Absolutely unacceptable!
DO NOT CHOOSE HSBC because of the low rate. If BOA's rate is 10% higher than HSBC, I would still go with BOA if I still have a chance to change. Their customer service is based in India. 1. Their mortgage department can't help you with mortgage login. They said I need to contact personal banking. And personal banking could help me create a simple ** login. It took 2 months and the issue is still not resolved!! 2. The role and responsibilities are totally a mess. Nobody knows what to do and by how.
3. The background noise when you're calling is extreme LOUD to a level your ear can't bear. And you never understand what the agent is talking about with that Indian tone. 4. Their online login the extremely complicated and frustrated. 5. Their online banking page looks like 90s but not like something in 2019. 6. Basically, everything in this bank is performed differently with the major banks in the States. So you won't get used to what you're expecting normally. 7. Very few branches with all Chinese only bankers and clients.
We are a couple with credit score more than 800+, excellent financial capability. We applied for two loans, one for us and one for rental. The process started on July 9 and the harassment began. I just got lured because their interest rates were a tad bit lower than the market and they had this rebate. I am hitting myself in the foot for that. I spent sleepless nights sending them paperwork after paperwork. The loan officer is nothing but a McDonald's 'What can I get you' person with absolutely no knowledge of loans whatsoever. The so called loan officers, handover the files to loan processors and NONE of them are reachable. The bloody phones always say that they are busy. So I used to call the new loans number, then the same loan officer picks up the phone trying to trap the next customer. So when I ask her why she was not picking up the other line and then picking up the new loans line, she answers 'How can i help you'.
They throw a bunch of conditions at you online and you don't know what to do with them. And all the loan processors keep going to vacations and out of office one week at a time and the backups don't care to answer our questions. All in all after spending more than 45 days in painstaking answering all the stupid questions and conditions which are illogical, they still come back and say we decline your loan. I showed them seasoned hard cash sitting in my bank telling that I really don't need your loan. I can purchase cash out if I want. However I don't want to block my capital. So imagine, for a person of 800 credit score, more than 400K annual income with stable job of 15 years, showing a million dollars in the bank in cash, still they could not approve the loan. What are they going to do for medium income home buyers?
Sometimes I feel this whole loan processing buildup they are giving is something else to cover up the black activities that they are doing behind. I think they don't have an intention of giving loans at all. And therefore if they torture people, they will not back to HSBC. At the same time they can carry on their other activities behind the back. Bloody suckers. Please save your time and go to another lender. We sent all our experience and all these reviews to the VP of Mortgage copying all the other authorities. They reply back saying their decision is the same without giving any reasons. Again don't fall prey to their interest rates. It is a SCAM!!!
My husband and I took out a second mortgage in 2005, it was a 15-year mortgage with a lump sum payment at the end. The Second was for 28,500, we still owe 27,105. When the loan transferred to SPS is when we realized that every time I fell behind, they tacked that mortgage payment(s) to the end even if I caught it up. They just used the "extra" payment as the next month's payment instead of applying it to the payment that I was late on and accruing additional principal. They never asked me to do this. I never approved of them doing this. How am I supposed to make that big of a lump sum next year? That should be fraudulent.
HSBC bank mortgage is terrible. Avoid these guys at all costs. They bait people by giving them credits as points and somewhat of a lower rate or competitive rate but they are terrible at processing the loan. They are not responsive to phone calls or emails. I am sure they use call id to avoid you once they know you called before. Deadlines and commitments mean nothing to them. They totally ignored the closing date we provided which was more than 40 days from the time we started the process with them.
Their underwriters miscalculated the debt to income ratio by counting the property taxes and home insurance twice. Once I found out and corrected their mistake, they basically started the process all over again by putting us at the end of the line. Totally unfair. Believe me, you will go in for the low rates but you will suffer with these guys. I believe what they do should be illegal. Believe or not, this is for someone who has stellar financing record (ex. fico score of 811), 20% down payment, great job, and a solid 401k. I wonder what they do to with people who have marginal records or poor records. Please heed the warning and avoid HSBC. Check out their reviews. They had 288 reviews with 1/5 rating. How terrible is that?
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