Is the whole mortgage industry backed up right now?
Hi all!
I have a mortgage (term up Aug 2022) with Desjardins, and I've been looking to refinance to do some debt consolidation. To be clear, I've been very happy with Desjardins, the rate they offered me last time, and the products I've had. I'm self employed and our property is zoned agricultural (only 5 acres), so we are a bit of a non-standard situation and initially getting the mortgage was a very smooth process after being rejected by a lot of lenders who won't touch agricultural zoning.
However, this time around, the communication and timeline have been a disaster, and I'm curious is this is an industry-wide phenomenon.
Jan 12: Call Desjardins to start the process of seeking refininancing. Get a phone meeting scheduled with my account manager for January 15.
Jan 15: Talk to my account manager, get offered a rate (1.94%, but with cancellation penalties.). Immediately following the call, I get an email with a few scenarios, application instructions, etc. I immediately respond to the email with some followup questions asking for an additional scenario covering a full refinancing and asking if the mortgage penalty can be waived if I move $80k in additional debt into the mortgage.
Jan 22: I send a prompting email as I hadn't gotten any response.
Feb 2: I send in the application documentation, hoping to kick-start the process.
Feb 5: Call the local branch, and the admin assistant there sends an email to my account rep with me cc'ed on my behalf indicating that I had called and was asking for an update.
Feb 8: Account rep responds indicating a correction was needed on one of the sheets, and that her schedule has been busy and would be busy for that week, but she will look at my file 'as soon as possible'. I correct the sheet that was indicated and send it back immediately.
Feb 17: Send another prompting email asking for a timeline.
Since my initial call on Jan 15, the only communication I have received from my account rep through this whole process was the brief note on Feb 8 indicating that I would be addressed 'as soon as possible'.
I'm willing to give a person or company grace because COVID is slowing a lot of things down, and we are in 'mortgage season'. However, this is rapidly becoming unreasonable. I still have no idea when my file is going to be addressed - it could be today, or it could be weeks yet. The communication has been absolutely terrible.
Is the whole industry this backed up, or am I just having a bad experience with Desjardins?
I have a mortgage (term up Aug 2022) with Desjardins, and I've been looking to refinance to do some debt consolidation. To be clear, I've been very happy with Desjardins, the rate they offered me last time, and the products I've had. I'm self employed and our property is zoned agricultural (only 5 acres), so we are a bit of a non-standard situation and initially getting the mortgage was a very smooth process after being rejected by a lot of lenders who won't touch agricultural zoning.
However, this time around, the communication and timeline have been a disaster, and I'm curious is this is an industry-wide phenomenon.
Jan 12: Call Desjardins to start the process of seeking refininancing. Get a phone meeting scheduled with my account manager for January 15.
Jan 15: Talk to my account manager, get offered a rate (1.94%, but with cancellation penalties.). Immediately following the call, I get an email with a few scenarios, application instructions, etc. I immediately respond to the email with some followup questions asking for an additional scenario covering a full refinancing and asking if the mortgage penalty can be waived if I move $80k in additional debt into the mortgage.
Jan 22: I send a prompting email as I hadn't gotten any response.
Feb 2: I send in the application documentation, hoping to kick-start the process.
Feb 5: Call the local branch, and the admin assistant there sends an email to my account rep with me cc'ed on my behalf indicating that I had called and was asking for an update.
Feb 8: Account rep responds indicating a correction was needed on one of the sheets, and that her schedule has been busy and would be busy for that week, but she will look at my file 'as soon as possible'. I correct the sheet that was indicated and send it back immediately.
Feb 17: Send another prompting email asking for a timeline.
Since my initial call on Jan 15, the only communication I have received from my account rep through this whole process was the brief note on Feb 8 indicating that I would be addressed 'as soon as possible'.
I'm willing to give a person or company grace because COVID is slowing a lot of things down, and we are in 'mortgage season'. However, this is rapidly becoming unreasonable. I still have no idea when my file is going to be addressed - it could be today, or it could be weeks yet. The communication has been absolutely terrible.
Is the whole industry this backed up, or am I just having a bad experience with Desjardins?
