I really didn't think that I would have a part 2 to the story of Mercantile Bank/ Carolina First discontinuing their use of the Florida Bond Money program but I was wrong.
I thought that when the word came down from the head of their mortgage division that they would stop utilizing this very valuable program that they would honor the agreements that they had with customers approved through them, silly me. I thought they would just honor the current agreements and not accept any more Florida Bond Money loans.
There has been a lot of talk on Active Rain about honoring commitments to the banks. Are banks not held to the same standard? Ok, so you say well they never signed any promise, but what about just doing the right thing? There are many customers some of which are mine that have been through underwriting, told they were approved and now denied do to no fault of their own. This was a decision that the bank made not the Feds.
Before you say tough cookie, place yourselves in the shoes of these customers. Customers that followed the rules had the required scores, paid $400 for appraisals, at least 400 for home and WDO inspections and were scheduled to close. As far as I know the bank is not even considering reimbursing these funds. Who in this day has that kind of money to just throw away? How would you feel?
I hope they change their minds and at least consider refunding a portion if not all of the funds that they these homeowners have shelled out. We'll see won't we?
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