A lot of people are still reeling from the effects of the financial crisis that began in 2008. There have been more than 3 million home foreclosures since then and another 2 million are in the process of foreclosure.[1] Five years after some of the country’s biggest financial institutions almost went belly-up, big banks are doing fine. It seems that people are the only ones still hurting.
Earning statements released last week show banks that needed billions of Federal bailout dollars to stay afloat are once again making a fortune selling mortgages. One of the country’s largest banks reported $418 million in profit from its mortgage banking business, compared with a loss of $269 million a year earlier. A second giant bank, which had been retreating from the mortgage market, posted a 41 percent spike in loan originations in the fourth quarter, to $22 billion.[2]
Even as the banks get richer, it’s become clear that billions of the taxpayer dollars used in the bailout will never be paid back.[3] It’s unfair, especially since experts say the financial crisis “was the direct result of shoddy, often illegal practices on the part of the banks, which caused untold misery for millions of Americans.”[4]
This could be the reason that increasing numbers of people who need a personal mortgage loan wonder whether they can trust banks. It could be why people who ask friends the easiest way to get a home loan are turning to top rated mortgage brokers instead of big banks. They’re finding that traditional mortgage companies and the best online mortgage lenders will give them better customer service than banks.
People are tired of being treated badly. The financial website MSN Money found that half of the 10 companies named last year to its Customer Service Hall of Shame are banks or credit card companies.[5] The biggest bank in the country received the lowest marks in the MSN survey for customer service – 25.7 percent of its customers said customer service was poor, and another 27.7 percent said it was only fair.[6]
Global market researcher J.D. Power and Associates found that customers are leaving in droves because banks just aren’t meeting their needs.[7] More than 10 percent of customers dumped their banks last year because of poor customer service and big fee increases. It’s a good bet that a number of those who left are looking for easy home mortgage loans or the best mortgage companies for refinancing.
Financial blogger and NY Times bestselling author Ramit Sethi was blunt about the need for people looking for the best mortgage companies in 2014 to explore options beyond banks. “If you use a big bank, you deserve to be treated like crap,”[8] he wrote. Consumers can have a better experience. [10]
The best-rated mortgage companies, like Avrus Mortgage, make customer satisfaction their highest priority. Unlike the big banks, effective mortgage companies like Avrus offer friendly, personal service along with a deep understanding of the broad range of mortgage products available on the market. Avrus has 38 years of experience in helping customers determine which is the best mortgage to meet their unique needs.life by leaving their big banks and working instead with reputable local home loan brokers or the best online mortgage companies. “You have a choice,” Sethi wrote. “When you start using the right companies — companies you trust, companies that treat you with respect, and companies where it just works — there’s nothing like it.”[9]
Understanding The Service
Just as important is Avrus’ ability to approve many mortgage loans that banks would deny. Bank Says No! We Say Yes! is much more than Avrus’ trademark – it sums up the company’s commitment to getting customers reasonable, affordable mortgages. Avrus professionals work hard to close loans quickly and efficiently and give customers almost immediate approvals.
“Thanks to our Fannie Mae underwriting privileges we have the technical ability to offer the yea or nay decision to our clients’ mortgage application within minutes of taking the application,” said Steve Avrus President and Owner of Avrus Mortgage. “No more sleepless nights wondering whether your loan is approved. Our use of the Internet, advanced, secured processing software and automated underwriting systems have taken the mystery out of approving and closing our customers’ mortgage loans.”
Whether you’re a first-time home buyer, a property-owner looking to refinance, interested in mortgage rates on investment properties or in the market for a debt-consolidation mortgage , Avrus can help. Remember, Bank Says No! We Say Yes!
[1] The Changing Face of Foreclosures
[2] Mortgages bolster earnings for big banks
[3] Banks get green light instead of red tape
[4] Why People Hate the Banks
[5] 2012 Customer Service Hall of Shame
[6] The complete company rankings
[7] Big banks losing customers because of poor service
[8] If you use a Big Bank, you deserve to be treated like crap
[9] If you use a Big Bank, you deserve to be treated like crap
[10] Here’s how I negotiated out of bank fees — part 2
