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Homestreet Bank Locations in Your Area

This review site asks that we not name individuals working at Homestreet, but without naming Jason Hill and his crew of Jennifer Journet and Janice Summer, you really won't know who to avoid. You do not want to work with these three to fund a mortgage.

Our business situation dictated a move to Vancouver WA in late 2016, and while we were shopping properties here we were also looking at BECU and Homestreet to handle the mortgage. We've worked with BECU for decades and they've been excellent; in retrospect we should have chosen them but Homestreet was offering marginally better financing, or so it seemed at the time.

Our purchase involved a jumbo loan, a product that Jennifer appeared entirely unfamiliar with. Jennifer was the individual assigned to our loan by Jason, and she sent a list of required documentation. We asked if there was a secure portal we could use to transmit the data electronically, but Jennifer told us that Homestreet didn't have the capability at this time. That seemed odd for a financial institution in this day and age, but so be it, and three days later a package arrived in the mail. We filled it with the requested information, and mailed it back. Two days later Jennifer called to ask where the information was, and we told her it was 'in the mail'. When Jennifer received it the next day, she requested more documentation, including some that was included in the first mailing. We asked her to check and she replied that yes, she had it, so never mind but please send the other items.

This was to be the rule with Homestreet; requesting more paperwork even after we had specifically inquired whether they had everything they needed, since time was running short for us. Homestreet knew that. Finally, December 5th, Janice Summer emailed us from Homestreet. We were in the middle of packing, as the movers had arrived that morning, and Janice needed us to review the closing disclosures. We did so and signed,

as packing continued to 6th and 7th, when we literally followed the movers out the driveway that evening. We were now due to sign paperwork for the loan in Vancouver on the morning of December 9th.

It was a two day drive but we made it into Vancouver on the morning of the 9th despite the major ice and snow storm that shut down Portland. At the escrow office we discovered that Homestreet had added amounts and charges to the loan that we had not expected, additional payment and escrow money that had not been included in our intial loan estimate and had been appended to the closing disclosures that we had signed. A call to Jason Hill produced the response that the entire loan would have to be re-submitted to underwriting, and he couldn't say how long the process would take. And we had two trucks and five movers arriving at our new house the next morning at 8 a.m., so we had to sign to take possession of the house.

Jason told us not to worry, just call the phone number on our first mortgage statement and request an adjustment, no problem. We did exactly as he asked, and were denied. Despite an 80/20 value-to-loan, which was well within the requirements for the adjustment we requested, we were denied based on 'investor guidelines'. Homestreet now had a half-year of property taxes sitting in their account, we had already paid for a year of homeowner insurance, and they were collecting more for both. We filed a complaint with the Washington State Banking Commission, and Homestreet immediately sold our loan to a bank in Iowa before we had made our first payment.

There are a lot of options out there for mortgages. If you live in Washington, check out BECU - they are great. We would urge you to avoid Homestreet, especially if you are looking at a large loan on a premier property as they have neither the expertise nor the integrity to deal with these transactions.

Category: Home mortgage

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