Liberty Bank - The True Story

Never have I understood the importance of a good mortgage loan servicer until my latest home purchase. I have always heard the stories of mortgage companies that are always selling your note and you never know where to send your check.

I have also heard of people getting stuck with a company that doesn’t have a great way to make payments or know what your payoff balance is. These can be frustrating but I feel like we have one of the best stories around.

We were referred to Liberty Bank of Utah last year by a friend who said we could get a grant for working with them. The grant was legit and we thought five thousand dollars would be a great way to put some equity into our home upfront. Troubles started to arise though when we got to closing. Documents (REPC) were lost multiple times (ten or more) and it seemed they would never get things straightened out.

We went into closing two weeks late after yelling at them to get things worked out and they had the wrong names and property address on everything. So we waited while they fixed them that night for two hours only to have them sent over wrong once again– the loan note terms were wrong.

So we left and the lady at the title company said “Who are these people? Is this their first time doing this?”. Two days later she called us and said things were ready once again but in reality it wasn’t ready because they had misspelled names and had the wrong address on the note again.

This time the lady talked them through putting it in their system so they could get all the names and addresses in correctly. Somehow it worked out that night after another two hour engagement that was only supposed to be 15-30 minutes. We thought we were done but two days later the title lady called me up and said that Liberty Bank did not have a REPC and wondered if we could fax them one.

She also said we needed to come in and sign another document for Liberty Bank. She told me what it was and I said we already had signed it and she agreed but said Liberty Bank must have lost it. So I took my lunch hour and went and signed this again. My wife got the kids ready and met me there to do the same (not an easy thing to do).

A couple days later the title lady called back again and said that Liberty Bank had lost some other crucial document and that in order to fund we need to come back and sign again. She was mad at them and so were we because it took two weeks for funding to switch hands because of lost documentation. Finally this is over we thought.

Should have been our first clue to leave this company while we still had the chance.