Refi in NY - DO NOT USE HSBC
There have been many posts about mortgages and refinancing in NY. As a current HSBC mortgage customer, I highly recommend that you do NOT use HSBC! They refuse to assign mortgages (otherwise known as a CEMA) which will cost you a ton of money when you want to refinance unless you use HSBC. So basically…
There have been many posts about mortgages and refinancing in NY. As a current HSBC mortgage customer, I highly recommend that you do NOT use HSBC! They refuse to assign mortgages (otherwise known as a CEMA) which will cost you a ton of money when you want to refinance unless you use HSBC. So basically they are extorting you and forcing you to use them to refinance with them (and I have found their rates to be higher than most other banks). Why use them if there will be such a hassle?
Any users finding that other banks are doing the same?
HSBC refused to reassign my mortgage when I refinanced about 5 years ago. I decided then to use a mortgage broker, he recommended I stay w/HSBC and somehow got them to reassign my mortgage. So it is possible, at least it was then. If you have some pull… BTW the mortgage was since sold to CitiMortgage.
Click on my handle. I posted the same thing just about 1 year ago. I actually had a reporter from Bloomberg news contact me for an interview about it. HSBC’s rate was about half a point higher than what I had secured for my client.
Thornburg is tough with CEMAs but I got one done with them recently. HSBC outright refuses to even discuss it. I suggest you contact the banking dept as well as the Attorney General’s office.