Washington Mutual Mortgage Reviews

The following mortgage company reviews are submitted by actual users and do not represent the opinions or experiences of mortgage-ratings.com. mortgage-ratings.com is in no way affiliated with the brands, advertisers, merchants, or products discussed by its users. Consumer mortgage reviews and mortgage company ratings are informative for those wishing to use them, but they do not guarantee any level of performance by a merchant or other third party in any given transaction.

A definite recommendation

I ended up getting a mortage through Washington Mutual and was pretty pleased with the whole process. They gave me competitve rates, quick closing, and their customer support was etremely helpful. My loan officer seemed very well versed and explained everything to me throughout every step of the process. They were quick to provide any information that I needed. I would definitely recommend WaMu for anyone looking to mortgage or refinance their home!

A mixed Review

This blog expresses my experience and frustration when dealing with Washington Mutual.

My husband and I have used WAMU since we bought our condo back in 99. We refinanced twice to get better rates and for the most part, the refinancing has been smooth with little problems

One of our first problems was that they lost a check. In fact, the money had even cleared our account at the bank, but they never applied the funds to our loan. We ended up having to file extra paperwork and show a copy of the check and our checking balance to proove that they had received the funds.

Meanwhile, while trying to straighten this mess out, they they placed a hold on our account that disabled online banking and phone access It felt like it took forever to get these enabled again. It actually took almost 2 months! Once they finally figured this out, they managed to activate our account and everything was working smoothly again.

I felt that their email customer service was basically worthless, they were slow to respond and when I went to contact them the customer service numbers for their loan department were out of service! There is simply no excuse for this.

Smooth sailing for a bit, but we ended up with more problems. We generally pay extra each month with each payment. Despite this, we somehow manage to get late fees, future payment penalties, additional escrow charges, etc.

This past month the additional principle" was applied to future payemtns against my instructions.I had to call them again to reverse the applied funds and reapply them correctly. Complete hassle.

After that whole ordeal, I had them log a note in our account to not do this and even sent in a highlighted letter with my next payment to apply the funds correctly. So guess what happens next? They applied the funds to a future payment again! Grrr.

What irritates me the most is that when I mistake they charge me a fee, however, I should charge them a fee for every time they screw up. They should at least credit me for future penalties.

They also told me that they have no way of tracking who applies which payments each month. I found this to be ridiculous and shows their lack of organization. I'm sure this has happened to other customers. The thing is if these other customers aren't paying attention, they are losing a lot of money!

So thats where I stand with Wamu Mortgage, I am far from impressed and would not recommend them until they get their act together.

Be careful with Wamu

I can't say that my review is a positive one. My mortage was sold to Washington Mutual and I hav had problems ever since. They didn't pay my home owners insurance, and didn't mail my first tax payment. After this was resolved, they did the same thing again. Well, when it came time for the third tax payment, guess what didn't get paid! In the two years they have been my mortgage broker, only once have they paid my taxes on time. They gave me inaccurate information on payment address, payment dates, etc. etc. I ended up joining a class action lawuit and to this day, nothing has really gone right. I wouldn't advise WaMu mortgage at all.

Nothing but problems with Washington Mutual Mortgage

I have a HELOC that was purchased by Washington Mutual. After I received some late payment fees and complaints, I logged into my online account to see what was going on. I always pay my bills online and on time. I had proof that funds had cleared my checking account, yet 3 times they didn't apply the funds to my loan (after taking my money!. The one that did get credited took almost 2 months! I have faxed them copies of my bank statements, the actual check, and all they can do is 'investigage'? They have hit my credit report with late payments twice now which is lowering my credit score. I would NOT do business with them if I were you.

Terrible Customer Service

I applied online for a home equity loan on their website twice and was told that I would receive an answer with 48 hours. It has now been over a month, and I have not received a single answer or update! I have emailed customer service with only vague replies in response and their customer service dept has not returned my phone calls. Even if I was not approved for a HELOC I would still expect them to tell me the status of my mortgage loan and mortgage application. This is a joke. I don't know how other people work with a WaMu Heloc.

Read the fine print

I was not happy with my WAMU Home Equity Line of Credit after I had been approved for a Prime + 0 Offer. I thought I read through all of the loan paperwork carefully and signed the papers in order to close. The disclosures before the document signing were pretty straightforward and my loan margin and rate were in my ad and the prime + 0 info was all there too. Overall, up to this point, everything was going smoothly.

Once all of the paperwork had been completed, I found out that they were charging me a an interest rate of 5%. I was told that there was a 5% minimum interest payment. I ended up calling my friend who is a lawyer to look through and low and behold in the very fine print is their notice of a 5% charge. Bastards. I’m so pissed that they did this to me, they led me to believe that it would be 0% interest. I’m refinancing my wamu loan cause I don’t like to deal with crooks and thieves.

Make SURE you pay on time

I ended up paying my June mortgage payment about 2 weeks late due to some unexpected bills and was in the process of paying in August for June July and August. They ended up sending back my payment and I had to foreclose and lose my house. I know I paid late, but I thought they would be flexible before taking my home from underneath my feet. I can’t get in touch with their attorneys, their reps seem to not care. I wish they would just accept my payment and charge me some late fees. Instead they are taking my home. This has been the most traumatic experience of my life and a lesson learned. Always pay your bills on time.

They wouldn't take care of our fraud charges

When my husband and I were selling our condo last year we discovered that a line of credit had taken out on our place. Some random person we had never heard of had taken out a 20k HELOC on our loan and the loan was approved by Washington Mutual! We spent hours on the phone trying to straighten the matter out, but they wouldn’t even talk to us. They kept saying they can’t do anything unless our loanee request the investigation. (Our title company was done via a 3rd party). This bothers me, there has been obvious FRAUD on our account and they could seem to care less. We were hoping to sell our house and cash out as the housing market is crashing, but now we are going to be stuck for a while and will most likely lose our equity. No thanks to WaMu…2 big thumbs down.

They're okay, but sometimes they don't apply payments.

On numerous occasions, WaMu has failed to credit my accounts with payments that have been sent and already cleared my accounts. Then, when you call Washington Mutual’s Customer Service department, they’re ‘never sure’ of what happened and I end up disputing the late fees that have been charged to my account. I have always made my payments on time, yet every few months I get a late fee because my payment was late…Again, this is AFTER it has cleared my account!

They forget to make tax payments

I ‘ve called Wamu numerous times calling them out on not paying my property taxes. I received a notice in the mail 3 weeks after our taxes were due that said, that they were apologizing, yet they did not pay the late payment penalties. They make a lot of small errors like this as they have also done something similar with my homeowners insurance. Other than that, they are friendly and helpful, but it irritates me that Washington Mutual overlooks a lot of small errors.

Here's my Washington Mutual Loan Review

I recently sold my townhouse to someone who was using Washington Mutual Home Loans. Everything seemed to be going smoothly however, the day before the loan was suppose to close, the underwriter faxed the wrong form to the management company who manages the condos. I have no clue why after 6 weeks, they waited until the day before to address this. This delayed the entire closing process a week.
When the appraiser finally came around, they noted a few small changes in the place which were no big deal, except for the fact it pushed us back further.

The people who were buying my place had to rent a hotel for the week due to the business practices of Washington Mutual loans. When we spoke with customer service we were told that delays are common and not to worry. (Easy for them to say). I can’t say that we had a great experience with Wamu. They inconvenienced both parties more than you can image, because they didn’t pay attention to details. Be careful if you’re going to use them.

Very Bad Experience

I have had the worst experience with WaMu home loans. My mortgage was bought out by Washington Mutual from another lender and ever since I have had nothing but headaches. I have spent more time on the phone correcting problems and errors than I ever did applying for my original loan. On several occasions, they did not credit my account and they have also overcharged me. I have been trying to have the refund applied back into my checking account for several weeks (which also happened to bounce my checking account). If you ‘can’ reach a customer service rep or manage to have one call you back, they seem to be friendly. However, I’d rather speak to some jerk who knew what they were doing.

Love Wamu

I got my most recent loan through Wamu and have found them to be a pretty solid service. They offer great rates, amazing service and the entire application / closing process was a breeze. I haven’t had a single complaint about Washington Mutual. They seem to know their stuff.

I'd look elsewhere

I had first approached Washington Mutual when it came to refinance our home about 3 months back. I went into a local branch (as they have branches everywhere) pretty well prepared. I came in with all of the paperwork that their website I needed as well as a pretty high credit score. The initial appointment took about an hour and a half or so and they ended up giving me an approval and said they would lock the rate for about 45 days as the loan would take 2-3 weeks.

After the interview, the loan officer told me that they would send all of my paperwork to their corporate office who would take my approval to the next step in working with an appraiser, closer, etc. I ended up being at the branch later that week depositing a check and talked to my initial rep. They told me that the person reviewing my paperwork was out of the office sick that week and that their might be some delays. Why they didn’t pass it on to someone else is beyond me.

I ended up waiting another week or so and when I followed up, I was told that they had been having computer problems that would push my closing date back a few more days. Frustrated, I hung up the phone and waited for them to do their end of the paperwork.

Over the next two weeks I called on several occasions trying to reach someone and most of my emails and phone calls were never returned. When I FINALLY received a call from my loan agent, he mentioned that my loan would close, but that my initial locking period had expired and they would need to relock it. Since I had applied over a month before I wasn’t considered a ‘new’ customer, and they weren’t able to provide me with the best rate (plus interest rates had gone down slightly since.)

Its been extremely frustrating to be proactive in trying to close a loan and GIVE THEM MONEY and they can’t even return a phone call. I’m contemplating just giving them the $300 application fee and going somewhere else. I would not recommend doing business with them.

WaMu Home Loan is Great!

I’ve worked with a few various lenders as my last loan was sold 3 times. I ended up trying out Washington Mutual and have been extremely pleased with my experience.

Some of the reasons why I liked Wamu is their clear and concise statements and online account access. They are very easy to read and everything is categorized so you know how much each month you’re paying to interest vs. principle, etc. Also, they always kept it clear who to contact in case I had any questions.

Also, they offered several options for making payments. I ended up using their online system and have not had a problem yet. My last lender would make mistakes when paying online. They do charge a small fee for doing online transactions, but to me its worth it. By paying online, I never had a problem with them posting payments. I have had headaches from credit card companies and other lenders with them posting payments on time. Not with WaMu. They took care of things almost immediately. I’ve been with them for about 3 years and I think they’re a great bank and lender. They have taken care of me and definitely have put me first.

Good, but they're slow to post payments

Several weeks back, I refinanced my mortgage. My last loan was with a local bank that I was happy with. Anyway, about a year ago, Washington Mutual Home Loan purchased my loan from my local lender. Since then, it has been a bit difficult to work with them. I’m used to paying my bill on the first of the month and having it credited to my account. With WaMu, I will mail a check and sometimes 3 weeks later it will finally be posted and they will charge me a late fee. Maybe its me, but it seems odd that it would take them 2 weeks to post a payment to my account. I have a weird feeling that they intentionally delay postings just so that they can charge random late fees. Maybe I’m wrong.

From a past employee

I worked for WaMu as a Loan consultant for about a year. I ended up being let go because I criticized the company for the poor customer service that we were offering to our clients. In the year or so that I worked for Washington Mutual, I worked with some of the dumbest most incompetent people I have ever known. People would lose paperwork, not call clients back in a timely fashion, not updating clients on the status of their loans in order to take on new accounts, etc. It was pretty said that they treat their customers so poorly. They really need to raise the bar on the types of people they employ.

They lost paperwork

I’m refinancing my adjustable mortgage with Band of America and Washington Mutual Loan is tying up the whole frickin procedure. They never posted my last 2 payments to my account, even though the checks have cleared from my bank. Because of this delay, I missed the timeframe to secure my 5.6% interest rate. I had faxed, emailed, and physically mailed them check stubs and bank account references showing them that they took my funds and didn’t apply them. When I called Washington Mutual Customer Service, all I ever get is a some idiot telling me to refax the statements.

In the end and after 3 weeks of trying to get my funds posted, they finally took care of the situation. I ended up paying $350 to refinance my arm to a Fixed rate mortgage, but at this point I’m just glad to not have to deal with them anymore. I read some good Bank of America reviews and am only praying that they don’t end up selling my loan back to Wamu loans.

Not the lender for me

I originally purchased my home at the end of 2002 and since then WaMu has purchased my loan. I was told that my PMI would be removed if the LTV was lower than about eighty percent. I took the advice of WaMu and used their service for appraisals who re-appraised my house and handed the paperwork back to Washington mutual a few weeks ago.

Fast forward a few weeks and now Washington Mutual loan is telling me that I need to have an LTV ratio of seventy-five percent. Now they won’t remove the PMI.

I called back several times to the WaMu customer service number and they acknowledged they made a mistake in the beginning and that it should actually be seventy-five percent. Now I’m stuck and can’t really do much. They won’t delete the PMI. Be careful with WaMu.

Can't recommend WAMU

I used to work for Washington Mutual in their correspondence department and was one of the people that would reply to customers regarding their Washington Mutual Loan accounts. I can honestly say that it was one of the worst jobs I’ve had. Being an employee there was not fun. We were treated like robots who were disposable upon a simple whim. Maybe it was just my department, but I can tell you that my department was far from a respectable operation. I ended up being fired for challenging their corporate policies. Most people there are there to help the customers, but I swear that the managers look out for no one but themselves. I was fired from my position because I had the audacity to challenge policy and procedure. I was fired because I dared to ask "why?" Most of the people that work there really are good, honest people, that want to help the customer. But the managers there...not so much. I would suggest that for anyone who reads this is to avoid WAMU at all costs. I wouldn’t recommend their banking products or mortgage products. The sad part is that many customers transferred to escape WAMU and then they would end up having their mortgage sold right back to them. I saw complete incompetence on so many employees that would make you sick. I think many people are charged late fees and have delayed payment postings because of lazy Washington Mutual customer service reps. I would not recommend them to anyone.

I think Washington Mutual is great!

I have been a Washington Mutual customer for 3 years now and can honestly say they are the BEST bank/lender that I've worked with. I have banked and lended many of the top names and will say that Wamu blows them all away. My last bank was Bank of America and they were jerks. They would nickle and dime me over anything just to charge a late fee.

Wamu is there 24/7, they're prompt to answer the phone without any long hold times, and the reps are a pleasure to talk too. They have always made sure I'm satisfied and taken care of before hanging up the phone. I'm not sure why there are so many negative Washington Mutual reviews. I for one - love them!

They sold my loan and blew me off.

I’ve been a good customer of WaMu for a while. I’ve never missed a payment, had a late payment, etc. Well, one day I got a letter in the mail and said that they had sold the loan less than 2 days before my next payment was to be paid.

The new lending company told me to go to Washington Mutual and make that payment and that WaMu Loans would forward the payment when they completed the loan transaction. Well, after waiting at the branch, Wamu said that they couldn’t help us because they had sold our loan. At this point, I didn’t have any information on who my new loan agent was, who to contact, where, when, etc. Just a letter stating that our loan had been sold. I said that I couldn’t leave until they had offered us some information and they were so difficult. They basically had this attitude of “You’re not our customer anymore, so Screw You.” Seriously. I waited for an hour for them to reach senior officials before I was asked to leave because they were closing. I told them that I wasn’t going to leave until I at least had contact information on my new loan, and they threatened to call the police on me. After being a loyal customer for years, I was so angry of how they treated me. I would NEVER do business with them again.

Watch out for hidden fees

When I refinanced my home a while ago, my original loan was sold to Washington Mutual who became my official lender. I received a notice that they were transferring the loan which also included an address for correspondence for me to send in my loan payment. I was accustomed to paying my bill online only to realize that they charge about 12 bucks per payment received online. This tends to add up over a 30 year period (Over $4,000) so I decided that I would just avoid this fee and mail the payments. Well, I ended up getting a call from a local branch who told me that I was behind on my payments and that I hadn’t sent in a payment.

I told them that I mailed my payments to the address on the loan transfer documents, and then they told me that this was all wrong. I had to haggle with them for them to remove the late fees on my account because THEY sent me the wrong payment address!?! I asked if I could make up the payments online, and yet they were quite persistent that I would have to pay the extra 12 bucks per transaction to do this. What a joke.

Click Here to Submit a Washington Mutual Mortgage Review Today!

Want to Submit a Rating on Wamu Mortgage Loans? Email us at Mortgage Lending Reviews rating the service on a scale of 1-5 and tell us about your experience!