Washington Savings Bank, F.S.B. - Wholesale - Agency, FHA, VA


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The Washington Savings Bank, F.S.B. (WSB) in Bowie, MD announced its Wholesale division would cease doing business as of Friday 2008-03-07. The following is an excerpt from the memo sent to Brokers:

"As the financial markets have continued to retract, we have found, that keeping up with the multiple investor changes for products and pricing, has turned into a full time job that has too many opportunities for error. Our investors have begun to flee the wholesale channel of business, and with no place to sell these loans, TWSB has made the decision to simply exit this channel of business."

Calls to a number of AEs and the corporate office were not immediately returned. If you can provide additional details on their wholesale operation, please email us.


kevkro64 at 23:31 2009-03-18 said:
If you plan on doing business with this company you are crazy. As a previous customer, WSB made me borrow more than was required for the purpose of the loan, charged me excessive interest, failed to provide proper documents and disclosures at settlement, failed to report payment history, failed to properly manage escrows resulting in loss of discounts, penalties, and public notice of tax claim sale. When I tried to resolve these matters, they initiated a foreclosure action (back in 2004) without proper notice and reduced a disputed debt to judgment. When I still tried to resolve this with Sr. VP Whittaker, he told me to refer to the judgment. When I tried to resolve this with the Housing Agency, WSB did not cooperate. When I went over his head to CEO Bowman, he lawyered up. I did get their judgment voided and complaint dismissed, however, they never removed the lien from my property. The OTS wouldn't intervene and in 2008 they filed another complaint in foreclosure which is still hanging in the court even though I have the court order dismissing their previous action. They are bad business. Stay away, far away. You have been warned. Permalink

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.