There's A Lot of Money in here Somewhere

My home mortgage was with WaMu, Washington Mutual and of course they went belly up this past year. We got notice that Chase took them over and well whatever I guess. Then last fall we got a mailer from Chase offering us 'big' discounts on closing if we wanted to convert or mortgage to one with Chase.

Now I have several credit cards with Chase and I like them, they're pretty impressive with their computer programs to catch people messing with your cards so my relationship with them has always been good. So I took the bait and called the 800 number and it was not connected which surprised me since it was from their own flier.

So I was intrigued by the offer so I persisted and called another number with my 'offer' and got a perky young lady who said she could help and told me all about the program and asked if I wanted to sign up? I said, "Well, you haven't told me the interest rate or closing costs yet". She smiled, I know I couldn't see her but you could tell over the phone, she was happy to transfer me to someone who could help.

You might be as surprised as was when a guy from Quicken Loans arrived on the phone to help. Taken aback I said, "Pardon me, but I was calling Chase". He explained that Quicken Loans was a partner of Chase and they must be 'backed up' with new customers. Ummm?

Now I have to tell you my experience with Quicken Loans was outstanding. My guy worked hard, explained everything, and their online loan process was seriously impressive. I've lived a couple dozen places in my life and bought and sold several houses and this was by far the simplest process and closing I've ever experienced. So all that was great.

Now my understanding was I was dealing with Quicken who quite frankly started out producing some impressive products before getting in this business, so I was happy to do business with them albeit a little confused over the bait and switch by Chase. So Quicken it was and come first of the year we were Quicken customers.

So you'll probably be surprised as I am when this week I get a notice in the mail from Quicken advising me that I will now be doing business with some set of initials out in California. Seems they have sold my mortgage to some one else, JUST LIKE EVERYONE ELSE.

I've been traveling so my mail just caught up with me and when I open a letter a couple down in the stack I open a letter from Bank of America. Seems that the 'initials' have something to do with Bank of America, which is certainly a fine institution as we all know. And the kicker on the end of this story is that I am a strange guy I guess but I wouldn't do business with any of these crooks especially Bank of America.

But through no fault of mine I know am a customer of these crooks, which of course most of the banks are, but I always felt I had a right to choose who I do business with. Nonetheless, I am one of theirs now ... but here is the real kicker.

Think about the profit built into just my case that I have to pay. Chase directs me to Quicken and they certainly pay Chase for the referral. Just a question of how much. Then Quicken is 'quick' and handles my closing fast and good. They get the 'closing costs' which by the way weren't cheaper than any others but the interest rate was good. Now a month later Bank of America apparently buys my mortgage from Quicken and Quicken makes some more money on the deal and now Bank of America will continue to make money on me.

I guess its the American way and it sucks. They should wear the masks not the robbers.