"Keeping your own spreadsheet is actually a smart move. Might feel like you're doing their job..."
Yeah, keeping tabs yourself can save a lot of headaches later. Seen plenty of cases where lenders missed tax deadlines, and clients got hit with penalties—never fun to sort that mess out. Curious though, anyone had better luck with smaller local lenders handling escrow accounts? Sometimes they seem more on the ball than the big guys...
Curious though, anyone had better luck with smaller local lenders handling escrow accounts? Sometimes they seem more on the ball than the big guys...
I've noticed smaller lenders tend to be more responsive in general. Had a client whose big-name lender botched the escrow account—missed the insurance payment, and he didn't find out until the cancellation notice arrived... talk about stress. Switched him to a local credit union, and things have been smooth since. They're not always perfect either, but at least you can usually get someone on the phone who knows what's going on.
Interesting points, but honestly, I've had mixed experiences with smaller lenders. Yeah, they're usually easier to reach and you get a real person on the line quicker, but that doesn't always mean fewer mistakes. Had one local lender who was super friendly and responsive at first... but then they messed up my property tax payment pretty badly. Took weeks to straighten out with the county assessor's office.
They're not always perfect either, but at least you can usually get someone on the phone who knows what's going on.
True enough—but sometimes knowing what's going wrong doesn't make it less frustrating. I ended up switching back to a bigger lender with more automated systems in place, and surprisingly it's been smooth sailing since then. Maybe it's just luck of the draw? Or possibly depends more on the specific people handling your account rather than lender size alone...
Yeah, I get where you're coming from. Honestly, I've seen similar issues pop up regardless of lender size. Had a situation myself where a bigger lender totally botched an escrow payment—took forever to untangle because their customer service was a maze of automated responses. On the flip side, I've had smaller lenders who were super attentive and proactive about catching potential issues early.
Seems like it really boils down to the individual people handling your account and their internal processes, rather than just big vs small. Maybe you've hit on something important there—sometimes automation can actually reduce human error, as counterintuitive as that sounds. Either way, glad you found something that's working smoothly now. Nothing worse than spending hours on hold or chasing down paperwork mistakes when you're just trying to keep your investments running smoothly...
Totally agree—it's less about lender size and more about their internal setup. I've noticed that lenders who regularly audit their escrow processes tend to catch issues early, automation or not. Good internal oversight really makes the difference in my experience.