Magnolia BankReviews of magnoliabank.com

My recent experience with Dan Mason @ Magnolia Bank was high pressured, and intense. I presented paperwork that would comply with his request and then he would tell me all good and the next day he was increasing my payment. When my purpose to refi was to eliminate automated withdrawal of my Escrow with present Mortgage Company also to refi he created a significant increase in my mortgage payment and caused my Homeowners Insurance to lapse while calling them and transferring my Insurance to Magnolia Bank before I had agreed to the refi, in that process my Insurance lapsed . Mr. Mason didn't bother to notify my Homeowner's that Magnolia Bank wasn't going to refi my home. I was not notified he had done this. He was loud, rude and unprofessional on many occasions . It was the worst experience I have ever had with a Financial Institution.

May clients went to this bank to pull money out of their house to pay off loans. This was THE WORST experience with a team and underwriting process. I know this as I was on all the emails. They do acquisitions of houses , flips and I can tell you the underwriting process was horrible. They would constantly not open all the attachments requesting them again, cause over 14 business days of delays in closing the loan. This is a small loan 230k against value of home of 900+K and fico over 750. Ridiculous, the broker kept making excuses and pointing figures at the time it takes to upload the documents and then have underwriting review them stating "your not the only loan they are working on". The underwriter would come back with nit picky requests like I have NEVER SEEN. HORRIBLE horrible and will never use them again. At the last min they stuck my client with points because the broker screwed up and was not able to keep the loan as a no prepay penalty. So they had to pay for points to pay off this loan which they clearly stated at the beginning of the process was a kill item for them. DO NOT USE this company. And their rates are not competitive. They were so in and up against a lending deadline they had we just could not move the loan so we had to finish with this horrible bank lenders.