Colonial Banking

Our loan was sold to Colonial Savings by the lender that was recommended by our builder… so we did not choose this bank and would like to warn others not to as well. We will also be following up with the original lender in hopes that they will no longer sell loans to this bank. Our major concerns are that the employees are poorly trained (we’ve been misinformed numerous times), lack of responsiveness, and refusal to send policies in writing. We have been trying to recast our loan for months now and been unable to get any information from them in writing regarding their recast process or rules despite asking numerous times — so we hesitantly went forward based on the information given over the phone. Turns out, the information given over the phone (more than once!) was wrong, which is what we were trying to avoid. After they had our money, a supervisor called back to tell us that we had been misinformed. Very unprofessional for a bank and very poor customer service.