Everything proceeded beautifully with Chris until Lanae in underwriting got involved. Even though he has been sent information, he can't seem to remember and requests the same things over and over and then acts as if I am holding up the transaction when in fact he is so extremely incompetent he is clueless as to what he has and doesn't have. If this loan closes, it will be a miracle. I am keeping my fingers crossed, but at this point I am not holding out much hope for a happy ending.
The staff were outstanding. The loan was processed quickly and efficiently. The closing attorney mentioned that the rate we obtained was one of the lowest he has seen in more than a month.
I read some decent reviews about this bank online and decided to give them a chance for a refinance. I scheduled a time to talk to a agent and when I called it went straight to voicemail and then I was put on hold waiting for next available rep for 1 HOUR and 15 MINUTES. It only ended because I hung up.
Cannot trust to put my home in their hands.
We recently closed on a home loan with First American and were very pleased with the service we received. Rates and fees were as advertised - no big surprises at the end. Our loan officer moved the process along efficiently and we closed on time.
My partner and I both have excellent credit and we put down enough of a down payment to not need mortgage insurance, so perhaps that helped things along. We were both new in our jobs but otherwise had stable work histories, and apart from student loans, had no debt.
I definitely recommend their staff -- they were very responsive by email and phone and were very pleasant. First Internet also has some decently technology options, including an internet site where you can upload documents securely (note that it does not work with Macs though). Faxing also works well.
It is my understanding that they will usually sell your loan pretty soon after approval, so it will be serviced by someone else. I don't have a problem with that - in my experience, most lenders are pretty similar and it won't change my rates any.
Overall, I give First Internet high marks and would definitely recommend them for mortgage loans.
Basically, if you don't mind doing much of the business via the web (which I prefer), this was the most straightforward loan refinance that I have done. Everything wen according to plan and on schedule.
No muss, no fuss.
Plus, when I did have questions, I had a great loan officer who answered all my questions (on the phone, via email, etc).
Finally, they had the best rates by far
Original loan officer was nice and seemed helpful. But then the appraisal didn't happen when I was told it would. I had to call and email multiple times and after 3 weeks, finally got the appraisal done. Then was told would close any time the next week, but was pushed to the latest date possible. Finally closed and 3 days later was told had to come up with another $900, after already supplying a check for closing costs. Not good service and feels like a scam.
I have had checking, savings and overdraft line of credit for over 10 years. I have also had CD's and other accounts on and off during the time. I have only had to contact them a few times during this time as all records, forms and statements have always been correct. The few times I have contacted them by email, I always have a response within 24 hours and usually within a couple of hours. The responses have always been professional and helpful in regards to my questions.
Their savings rates are not the best, but are near the top. Their loan rates are a little high, but the service makes the cost worth while. Fees are there for some items, but I don't think I've paid any fees in the 10 years I've had the account and I get $6.00 of ATM fees back each month.
The ability to look at all my accounts on their web page is helpful now that I have set that up.
The recent mortgage loan processing was amazing!. My real estate agent said he had never worked with a mortgage company that was so helpful and on top of the process from day 1. All my questions were answered within hours, emails within a couple of hours and phone calls, if not immediate, then within an hour or so.
Paper work and money was exactly where it was expected and exactly on time.
Rates were good and service was fantastic.
Overall I would recommend this Bank to anyone who can handle finances properly and knows how to use the internet.
First IB is Great at refinancing my mortgage. Found them on Zillow.com and they had a great mortgage interest rate. Also had the lowest fees. I first checked them out with FDIC and they are a member. Then requested more info online. A loan officer called and was very helpful and knowledgeable. He worked with me through the whole process - great communications. Online application was very easy and accurate, unlike other mortgagers. They have a very efficient process of getting to closing. It only took 40 days to close. No issues at all, just smooth processing with clear instructions to follow. I was a little concerned as I live in Michigan and they are an online bank, but they were FDIC insured and followed the standard morgage guidelines flawlessly which gave me great confidence. Definetly recommend First IB for mortgages. They were the best I've experienced of over a dozen previous ReFis. Thank you very much!!!!
I let this account go dormant after years of being a good customer. Really, just forgot about it. The account was reduced by $50 for dormancy fees. I inquired about having these fees removed as I have never requested anything of this bank before. I was ABRUPTLY denied. They wouldn't even remove one month ($5.00) of the fees. They curtly referred me to their disclosure without a word of thank you for your business.
I am no longer a customer and will not recommend this bank.
Always easy to navigate the website
love the convenience. They offer a lot
of services. We recommend this with an a +
Applied for refinance to change the term or our loan and we could not have been happier with the customer service. They were prompt, professional and patient when it took longer than planned for us to get some of the needed information.
I would use them again and recommend to others
I've had a checking/savings account with first ib since 2001. This bank consists basically of one or two floors of an office building in indiana. All there products and services are priced well and very competitive. For basic banking needs (checking/savings/cd/atm) they are a fine bank to use (though as an internet bank they aren't going to be able help you with depositing cash of course). For mortgages, which i will focus more on, i've had quite a few problems with them. They have extraordinary loan rates because their loan officers are not commissioned (they are only a few other mortgage lenders out there who work that way).
However, they also really aren't loan officers as a result. Rather, the loan originators (who take your application) are simply sales middlemen, and the loan processor is merely a clerk. Neither have any decisionmaking authority. The underwriter, who you will never be allowed to speak to, is the one who makes all the decisions, unilaterally and indifferently to the situation. Unfortunately, i am not allowed enough space here to give a full account of my experience. Clearly, first ib's actual decisionmaking staff for mortgages is quite minimal (maybe 1 or 2 people? ), everyone else is simply clerical, and the bank in general appears quite inexperienced at approving and underwriting loans.
Expect communication issues, unnecessary delays, and bogus/nonsensical loan requirements. And when i recently called them back yesterday to refinance my loan, they could not help me because: (1) they have initiated a moratorium on condominium loans that is expected to last until the end of the year (say what? ), and (2) they will not underwrite a loan using ny cema even though the loan would still be still fully fannie mae warrantable (why the hell not? It is not even a "program" as their most experienced loan officer described it to me). Clearly, these folks are still in the early stages of learning this highly competitive business.
Very professional, experienced and helpful loan officer-Gary. Guided us thru several different options to the best rate for our individual situation. Rate was MUCH better than several other mortgage lenders. Very little nonsense.
Terrible. Their service used to be ok, which they absolutely needed since they don't have ANY branches which makes banking a huge hassle. I originally joined for the online banking. Now that every bank has a quality online presence First Internet Bank of Indiana has nothing worth while to offer.
You think this would make them focus on customer service, but that is not the case. They focus on gouging you with fees to make their money in lieu of keeping long term customers. I would not trust my money with them since I do not believe they will be in business in 2 years with the mass exodus of customers do to poor service. I will no longer be a customer as I was not treated like one.
Why I CAN'T live without them??? I could live to be 1000 and do VERY WELL without these charlatans. Honestly,if I didn't just HAVE to deal with these hucksters,I wouldn't. But I signed up to be an expediter with this text messaging Q&A service called ChaCha. They only have two ways to pay you. One is direct deposit once a month if you make $150 or more. The other is pay now,which you need to have an account with First Internet Bank of Indiana to do in order to get one of their debit cards. Well,like a fool,I elected to get paid when I needed it. So they had me download this application form and fill it out. And this is where I have a problem with them. The form said I had to copy it and make a copy of my social security card and fax or mail that in to them. I did. About a week later,they send me an e-mail saying there was some kind of problem. They had to get a credit report about me from Equifax because there was some kind of problem verifying the information I sent them. They told me to copy my birth certificate and send that to them. This seemed unusual to me,but I did,hoping it would get my card sent to me quicker. Nope. They went on to tell me they would hold my application for 30 days. Meanwhile,I'm earning money,but can't get access to it because they either can't or won't send me this blankety-blank-blankin' card. I don't see what the delay is. I've given them more information than I feel I should have to. This has been a learning experience for me,though. I'm not having anything to do with them after this. Don't waste your time with these...well,I can't use the word I want to,so I'll just say frauds. All you'll get for your trouble is headaches,agita,and the runaround. And nothing is worth that.
I started working with the bank on preapproval in April 2010, and found our home in July and closed in November. This being the third home I have ever purchased, and new mortgage requirements, especially on FHA, I expected to have a difficult time with this property.
1-Mark answered almost all of my emails during the 7 months it took to close...
2-He returned all of my calls.
3-The closing costs were EXACTLY, almost to the penny, of what he stated they would be. They were over only due to the fact that I did not use their choice service providers.
4-You always knew were you stood during underwriting. They advised you every step of the way.
5-Due to market conditions, I received a rebate of $8342 towards my closing costs. Had I gone with the other bank I was considering (which I was close to going with because I was skeptical of an online bank), I would never have received a rebate.
6-I was ready to close in about 30 days, though house was not ready and we even had to relock at one point. When the rate lock had dropped half of a point mid through my processing, they allowed me to go down to 4.25 from 4.75.
7-They did everything with me via email, so I could have back up for my records... I was unable to do that with my last home, and the loan sales person could never remeber anything we discussed...
I can not begin to explain how happy I was with their service. I never thought I would be writing an online review for something positive, but the service, rates and help I received from them was definitely worthy of my time.
We selected First Internet Bank based on a phenomenal rate quote. Everything went ok until the appraisal. FIB used an appraiser who clearly was told to low-ball the value. For example, we received "credit" for our finished basement of only $5.40/sf and only $20/sf for additional living space on our main floor. And we had to pay $395 for this completely bogus appraisal. Needless to say, we would not recommend FIB unless you know you have stellar credit and have enough equity in your home to support a very low appraised value.
I banked with this 'bank' for numerous years until I got tired of hand-holding them thru every month. I had every imaginable account and had some screw-up on at least one every month. It starts with the people who answer their phones. I wonder if they even work there, because they seem to never know what's going on. My favorite used to be this girl Dell. She would cough into the phone constantly and ask you to repeat what you had just said...which she would miss from the hacking...that you'd eventually get sick of dealing with her that you'd hang up. They are very helpful when it comes to making deposits, but very unwilling to release large sums of your money to you. I had an instance where I requested a $25K cashier's check and they deducted the amount twice. It took numerous phone calls over numerous weeks...listening to their apologies, excuses, and promises to correct...before it actually was. Of course, I never received interest on this missing money. Since they prove themselves to be shady, who knows what account that interest appeared on. This is just one example, on one account, multiplied by numerous years. Yes, they promise higher interest rates than a brick & mortar bank, but you will find this marginal difference isn't worth the extra work you have to put into monitoring your money. I moved my accounts to a different bank 4 years ago, and I haven't had to call that bank once. I think that says it all!
I have been with First IB for 10+ years and am extremely happy with them. They have changed over the years, some good, some bad, but overall a great bank. I just recently refinanced my mortgage with them and the process couldn't have gone any smoother. I highly recommend First IB.