I signed up for the 1. 25% rate, but i know this too shall pass eventually. My only problem with them is that they do not allow mint. Com connections. Bummer! For the amount i've deposited so far the yield is only going to be a matter of single-digit dollars so i opened an american express personal savings account until they decide to cooperate with mint. Sorry, but the convenience of seeing all my accounts in one place overrides my intention to save a few cents/dollars. Since rates vary i'm not going to make a huge effort to rate chace a savings account. Once tiaa decides to cooperate i'll probalby move my funds back.
We are in the middle of a horrendous mortgage experience that brought us up to the wire of one day before closing, only to be rejected at the 11th hour. We have been jumping through hoops for weeks to provide all document ion. the mortgage consultant even called our real estate agent for a rental property we own in New Jersey to verify why we have to both tenant and landlord names on the security deposit bank account and that our tenant is not really a family member. They would not believe that its actually the law in NJ. We have great credit scores (791 and 747) and have 20% down etc. Got preliminary approval and moved ahead with the process only to be told one day before closing that the rental income from our house in NJ won't count as income because we haven't rented it out for at least two years. Huh??? They couldn't tell us that at the beginning of the process? They even made us get an appraisal on the rental home-cost over $600 ! Really? I own that home already! So now we have paid for an appraisal on the house we want to buy and the house we already own that's rented. Total cost $1300. We stand to lose close to $10,000 now on the house we are trying to buy in NC. One day before closing it all falls apart because TIAA Direct is irresponsible and unprofessional. I only went with them because I have a retirement account with TIAA Cref. I am planning on initiating a lawsuit to recover damages but this has been an awful experience. The worst ever. Stay away from TIAA Direct. They are simply awful.
TIAA Direct Responded to My Post
Last week we were denied a mortgage one day before our scheduled closing. In frustration, I posted a negative review on mybanktracker.com. I am happy to report that I got calls from top management and the decision about the mortgage was reversed. We closed on our house within the week. I respect the fact that this company cared enough to do the right thing, however their business practice put us through a roller coaster of emotion.
Well I had a pre-approval from another bank but I had a real estate agent say something to me about the company which made we think I should get a second option. I have a retirement acount with TIAA CREF so called.
I called up and told them every detail of my financial situation and was pre-approved within a few days. Great! I decided to go with them because the woman on the phone seemed nice and helpful. Also since I had a retirement account with them I figured they would be a good partner in this.
Every communication from them was positive. I asked if she needed anything else and she told me all she needed was a signed P&S so I went forward and got a home inspection costing $600 and a Lawyer to look over the P&S costing $900 and made deposits of 11,000 with the offer and P&S. I was excited. I told my daughters. They are excited. I send my P&S to the rep at TIAA Direct and ask if she needs anything else. She says not yet.
The next morning I receive an email asking how much I had available to put down. Bear in mind this is information I already submitted. I tell her then make a correction letting her know that sum minus the inspector fee. I get this reply:
"Hahahaha. I am going to be honest. They are giving me pushback. I don’t know if we should wait to hear from them or if I should tell you to go somewhere else. That is NOT what I want to do, but they aren’t making it sound 100% a go. I am still waiting to hear but they took forever to get to us yesterday and by the time they did it was 7pm and I was long gone. Pain in the rear. Im really sorry.
I just wanted to put it out there. "
Now she keeps saying she can't get in touch with the loan people and does not want me to lose time. I feel this was poorly handled by the company and would like and explanation. I know the company monitors this. I am working hard now to get another loan but feel left high and dry by TIAA Direct. Unprofessional
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