Severn Savings Bank FSB in Annapolis, MD

I very rarely write reviews for companies, in this case, this is the first review for a bank. I have purchased two homes before, and refinanced twice. I used Severn Bank for the purchase of a third home for investment purposes. I have never dealt with a more incompetent organization. I have excellent credit, the approval process should have been a breeze. I took off an entire day from my medical practice, setting aside for the settlement date. Settlement date was provided many weeks in advance, and despite this, no one at the bank followed through with their underwriting department until the last minute. Suddenly, it turns out a few days before settlement date, they finally realize nothing was done! In the last two days before closing, I end up running around like a gopher getting last minute documents, paperwork, and ofcourse the loan did not close on the settlement date. The seller for the house, who currently lives out of state, had made arrangements to fly in for the settlement date...which didn't ofcourse occur. How shameful, where I end up having to apologize to the seller for the incompetence of this bank. I wasted a whole day from my job, and then had to make arrangements to settle last minute on a busy clinic day of mine. This bank charged me nearly 2800 dollars in finance charges at closing (underwriting, random filler processing fees, and other fluff). I asked for a refund for these charges over their incompetence, or atleast a partial credit, which they didn't do. They are good at apologizing, but not taking responsibility for their incompetence and disorganization via concrete actions. In addition, they are very vague with their timelines. I decided to go with Severn Bank initially, because they are a local bank, yet after this experience I would recommend staying away from this bank unless you want to have a rollercoaster of an experience at the last minute.

I agree with other previously posted negative reviews: We were contacted by a loan counsellor who was our point of contact throughout the process. He promised a smooth process that should take 3-4 weeks. We submitted all of our documents as requested electronically. After a couple of weeks of asking for amplifying information of one kind or another it went to the underwriters. It was a good thing we planned on making our next mortgage payment, because the 3-4 weeks came and went. There was a period of 1-2 weeks where we just didn't hear anything. So after calling and getting a response, the underwriters wanted this or that (that we had already sent them). We literally resent documents electronically from the original transmission. That left us with the impression that documents were being misplaced or discarded in the process which is not very settling in this age of identity theft. Over two months later, it was finally done. When we inquired about making automatic electronic payments, we were told to wait until we got our mortgage package in the mail with all of the details for payments. That package never came. What did come was a package informing us that our loan had been sold. We did a good bit of research and decided against a few companies due to their reviews and information from friends going through either a purchase or re-finance. If we knew that our mortgage was going to be sold to another company, we would have just started with one of those companies who were most likely better equipped to handle an electronic mortgage package. Either way this was not the experience that our loan counsellor described during his sales pitch. In that package we were told to make our first payment to Severn and all subsequent payments to the new institution. That check was never cashed. Heck, there is no record that it was ever received. Even if it was received, it should not have been made to them despite their correspondence to the contrary. So now we are going to have to stop payment on that check and re-issue the payment to the new institution before we incur a late fee on our very first payment. I recommend not using Severn Savings Bank for your mortgage needs if you are looking for professional organization with strong communication skills. Ultimately we are happy with our new payment, but this was painful and very stressful process that could have been made easier by a company that didn't make it feel like this was the first time they had ever processed a mortgage application electronically.

This company is rude. I have to call multiple times to get the right fax number and then in the lady says I have had multiple phone calls after yours when I called not even 10 minutes ago. Then in the middle of me speaking she says ok bye bye and proceeds to hang up!!! RUDE!!!! Her name was Julie!!

took 23 million in bailout money, YOU STILL OWE THE AMERICAN PUBLIC 19.6 million US, LUCKY WE DONT CHARGE INTREST!!! PAY US WHAT YOU OWE US!

I wish I had read the reviews before using Severen Bank for a refinance. By far the worst banking experience I've ever had. Four months after the promised 45 day closing I had lost my patience and ended the relationship. Any negative review on this site is absolutely true I would be just repeating The sweet talking lured me in but in the end it was just pure bulkshit, needing documents at the last second , rearranging our lives for the closing only to have it cancelled on us. Even after signing all the final documents they wanted more info and changing the closing conditions. Every time they put a end all date on required info for them it is conveniently not necessary to accommodate their short comings. I am so pissed off at this company. In the end they just cost me slot of money and nothing go accomplished. Boycott this company please.