U.S. Bank exposed - HELOCs - Part 2 of 5

[dwrobbi]

Shut up dude! No one cares about your crap you loser!

[KaiserVadin]

Someone didn't update my settlements that said payments are going through basicly USBANK wanted me to stay in debt !!!

[jimenezjamz]

WHen something bad happens to you ... you retaliate with bullshit! some truth but mostly bullshit!

[jwerner79]

@jimenezjamz Please elaborate.

[karlniachip]

You are bitter. I believe they fired you because you deserved it. Out with the rubbish.

[jwerner79]

@karlniachip It is a fact that US Bank commits crimes and breaks the law. They themselves have admitted it. But it's not just USB though; it's the general system of FDIC-member banks.

[Ebenoozen]

@karlniachip US Bank can be quite sinister... Tiz true. And it goes way beyond check over-draft fees, and nickle-and-diming it's members, with this charge, and that charge. Their non-fiduciary practices are lacking of ethics, and rationale. They are the pit bulls of banks; All loving, and caring on minute, and vicious and heartless the next. I think I can probably safely say, that you do not have, nor ever had, any prolonged relationship with US Bank; As you would then be privy to it all

[Psychmepsychout]

This guy actually DID work for a community bank in ohio. US Bank has the largest community bank model of any in the top ten. Great company that builds amazing relationships with its employees, clients, customers and business partners.

[jwerner79]

@Psychmepsychout Correction: I worked on the Metro side at USB. And the Community side is much smaller than the Metro.

[Psychmepsychout]

This is bullshit... NO bank can take a house since home loans are NON RECOURSE loans you dumbass. In northeast ohio, your cocaine problem is widely known.

[jwerner79]

@Psychmepsychout Cocaine problem? Sick.

[AYCHMENG]

@Psychmepsychout Trolling Trolling Trolling , just say ur point and keep it movin no need to bash

[MadeByEduNotLaziness]

@Psychmepsychout Whose dumb? Home loans can be recourse loans in many states and if you don't pay the loan, the bank can take your home on any lien attached to the home.

[KaiserVadin]

jiggebells usbank sucks usbank stole all my easter eggs if you want to have fun think again usbank took all the fun away HEY ! jigglebells

[inspirediam]

Madoff was a distraction and chump change compared to the scam that the international banking industry has running.

[jwerner79]

@inspirediam Yeah, but the banks' destructiveness and corruption is bringing them down so much harder than Madoff despite Madoff's previous service with NASDAQ, which service is what really helped hit him harder.

[inspirediam]

@jwerner79 The only way to bring the beast to its knees is for the masses to pull their money out of these big banks and put it into their community banks.

[jwerner79]

@inspirediam Absolutely.

[leland1415]

Wouldn't a HELOC be considered a 2nd Mortgage? The bank could not come and "take your house"!!! They have a 2nd lien which means the Bank could not "come and take your house" unless you defaulted on the 1st Mortgage. Instead of focusing on the bad. Think of how many people are helped everyday by these HELOC's and the people that use the money responsibly. Do you also Blame McDonalds for Obesity in America? Don't Blame the cook, blame the Person that ordered the Triple Big Mac with extra cheese!.

[jwerner79]

Wait a minute; I absolultely support HELOCs. I am not against them.

If McDonald's was telling you that you were getting organic potatoes with no added sugar in the buns for hamburgers, yet they turn around and fill those burger buns with fructose and give you junk potatoes for french fries, then you'd have a good case against them, but they're not using fraud to sell their product because I know (I have eaten there).

I worked at USB: I know their fraud.

[austincali510]

@leland1415 AGREED!

[MadeByEduNotLaziness]

@leland1415 2nd liens can take your home. It has many options to do that through foreclosure. Be careful about giving false advice.

[con31791]

If someone doesn't understand that a home equity LOC isn't linked to a home (thereby if you don't pay it back, you can lose your home...) they are an idiot. The whole idea behind a secured loan (whatever the product) is that if you don't pay, you lose the collateral. And no, US Bank doesn't go after your home if you are late for one month's payment.

[jwerner79]

Here's the problem ...

It was not sold that wa and sold properly ...

and people for the most part understood it, but they did not entirely grasp the concept as I explained that if you are a few minutes late on one payment, then the Bank immediately sends the account to an attorney for judgment and possession

This is only one reason why the federal government needs to enforce the law and why a Consumer Protection Agency would actually be helpful.

[mrchocolate4eva]

@jwerner79 as long as u got the full credit for the value of ur house ur okay. its like selling ur house to the bank and then trying to buy it back. of course u don't pay u don't get it. isn't it a good thing to do especially at this time when u can't sell houses? get a HELOC and then just don't pay. lol.

[Mplay1983]

@con31791 - you're absolutely correct.

[spavlit]

I work for US Bank, and we don't use trans union. Plus, it was your responsibility to make sure the client understood the product; if they didn't grasp the concept, it's your fault buddy.

[jwerner79]

USB absolutely used TRU when I was there, but it is possible they changed, which is irrelevant anyway.

With regard to responsibility, you are wrong; the Bank is required not only by federal laws, but by specific state laws to be the responsible fiduciary in ensuring the customer (client) is aware of the contract.

Signed,

buddy

[spavlit]

come on guy... what do you mean the bank? were you not explained the products features and benefits? if yes, then you need to relay that information to the customer in the proper context.

if you don't, then you are responsible. you are the bank

[andysila1]

I stopped the video at 2 minutes. FRAUD is a wrongdoing in order to succeed in a financial gain. It all comes down to the customer. US Bank DOES NOT put the money into their checking account and say "SPEND IT OR ELSE...", the customer decided to use the money. With that comes financial responsibility. NO BANK takes possession of secured collateral after 1 month of late payment. If that was the case then 60% of HELOC users would be living under a bridge...

[jwerner79]

Funny you mention that because there were nearly one million foreclosure filing in 3Q09.

Banks are absolutely filing for missing one payment. They do not want payments because they can make more elsewhere.

Thanks,

Jason

[andysila1]

What about the people who lost their jobs? What about the people who maxed out their credit and decided not to pay 5 months in a row? Believe me.... A bank would know file a home to be REPOSSESSED (not foreclosed) after 1 late payment. Instead, they would charge a late payment and report it to the bureau.

[jwerner79]

Banks never repossess houses. They never owned the houses in the first place. They simply file legal documents to act on their legal rights to a property.

Thanks,

Jason

[jwerner79]

Thank you for the comment.

Jason

[pexxos1]

I think you were fired because you were preaching about the "Lord" to your hapless customers. Oh, and because you're stupid too.

[BellydancerErica]

I love you! Thanks for taking a stand for what is right. I just sued my bank and won!

[lilbitch878]

You're a dumbass. Obviously you weren't doing your job as good as you should have. People like you make US Bank look terrible. Its your fault for not making them understand. I am a banker and EVERY ONE of my HELOC customers thank me for the convenience of this great product. You are misleading them to think its a bad thing. Im glad you dont work for US anymore. Im sure your branch is glad you are gone and Id love to know which one it is, so I can call and ask them myself. Have a great evening.

[jwerner79]

Actually, I strongly support the product of HELOCs. I am merely against the way USB and many other banks manipulatively market HELOCs and other products.

As for the branch where I worked, I said in the first video that I worked in the seventh district, which should not be difficult to find (although some branches have closed). You might be able to find stats (we were number 1 in sales 3Q and 4Q04) through hogan if that program still exists.

Thanks,

Jason

[jwerner79]

"Did you not train your bankers to actually go over all the terms and conditions?"

Quite the contrary actually. In my region, the trainers seemed like they were actually trained to train all bankers to hide text and numbers, but candidly, it's like that at the majority of banks.

As for the branches where I worked, their production was among the highest in the district for sales and write-offs decreased substantially compared to others.

Thanks,

Jason

[salmandron]

OMG! I want to smack the moron that hired you. A HELOC can be used for anything! you can buy a car out right and pay a lower int. rate on your HELOC. Did you not train your bankers to actually go over all the terms and conditions? Don't blame a bank for your poor management skills.

[jwerner79]

Records prove that my first branch was in the middle of the pack out of 24 branches in sales when I started. It was at the top in four months.

The second branch where I worked was one of the worst in the district in sales and was number six in sales about a month and a half after me being there.

We used the successful BOB (Book of Business) unlike most other branches; I exuded a positive winning attitude to boost the morale of the branch; and we decreased fraud substantially.

Thank you.

[captkirk2010]

@jwerner79 Wow, 2 branches in 5 months service. you're like Superman! you must have gotten through 6 weeks of training in like what, 6 hours? then you were able to go out on you're BOB and open tons of checking accounts, BUSINESS lines of credit and Business installment loans at such a pace that you were inputting info using 2 computers and keyboards, at the same time!!!!! Six sales and the 2nd branch went from "worst to #6" you had to of run out of COKE, is that where the $1k went ????

[lumbiaknight87]

im guessing you're not doing any of your "old tricks" in your new endeavor?

[theunben]

If you did any of the things that you state you were told to do, then you are a bad banker. I have worked for the same company for 6 years and would NEVER get a loan signed without also having the customer sign the recision paperwork. In all of the training that I have been to and all of the advice that I've been given by my manager, his manager, and even our CEO, I have never been asked to do something that is unethical. I've always been told to do what is right for my customer. period.

[indocho03]

what about the 3 day recision period a customer is given Mr. Werner. If you were an 'Honest Banker' you would have given the loan docs along with the right to recind to your customers at the time you signed the loan, idiot....No wonder your not employed there anymore...

[jwerner79]

We clearly learned about the three-day (business days) period, but we somewhat hid it from customers. Look, the bank (just like most others) neglected fiduciary duty; it's that simple.

As for being an idiot; you are absolutely correct. The Englilsh word "sin" ultimately comes from the Hebrew root transliterated "idiotace," which means sin or sinner. Essentially, we're all sinners or idiots.

All my sin has been cleansed by Christ. How about you?

Thanks,

Jason

[indocho03]

but if the customer signs it, what other duty must be completed. If a person does not know what they are signing what does that make them?

Im glad you have been saved.

[jwerner79]

If the customer says they no longer want the deal - within those three business days - then the deal is off, but I never saw that happen, and even then rarely heard of that.

If the customer still keeps the deal, then it is what it is. One thing was clearly represented to the customer and another thing was the end result. Who's fault is that? Hence, we're seeing the feds trying to act like they're modifying left and right when in reality: they're trying to cover up fraud.

Thanks,

Jason

[lilprincessdiana]

I completely agree. As an employee for the same company that Mr. Werner previously worked for, I can assume all of you with out a shadow of a doubt that each and every customer that comes into my branch and applies for any home equity product does indeed recieve the right to recind IN WRITING! It is agaisnt the law to not do so!

[xi0679]

Mr. Werner your so right in regards to customer getting sucked into "Home Equity Lines of Credit"!  How can you expect a customer to realize this would be secured by your "Home's Equity"!!! If only customers would get the option to review the loan documents and mortgage documents after signing them before they are held accountable! Wait I think they are given 3 business days to review the documents and back out at no liability. What is your moronic comment about this fact?

[jwerner79]

...

at the meetings, M often pressured us managers to push these HELOCs in whimsical ways. For example, M said we need to open customers' eyes to computer loans, boat loans, vacation loans, etc. and M clearly wanted us to deceive borrowers into getting that collateral on the house in the HELOC, but again, I believe it came f rom the top even through M. Look, we don't need to do what someone tells us to do if we don't think it's right. But pressure was put on managers ...

[jwerner79]

...

and you know those eraser boards with markers that we have? Just go to an in-store branch right now and see it for yourself. North Olmsted's Water Tower had it up there as of last night at 5pm (I was shopping at the bird, Giant Eagle, last night). And I've even seen Huntington play this same game.

But you won't see places like Third Federal, AmTrust, or First Merit do this kind of business at the branch level for certain.

[jwerner79]

Two great examples:

The initial training classes in Broadview Heights are designed in such a way that new tellers, bankers, and managers are trained to only know what they need to know, treated like parrots. We are allegedly given so much freedom to sell these things pretty much however we want, especially with NO in-house regulation. For example, Third Federal Savings and AmTrust do a good job of quality control ...

[jwerner79]

Actually, the classes were taught to us in such a way that we'd be able to deceive borrowers. As for the DMs and RMs, they manipulated the sales even more in future training of products.

[baggy2377]

Dude get a clue the only way to deceive someone is to lie to them. Did you say ooh ignore the lean on your property this is a vacation loan? You are trying to put down the only solid, stable bank in the country at this time.

[lilprincessdiana]

How so?? Give me one example of this "so-called" manipulative process?? How deceiving is the title HOME EQUITY?? Being from the same exact region you were from and going through the same classes, I never once heard the trainers even hint at ways in which we would decieve the borrowers. As Baggy stated, we are the only solid bank left, that obviously stands for something.

[jwerner79]

... so these things are being pounded out by the reps at the branches to increase loan amount for the branches, especially in Strongsville (they were doing easily more than a quarter million a month in HELOCs alone). I partied with co-workers at that branch at various places while hearing their stories of how they ripped off customer x, customer y, and led on customer z. And on our conference calls with DM, lo and behold, they had the numbers and shared the truth ...

[jwerner79]

... the top (Jerry Grundhofer, Richard Davis, et al) know what they want S and D (using first letters of first names of trainers) to teach us in Broadview Heights at the training room, so they parrot to us what is coming from the top.

Secondly, I remember meetings with M and D (using first letter of first name) at the office above branch at corner of W. 25 and Broadview in Cleveland and of course Banker Bowl. Just look at your Banker Bowl sheets ...

[lilprincessdiana]

You are an idiot! Obviously, you didn't know the product you were selling. We go through the banker classes for a reason, to learn our products. If the customers didn't understand what they were getting into, then that was your fault as a banker/manager for not explaining what it was up front, NOT U.S. Bank's fault. HOME EQUITY, it's in the title... how could you even compare that to a credit card?! My question is who in the hell hired you as a branch manager?!?!

[jwerner79]

You are absolutely correct.

Here's enlies the problem; with HELOCs, borrower signs right there on the spot with banker rather than a third-party notary. That third-party notary ALWAYS gives the docs to borrower to review with the piece of paper to rescind.

That is not the case in the branch for HELOCs. We NEVER gave borrower the paper to rescind although it was verbally stated. If borrower wanted to rescind, it would need to be verbal.

Thank you for the great question.