Date Received: 2016-12-13
Issue: Application, originator, mortgage broker
Subissue:
Consumer Complaint: In XX/XX/2016, I received a solicitation from Freedom Mortgage to refinance my existing loan where my interest rate would be lowered, along with my monthly payment, through the VA Streamline Refinance Program. My new loan would have the same remaining term as the current loan. With the Streamline program, " there are no closing costs and no appraisal is required. '' On the reverse of the solicitation it states : " We will transfer your escrow account balance from your current loan to your new loan. If your current escrow account is insufficient due to changes in taxes or insurance, we may require additional money when you close on your new loan. '' I wanted to refinance and I completed the required application. My loan officer was XXXX. We closed on the loan on XX/XX/2016. The attorney who closed the loan did not have copies for us and I did not receive copies of any document my wife and I signed until approximately three weeks after the closing. At the time I closed on the loan, my escrow balance in my old loan with them was {$3000.00}. I have documentation to support the amount that was in escrow. After I finally received copies of the loan closing papers and when I received my XX/XX/2016 mortgage statement from Freedom Mortgage, I realized a serious error had been made. Freedom Mortgage only transferred {$1000.00} from my escrow account to the new loan. I did not know where the difference, {$1700.00} went and I immediately called the customer service center on XX/XX/2016 to find out why only {$1000.00} was transferred and not {$3000.00}. I was told to contact my loan officer. I called and left him a voice mail and I also sent him an e-mail outlining my complaint, looking for an explanation of why the difference in the amount transferred between the old account and the new account. I telephoned the loan officer on XX/XX/2016 and spoke to XXXX and was told someone from the " recovery department '' would be contacting me. On XX/XX/2016 I was contacted by XXXX and I had to prove to him that I had wind and hail insurance coverage. Freedom Mortgage overlooked an existing insurance policy that I had on my home and did not factor it in when they were doing the workup on the refinance. They only considered the homeowner 's policy. XXXX transferred my complaint to XXXX I have had several phone conversations, written a number of e-mails, and I have not been given an explanation as to where my escrow money went. On XX/XX/2016 I received a telephone call from a Freedom Mortgage customer service representative to advise me of an escrow shortgage and that my payment was going to go up. I told them I knew about it because when I refinanced my loan, a good portion of the escrow money was not transferred. He put me on hold and came back on the line and said that the escrow money that was not transferred was used to payoff my old loan and that I had signed a paper at closing agreeing to it. I told him I signed no such document. I also informed him I had written to XXXX. Middleman, CEO of Freedom Mortgage, outlining my complaint and asking for a review of my complaint. I wrote to Mr XXXX Middleman on XX/XX/2016 and have not had a response or acknowledgement of my complaint.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 29576
Submitted Via: Web
Date Sent: 2016-12-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-12
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Hello. I recently contacted my mortgage company - Freedom Mortgage - regarding requesting removal of PMI from my mortgage. In the letter XXXX SEE ATTACHMENT ), I advised that my current outstanding principal on my loan is {$210000.00} ( As of XX/XX/XXXX, the loan balance is : {$210000.00} ) ( SEE ATTACHMENT ), and that the 2016 value of my residence, as determined by XXXX office, and that which I pay taxes on, is {$270000.00} ( SEE ATTACHMENT ). I provided the attachments as proof. I showed that {$270000.00} x 80 % = {$220000.00}, and therefore I had over XXXX % equity in my home, based upon the loan to value ratio of the home. {$220000.00} ( 80 % ) & gt ; {$210000.00} XXXX Amount owed on my mortgage ). The figure was based fully upon assessor appraisals and includes XXXX done to the home. I received a letter ( SEE ATTACHMENT ) back from Freedom Mortgage that advised that if the home loan was between XXXX and XXXX years, which mine is, I had to have a Loan-to-Current-Value ratio of 75 %. I am not a high risk lender, and I have never missed or been late on a payment on my mortgage. I even pay early and every XXXX weeks. I am also just over 3 years into my current mortgage. I do n't know why they are telling me I need XXXX % home to value ratio, when everything says I can request cancellation at XXXX %? I feel as if I am being taken advantage of by Freedom Mortgage. In addition, Freedom Mortgage indicated they only accept appraisals from one vendor - XXXX. I do n't understand how the mortgage company 's XXXX vendor can be unbiased when conducting an appraisal? Thank you for your time.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IA
Zip: 50023
Submitted Via: Web
Date Sent: 2016-12-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-12-04
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Freedom Mortgage sent me a check for an escrow overage of ~ {$400.00} in XXXX. In XXXX, they told me my escrow account was short {$190.00} and I had to send them that immediately, but my payment would also be increasing to cover larger escrow in the future. Why did n't they calculate future escrow at the time of the refund, keep the money and keep my payment the same?
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20902
Submitted Via: Web
Date Sent: 2016-12-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-02
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Our loan had been transferred to Freedom Mortgage, we were on a biweekly payment plan as we wanted to payoff the loan faster. We ended up moving from XXXX Texas to XXXX and sold the home. During closing a payoff amount was requested and we contacted them to notify that the loan would close on XX/XX/XXXX and the payment for XX/XX/XXXX would be included in the payoff amount. A represenative told us this was normal practice and so we went on to close the loan on the XX/XX/XXXX. Once the loan was closed and paid in full, we began looking for a new home in our new XXXX of XXXX. Come to find out our credit had been dinged badly due to Freedom Mortgage saying we had missed XXXX payments!!! WHAT?? I immediately got on the phone to find out what was going on. After countless phone calls and talking to representatives and waiting for supervisor call backs ... .still they can not put me through to anyone who has the authority to look into the matter and realize that NO payments were missed and the loan is closed and paid in Full!! This has prevented us from looking for and applying for a new mortgage. This is by far the worst handling of a situation where a client who has always been in good standing and has completely paid their loan in full, is being completely discredited by a mistake from their company!! It completely disrupts peoples lives!!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80021
Submitted Via: Web
Date Sent: 2016-12-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-02
Issue: Settlement process and costs
Subissue:
Consumer Complaint: I was approached by Freedom Mortgage company via mail regarding a Streamline VA IRRRL. From the beginning ( loan application ) the loan officer put the wrong property values in the loan application. They fudged the numbers in order to make it appear as if the new loan would save me money. I am not XXXX consumer and I know that .5 % is not going to save me a significant amount on my monthly payment. The disclosure said " existing loan '' and those numbers do not reflect my current payment even after I give them my specific loan amounts. I rejected the loan application and told them that once they applied the exact numbers I provided them I would sign the application and we could move forward. The loan associate made the adjustments and we moved forward. I assumed that this was human error and that we could move past this and get on with the process. I specifically told the loan associate that I wanted the principal balance of the loan to remain the same. That I would pay all prepays and escrow at time of closing. I was very specific about this. Flash forward 30 days. Delay, delay, delay. That is what they did. Error after error on closing disclosures, double charging prepays and escrow amounts. Submitting then resubmitting so many erroneous documents that it was confusing to determine which was the last incorrect disclosure. Promising time and time again that they would take care of it then not respond. they pushed out the closing date again and again. Then pretended that each error was in-fact an error and not intentional. This is the name of the game with this particular company ( Freedom Mortgage ). Their claim, a no cost VA refi., yet they manage to fudge the numbers and some how the principal on the loan grows by {$2000.00} to {$3000.00}. The pay off shows how much is required for escrow and interest. I know because I viewed the pay off statement. I also know when my taxes are due and I know how much I have in escrow. This company creates confusion and I think that they are hoping that the customer will just give in and say fine lets just close this loan. It 's a tactic. Confuse consumer with the documents and the figures, tell the customer that is just how home loans work. In the mean time make the numbers are so ambiguous that it appears that the customer is saving money. It is all smoke and mirrors with Freedom Mortgage.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OR
Zip: 97838
Submitted Via: Web
Date Sent: 2016-12-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-02
Issue: Credit decision / Underwriting
Subissue:
Consumer Complaint: I have been trying to get a " stringline '' mortgage done with XXXX since XX/XX/XXXX of this year. I have finally ended my relationship with them due to concerns over private information sharing and their practices are concerning.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IA
Zip: 50310
Submitted Via: Web
Date Sent: 2016-12-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-01
Issue: Credit decision / Underwriting
Subissue:
Consumer Complaint: XX/XX/2016 I purchased my home and my loan was sold and serviced by Freedom Mortgage. The mortgage was an FHA loan. In XX/XX/XXXX I received an offer from Freedom Mortgage for the FHA Streamline refinance program and I applied in order to reduce my rate. Initially, the closing was going to occur in XX/XX/XXXX until I was notified the program requires 6 months of on time payments. Given my mortgage was new the 6th payment would not be made until XX/XX/XXXX. I remained in communication with the loan processor XXXX XXXX, who told me everything was fine and once the XX/XX/XXXX payment posted we 'd move to closing. My payments are setup to pull automatically every month on XX/XX/XXXX and have been since the loan 's inception. My Bank account can show this. On XX/XX/XXXX I followed up with XXXX to notify her the payment had been pulled. Around XX/XX/XXXX my wife, who is a co-signer, received a Credit Denial letter. I myself have not received a decline letter. The reason for the denial of credit was due to a late mortgage payment. This is inaccurate and they should know better since they can see my loan payments are pulled by their system every month automatically. When I inquired about this the processor pointed to the loan officer, then loan officer pointed to the processor, and then the processor pointed to the underwriters. Nobody was willing to admit a mistake was made and to correct it. Finally I got a manager 's information from XXXX, her name was XXXX. She too was of no help and would not recognize their mistake. This is unacceptable practice. The denial reason is bogus and easily corrected if they would simply check their system and confirm the loan payments are automatically drawn each month. I called their customer service to confirm we were current, and they concurred. Clearly a disconnect between their departments and information between the two. What is even more upsetting is the rate lock has expired now and with the rising interest rates over the past few weeks I will not get the rate which was originally locked at 3.75 % even if they were to reopen the application. This rate reduction would have saved me over {$25000.00} in interest and I intended to keep my payments the same at which I pay today. This would have eliminated close to 4 years off my mortgage.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92020
Submitted Via: Web
Date Sent: 2016-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-12-01
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Mortgage Issues I XXXX XXXX purchased a home on XXXX XXXX, XXXX through XXXX. Conventional loan with 5 % down XXXX credit score and PMI we were told was {$150.00} then the day of closing it was changed to XXXX a month. Within 2 months XXXX sold the loan to XXXX. XXXX serviced the loan until Approximately XXXX XXXX when it was again sold/transferred to XXXX ( XXXX XXXX XXXX, SD XXXX ) XXXX. In XXXX XXXX, XXXX we were sent a statement that our projected escrow was in the negative ( unclear as to how that was I called in and never got a clear answer just stated that the property taxes went up and they would research it. XXXX XXXX the loan is again sold/transfers to Freedom Mortgage Corp XXXX XXXX NJ XXXX NMLS XXXX. I was enrolled in autopay with XXXX, and payed on the XXXX of the month online with Freedom, never missing or any late payments. I called in to inquire about the welcome letter with incorrect name spelling on it as XXXX XXXX not XXXX, and the customer service rep was rude and stated they would n't fix the error without putting what I requested in writing. I stated but I did n't obtain a Loan through you it was transferred and was there anything incorrect that needed to be looked into since the name was spelled wrong. Again I was told I had to put anything in writing I wanted to ask. At this point I get online to set up an account and am very concerned as the website looks like a XXXX year old set it up, is not user friendly, and has no real accessible information. Very concerned at the point I start a Refi through XXXX ( they are months out for closing ). I called numerous times to speak to escrow Dept asking about an analysis from day one, to make sure they have correct insurance information ( XXXX ) and to verify the XXXX XXXX Colorado Tax ID number because I feel something is n't right. I am met with continued hostility and customer service reps that have no information, do n't understand what I am saying or ca n't help me. I am repeatedly told everything is correct. I requested 2-3 times for an escrow analysis and payment history, tax ID and a research team to investigate if somehow something is wrong ( I never receive a thing and each time I call back there are no notes in the computer and so I have to tell a new person the same discussion over and over. Starting with a XXXX XXXX payment I am now required to pay an additional XXXX a month to catch up the negative escrow that no one can tell me why. It is now XXXX XXXX I receive a annual escrow account disclosure statement from XXXX ( whom no longer services the loan ) that they payed XXXX for XXXX XXXX house taxes in XXXX XXXX. I say hmm that 's wrong I pull out the tax paperwork I have an sure enough it 's XXXX a year. I call again to Freedom put in another ticket to investigate what is going on. No response. The end of XXXX XXXX credit union needs a payoff statement for end of XXXX, XXXX loan representatives call Freedom for a request to give a payoff statement and are told no.. I and my wife call in and they state they will send it.. three weeks later XXXX XXXX never receive it and XXXX needs it.. call Freedom Mortgage again very frustrated speak to a XXXXXXXXXXXX and stated we had enough of this ca n't she please send the payoff statement in an email.. I am charged {$30.00} to place the payoff statement in a secure online box on Freedoms website that I ca n't access. After two hours on the phone the lady assists my wife with opening the statement and forwarding the payoff quote to XXXX. Wanting to make sure everything was good for the refi. On XXXX XXXX I call the insurance it 's fine. I call XXXX XXXX Colorado XXXX to verify the tax amount, and guess what there is a Lien against my home. I say XXXX no way give them all the info
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 809XX
Submitted Via: Web
Date Sent: 2016-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-12-01
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: My mortgage was transferred form XXXX XXXX XXXX XXXX to Freedom mortgage. I was not notified that I would be required to change my account/ loan number for online bill pay. I continued to make my mortgage payments via my bank bill pay until I received a letter from Freedom Mortgage stating I had missed XXXX XXXX payment. I confirmed that the payment was processed with my bank and the payment for XXXX 2016. My bank stated the payment had been sent to my previous mortgage company. Freedom Mortgage assessed late fees and turned the delinquency over to collections hurting my credit.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OH
Zip: 43016
Submitted Via: Web
Date Sent: 2016-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-11-30
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: I initiated this account for short sale on XX/XX/2016 by submitting lender package, offer and all required financial docs good through 90 days. On XX/XX/2016 we spoke to Freedom Mortgage and they confirmed that our package was received and a processor was assigned for review and all documents has been received but as per FHA guideline this loan must be reviewed for a Home Retention option first and it might take up to 30 days for the review to be completed. FHA Loan modification denial letter was sent to me dated XX/XX/2016 due to " Insufficient Income-Ability to Repay. '' Since the loan modification process was denied, we then called Freedom Mortgage on XX/XX/XXXX, to request them to order an Interior Appraisal as there was no interior value for this property. After document review was completed, on XX/XX/2016 I have received an email from their XXXX XXXX stating appraisal has been ordered. I received a call from an appraiser for access on XX/XX/2016 and access was provided on XX/XX/2016 and the value was good through XXXX/XXXX/2016 the appraisal was completed successfully. After several requests, we finally received a copy of the appraisal on XX/XX/2016. Then the value came back very high and freedom mortgage advised to dispute the value. The valuation dispute was submitted XX/XX/2016. On XX/XX/2016 the freedom mortgage XXXX XXXX sent an email stating Loan has been reviewed and determined sufficient value based on current as-is appraisal & AVM. Dispute the offer and supporting documents, the value dispute was denied out and the lender closed short sale process completely without a chance for the buyer to counter. On XXXX/XXXX/2016 we reinitiated the file again for short sale by submitting fresh package with all updated financial good through 90 days, offer and lender package. Then I was advised by the servicer that FHA extended the value expiration and it expires in 6 months which is XX/XX/2016. So, I was advised by freedom mortgage that they will order a new appraisal once the current value expires. When we called in freedom mortgage on XX/XX/2016 to get an update on the short sale review and the status of appraisal order they are advising me that the file needs to go through Home Retention Water fall process again whereas it has not even been 7 months since it got denied for Home Retention option on XX/XX/2016. In regards to the appraisal order they are advising me that they do not know when it will be ordered and they are not giving me any clear update on the file. When requesting to speak with management, I was also denied. Freedom Mortgage representatives are even advising me to call FHA for any updates on this file whereas they are servicing this loan.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11434
Submitted Via: Web
Date Sent: 2016-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No