Date Received: 2021-06-21
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Hi I purchased a home in XXXX of XXXX for {$290000.00} At the time my PMI payment was {$230.00} per month. The home value decreased under the purchase price, but I was able to refinance in XXXX under the HARP program to get a lower rate on the mortgage. This refinance was done with quicken loans. The PMI continued on at {$230.00} per month after the refinance. My reading of the XXXX provisions is that it required the the lender to at least preserve the original terms of the PMI agreement. essentially giving me the credit for all the PMI I have paid in over the prior years. PMI is an insurance contract to protect for the risk of default ... The Harp program required that original PMI contract be enact post refinancing. This was not done .... The original PMI agreement was not taken into account. The Loan was reset with a significantly lower XXXX .... I was not made fully aware of the XXXX evaluation at the time of the refinance and the Impacts that this would have on future PMI. What occurred under the HARP refinance program was unethical and blew up provisions of the Homeowners Protection Act, meant to safe gauge homeowners from excessive PMI. By drastically dropping the Original Purchase price from XXXX to XXXX, this violated sections of the Homeowners Protection Act meant to save homebuyers from excessive PMI. By starting these loans with a loan to value ration of 125 % this violated the homeowners protection act Automatic Cancellation provisions and created a situation where the the 80 % loan to original was only achieve through the collection a huge amount of excess PMI. I have continued to pay a very high rate of {$230.00} per month ... and am in my 165 month paying this ... with no end in site. approaching {$40000.00} in total payments. Allowing lenders to Reset the PMI automatic cancellation clock, and setting the XXXX at an artificially low amount, is a gross abuse to the homebuyer, and in conflict with the safeguards set up in the Homeowners Protection Act. All lenders holding such PMI policies for XXXX refinanced loans, should be asked to cancel the PMI immediately. The original Home refinance in XXXX was done through XXXX XXXX, I believe this where the mistake occurred ... I Have been on the phone with their top tier of support to review the issue. They were not feeling like a mistake was made. I need to understand what was intended in the XXXX program ... it mentions that the original terms of the PMI agreement were to be preserved .... I take this to mean that the lender should not have wound the XXXX clock back to 125 % they should have used the original purchase price. Otherwise the entire Harp program was a shell game to collect more PMI and make money off of unsuspecting people who found their homes XXXX in at temporary low point, that did not allow them to take advantage of the prevailing low rates. The loan is now in possession of Loan Care LLC .... I have described the situation to them also, but they are not willing to resolve it by adjusting the original purchase price to {$290000.00} and letting the automatic 78 % XXXX provision kick in. We should not have to incur the cost and headache to have the home appraised to eliminate PMI .... We should be afforded the same automatic cancellation provisions in Homeowners Protection Act. We should not have had our home re-assessed at a very low point to cause the the PMI automatic provision to extend way way beyond the original contract. The entire premise of the automatic cancellation provision of the homeowners protection act is to prevent the extending out of the PMI contract based on increased risk associated with the drop in FMV ... .. I feel like that protection has been bypassed in my case .... Given the huge financial impact this could have on the homeowner none of this was properly disclosed in the XXXX refinance process.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 23456
Submitted Via: Web
Date Sent: 2021-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-19
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: i have purchased a home mortgage loan in XX/XX/XXXX since then i have been recieving false mail and refiance a va loan..my house was sold to as brand new home but it was a brand new home..it was built in XXXX we went though XXXX XXXX and now i can not purchase anything since all this is affecting from moving forward i have been try to sell or do something to fix this problem. so many home insurance was taking out. my buisness has been stolen as well I opened a buisness in XXXX XXXX Texas XXXX XXXX it was turned into an LLC i have so many mortgages out with my social security and name. car loans medical insurance fruaud..ciams put in as car accidents
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 78130
Submitted Via: Web
Date Sent: 2021-06-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-18
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: Loan Care was horrible to work with. Loan Care hired XXXX XXXX XXXX to foreclose on my home at XXXX XXXX XXXX, XXXX, AZ XXXX. I had to contact the investor to save my home. Loan Care took 3 trial payments before paying off my loan but yet I didn't get a refund or do I know if it was applied toward the principal. The loan closed and paid off XX/XX/2021 but yet the loan did not get released until XX/XX/2021. Loan Care violated my rights ; I want a refund
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 85206
Submitted Via: Web
Date Sent: 2021-06-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-16
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: I am a victim of identity theft. The following accounts were opened without my knowledge, consent or authority. I have no idea how the theft took place, nor do I have knowledge of the suspects. I did not receive any money, goods, or services as a result of the identity theft.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 90278
Submitted Via: Web
Date Sent: 2021-06-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-16
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Loancare is reporting payments as late every month. They are reporting this to credit bureaus and this has trashed my credit score and made it impossible for me to even get a credit card. Their reported information is not acurate as all of my payments have been made on time and well within the grace period. The bills we receive every month still have the same language as my original contract which states that payments aren't late until after the XXXX day of each month. My wife talked to Loancare on the phone and this issue was fixed in XXXX but they told her at that time that it would probably happen the next month also. They basically told my wife at that time that they would report it as late even if they were paid on the due date because it hadn't been processed on their end at that time. Basically this has happened every month since then so I have been dealing with this issue for 7 months. I have filed multiple disputes and sent the records of all my payments from my bank that showed when they received each payment. Recently they have since gone back in and marked me as being late for the 3 months and don't even show my XXXX payment. They are not applying my payments on time and then they are saying that I am late. This is costing me a lot of time and now money as any rates I might qualify for are going to be terrible.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: OH
Zip: 45750
Submitted Via: Web
Date Sent: 2021-06-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I refinanced my Mortgage that was held by XXXX on XX/XX/2021. I was told by the company that I was refinancing with, I would receive the funds from my Escrow account with Loancare within 15 days. I received a check from Loancare dated XX/XX/2021 on XX/XX/2021. The check arrived in a plain envelope, taped close, and the check was mutilated. I called Loancare, and explained how the check arrived to me. I spoke to XXXX, she said she would send a note to disbursements to have another check mailed. On XX/XX/XXXX, I called back into Loancare, and asked to speak to a supervisor. The call was then transferred to someone identifying herself as a supervisor. I explained yet again what had happened, and that I was supposed to have already received another replacement check. She said that Loancare had 30 days to send me another check. I told her that was unacceptable, and asked to speak to her supervisor. Another lady answered the call, she identified herself as XXXXTeam Lead. She apologized, and said another check would be issued to me in 48 hours. I offered to XXXX the check back to Loancare if that would help. She said it was not necessary. Today is XX/XX/XXXX, and I have still not received the proceeds from my Escrow account with Loancare. I need help. They have my money, and I do not have the benefit of it. {$3000.00}.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32224
Submitted Via: Web
Date Sent: 2021-06-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: During Covid when I was laid off I went into a forbearance period. After I was back to work I filled out all the paper work to have my loan modified. They received it in XX/XX/2021. Then I needed to resubmit a paper. I did so and now nothing is updating on their site. I can't get through to talk to anyone. They never reply to any emails that have been sent. I have an extension to a loss mitigation representative for my account but there is no where to put the extension in when you call. They were supposed to take an autopsy and it has not been withdrawn. When I call they act like I have done something wrong and are extremely rude. I do not want to lose my home due to not being able to make a payment and have my modification taken care of. Horrible customer service at all avenues.
Company Response:
State: MI
Zip: 48858
Submitted Via: Web
Date Sent: 2021-06-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: 2020 XXXX applied for modification and was not given offer or agreement in writing. Told advocates assigned were not available and could not get offer in writing and no confirmation only trial payment not in writing of what trial payments were etc. told after trial payments would be offered same rate with 20years added to already 23 = 43 years at my rate which is higher then intrest rate of todays market. On agreed forbearance till XXXX, they then confused me needed agree to deferment for forbearance till XXXX. I XXXX now trying to straighten out to keep forbearance till XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94582
Submitted Via: Web
Date Sent: 2021-06-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Multiple issues with the company LOANCARE LLC. I started the COVID-19 forbearance in XX/XX/2021 ... yet monthly I receive statements from the services claiming I am behind in my payments which causes myself and my family unnecessary stress. They claim ease of online account for payments and documentation download however since my mortgage has been with them I have never once been able to use online despite resetting my password 20+ times over the years, forcing me to call in wait an obscenely long time to speak with anyone to get my issues resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 14616
Submitted Via: Web
Date Sent: 2021-06-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: To whom it may concern, We are writing to complain about issues with two loan companies and a title company and the destruction of our credit, as a direct result from their negligence, lack of communication and poor management of the refinance process. We had a residential loan with XXXX and chose to refinance through Newrez ( two companies under one parent company ) in XX/XX/2021. We signed the refinance paperwork with XXXX, the title company, on XX/XX/2021 with a disbursement date of XX/XX/2021. On XX/XX/2021 we received an email from Newrez stating that the loan had been funded, and on XX/XX/2021 we received an email from Newrez stating that our new loan account was ready to use. We logged in, set up our account and arranged for automatic payments to be made monthly, on the first of every month, starting XX/XX/2021, as per our refinance closing paperwork. On XX/XX/2021, we received a statement from XXXX that our prior loan XX/XX/2021 payment was delinquent, even though emails had stated that our prior loan had funded and our refinance paperwork stated we would not be making a payment on the new loan until XX/XX/2021. We spent close to 40 hours speaking to numerous individuals at XXXX, Newrez and XXXX, and learned that the original payoff balance was short {$3000.00} and the loan had not in fact been funded or closed. We were reassured that it would get " taken care of, '' and they were working to resolve the issue. We spoke to several XXXX representatives at the end of XXXX and beginning of XX/XX/2021, who stated that they were still waiting from XXXX on the correct payoff balance. We made our scheduled XX/XX/2021 payment on the new loan with Newrez. we again spoke to XXXX on XX/XX/XXXX, who told us that a new wire, with the correct payoff amount was sent to XXXX. we were sent confirmation of the wire, as well as a letter stating that the delay in the payoff was due to internal errors between XXXX, Newrez and XXXX and that we should not be reported to the credit bureau as being delinquent, as the delay was no fault of ours. As of XX/XX/2021 our online XXXX account dashboard stated that there is a {$0.00} balance, indicating that the prior loan had been paid and funded. On XX/XX/2021 we received a letter from XXXX stating that our home is now in pre-foreclosure. Furthermore, we were reported by XXXX to the credit bureaus as being delinquent on our loan payments and our credit has declined from XXXX to XXXX. We were in the process of purchasing a home ; however, we now do not qualify and are unable to secure financing as a result of the significant drop to our credit as a result of the miscommunication between the lenders and the title company. We would also like to note that we have owned several residential properties, as our primary residence, for the last 25 years, and never during that timeframe have we ever made a late payment. In fact, in all of our revolving accounts as well as household bills, we have never made a late payment, henceforth our near perfect credit of XXXX. We hope to have resolution to this matter in short order. Nevertheless, we are incredibly frustrated that after years of being responsible consumers, mistakes that were no fault of ours, were made that have significantly impacted our livelihood and purchasing power ; that has taken decades for us to acquire. We have attached several documents pertaining to this issue to bring this to a quick resolution. Thank you
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: 98021
Submitted Via: Web
Date Sent: 2021-08-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A