Date Received: 2020-01-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XX/XX/2019 I requested the cancellation of PMI on my mortgage with my lender LoanCare LLC., a sub-servicer of XXXX XXXX XXXX XXXX XXXX This request for PMI cancellation was due to two factors : 1 ) local market appreciation in Colorado 2 ) substantive and/or structural improvements made to the property. As part of this request, LoanCare had me pay-in-advance for a Broker 's Private Opinion ( BPO ) to assess the new value of the ( subject ) property. XX/XX/2019 XXXX XXXX of XXXX XXXX XXXX XXXX conducted the BPO. XX/XX/2019 I received a copy of the BPO that was used by LoanCare to determine whether the value of the property warranted PMI cancellation ( loan to value ratio of 80 % or less ). -See attached Document # 2- In the document, XXXX XXXX singled out two comparable properties ( comps ) that were most similar to my ( subject ) property and adjusted the value of my property based upon these market numbers. With the adjustments made using these comps ( CS1 and LC3 ) the averaged value of my property was {$510000.00}. With adjustments made with reference to all six of the comps, including those XXXX XXXX deemed less similar, the averaged value of my property was {$500000.00}. At the time that the BPO was conducted, an LTV of 80 % or less would have equaled a current property value of {$490000.00}. Despite his own adjusted values for current market comps equaling a minimum of $ XXXX and more accurately a value of $ XXXX for my property, XXXX XXXX listed an " Opinion of Price '' as {$480000.00}. A number that seemed arbitrary and exactly {$10000.00} less than that needed to achieve an LTV of 80 %. This notwithstanding the value of improvements to my property post-closing that XXXX XXXX estimated to be valued at {$22000.00}. XX/XX/2019 I received LoanCare 's letter rejecting the request to cancel the PMI on my mortgage. In the letter, LoanCare neither referenced any data such as my current property value or LTV ratio to justify this decision nor did they discuss how this decision was reached. They only offered that I may, at my expense and at a cost of {$910.00}, hire an appraisal of the property. -See attached Document # 1- At this point, given the capricious and fortuitous ( for LoanCare ) value arrived at by the BPO which contradicted local market comp data, I'm skeptical of the independence of the " third-party '' contractors that LoanCare hires to do their BPOs and appraisals.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80401
Submitted Via: Web
Date Sent: 2020-01-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: LoanCare erroneously paid a higher tax bill in the amount of {$4900.00} when the correct bill was {$3300.00}. After numerous contacts with the company, LoanCare finally sent me an email stating that credit would be made to my escrow which still hasn't happened. Now escrow statement has been sent out with a higher escrow monthly payment due XX/XX/2020. I would really appreciate you looking into this and getting credit and escrow resolved ASAP. Also, your company 's customer service is horrible, but I'm sure you are aware of that from the internet reviews. Sincerely, XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-01-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-03
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Error Resolution Demand Letter XX/XX/XXXX LoanCare Attn : Mortgage Resolution XXXX. XXXX XXXX XXXX XXXX, VA XXXX XXXX XXXX XXXX XXXX. XXXX XXXX XXXX . XXXX, NC XXXX Re : Error Resolution Notice under 12 C.F.R. 1024.35 Mortgage Loan Number : XXXX I am writing to request correction of the error described below in regard to the mortgage and escrow on my property located at XXXX XXXX XXXX, XXXX, FL XXXX. I have made numerous requests to your company and talked to many customer service representatives and supervisors about the error that you company has created, but the issue has not been addressed. Your company paid an incorrect tax bill to XXXX County Tax Commissioner on XX/XX/XXXX. The amount paid was {$4900.00}, but the correct amount owed was {$3300.00}. Your company representatives stated that they would seek a refund and credit my escrow balance. I explained that based on my experience with your company, that I had no confidence that this would occur and that my escrow payment would be adjusted upwards. This is now what has occurred. I just received my new XXXX escrow statement and the taxes have been adjusted upward by {$110.00} beginning XX/XX/XXXX due to failure of your company to correct this error. Your company has misappropriated funds from my escrow account and I demand that this issue be resolved immediately. I will not pay a higher escrow amount due to your companys error. As I write this letter I have been on hold with your company for over 45 minutes. I cant tell you how many hours I have spent trying to get your company to resolve this error. Your company without a doubt has the worst customer service I have ever experienced. I request immediate attention to this matter. I can be reached at XXXX or by email at XXXX. Sincerely, XXXX XXXX XXXX XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-01-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-03
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Problem with personal statement of dispute
Consumer Complaint: I have some complaints to express concerning my mortgage lender, LoanCare , LLC. I have attempted to resolve the issue with the company directly, and received a response back, via US Postal Mail, stating that they are not going to change or reverse anything, on their end, in my favor. I have tons of evidence suggesting that they were in the wrong during a Repayment Plan process, that I was briefly in, and they are not trying to take any accountability for their faults. At this point, it seems as if they are neglecting to respond to me any further. I have reason to assume this, because recently, Ive been attempting to respond to their response and can not get anyone of the line that they provided me with. When I call the number and enter the extension for XXXX XXXX, it is prompting me that what Ive entered is not a valid entry. It is saying this to date, but about a week ago, the extension did work and I was able to leave a voicemail, in which I still havent received a call back from. When attempting to bypass the extension all-together and get someone on the line, so that they can transfer me directly, the automated machine states that the office is closed and apologizes for the inconvenience, even though I call during business hours. The issue that Ive not been able to resolve, is that I was instructed by multiple LoanCare representatives to skip my XXXX payment, in preparation for a Repayment Plan trial. In doing so, my credit score was terribly impacted, and not because of anything I did alone. When looking back at the payment history, which they sent to me, I began to be assessed for a late payment, starting XX/XX/XXXX. My XXXX payment AND my XXXX payment, went towards making up for this missed XXXX payment. This is what put me into a delinquent state. I was up-to-date on my account and never paid late, prior to this incident, meaning my account was in good standing and so was my payment history on my credit report. I never agreed to skip XXXX payment, knowing that they would report it to the credit bureaus and consider it late! I asked multiple times, and multiple people, would I be penalized for just skipping an entire months payment, and was instructed that I do not make, or have any payments due until XX/XX/XXXX. I called and verified this with more than one representative because I wanted to be sure that I was provided with correct information. After reassurance, I did not pay anything for the month of XXXX. I have provided a call-history from my XXXX XXXX XXXX account, with dates and times that I spoke with LoanCare. Please have them provide you all with the recorded calls so that you all can see, not only them instructing me that I had no payment due for XXXX, but also the inconsistency and misleading information Ive gotten through our entire history of communication. Ive had reps tell me that they do not know why I was provided with certain information by their colleagues, and that I was told something incorrect. Theyd then proceed to tell me completely different information in attempt to correct their colleague, as if, everyone works for a different company. There is no consistency. Ive provided proof that they assessed me for a late-fee starting on XX/XX/XXXX, which Ive attached. Also, Ive provided my initial letter written to the companys CEO and their response.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 28215
Submitted Via: Web
Date Sent: 2020-01-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-03
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have tried to resolve this through several emails and calls with the MyLoanCare, with varying support and guidance each time I connected with the company ( i.e. request an escrow analysis, open the tax line, provide certain documentation, etc. ). I work for a bank and often handle CFPB requests ( for a different product ) so I'm only writing this complaint as a last resort. When my taxes were paid in XX/XX/XXXX it was at the non-homestead rate, approximately {$8500.00}. That amount was correct, as we did not have the homestead exemption for that year. I am NOT contesting the tax payment that was made in XX/XX/XXXX. However, when we refinanced our home ( this loan was then sold to MyLoanCare for servicing ) in XX/XX/XXXX, we were then able to successfully file for homestead on this property. This exemption effectively reduces our tax bill to approximately {$4200.00}. I provided the required documentation to MyLoanCare including the homestead approval, deed to the house, and tax assessor assessment record. I have attached that documentation to this complaint. My remaining issues are : 1 ) The estimated tax disbursement is FINALLY reflecting the {$4200.00} payment. However, the corresponding escrow amount is still accruing to the {$8500.00} rate ( actually higher, see issue 2 below ). This is resulting in an over-accrual for the tax disbursement that will occur inXX/XX/XXXX. 2 ) When an escrow analysis was completed ( either per a request I filed or per usual company procedures ), it projected a shortfall of {$2.00} for the year. First, this analysis was done using the higher {$8500.00} rate. Second, the company has increased my payment by approximately $ 50/mo, or {$600.00} for the year, to cover this projected shortfall.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AL
Zip: 35216
Submitted Via: Web
Date Sent: 2020-01-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have requested NUMEROUS times to have my mortgage statement MAILED to me. I initially requested e-statements but decided later I wanted a paper statement. The loan company is XXXX AKA LoanCare. My loan was to XXXX and I guess XXXX went into bankruptcy and this new company bought their portfolio. Anyway - I want a paper statement.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AL
Zip: 35601
Submitted Via: Web
Date Sent: 2020-01-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-31
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: LoanCare acquired my loan in XXXX. They claim they didnt receive all paper work from the previous lender until around XXXX but during this time I was attempting to do a modification and had started the process with the original lender. It took them over 4 months to tell me they couldnt modify the loan. Of course during the modification period they dont want you to make payments because that suggests you dont need assistance. And that means it has hit my credit as late payments for 5 months. They informed that foreclosure proceedings had not started so I could pay the late payments if I intended to keep the home. This is a secondary home so I decided to sell it. I got an immediate cash offer on the home within a few days and we were scheduled to close on XXXX XXXX. I contacted them to let them know I had a contract on the property and the date of the closing so they wouldnt begin the foreclosure process since it would be paid off in 2 weeks. They said it had not started so they would note that Im selling on the XXXX. The title company and I both requested a payoff on XXXX XXXX. I had to call multiple times for it and was always told it was being processed and would be sent by the end of business. Fast forward to yesterday, the XXXX, and the title company still had not received the payoff. I contacted LoanCare and told them we were scheduled to close that morning in less than an hour and we had been given the runaround for this payoff for 10 days and still hadnt received it. They told me that my loan was sent to the foreclosure attorney on Saturday the XXXX and I would have to get the payoff from them! So basically they held up providing the payoff and rushed to gather the documents to send to the foreclosure attorney in an effort, Im sure, to collect more money by tacking on additional fees, interest, and the possibility of me losing the home so they can resell. Whatever the rational is, its unethical when I could have remedied the default on the entire loan yesterday and there would have been no reason to send to foreclosure. Now Im in limbo waiting for them to send the numbers to the attorney before I can close. I even spoke to them Saturday about the payoff, obviously while they were scheming to get my file sent to the attorney, and customer service said it had been processed and the title company would have it Monday morning. They are liars and unethical. I am looking into if they proceeded with my account properly or if any state laws were broken with the way they held up the sell of my home in an effort to get more money out of me.
Company Response:
State: GA
Zip: 30318
Submitted Via: Web
Date Sent: 2019-12-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-31
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XX/XX/XXXX my mortgage sold to LoanCare. XX/XX/XXXX my monthly payment increased from {$1300.00} to {$1700.00} because the RPT office didnt finish filing my homeowners exemption. LoanCare estimated my escrow and made payments using incorrect tax information. LoanCare says dont worry I can make my original payment of {$1300.00} until issue is resolved. XXXX at the RPT office immediately acknowledged their mistake and amended the filings. XX/XX/XXXX I provided LoanCare with the updated tax information and instructions to email XXXX a request for refund of overpayment. XX/XX/XXXX XXXX hasnt received the request, so I arranged a conference call with XXXX and XXXX ( LoanCare supervisor # XXXX ) They confirm email addresses and amended info, XXXX will send request and resolve within 14 days. XX/XX/XXXX XXXX says still no request. XX/XX/XXXX my payment of {$1300.00} is put into a suspense account rather than applied to my mortgage. Customer service says they will reverse and apply to mortgage within 3-5 days. XX/XX/XXXX I am still waiting for re-analysis of escrow. XXXX still waiting for refund of overpayment request. XXXX unavailable every time I call, and no response to messages. XX/XX/XXXX LoanCare hasnt moved my payment from suspense account, now it looks like I missed a payment. XXXX ( supervisor # XXXX ) says there isnt a way to reverse or move payment and requires that I make the additional payment of {$400.00} in order to keep my account in good standing. I make the payment over the phone and they promise to suspend late payment fees and credit reporting through XXXX. XXXX will escalate escrow analysis and resolve within 7-15 days. Also promises to email me records of our communications. XX/XX/XXXX no calls, no emails, no request to XXXX, no escrow analysis. After I leave 4 messages, XXXX says they are working on it. He promises to call on the XXXX and email documents. XX/XX/XXXX no calls, no emails, no escrow analysis. XX/XX/XXXX customer service cant help me. XXXX, XXXX and all supervisors available But someone will call me in 3-5 days. XX/XX/XXXX no calls, no emails, no escrow analysis. I make a full payment of {$1700.00} and speak with XXXX ( supervisor # XXXX ) She says escalation should have closed XX/XX/XXXX. she will email all the people involved and resolve issue. Also will extend the suspension of late payment fees and credit reporting. XX/XX/XXXX no progress. XXXX ( customer service ) emails team again. XXXX ( supervisor # XXXX ) guarantees resolution and a call back on XX/XX/XXXX. XX/XX/XXXX no calls, no emails, no escrow analysis. XX/XX/XXXX XXXX says escrow analysis is being done right now. Also says she forgot to put her appointment to call me on her calendar. XX/XX/XXXX escrow analysis has been done using the same incorrect tax information. My payment is still inflated. I need to start all over. Since XX/XX/XXXX I have called over 3 dozen times, spent more hours than I can count, on hold and/or explaining this issue to LoanCare. I have done everything I can to facilitate the resolution of this rather simple issue. I have continued to make very inflated mortgage payments. LoanCare has made promise after promise without follow through. I am at my wits end and fear that LoanCare is forcing me into default on my loan. I have read many accounts online of people who have experienced the same or similar problems with LoanCare and are still trying to resolve them years later. I can not afford to make the higher payments. What else can I do??
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: HI
Zip: 96720
Submitted Via: Web
Date Sent: 2019-12-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-31
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our homeowner 's insurance policy had not been paid by our mortgage lender, Loancare. I received a letter on XX/XX/XXXX from our insurance stating our policy had been expired on XX/XX/XXXX. I called Loancare on XX/XX/XXXX and was put on hold for a total of 50 minutes, bounced around to several representatives and finally spoke to someone that handles complaints. They stated they sent out a check but it would take about 10 business days to arrive. I told them that was unacceptable and I wanted to have my homeowners 's insurance in place that evening. They said they were going to send an overnight check to our homeowner 's insurance on XX/XX/XXXX - well today is XX/XX/XXXX ( 4 days later ) and the insurance company still didn't receive any payment from Loancare. I called the insurance at XXXX on XX/XX/XXXX - the end of the day, and they stated they never received anything. As of right now, I don't believe we have any homeowner 's insurance on our home. Loancare also stated we may get billed for them having to do an overnight payment. ( Which never even happened ). I even had to sign an eDoc on XX/XX/XXXX that was sent from our homeowners insurance stating we will not file any claims from XX/XX/XXXX until now. This is UNACCEPTABLE. I do not trust this company at all - they still did not pay our homeowners insurance - it expired on XX/XX/XXXX and today 's date is XX/XX/XXXX. No payment was received by our homeowners ' insurance yet. Loancare , LLC ( which also goes by XXXX XXXX XXXX XXXX ) is an irresponsible mortgage lender who has put us in jeopardy if anything were to happen to our home. We are not insured as this time because they failed to pay it! It is now 10 days late ( and counting ) still not insured.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 857XX
Submitted Via: Web
Date Sent: 2019-12-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My mortgage was sold from XXXX to Loancare XX/XX/19. Loancare processed my XX/XX/19 payment but has not posted my XXXX - XXXX payments. XXXX XXXX has sent twice proof of payment but Loancare has not responded. The XXXX has sent a complaint to them but with no response. From all the other complaints on the XXXX website, I think this company is involved in mass deception and fraud. I can not get through to anyone person who is handling the case. There are letters coming to me but no person, email or extension that I can contact. Is this another company who will be claiming bankrupcy with our money? please look into this
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 08053
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A