Date Received: 2019-09-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our home loan was sold to LoanCare, and back at the end of XXXX, we were informed that this would be happening. We were going to be taking vacation in XXXX, so I called to try to set up auto-pay. Our info wasn't in the system yet, but the person I spoke told me that it wouldn't be a problem and we'd be able to figure it out later. At the beginning of XXXX we received a note that our loan was finally in the purview of LoanCare. By the XXXX of XXXX we began getting foreclosure notices. Unbelievable. This is how they run their business? How many of your loans go into foreclosure this way LoanCare? How much money do they make this way? How many people are on the street because of their predatory ways? We've been able to resolve this issue with them, however I'm reporting because they should be investigated. If this is a pattern, then many people are suffering because of LoanCare.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-09-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Our mortgage servicing rights were transferred from XXXX ( in bankruptcy ) to LoanCare , LLC in XXXX / XXXX of XXXX. After the conversion, LoanCare misapplied XXXX payment and we ended up being past due. Neither my wife nor I realize that we were past due until a credit reporting service sent us a notification of new derogatory information on my SSN. LoanCare corrected the payment misapplication but did not correct the credit bureau report. We are in the process of applying for a refinancing but due to this error and subsequent inability, we have become subprime borrowers ( credit score went from almost 750 to XXXX ). LoanCare representative promised to request correction on XX/XX/XXXX. Today is XX/XX/XXXX and the request has not been entered. Spoke with them again and was informed that it can take up to 30 days to show up. In the meantime, we are paying higher interest rate ( to LoanCare ) and are not able to secure a new mortgage. We feel like we are credit hostages at this point, held to higher rate, as it is not in their interest to have us refinance. Furthermore, LoanCare representative stated that they can not guarantee that payment application error will not occur again and refused to take any responsibility for it. They do not initiate error correction right away. This means that people who do not realize how the process works may wake up to the fact that they have a late payment but it will be difficult to impossible to correct. This goes to the core of people 's ability to have correct information reported and fixed without needing to be experts in managing the process.
Company Response:
State: MA
Zip: 02474
Submitted Via: Web
Date Sent: 2019-09-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Misapplied funds for escrow and as an extra payment. Charged late fee because my payment afterward was considered a shortage and that they will not remove. Continue to hold up my PMI being dropped after reaching 76 % of LTV ratio, because of the misapplied funds and late fee. Always say they will put in a request to resolve it, and turns out even more screwed up. I am never able to speak to someone that knows what they are doing. They received my account in XXXX and still have not been able to get it right. I had 7 Misapplication Reversals and Reapplied payments in XXXX. This caused XXXX to be considered late because they put these funds in a holding account. XXXX just got reported as being late on my credit reports, because they never removed the funds from the HOLD account to apply as my mortgage payment. And I called them 3 times within this time frame to make sure they would remove the late fee and apply XXXX. I submitted a complaint to the XXXX. After reporting to the XXXX I still received a stock response : Please accept this as written confirmation that LoanCare , LLC received the complaint on behalf of the consumer. Please be assured that we take such matters very seriously and LoanCare 's Office of the Customer is investigating the claims made. We will provide a written response to the consumer upon completion of our research. I never received that written response and again received a standard reply to my complaint. I rejected the response from the XXXX. I had to write again because the issue still isn't resolved. with this request, they asked me to send them copies of my bank statements to show them I made the payments on time and that the payments weren't returned. This was very insulting as I'm grateful I can pay my bills each month. However, I sent them my bank statements to see if we could finally get this issue resolved. I am requesting the removal of PMI from my mortgage due to reaching 75.6 % LTV. I need to have " payment has been paid past your grace period one time in the last 12 months '' removed so it doesn't trigger another denial of PMI removal. I made payments on time. I paid my Escrow payment on XX/XX/2019 for the full amount of {$650.00}, which was applied to the principal balance. I paid XXXX on XX/XX/2019 in the amount of {$1800.00}, which was the amount stated after escrow payment was applied. However, since escrow was not used, this payment was considered a short payment and put into a holding fund. I never received any notice that this occurred. I paid XXXX payment on XX/XX/2019 in the amount of {$1800.00} because I assumed my payments would return to the amount before escrow was readjusted. Again this payment was considered short and move to a HOLD account. I called on XX/XX/2019 to inform of the error, and the representative told me I had to pay {$32.00} to resolve the short, which was before the end of the 15 day grace period. I was charged a late fee because the Short payment of {$1800.00} was never removed from the HOLD status and added to the {$32.00} I paid. I called again around the end of XXXX to have this late fee removed, and the representative said she would resolve. The late charge was fixed ; however, I received another one in XXXX ; because again they failed to remove {$1800.00} from hold status. It was not until I called on XX/XX/2019 that a rep noticed that there was {$1800.00} on-hold status and finally resolved the XXXX payment. We also got the late fees removed. However, the late payment passed 30 days was reported to the credit unions. I need to have those resolved ; because every payment has been made on time. Also, under my PMI information statement, it is reporting that I made one payment past the grace period ; which again needs to be removed. I should currently have no missed payments and be eligible to have PMI dropped after reaching 75.6 % of my LTV. I would like to have a refund for the amount that I've paid past the 80 % LTV required to remove PMI, and my monthly payment should be adjusted.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30082
Submitted Via: Web
Date Sent: 2019-09-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Myloancare was servicing my mortgage that started in XXXX of XXXX by XXXX XXXX XXXX. I was set up for autodraft and they took my XXXX payment electronically for {$1100.00} I received a letter saying my mortgage had been taken over by XXXX and when I called, they told me that my EFT would not work and it had to be re-set up. This was XX/XX/XXXX and my payment was due the XXXX. They said I did not have to pay it, because they would allow 30-60 days during the transition. However, I know that they will still be charging me interest, so I made the {$1100.00} payment to XXXX on XX/XX/XXXX. On XX/XX/XXXX, XXXX XXXX XXXX, serviced by Myloancare ( loan number was XXXX ) withdrew {$1100.00} from our checking for the XXXX payment. It has been a nightmare to try and get these funds back. 13 days later and I can not get anyone to return my call. I have received communications from a XXXX XXXX via phone and email trying to track down my money. I sent copies of my bank statement to XXXX XXXX. Finally XXXX said they found the money but would only mail me a check and they refused to do an electronic transfer and when I requested by voice mail for an overnighted check, no repsonse. I even left a voice mail for XXXX XXXX who is the CEO of the parent company and not even a courtesy response.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 226XX
Submitted Via: Web
Date Sent: 2019-09-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Loancare aquired my loan and from the beginning they said that my aut payments would not change but that was a lie. They cancelled my auto pay without a call or letter, I called them they said my auto pay was voided and now I am behind. So I started sending checks, then XXXX they out of the blue cashed the check as well as took an auto payment that they said they cancelled. I called them and they said they do not see an auto payment, but I have proof from my bank.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80003
Submitted Via: Web
Date Sent: 2019-09-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I received notice my loan was being transferred from XXXX to Loan Care. I then received a bill from XXXX mortgage. I suspected fraud because the letter from XXXX did not mention XXXX. I called XXXX. They told me I was actually one month ahead on my payments. That my XX/XX/XXXX payment would actually be my XX/XX/XXXX payment. I have sent in a payment each month this year. I was actually told I am a month ahead of schedule. I then called LoanCare and gave them my email address to contact me if there were any problems. In XX/XX/XXXX I called just to check the status and I am told I owe since XX/XX/XXXX and my mortgage is in collections. I have sent receipts of all of my payments. I need this straightened out ASAP. By my accounting I should be one month ahead of payments. Loan Care is showing me due from XX/XX/XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80204
Submitted Via: Web
Date Sent: 2019-09-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have been charged a Draft Fee based on the following schedule without notice by MyLoanCare/XXXX : One-Time Draft Fee Schedule On or before due date-No Fee 1-4 days after due date-No Fee 5-9 days after due date- {$5.00} 10-15 days after due date- {$10.00} 16 days or more after due date- {$10.00} I was not notified a change in charge for a online payment fee. This fee was not on the original agreement, or any other agreement that I have signed. In my statements, the document reads that I have up to 16 days till a late fee in is incurred, which is what was agreed upon for the loan. The Draft Fee that XXXX is imposing it just a disguise for a late fee.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 60133
Submitted Via: Web
Date Sent: 2019-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-16
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I closed on a refinance on XXXX19. Loancare was my new ( as of XXXX19 ) loan servicer. My closing/escrow/title company received a payoff dated XXXX19 which was good through XXXX19. Title company wired the payoff to Loancare ( on XXXX19 ) as outlined on the payoff statement. I then ( weeks later ) received a pastdue notice from Loancare. Called this morning ( XXXX19 ) and was informed by Loancare that the payoff funds were either returned to the title company or the wire was refused. The title company never received any funds/refused wire from Loancare. Loancare is unable to tell me how they returned the funds. At this point Loancare states they refused the payment from or returned the payoff funds to title. Title does not have the money. My account is now showing severely pastdue, with additional interest accruing daily as well as penalties for nonpayment. My payoff statement which was good through XXXX19 was for {$240000.00}. A Loancare rep stated the payoff should have been for {$250000.00}. This is a shortage of XXXX which was due to a tax payment made out of my escrow account on XXXX19 ( after the payoff statement was issued and before it was sent by title ). I ordered a current payoff from Loancare today and it now says {$250000.00} if paid by XXXX19. Title does not have the funds refused by/returned by Loancare. Loancare does not have proof that they refused/returned funds. Title rep told me today that Loancare rep was supposed to c all them back last Friday ( XXXX19 ) regarding this and no one ever called the m ( this is new information as I just found out this morning about the entire issue ). I am getting the runaround from Loancare when I ask to speak to someone who can verify/track the funds supposedly returned to title co. My payoff was dated the XXXX and good thru the XXXX. My title co wired it the XXXX. If Loancare refunded the money back to title or refused the payoff they should be able to show proof of that wire that was sent or proof that they refused the incoming wire from title. I have no history of missed or late mortgage payments. I typically pay early and pay extra. This is beyond frustrating.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MI
Zip: 48843
Submitted Via: Web
Date Sent: 2019-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XX/XX/2019 i was notified by loan care llc that i was behind on my payments. it was found that they went to XXXX. they said they were going to reverse the payments any apply them to their new loan number for me. As of XX/XX/2019 those funds still have not been applied, i've just been told it takes time ... i dont understand how after 3 months they still can not get the funds applied. i was told by a rep to send in my bank statements which i did on the website and still have not heard anything back. i was told that this would be resolved on XX/XX/2019 and it still hasnt.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 29418
Submitted Via: Web
Date Sent: 2019-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-09-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I refinanced my loan and the funds came out of rescission on the XX/XX/XXXX, the title company wired the funds to the lender on XX/XX/XXXX for the payoff but they had transferred the servicing to loan care at this time. So onXX/XX/XXXX XXXX wired the funds to Loan care. On XX/XX/XXXX I called Loan care and they could not find the wire so I called XXXX back and they again confirmed that they wired the funds to Loan care on the XX/XX/XXXX. I was told I had to get the wire confirmation from the title company to help Loan Care located my funds, which I did and they were able to " find '' them. They told me the payoff would post that night on the XX/XX/XXXX. I told them that they needed to backdate the payoff for the date that they received the wire, and not the day that they found it. They said they do not have to and wont. I asked to speak to a supervisor and he agreed that the payoff did not have to be backdated. The funds were originally received for the payoff on the XX/XX/XXXX by XXXX and sent to Loan Care on the XX/XX/XXXX. I should not have to pay interest because they couldn't find my payoff.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33525
Submitted Via: Web
Date Sent: 2019-09-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A