Pinnacle Capital Mortgage Mortgage Complaint

Pinnacle Capital Mortgage Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Colorado

My mortgage is serviced by Pinnacle Capital Mortgage -. Approximately three months ago we submitted a hazard insurance claim on our home to - - Insurance to allow for repairs to the roof, siding, windows, and fence which occurred in - 2014. The claim was quickly processed by - - and we received a check for the damages in the amount of approximately $12000.00 ( depreciated value ) of a total claim of -. We were required to have Pinnacle Mortgage endorse the check. We contacted Pinnacle for instructions on how to obtain their endorsement and proceed with ordering/paying for repairs. We were instructed in writing that we would need to endorse the check over to Pinnacle and submit proof of 100 % completion of repairs to receive distribution of funds. We called to inquire as we could not complete or start repairs without funds from the claim. We were told that even though the written requirements indicate a need for a certificate of completion, that in fact that was not true and we could simply endorse the check over to them and upon receipt they would initially re-issue us - of the funds with the - - issued with


up-front payments in excess of the - offered to us to our contractors. We submitted the formal written request for full disbursement in early -. We provided all requested information, including the TIN for our contractor. After three weeks of no additional correspondence from Pinnacle we called and were told for the - time that the request was not processed because we failed to provide our contractor 's TIN. At this time, we were told we would need to re-submit the request, but we asked if we could simply provide the TIN over the phone to expedite the process and were told we could. We provided the TIN over the phone and were told the request would be processed and we would receive our check for the $12000.00 claim within -5 business days. A few more weeks went by with no check and no additional correspondence from Pinnacle so we called to inquire as to the status. At this time we were told that our claim had been rejected. We asked what our options were because at this point we needed to pay our contractor for materials to allow work to begin. Pinnacle told us we could take - of the distribution or we could re-submit a request for the entire $12000.00. So we requested a slightly smaller distribution of $10000.00 be distributed to cover expected near term costs. Within one week of submitting this request Pinnacle called and said the request had been approved and we would receive a check in - to 5 business days. After this, we waited 7 days and then we received a letter requesting that we call them because their records showed no work had been completed on the property and asking us to explain why. We called and again told them we had not started work as we had not yet received any of the money. Upon calling they indicated we could disregard the letter and we would get our check in -5 days. It has now been 7 days and we have not received the check. We understand Pinnacle 's responsibility to protect the security of their mortgage and their need for controls to ensure insurance claims are used to make necessary repairs, but we also believe their delays and mismanagement in processing the claim are unfair and abusive under UDAAP. We, and I am sure most borrowers can not afford to initiate repairs without distribution of funds and the delays to this point result in loss of scheduling priority with contractors and loss of value in our home.