Flagstar Bank Mortgage Complaint

Flagstar Bank Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Pennsylvania

Early in -/-/-, I refinanced my mortgage with Flagstar Bank and agreed to a monthly payment of $1300.00 with a --year term. However, Flagstar Bank and its vendor - underestimated my city taxes by approximately $1100.00. The actual city tax bill is $1100.00 and Flagstar estimated them at a yearly rate of $16.00. Therefore, I recently received notice that my bill will go up nearly $200.00 to a new monthly payment of $1500.00 as of -/-/-. So far, I have contacted - - and - - about this problem, but they were not able to offer an agreed-upon solution. Through this process, it was uncovered that - did not pay the -/-/- city tax bill, which resulted in a delinquent fee. The interim bill was made available in the - half of -/-/-. I received correspondence stating that they did pay it in full and also paid the delinquent fee, since they made a mistake. Please see the attached copy of the bill. Furthermore, when I got my first loan with Flagstar before the refinancing, the company escrowed $360.00 per month as of -/-/-. The new loan shows a monthly escrow of only $320.00, even though my taxes have not


Furthermore, this is a new house worth $380000.00, so the low county tax should have been questioned during refinance. If this would have been done and if Flagstar would have contacted its third-party vendor -, Flagstar should have been able to uncover the actual, correct tax amount for county taxes. There is no doubt that taxes do increase from time-to-time ; however, a newly built house that is worth $380000.00 is responsible for more than $1.00 per month city tax bill. This is an error that was not caught by Flagstar Bank and ( or ) its vendor when the company assessed the city tax bill to be $16.00 when, in actuality, the bill is $1100.00.