Conventional fixed mortgage Loan servicing, payments, escrow account
Arvest Bank Mortgage department,
We have a fixed mortgage on our home - we have always paid out mortgage on time and always online via the web portal of the financial institution that services the loan ( previously - ). Recently our mortgage was transferred to another financial institution and the servicing of the mortgage was transferred to CENTRAL MORTGAGE COMPANY. We received details in the mail from CENTRAL MORTGAGE COMPANY how and where to make our new monthly payment. We followed directions on their website WWW.CENTRALMORTGAGEONLINE.COM as to how to make the monthly payment. We set up our account but they want us to pay $5.00 per month as an additional charge for the 'convenience ' of making the payment online. Principal + Interest + their $ 5 monthly fee.
to our payments and $900.00 over the lifetime of the remaining balance on the loan. I called CENTRAL MORTGAGE COMPANY direct to see if there was a way to resolve this and they advised it was their policy for internet / online payments. This is price gouging - we have never been charged a fee previously by our original lender or their servicing company. Can you please investigate this as CENTRAL MORTGAGE COMPANY is unwilling to waive this charge. Thank you.
Arvest Bank customer in California
May 26, 2016
* Source: CFPB Complaint Database
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