Resources for resolving common issues with The Money Source Inc products and services
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
The CFPB will forward your complaint to The Money Source Inc and work to get a response. After your complaint is forwarded, The Money Source Inc has 15 days to respond to you and the CFPB. The Money Source Inc is expected to close all but the most complicated complaints within 60 days.
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The Money Source Inc Mortgage loan servicing, payments, escrow account March 12, 2017 - Refinanced a loan that I currently had with The Money Source Inc. I was told after all was said and done that my mortgage would be $21000.00 from a previous $2400.00 after I asked several times about insurance and taxes in which - assured me that they were looking at everything and that would be my total payment. When I received my new payment which was in fact $2300.00 which saves me about a - dollars but added - to my mortgage. I immediately called and was told it was a mistake and I would be getting a new payment booklet with my correct amount. Never received a new payment am... |
The Money Source Inc Mortgage application, originator, mortgage broker March 7, 2017 - On -/-/2016 I closed on a home loan with - ( Please see attachment 3 ). The loan was acquired by The Money Source ( Please see Attachment 1 and 4 for Billing ). I believe the tax bill was $1000.00 for every 6 months and $2000.00 for a year, at the time. I received a tax bill from - - in the amount of $240.00 ( for 6 months ) and $240.00 ( for the next 6 months ) or for the year $580.00. I submitted a request for escrow reimbursement ( Please see attachment 3 The problem is the original 4 month escrow charged and my monthly payments have been based on a $1000.00 ( $200... |
The Money Source Inc Mortgage loan servicing, payments, escrow account March 1, 2017 - On -/-/- I submitted a complaint ( Case number : - ) on the CFPB website, regarding illegal business practices at The Money Source ( TMS ) and their theft of monies from my escrow account. At that time, I was led by both the CFPB and TMS to believe this problem was resolved. It has been 14 months and this problem HAS NOT BEEN RESOLVED. As - ( # -, State of - Judicial Branch ), of TMS, admitted at that time, the DUPLICATE monies TMS stole from my spouse and me were eventually returned to the proper account only for TMS to steal the same monies a - time ( 14 months later ).... |
The Money Source Inc Mortgage loan servicing, payments, escrow account February 10, 2017 - The Money source my current mortgage holder is stating verbally via telephone ( - ID # - ) that they made - tax payments One for $1200.00 -/-/2016 which the town hall confirms and one for $1300.00 -/-/2016 which the town hall states they have no record of. In spending approx. 3 hours on the phone with The Money Source being bounced around to locate the return check # for payout or proof of payout as the Town hall encouraged me to do, I had no resolve. I called the town hall on 3 way with - on the line as she stated she was unable to reach them. The clerk - at the town ha... |
The Money Source Inc Mortgage application, originator, mortgage broker January 20, 2017 - Back in - 2016 I was contacted by a loan officer from The Money Source stating " I qualify for refinancing at a interest rate of 3.375 % from 3.875 % with no closing cost for being a good customer ". I was interested and ready to refinance. The process took months. I did not hear from the loan officer for weeks. I would call but no response. Finally I received paper work by email to refinance but it stated the interest rate was 3.875 %. I called the loan officer and told him the information was incorrect. Fast forward almost two weeks later from that interaction, I get the corrected paper w... |
The Money Source Inc Mortgage loan servicing, payments, escrow account January 18, 2017 - A copy of the email I sent to Money Source and as of this writing, I have not received a response. Is it legal to add more $ $ $ to the property tax for escrow when the property tax did not go up and the amount was correct on the final docs? When prior to refinance all the amounts were correct but after refinance the amount is not correct. My property taxes are $4500.00 for the year. Spoke to a representative on the - -, 2016 who said the amount will be adjusted to reflect the correct amount of property taxes being for escrow. When called today the representative stated someone over... |
The Money Source Inc Mortgage application, originator, mortgage broker January 6, 2017 - In - -/-/- I received a phone call from - -, Mortgage Loan Originator for the Money Source, who currently hold my mortgage. The call was to advise me that I qualified for a reduced rate on my mortgage and that I could refinance. The rate offered was -. I currently have a rate of - and that the closing would take place before -. I followed all the necessary steps that was required. No closing date set. This went on for almost two months. I received an email from - - was to advise me that I would refinance for a 26 year mortgage instead of a 27 year mortgage, which I... |
The Money Source Inc Mortgage loan servicing, payments, escrow account January 2, 2017 - We refinanced our mortgage with The Money Source to an FHA Streamline loan. Our escrow funds balance were misappropriated. They applied the escrow balance towards the principal on the new loan and then sent us notice of a - $ escrow shortage. We have been attempting to get this issue resolved for 3 months. Now they have increased our payment.... |
The Money Source Inc Mortgage loan servicing, payments, escrow account December 10, 2016 - Back in - I stopped paying my mortgage because of a medical condition caused by my -, which caused me to - and not remember to pay bills. I missed my - payment, paid in -, and stopped paying through - of -. I received a letter from - in - and my husband opened it and made me call to make arrangements to pay the months that were missed. The letter stated that if they did n't hear from me within 30 days that it would go into pre-foreclosure, and even though I called within the 30 day window, the told me that it had been sent the day before and they would n't accept any... |
The Money Source Inc Mortgage loan servicing, payments, escrow account December 8, 2016 - The Money Source changed over to a new web-based mortgage management system that required everyone to re-register their account number. The new system did not have any banking information included so we re-inputted the information and scheduled the payment. There was nothing at all in the new mortgage system that showed our banking information or that the regular payment drawdown would occur, nor was there any response to my emails clarifying whether the new system required us to resubmit payment information. As a result our account was charged for double payments and resulted in an overdraft ... |
The Money Source Inc Mortgage loan servicing, payments, escrow account November 7, 2016 - On -/-/- I refinanced my FHA loan with the - to lower the interest rate from 4 % to 3.4 %. The loan office - greatly miscalculated the monthly escrow amount and put my monthly property taxes at $40.00 a month, totaling $ 480 year. However the correct amount should be around $330.00 a month totaling $3900.00 a year for property taxes. This is now going to cause a shortage to where I have to come up with over $3000.00 within 12 months to cover this year property taxes, and the monthly mortgage payment will go up by at least $300.00 a month to correctly cover future property ... |
The Money Source Inc Mortgage loan servicing, payments, escrow account September 22, 2016 - To Whom It May Concern : Unfortunately, in - I submit my monthly payment on time. There was a ussue with my account some had acess my account and did some fraudulent charge I was refunded after the investigation I am asking to please removed that 30 late so that I may refinance the house so I can get a better rate It was an exceptionally busy time and my life as Recently, As you may know, - scores are being used more and more in the selection of prospective job applicants. In light of my renewed focus and demonstrated commitment to rebuilding my trust with your company, I am requesting ... |
The Money Source Inc Mortgage loan modification,collection,foreclosure September 21, 2016 - In -/-/- I bought a house. I do not speak English ( someone is helping me right now ). The house needed work but I was told by seller and the person working with the seller that it will be finished. However I was guaranteed that the certificate of occupancy was fine and they will finish while I lived there. The seller bought the house in -/-/- for $48000.00, and sold it to me one year later for $300000.00. There was no realtor, and no attorney. The person working with the seller was - -. He plead guilty of a - mortgage fraud in -/-/-. He filled all my mortgage docum... |
The Money Source Inc Mortgage application, originator, mortgage broker August 4, 2016 - In - or - 2016, The Money Source, my mortgage company called me and said they were doing me a service to lower the interest rate on my mortgage at no cost, because I was a good customer. We started the mortgage refinance process in - or -, something I expected would be very quick since I already had my mortgage with them. But the process dragged out with me having to submit information over because they did n't get it, getting new requests from people I did n't know ( even a new request to lower my interest rate from some other person at The Money Source ), and slow responses from ... |
The Money Source Inc Mortgage loan servicing, payments, escrow account May 29, 2016 - I received a letter dated -/-/16 from the Money Source ( attached ) saying - key points : We have been attempting to reach you regarding the status of your load. We have been unsuccessful in contacting you using the phone number ( s ) and email address that was provided Please be advised that this is an attempt to collect a debt and any information obtained will be used for that purpose. I called them on -/-/16 at -. I asked the agent why I received this. He said that they were reaching me to try to get my phone number added to my account I asked him if I was past due on ... |
The Money Source Inc Mortgage loan servicing, payments, escrow account April 21, 2016 - I requested a simple due date change on my loan from -/-/- to -/-/- to avoid being late and therefore being charged $40.00 late fees. I was denied without being provided adequate reason. ... |
The Money Source Inc Mortgage loan servicing, payments, escrow account April 18, 2016 - Are house payment was auto draft out of are bank every month on the -. The loan company did not take out - payment out of the bank then in - they started pulling a full payment and a week to two weeks later they pulled a half payment. They where doing this until the end of -. Every time we would talk to them we would get a different story from them saying that we are two months behind then a week later saying we are five months behind. Are bank says that we should be caught up and now the loan people as got are credit all missed. Up that we can not even refinance are house loan. ... |
The Money Source Inc Mortgage loan modification,collection,foreclosure March 3, 2016 - I have recently been struggling with making my mortgage payments on time. in the last year, I have been 30-45 days a couple times, but have always made it up. During those times, my mortgage company calls my job every day and my cell phone 2 - 4 times per day including weekends. It is so bad that I have to forward their calls right to voicemail because I work full time and am a - and they are constantly calling interrupting my job and class. I can speak to them and pay it up and tell them that I will need an extra week to get the next payment, but they will still call. They even call when I... |
The Money Source Inc Mortgage loan servicing, payments, escrow account January 15, 2016 - I got a loan through The Money Source in - - for a primary residence. In - they sent me a letter stating that there was an escrow shortfall. I had to come up with another - to cover the shortfall and even with this additional money my mortgage payments increased by ~ $500.00. In the meantime I was granted a 5 year property tax abatement by my township which effectively reduced my mortgage payments by ~35 %. I just received another letter from The Money Source stating that I had another escrow shortfall. They have now instructed me to pay another $2400.00 and that my mortgage wi... |
The Money Source Inc Mortgage loan servicing, payments, escrow account December 28, 2015 - The Money Source Mortgage Company made errors in posting our payments incorrectly. This has caused a chain reaction of late payment postings to our account. Our payments, which have included additional monies toward principal and escrow shortages, have been made approximately 2 weeks prior to the due date. They have turned our account over to the credit bureau as late/slow pay even when they assured us they would not. One of the Representatives that we spoke to did indeed find that this was entirely their fault. However, their reporting to the Credit Bureau has caused our credit rating to drop... |
The Money Source Inc Mortgage loan servicing, payments, escrow account December 21, 2015 - On - -, 2015, I contacted my then-mortgage company - - - - -, - - because I received a property tax bill from - -. After speaking with - - representative, I was told by a representative from the mortgage company that property taxes were paid on my behalf, & to not worry about it. At the same time, my loan was being sold to The Money Source, Inc. ( TMSI ). On this same day - -/-/15 ), I contacted TMSI as well to ensure they had the same understanding regarding my property taxes. A TMSI representative said not to worry about it. That was over one m... |
The Money Source Inc Mortgage loan modification,collection,foreclosure December 9, 2015 - I have submitted a workout package to The Source Money the servicer of my mortgage on -/-/15. After 2 months under review they are telling me that they can not do anything for me. I am a - and I - which left me - from doing my job. I used my sick time, vacation time, but I have run out of it. My family is willing to help so I can pay my mortgage at least $1200.00 per month for the next 3 months. After that I will be going back to work. The representative at the loss mitigation department - - is not helping and he is very aggressive. stating that it is not their problem i... |
The Money Source Inc Mortgage loan servicing, payments, escrow account December 1, 2015 - i ask the money source for instructions of pay of loan amount, the money source send instructions to new mortgage co. we paid the money source the amount they calculated and ask, then thth money source took money from escrow account and said that the apy of amount was short. we paid what they ask. the money source then send explanation account loan spread sheets which does not make sensse numbers do n't match. the money source gave wrong pay of amount, due that they forgot to deduct - principal and taxes and insurance that they recieved. so that no means that the pay of amount was supposed ... |