BBVA Compass Mortgage Complaint

BBVA Compass Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account Texas

To Whom it May Concern : I have a mortgage with Compass Bank ( loan number - ) which I am trying to refinance. The bank has quoted a payoff quote that is excessive. My current statement attached shows a balance of $150000.00 as of -. A mortgage payment was posted after this statement was issued ( - ). However, they are showing a current payoff of over $160000.00. When I called their customer department they informed me there was a $2900.00 interest charge added to the payoff. They are researching this situation in order to verify the payoff amount and have asked anywhere from - to - hours to conduct their audit and respond. I believe this shows some significant issues with a bank operation when they proceed to offer such gross negligent payoff quotes. Fortunately for me I am knowledgeable enough to understand there was an error in their calculations. My concern is that Compass Bank may have issued many incorrect payoffs in the past and have not provided refunds to less sophisticated customers. If they know of a system problem, they should have corrected this by now. A suggest an audit of their operations in calculating an providing payoffs would be appropriate.