Prosperity Bancshares, Inc Mortgage Complaint

Prosperity Bancshares, Inc Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Texas

Old name -, new name PROSPERITY BANK ( -, Texas branch ) used its business relationship with - - to abuse its mortgage lender status and increase - - 's flood insurance revenue via by using enabling mortgage origination documents. The Prosperity Bank mortgage origination documents are worded to allow the subsequent mortgage purchaser ( - - ) to require additional flood insurance over and above the loan amount even though any money above the loan from that insurance would accrue to the mortgage borrower, not - -. It appears the main purpose of that process to be to increase flood insurance revenue to - -. Such a process increases the risk of mortgage default as it increases the monthly mortgage payment cost to the borrower. The additional flood insurance was lender-assigned by - - as mortgage gap insurance ( so-called ) from - - subsidiaries which provide flood gap insurance. Non-payment of the gap insurance premium which became part of the monthly mortgage payment would be a mortgage default. As my mortgage was being held hostage to the additional - - gap insurance, in effect my choice was either pay the increased mortgage payment or lose the home. Prosperity Bank maintains an on-going mortgage origination and mortgage business relationship with - -, and coordinated mortgage documentation as a willing and integral participant to facilitate this process.