Nationwide Biweekly Administration, Inc Mortgage Complaint

Nationwide Biweekly Administration, Inc Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Oregon

Shortly after purchasing my first home I was inundated with letters from a company by the name of Nationwide Biweekly Administration , Inc. These letters, copies of which are attached to this complaint, claimed to provide a more " budget friendly '' payment for my new mortgage loan, provided a " 100 % SAVINGS GUARANTEE '', dissuaded me from adjusting the payments I submit to my mortgage servicer to achieve the same promised results, and indicated their offer would expire because there was a date for me to contact them by. However, the letters did not list any payment processing fees or enrollment fees. I called Nationwide Biweekly Administration, Inc. on - -, 2015 to obtain more information from them, and their representative advised me there would be a $2.00 debit fee for every payment ( - payments x $2.00 = $65.00 per year ) as well as a " one-time deferred payment fee '' which would be approximately 10 % of the gross savings. Per their own correspondence, their sample interest savings for my loan was $190000.00. Per their own representative, that would translate to a $19000.00 one-time deferred payment fee, which is egregious to say the least. After asking if I could simply add - of my monthly principal and interest payment to regular monthly payments in order to equal 13 monthly payments and achieve the same results, their representative again dissuaded me from doing so. Their representative also advised me their letters have an expiration date because most savings occur within the first year. Their representative also advised me that they would also audit my payments to ensure payments are being applied correctly, to which I replied payment applications are easily reviewable on a payment history from my servicer. I believe Nationwide Biweekly Administration , Inc. has misrepresented the interest savings I would achieve through their program, has mislead me about the cost of the program, and persists in offering a deceptive program in which I in no way requested materials on.