Regions Financial Corporation Mortgage Complaint

Regions Financial Corporation Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Missouri

My mortgage was sold twice to new Servicing Banks. Each new Servicing Banks ( Regions Bank and - ) did not offer a bi-weekly payment program. This program is of great interested to me. To manage this lack of service I chose to pay at least 1 month ahead in full and early. After the additional payments were made I submitted partial payments equal to more than half of my monthly mortgage payment intending to create my own bi-weekly payment program. I was told that the bank can not accept partial payments even if the payment history is caught up and future payments were already paid. They said any additional payments would go to principal. Since in order to leave the servicing bank I would need to refinance I have no choice but to be forced into living with these unacceptable banking practices.


I do n't believe that this " Common Industry Practice '' is appropriate or even ethical. If a borrower is up-to-date and ahead on payments they should have the right to pay partial payments on a bi-weekly basis to help with budgeting and early pay down of the loan. A consumer should not be forced to stay with a bank because their loan was sold if they do not like the agreement. The consumer should have the right to change banks without cost to them if they do not agree to new payment limitations. At the very lease a consumer should have a say as to what happens to their extra mortgage payments without the constraints of bank procedures that are not in the clients interest.