Loan Care Mortgage Complaint

FHA mortgage Loan servicing, payments, escrow account

Loan Care Mortgage department,

FHA mortgage Loan servicing, payments, escrow account California

Loancare A Service Link Company purchased my loan from - -/-/-. My mortgage payment to include hazard insurance, PMI, and County taxes ( everything listed and covered in escrow account ) was $1500.00 upon their purchase of the mortgage from -. I received a letter from Loancare -/-/- stating that I had an escrow shortage of approximately $210.00. I contacted Loancare via phone on -/-/- informing them that I had changed my insurance carrier to - who had notified me that they have forwarded the coverage documents to them ( Loancare ) already and that the insurance with - is approximately $150.00 less annually and my County taxes had an increase for - ( yes - ) for the entire year of -/-/-, which meant that I could n't possibly have a shortage in escrow after reviewing it and doing the math on a few occasions. In fact, I have an overage. I was told that the escrow account would be analyzed and they would follow up with me. After 2 weeks I did n't hear from them and phoned and I was informed by the customer service representative to call back in another week. I did and was informed

representative. I asked to speak with a manager and was informed that they would only tell me the same thing which was on the computer screen that the customer representative was reading from to inform me of the outcome. I asked for another review and was directed to send an email with my concerns which I did again on -/-/-. I restated my concern about the escrow account being incorrect and that there is not a shortage in escrow and to send me a line item review of how they arrived to the decision that there is a shortage. I phoned again today, -/-/- and was informed that the review would n't be complete until -/-/- which is the deadline for the extension to pay the month of -/-/- mortgage, that was given as a result of my complaining about the payment being incorrect ( as the escrow shortage has now been applied to my monthly payment ). I explained that if the review will not be complete until the -/-/- then the payment would be considered late as I am waiting for the analysis again. I was told yes there would be a late charge and that I will still have to pay the shortage if Loancare decides that I have a shortage again. I believe this is fraudulent and away for the loan company to acquire additional revenue. I ca n't imagine how many customers they are doing this to and getting away with it. An audit should be conducted to analyze their transparency and processes in this area of accounting. I smell fraud all over this as - myself.

Loan Care customer in California
Mar 21, 2017

* Source: CFPB Complaint Database

Loan Care response to complaint:
Closed with explanation

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