BB&T Financial Mortgage Complaint

BB&T Financial Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Minnesota

BB & T has a policy where, if the full amount of a mortgage payment is not received, they place the payment they did receive in a suspense account rather than crediting the partial payment to the mortgage loan. They leave the payment in suspense until subsequent payment is received ; they then deduct the shortfall amount from the current month 's payment and add it to the prior month 's payment and apply it to the loan and then move the current month 's payment into suspense. In our case, our payment increased due to an escrow increase ; we did n't realize that when we paid the escrow shortfall in full that our payment amount was still increasing, so we did not change our monthly remittance. As a result, we now have negative information that was reported to the credit bureaus making it seem as if we have not been paying on our mortgage at all. I believe the payment application process is an improper business practice.