LoanCare, LLC
Consumer Complaints
There are over 2906 complaints on file for LoanCare, LLC. Dated between 2019-12-04 and 2012-06-13.
Complaints Page 50
2018-05-11
Discovery Bay, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: XX/XX/XXXX : Problem with Loancare at XXXX XXXX XXXX, XXXX XXXX, VA XXXX - Investor Accounting I received a notice on XX/XX/XXXX indicating I was due an escrow refund of {$2400.00} for loan number XXXX.
Loancare asked that I send in the attached form. I sent the response on XX/XX/XXXX ( aproximately ) via fax to the number listed on the letter and kept my confirmation that the fax was indeed sent successfully.
Got an email confirmation from XXXX XXXX ( from Loancare ) of receipt of the fax indicating that my payment should be received in ten business days which would have been XX/XX/XXXX.
As of XX/XX/XXXX, I have not received the escrow refund. I have attempted to contact XXXX XXXX by phone and email over the last ten days numerous times without a response. My hope was to get an estimated date for the refund. No response was received. XXXX XXXX has been ignoring my repeated attempts to make contact.
I am hoping the bureau can help resolve this matter.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-10
VA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I was sent a Delinquent Real Estate Taxes letter from XXXX County XXXX for unpaid real estate taxes for my property. I have called the mortgage servicer immediately upon receiving the notice. I have been asked repeatedly what the problem is and have repeatedly given all the information to them with each phone call and have been given the very same response every time that they will investigate and promptly pay the taxes. My bill was to be paid in XX/XX/XXXX and I am writing to you today on XX/XX/XXXX.
The Loan Servicer is Loancare, XXXX XXXX XXXX XXXX XXXX XXXX Phone XXXX.
After repeated phone calls for two months with assurances that I would be contacted as well as the delinquent taxes to be paid, nothing has been done. I am very frustrated and do not know what to do to resolve this issue.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-09
Federal Way, WA
Trouble during payment process
Mortgage: FHA mortgage
Complaint: On XX/XX/XXXX, I scheduled a one-time payment for XX/XX/XXXX via XXXX for my FHA mortgage. Later that same day, I deleted that schedule payment ( see attached payment deletion confirmation email received from XXXX on XX/XX/XXXX ).
On XX/XX/XXXX, XXXX withdrew the mortgage payment from my account ( despite confirming they deleted the payment authorization! ), putting me at risk of other payments being rejected ( copy of withdrawal screenshot also attached ).
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-09
Eutaw, NC
Struggling to pay mortgage
Mortgage: VA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-08
Jupiter, FL
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: The issue at had is with my current mortgage company Loan Care.
I'm a FL resident and on XX/XX/XXXX I was impacted by Hurricane Irma. FL was considered 1 of the Disaster areas. Due to this, Loan care offered a 3 month forbearance that was extended for an additional 3 months in order to help the victims.
I was placed on the forbearance. On multiple occasions I've called and spoke to several different representatives in customer service to confirm that being on the forbearance would not have a negative impact on my credit report. Over and over the confirmed as long as I stayed in contact with them by the end of the forbearance to look into other options to repay I would not experience any negative reporting.
At the end of my forbearance they demanded me to pay in full the 6 months payments which was more than 10,000. I was shock that this was the only option so I asked if they had other repayment options like perhaps rolling the balance to the end of the loan.
I was finally contacted by an underwriter for the company and was offered a disaster modification option which sounded great. I applied and was approved and placed on a pre trail for 3 months. I'm currently on my 2nd trail payment and is required a 3rd payment before they will officially put me in the modification.
My account was being reported current up until XX/XX/XXXX. On XX/XX/XXXX my account was reported 180 days delinquent, a past due balance of XXXX and a statement that I'm in a repayment modification process. Because of this reporting my credit has dropped more than 77 points which cause a huge impact to my credit ratings. I was never informed that accepting the loan modification would impact my credit negatively. I was told that all negative reporting would be placed on hold.
I'm currently in the process of obtaining new credit and because of this discrepancy I can not move forward. This is unfair to me. If I was properly informed I would have never chose this route. My credit is one of my top priority and keeping my ratings high has been my goal for many years now.
I contacted my mortgage company and spoke to a supervisor that informed me that the negative reporting was a mistake and should have never occurred and that she would contact me to confirm it was being corrected. I haven't heard back yet. Time is of the essence and would like confirmation that the changes will be submitted.
After speaking with her I called a few times and spoke to different representatives that informed me that the negative reporting will not be removed because the account was behind. at this point I'm getting mixed information and need help.
I will attach a copy of the email I sent to them also.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-08
Bueche, LA
Trouble during payment process
Mortgage: Other type of mortgage
Complaint: My mortgage started in XX/XX/XXXX with Loancare LLC. In XX/XX/XXXX property tax disbursement was made in the amount of {$460.00} to the XXXX XXXX Sheriff Office ( Handles property taxes collection ) but it was made to the wrong persons parcel/tax ID number. After getting a Certified letter on XX/XX/XXXX from the Sheriff 's office stating my taxes haven't been paid all of this came to light. I had to get my closing attorney involved and my taxes were finally paid on XX/XX/XXXX in the amout of {$380.00}. Loancare sent me an escrow adjustment of my account without the benefit of crediting my escrow account back in that same amout of {$460.00} so my escrow account reflects both disbursement.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-08
Adelaide, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-07
Liverpool, TX
Trouble during payment process
Mortgage: VA mortgage
Complaint: On XX/XX/XXXX LoanCare , LLC did an escrow analysis on my acct which showed a surplus in the amount of XXXX. As of XX/XX/XXXX the company still has not released my surplus.
I have made several phone calls and have been told that nobody in Escrow takes phone calls. I have been told several times that this issue is being escalated and someone will call me back within 24 hours. I have yet to speak to anybody that can resolve the issue.
I was also told on XX/XX/XXXX that on XX/XX/XXXX the company decided that they need to re review the escrow since the surplus was so large and that is why they had not done the refund.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-07
Ashwaubenon, WI
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-05
Norwalk, CA
Trouble during payment process
Mortgage: FHA mortgage
Complaint: XXXX XXXX XXXX is trying is trying to illegally place hazard in insurance on my mortgage with out my consent for there finical gain when I called tonight to find out why I have nor received my escrow refund the automated system told me they would start charging me for hazard insurance when I tried to get a hold of a agent I was put on hold for around 20 minuets and the cut off this is not the first time this has happened I also have nor received any letter phone call or email or any other type of communications about hazard insurance I live in a town home the association is required by law to have a master hazard insurance witch has not changed loan servicers have a history of take peoples homes and pays XXXX 's on the dollars for there fraud and staying out of jail I will let theme defraud me out of any thing I also believe this will go on there permanent record and I will be contacting other agency 's about this
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-05
Chattanooga, TN
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-04
Soquel, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: Loan Care is in violation of CA Homeowner Bill of Rights guidelines which require an answer to a workout request after 30 days of request submittal. At issue is a short sale request that was submitted almost a month ago and Loan Care has yet to even do any work on the file, advise as to any status, order an evaluation or anything.
This gross criminal negligence regarding a financial matter is unacceptable. Loan Care must either divest itself of too many loans or hire more people to handle the work load. There needs to be an investigation into how many guidelines are being violated by this company who is not doing what they're required by law to do.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-04
Visalia, CA
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-04
Columbus, OH
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: XXXX XXXX holder of my mortgage transferred servicing to LoanCare , LLC, as of XX/XX/XXXX.Notice of Transfer said to send payments to XXXX XXXX , XXXX XXXX XXXX, XXXX, PA XXXX. I notified my bank, XXXX of account number and address change and sent through my first payment through Bill Pay to be received by XX/XX/XXXX in the amt. of {$610.00} and then I sent a second payment to be delivered by XX/XX/XXXX in the amount of {$610.00}.
I discovered XX/XX/XXXX, that my XX/XX/XXXX payment had not been applied, and sent a communication to Loan Care. I have talked to multiple people and had multiple email conversations. My second payment has not been posted either. I sent the documentation of proof of payment that XXXX instructed me to send from my website, I did not hear back other than another dunning call. I was told I needed a transmittal letter from XXXX sent to them at XXXX.myloancare.com. I spoke to XXXX and they said they would send it right over to them at the above email which they repeated back to me. I got a confirmation letter with the transmittal information from XXXX, and after speaking to another agent at ( XXXX ) LoanCare, I sent a copy of my letter as well to the email mentioned above. One of the agents ( XXXX agent no. XXXX ) told me they were not set up to receive electronic transfers and that the XXXX should have sent a check. There was no mention of this in the Servicing Transfer Notice.
I made an extra payment over the phone to waylay any dunning, on XX/XX/XXXX.
I have asked if I should ask XXXX to recall the payments and pay them directly, but was told they want the transmittal form. My husband and I have spoken to and corresponded with multiple people regarding this and was told this past Monday, XX/XX/XXXX that it was just sent to the area to be researched and to give it 5 more business days. I received another dunning call today, XX/XX/XXXX and I asked them to please read the history of customer inquiry and was told that the transmittal I sent In XX/XX/XXXX wasn't what they wanted. I will call XXXX again, but I don't have any faith that this will be settled by LoanCare.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-02
Houston, TX
Trouble during payment process
Mortgage: FHA mortgage
Complaint: Due to Hurricane XXXX in XX/XX/XXXX, we were granted a 6month deferment thru XX/XX/XXXX with LC.
However in the interim : ( 1 ) they have reported us negatively to all 3 Credit Bureaus - after saying we wont receive delinquent fees or reporting ; ( 2 ) they have yet to provide us with an itemized payment report per XXXX XXXX, a Supervisor, stated he was going to mail that report ; and ( 3 ) The ENTIRE STAFF is ALWAYS rude, condescending, impatient, & unknowledgeable of the status of our modification.
We have resumed our monthly payments & cleared 4 of the 6 payments in arrears. But when we call in with questions, we are consistently told that we must speak w/a Rep from the Loss Mitigation Dept. - but good luck w/that! No one can tell us " who '' our Rep is & when we are given a contact name, that contact is constantly reassigned so we are never clear " who '' is our current point of contact. That person NEVERS returns messages either emailed or verbally left w/the Customer Service & Collections Depts. XXXX XXXX in the Underwriting Dept. was supposed to call us regarding the status of our modification it never happened!
Our monthly payment amount has fluctuated via a written statement & via verbally told by a Rep. The only explanation provided was, " disregard that statement - you will get a new payment amount when the underwriter completes your modification. '' Currently, we are unable to access our account online XXXXdue to this supposed " modification process '' - but guess what LC, WE HAVE BEEN TRYING TO PAY THE 2 ARREARAGE PAYMENTS!!! This process has taken forever, so we dont want nor need your modification with only a {$4.00} reduction in monthly payment!!!
After experiencing Hurricane XXXX & hearing the recording that said LC was here to help - we do not feel valued as their new consumer nor do we receive respect from ANY of their employees ( employee # XXXX on XXXX @ XXXX CST ) when we call in. This includes extremely rude supervisors, such as XXXX XXXX that shouted @ me on XX/XX/XXXX @ XXXX CST. We have even had employees disconnect the call, after we have asked to speak w/a supervisor.
Again, LC is attempting to collect a debt well, we have been attempting to pay a debt - but since our initial phone call in XX/XX/XXXX after Hurricane XXXX, we have had the worst experience ever with a company who holds the mortgage on our largest asset. YOUR ORGANIZATION SHOULD TAKE A CHAPTER FROM XXXX & CLOSE FOR AN AFTERNOON TO PROVIDE PROFESSIONAL, COURTEOUS & EDUCATIONAL TRAINING.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-01
Rncho Domingz, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-01
Cuyahoga Falls, OH
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-01
Foothill Ranch, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: Submitted file for short sale consideration with XXXX on XX/XX/XXXX. Was told to standby while it was reviewed. I followed up multiple times and then on XX/XX/XXXX I was told that the file was service released to LoanCare and that the file was released XXXX. After reaching out several times to LoanCare and being told the package was not transferred from XXXX, on XX/XX/XXXX I resent the package. I called again on XXXX and XXXX with no updated available but was told to resend the documents because they were unable to find them all. I resent the short sale documents again. Called on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and was told that the documents were not uploaded yet. I resent documents on the XXXX but those were also not visible. On XX/XX/XXXX I called and was told that the documents were there but could not be opened by anyone besides Loss Mitigation and that they would follow up if anything is needed. I called to follow up every other day and sent over more documents. XX/XX/XXXX and XX/XX/XXXX I called out and was told that there were no notes on the file and to call back in 5 days. XX/XX/XXXX called out and was told that there was a processor assigned but no notes on the review. Called again XX/XX/XXXX and was told that they are very busy with the service release so they did not perform in the 5 days promised. XX/XX/XXXX Called out and was told that a Processor was assigned and was given a name but there were no notes. XX/XX/XXXX I called out and there were still no notes so I requested a manager and was transferred to his voicemail. I left a voicemail. XX/XX/XXXX Called out and was told nothing was needed at this time but requested an escalation again. Was told I would receive a call in XXXX hours. XX/XX/XXXX called out and was told the file was under review. XX/XX/XXXX called out and was disconnected but called back and was told that LoanCare can not touch the XXXX files until XXXX gives them clearance to do so. Called XXXX and was put on hold for 30 minutes before I hung up. Called XXXX and was told that XXXX has 60 days to submit their documents to LoanCare and although they have our submission, they needed documents from XXXX. XXXX called out and was told that the file was in bankruptcy and I needed to resend all of the short sale documents again. I did so. Called XXXX and was told that a new processor was assigned that day. Called XX/XX/XXXX and was told that no one was assigned and the person who was on the file before was in charge of assigning people but was not working on the file. Called XX/XX/XXXX and was told that LoanCare could not assist us because they were just the servicer and that file was closed. They provided me the number for XXXX again. XX/XX/XXXX called out and left voicemails for two previous contacts on my file. Still never heard from the previous manager. XX/XX/XXXX I called out and was being helped but then dropped into a voicemail so I left a message and asked for a call back. I called right back and was told that the file was being assigned to the gentleman whose voicemail I was given before. The rep told me he flagged the file for supervisor review and sent emails to the supervisor and point of contact to reach out to me. XX/XX/XXXX Received a call from the man who I left a voicemail for and he told me to send more bank statement so I did the same day. XX/XX/XXXX called and was told that no one was assigned and the file would not be reviewed because it is a 2nd lien. Was transferred to a team lead at my request who said they do not do short sales on 2nd liens without approval from the 1st. I already had approval on the 1st so I send that over while on the phone. I left voicemails for the Team Lead and Loss Mitigation Manager again for help getting movement on the file. No one ever called back. XX/XX/XXXX called out and was told that LoanCare was still awaiting information on how accounts were to be handled from XXXX and what options were available for clients in distress. Was told that the manager of the department said they received servicing information from XXXX that day and to call back in 5-7 days. XX/XX/XXXX called and was told the file was with the underwriter being reviewed and to call the next day. XX/XX/XXXX called and left voicemail requesting update. XX/XX/XXXX sent emails to the manager of the department asking for assistance. XXXX called out and requested a supervisor, supervisor was available but wouldnt speak to me. Was told the supervisor said there was nothing he can do on his end to help. They are just servicing the file and to contact XXXX for help with the short sale. XXXX also called out and asked for calls back from the managers and was given a phone number for XXXX but when called, it was a travel agency. I called XXXX myself and was told that they could not help because LoanCare is the servicer and I would have to call them short help with the short sale process. At this time we still have no movement and no managers have called back to assist. At this point the approval letter from XXXX is expiring.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-05-01
Canyon Lake, TX
Trouble during payment process
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-27
CA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: On XX/XX/XXXX I called my loan servicing vendor to ask why I was being charged a late fee on my account. I logged into my account on line and view the payment history. I found two entries showing monies being withdrawn from my payment or credit history.
I have always paid on time as I have my banking account set up to automatically pay this mortgage. I was unaware that my monthly payment had increased by {$1.00}. This increase appears to have taken place last month.
My last auto payment was not applied to my account because it was not the full amount. This company states that any payments that are not the full payment are moved to some " other '' account.
Because the payment was not applied to my account, this company then charged me a late fee of {$49.00} and I was now in arrears for the full payment.
I immediately sent a payment to cover the new full amount due and asked that the late fees be reversed - also asking for them to review my account to see that I have never been late and that I currently have an " Excellent '' credit rating and would like to preserve this.
I have yet to hear back from anyone at the servicing company.
The servicing company said they need proof of payment from my bank - for monies they already have!! I don't understand that.
On XX/XX/XXXX they finally applied my missing payment or moved funds from this " other '' account to my account and applied appropriately ( escrow, principal, interest ).
Why are they moving funds from my account into some " other '' account? Are they making money in interest by doing so? This feels like a deceptive and shady business practice. The monies I pay should remain in MY account.
Other issue I discovered while looking at my account are two line items they are labeling as MisapplicationReversal 's. These reversals are removing funds that were applied to my principal, interest, and escrow balances. No one at the servicing company is able to tell me why these reversals are in my account.
These reversals appear to be reversing credits to my account that were applied as Payment and the other as a PrincipalCurtailment. The description on their site gives no indication as to what these charges, credits, fees, etc are for.
On XX/XX/XXXX I received a letter stating that I had not deposited a refund check sent to me one year prior and to return this letter with my personal information or else the refund money would be transferred to the state. I returned the letter on XX/XX/XXXX and called the phone number listed on the letter. Left a message asking this person to call me back. I have yet to hear from anyone.
To re-cap and summarize : I was unaware that my payment had increased by {$1.00}.
I was charged {$49.00} for a late fee when they had all but the {$1.00} My funds were being held elsewhere, not in my account.
The servicing company never contacted me to inform me of the new payment amount.
No answer from servicing company on my refund check that I never received.
My experience so far with this servicing company is not the best. I feel their business practices/procedures are sorely lacking and smell of dishonest/shady practices. But this is just my opinion.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-27
South Florida, FL
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I got divorced XX/XX/XXXX as part of the mediation I was awarded the house. I was to refinance the house and my ex-wife was to receive XXXX dollars upon new mortgage. She signed a quick claim deed and waved all rights to the home. In the refinance I was to pay off the old loan which I did so her name is off and the new loan only in my name.
I closed on the new loan with 3rd federal on XX/XX/XXXX. The old loan was paid off within a couple of days and I was sent a escrow check with My name as well as my ex-wife name on it. I called up to complain since I have no idea were she is and no one that we new has heard from her.
They said they would re issue the check only in my name. Another month went by and I got another check made out in both our names. So I called back and asked to speak to a manger. They told me they would reissue the check only in my name. I didn't receive a check so I called again and they told me the check was sent out and was in both our names again. So I asked to speak to the manager. They told me the check wasn't sent out.
Now they connected me to another supervisor and they said if I sent in my mediation papers plus the signed order from the judge and the quick claim deed they would issue the check only in my name. So I did that that the week of the XX/XX/XXXX.
I called today XX/XX/XXXX to verify the status of my check and they gave me the same story that it could only be issued in my name.
I have no way to get in touch with my ex so they told me to reach out to her family. Well her family consist of her XXXX year old mother in XXXX who does not speak English and I have no phone number. So basically they will just attempt to keep my escrow.
All the money in the escrow account was my money. My wife left in XX/XX/XXXX she did not pay one penny into the account in which the mortgage payment was paid out to loancare.
Also when they had XXXX of my money they did not pay my flood insurance on time and my homeowners insurance on time so both were canceled for non payment. They also dragged the heels on paying the taxes until I called up. All the time sitting on my money that I paid in.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-26
ND
Struggling to pay mortgage
Mortgage: FHA mortgage
Complaint: My husband and I started a construction loan through XXXX XXXX XXXX. In XX/XX/2016 it moved from a construction loan to a normal home loan. XXXX XXXX XXXX sold it off to Loancare. We were making our monthly payment. I asked on multiple occasions to have our payment date moved from the XXXX to the XXXX or XXXX. They kept telling me that I would have to submit the request via email. I did this on multiple occasions. We ended up getting behind. When I called to make arrangements the first time, they wouldn't let me speak with anyone because they continue to say that I am not on the loan and they can only talk to my husband. ( this is affecting my credit and it has always been a joint loan ) The locked us out of our online account access because they say we are way farther behind then we were. They made an unreasonable payment arrangement and when we request information about our account, they say we have to submit a request through email. I did finally receive a statement of our account from the beginning and if you add up the amount of payments we should have paid versus the money of money we have paid. We have paid them in full. They refuse to work with us, and just keep sending threatening letters telling us we are going to lose our home. We are willing to pay and trying our best to work with them but they are impossible. I have read reviews online and we are not the only people having ridiculous problems with them and I need help. We are never going to be able to buy anything ever again because of the damage they are doing to our credit. Yet they still claim that I have nothing to do with the loan.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-26
Cadwell, GA
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-26
Bedford, TX
Trouble during payment process
Mortgage: FHA mortgage
Complaint: Multiple contacts were made to Loancare regarding the discrepancy with my mortgage payment. I have been left on hold and told that a request to reanalyze my payment would be completed but nothing has been done. It has been 2 weeks when I was promised 5 days.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation
2018-04-26
Bohemia, NY
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I have a mortgage serviced by LoanCare. On XX/XX/XXXX, I submitted a written request to have PMI payments removed. I received an automated response asking me to allow 5 business days for my inquiry to be processed.
I received no further response until the end of XXXX, when I received a letter ( dated XX/XX/XXXX, received XX/XX/XXXX ) informing me that I had to pay to have the property appraised before PMI payments could be removed. Largely due to this delay, PMI payments were not removed until XX/XX/XXXX, nearly four months after my written request.
On XX/XX/XXXX, I submitted a complaint and requested a refund for some PMI payments. I again received an automated response asking me to allow 5 business days for my inquiry to be processed, but then I received no further response.
On XX/XX/XXXX, I sent a follow-up email to customer service and opened a case with the Virginia XXXX XXXX XXXX. Once again, I received an automated response but no further response. After some delay the XXXX contacted LoanCare on XX/XX/XXXX.
Finally in XXXX I received a letter ( Dated XX/XX/XXXX ) from a mortgage resolution specialist at LoanCare agreeing to refund a single month of PMI payment, which I do not consider to be an acceptable resolution.
The decision to refund only a single month of payment was based on an assertion that LoanCare is allowed to take up to 30 days to respond to the written request to have PMI payments removed. According to the documents signed at closing, LoanCare is supposed to respond " promptly ''. I spoke to the mortgage resolution specialist, who made the claim that the CFPB defines " promptly '' as " 30 days ''. However, the CFPB customer service representative that I spoke to was unaware of any such definition, and upon inspection of the Homeowner 's Protection Act I confirmed that there is no such definition.
Further research revealed that LoanCare has had 398 complaints lodged against them over the past three years : https : XXXX Many of these complaints are of a similar nature to mine. Together with my own experience, this indicates a practice of intentionally over-collecting PMI payments by ( 1 ) delaying the response to the request to have PMI payments removed, and ( 2 ) ignoring customer complaints.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation