Product: Mortgage

XX/XX/XXXX To : Federal Trade Commission XXXX Consumer Financial Protection Bureau Submit a complaint | Consumer Financial Protection Bureau ( consumerfinance.gov ) I am hereby submitting a complaint against Amerisave Mortgage ( AM ). Based upon my personal experience, AM is engaged in unfair, deceptive and abusive practices in regard to its policies and practices concerning the return of mortgage escrow funds to former borrowers. 
My experience with AM is simple to describe. In XXXX of XXXX I purchased a home in XXXX, Virginia and obtained a mortgage with AM. In XXXX of XXXX I refinanced that mortgage with XXXX XXXX to obtain a better interest rate and terms. 
It then took me eight months, until XX/XX/XXXX, to obtain the refund of more than {$6000.00} in escrow funds from AM. When those funds were finally received, AM did not add a single penny of interest, making clear that the result of its policies and practices is to obtain interest-free loans from its former borrowers. In the course of dealing with AM, it displayed either an astonishing degree of incompetence, or else a deliberate effort to make return of escrow funds far more difficult than it should be. Further, numerous AM employees/agents made false and misleading statements to me when I inquired whether there was a faster and more reliable means of obtaining return of my funds even after I offered to pay any additional cost over that of sending a paper check by slow and unreliable USPS snail mail. 
Fortunately, this inability to receive the return of my escrow funds on a timely basis did not create personal financial hardship for me. While I certainly wish to have AMs policies and practices reviewed and, if appropriate, sanctioned, because of my own incredibly frustrating experience with obtaining the return of my own money, I am also submitting this complaint on behalf of current and future AM mortgage borrowers who may be forced into financial hardship by their incompetence and abuse. I can well XXXXmagine that the inability to receive the return $ thousands of their own escrow funds on a timely basis could create a financial crisis for many Amerisave borrowers, and compel them to forego or postpone payments for home repairs, utilities, education, vehicle maintenance and repair, health care and medication, and other necessities or to resort to unnecessarily borrowing funds and paying the accompanying interest rates. No American family should be forced into such circumstances by the incompetence and selfish practices of a regulated financial services provider. I assume that my experience was not atypical and that hundreds if not thousands of other Amerisave customers are put through the same frustrating ordeal annually. 
I am hereby requesting that you investigate my complaint and, if appropriate and warranted, sanction AM for any violations of law that it committed. I am also requesting you to consider whether you have the regulatory authority to promulgate rules that would prevent these types of abusive policies and practices in the future. In that regard, I will be sharing this letter with my Senators and CongressionaXXXX representative and requesting that they : Support my request for agency investigations and, if appropriate and warranted, imposition of sanctions If regulatory redress is not available, consider introduction of legislation to require any mortgage lender which has been electronically debiting mortgage and escrow payments to itself, upon payoff of such mortgage, to return the former borrowers mortgage escrow funds by identical electronic means in not less than seven business days after they have received the payoff funds. 
The timeline/description of my experience with AM is below. 
Thank you for your consideration of my complaint. 
Sincerely, XXXX XXXX XXXX XXXX Timeline of dealings with Amerisave Mortgage XX/XX/XXXX Home purchased in XXXX, XXXX Mortgage # XXXX of $ XXXX is provided by Amerisave. Mortgage lender requires establishment of electronic means by which its monthly mortgage and escrow payment can be directly debited from my personal checking account. 
XX/XX/XXXX Mortgage is refinanced with XXXX XXXX. Immediately thereafter, it pays off my balance due on the AM mortgage. 
XXXX XXXX I contact Amerisave regarding return of escrow funds. I am told that their practice is to only do this via paper checks sent via USPS, and that the general time between mortgage closing and receipt of check is XXXX business days! I express my unhappiness that they do not return funds electronically and my view that up to XXXX months is an unreasonable interval for return of funds. 
Late XX/XX/XXXX Escrow funds have still not been returned. I again contact AM, make inquiry, and am told that my check was sent out on XX/XX/XXXX. As it is about one month later, I conclude that USPS has lost the check and ask that they stop it and issue a new one. I am told that this process will take yet another 30-60 business days as I am planning to move out of my apartment in XXXX, VA on XX/XX/XXXX, and make the XXXX property my sole residence, I ask that the check be sent to my new address in XXXX to reduce the chance that it will be lost in forwarding. I am assured that this will be done. 
XXXX Check for {$6200.00} dated XX/XX/XXXX ( envelope postmarked XX/XX/XXXX ) on the account of AmerisavXXXX Mortgage is delivered to my XXXX address by USPS six weeks after it was sent ( check was sent presorted first class, so there is no reason that going from Illinois to Virginia should have taken a month and a half ). The check was stopped two weeks prior by AM and can not be deposited. 
XX/XX/XXXX Second escrow check has still not been received. I call AM and speak with XXXX, and then with his supervisor XXXX. I am told that the replacement check was, contrary to my clear instructions on the late May call and AMs agreement to comply, sent to my old XXXX address on XX/XX/XXXX. As it is still within the 60 business day window, I elect to wait further in the hope that it will arrive by mail. 
XX/XX/XXXX Check has still not arrived. I call AM and speak with XXXX. We agree that the second check is likely lost, and she says she will stop it and request that a third check be issued with expedited handling. I offer to pay any fee for sending it to me electronically, or physically by express delivery, but am told that those means of delivery are not within their policy. 
XX/XX/XXXX Check has still not been received, despite assurance of expedited handling. I speak with XXXX. She tells me that the work order for the check reissue but that she will have to research its status, and this will take XXXX hours. I express my extreme unhappiness and request to speak with her supervisor. I am connected to XXXX, who informs me that the matter is still in process since my call of XX/XX/XXXX, and that no check has yet been issued! She also informs me that my address of record remains XXXX, not XXXX. I inform her that the situation is unacceptable and that I intend to file complaints with the FTC and the CFPB, and perhaps explore class action litigation options. She them informs me that AM does have an option for sending escrow refunds by overnight express this is after I have been deceptively informed by AM for 7 months that no express mail option is available, even when the borrower is willing to pay the cost. I am told I will hear more by email within XXXX business days. 
XX/XX/XXXX Within hours after my conversation with XXXX, I receive an email from XXXX XXXX XXXX. It reads : Good afternoon, My name is XXXX and I am the Resolution XXXX who will be handling your escalated concern regarding the escrow refund check on your loan. I will be your contact throughout resolution of this issue and you may contact me by email any time. Please be advised that I have initiated research into this issue and will contact you via email to provide a tracking number for you requestng we send out a new check via 2 day air just bare with me while I get this all resolved as soon as possible. I do apologize for all the frustration this is causing you. Thank you for allowing us to serve you, XXXX XXXX XXXX Department [ all typos in original ] XX/XX/XXXX -- I respond to XXXX XXXX email and get this further response, Good afternoon, I put in the request to have a new check cut today once I get notification check is ready ill send it to the proper department for them to mail it out its a process so please be patient I cant guarantee you that it will make it out by XXXX but I do assure you that I am doing my best for it to be out in the mail via 2day air as soon as possible. Once I get the tracking information I will provide that to you. Thank you, XXXX XXXX XXXX Department. [ all typos in original ] I respond, OK, I will stand by and await further updates. However, no further updates are ever received. 
XX/XX/XXXX I email XXXX XXXX, stating, Can you please update me regarding the status of the issuance of a check to return my escrow funds? I do not receive a reply. 
XX/XX/XXXX -- I send a follow-up email to XXXX XXXX, stating I AM STILL WAITING ON A REPLY. WHERE IS MY $??? I do not receive a reply. 
XX/XX/XXXX No check or tracking number has yet been received, I again email XXXX XXXX, as follows, XXXX XXXX : It has been almost three weeks since you advised me that you had put in the request to have my escrow check cut and sent out by express mail. I have followed up twice with emails and have not received the courtesy of a reply. As you know, I have been waiting for the return of my escrow funds since XX/XX/XXXX, more than half a year. 
I have advised Amerisave that I am an attorney and that I am so disgusted and infuriated by Amerisave 's handling of this matter that I am ready to file complaints with the Federal Trade Commission and the Consumer Financial Protection Board asking that they investigate your unfair, deceptive, and abusive escrow fund return practices. I am also ready to provide copies of those requests to my US Senators and my Congressional representative requesting that they support my request ; as well as to the Attorney General of Virginia and the XXXXonsumers affairs reporter of the Washington XXXX And I shall also begin reaching out to legal colleagues who handle consumer class action lawsuits. Then I shall consider what other actions I can take to warn other borrowers of your practices. IF I DO NOT RECEIVE IMMEDIATE CONFIRMATION THAT MY FUNDS WILL BE SENT TO ME THIS WEEK I SHALL INITIATE THE ABOVE ACTIONS. I again do not receive a reply. 
XX/XX/XXXX I receive a XXXX XXXX XXXX XXXX envelope delivered to XXXX. Inside is a check for {$6200.00} issued on the account of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Account accompanied by an information sheet stating that the Requestor is XXXX XXXX, Research. I have no idea why this Colorado Housing Authority issued this check, as I have never had any dealings with it but I deposit it immediately. Total time elapsed since payoff of AM mortgage to receipt of returned escrow funds is XXXX months!