Consumer complaint received 2021-09-28
Company: PARAMOUNT RESIDENTIAL MORTGAGE GROUP
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
please see the attached complaint I sent to the mortgage Lender regarding an error of calculating escrow amount. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ XXXX XXXX XXXX XX/XX/XXXX To : PRMG Paramount residential Mortgage Group INC. 
XXXX XXXX XXXX XXXX, NJ XXXX Loan # XXXX Dear Sir/ Madam As you knew that I refinanced my loan with XXXX XXXX for better interest rate and lower monthly mortgage payment, this refinance done by Paramount Residential Mortgage Group INC under LOAN # XXXX. Contact Tel Number XXXX Fax XXXX. 
The above mortgage company sold my loan number XXXX to one of their corporation partner PRMG Paramount residential Mortgage Group INC. 
XXXX XXXX XXXX XXXX, NJ XXXX New Loan Number is Loan # XXXX. 
A- I paid the previous mortgage loan company my mortgage through XX/XX/XXXX B- My monthly mortgage payment was {$2600.00} as I signed my closing mortgage documents. 
C- I paid extra principal since mortgage started after refinance through XX/XX/XXXX in the amount of {$3500.00} XXXX with an extra principal payment. 

D- My 1st due month for PRMG Paramount residential Mortgage Group INC . 
XXXX XXXX XXXX XXXX, NJ XXXX Loan # XXXX was XX/XX/XXXX E- Please see attached documents # 1 mortgage statement for XX/XX/XXXX, statement date XX/XX/XXXX. The statement showed my amount due is {$2600.00}. 
F- You can see also the following statement dated on XX/XX/XXXX showed that the amount due for XX/XX/XXXX is {$2600.00}. 
G- On XX/XX/XXXX I was able to find better insurance company ( XXXX XXXX ), my total annual premium became {$1200.00} to take effect XX/XX/XXXX. Comparing with my previous insurance company policy annual premium was {$1700.00} ( XXXX XXXX XXXX XXXX ) Policy # XXXX. 
H- The above mortgage company paid both insurance companies even after I notified them in massage that the Policy # XXXX has been cancelled on XX/XX/XXXX. They paid the amount of {$1700.00} XXXX and {$1200.00} for XXXX XXXX XXXX. 
I- I learned from XXXX XXXX XXXX XXXX XXXX they will refund the full amount of the policy premium to me directly ( NOT TO MY MORTGAGE COMPANY ). Therefore I issued full refund to the mortgage company in the amount of {$1700.00} XXXX on XX/XX/XXXX off my personal bank account pay bill services. It was noted on the memo { escrow refund }. 
J- Unfortunately the above mortgage company applied the amount to the principal balancer NOT TO THE ESCROW ACCOUNT Balance! 
K- Once I noticed the company error I sent notice online explaining the error and requested the correction to reduce the overcharge escrow balance shortage. But up to XX/XX/XXXX nothing done yet! 
L- I received on XX/XX/XXXX XXXX the attached Escrow summery showed that the annual expected to pay insurance {$1600.00} ( this number never listed in any documents for any of both insurance company ) Expected to pay {$1200.00} .Also Taxes {$7000.00} expected to pay {$7600.00} PLEASE SEE ATTCHED DOCUMENTS # 3 THROUGH # 5. 
M- Based on the attached XXXX XXXX XXXX XXXX XXXX XXXXted XX/XX/XXXX ( PLEASE SEE ATTACHED DOCUMENTS NUMBER FROM # 7 TO # 10. 
The City annual Property tax on page # 9 top right line # 10 that TOTAL ANNUAL NET PROPERTY TAX IS {$7000.00}.

N- Also please see attached document # 11 from the XXXX of XXXX XXXX XXXX that the XXXX annual property tax was {$7000.00}. 
O- Also please see attached document # 12 property information that the annual XXXX tax is {$7000.00}. 
P- Also please see attached documents from # 13 to # 16 shows the due date for each quarter including the amount due each quarter. 
Based On the above documents, I contacted your customer services several time concerning about wrong charge on my escrow account but ended by a female representative all what she wants is to end the call and she was even unhappy to look on her computer to verify my request, however I requested to speak with other person she said ok and end my call. Then I have to call back and I spoke with another mail worker who was able to contact his supervisor to sent massage to escrow department to correct their error. 
The following is explanation how is the PRMG escrow department done not calculated the escrow amount correct L : 1- The account sold to the above mortgage company from Loan # XXXX to Loan # XXXX with escrow credit balance amount {$2900.00} ( was deducted of my refinance case out payment ). The previous mortgage company sold the loan and paid all what they collected under loan # XXXX to the new mortgage company.

2- Based on the city of XXXX XXXX annual property taxes XXXX is {$7000.00}. 
( PRMG ESCROW SUMMERY CALCULATED PROPERTY TAXES {$7600.00} ). This caused an extra wrong collection amount of {$580.00} under property taxes.

3- XXXX XXXX amount of {$1700.00} XXXX was refunded to the mortgage company.

4- That is means there was no shortage on escrow account.

5- The XXXX XXXX payment of {$1200.00} was part of the monthly mortgage payments calculations. Means there was no extra payment especially when the policy premium reduced from {$1700.00} to {$1200.00} ( means the monthly payment should be less not extra ).

6- If you add the following math problem you will find that I am correct according to the documents and calculations : Annual property tax {$7000.00} + property Insurance {$1200.00} = {$8300.00} ( TOTAL ANNULA ESCROW ) / 12 MONTH = {$690.00}.

PRMG ESCROW DEPARTEMT FOUND ON ESCROW SUMMERY THE MONTHLY ESCROW AMOUNT IS {$740.00} MEANS EXTRA MONTHLY OVER CHARGE COLLECTION AMOUNT {$48.00} Please Be advised that I tried all methods and ways through email, your system login massages and several phone calls but was no progress until now, I have all hope to explain to me why that error happen in writing and readjust the escrow according to actual city of XXXX XXXX NJ property taxes and actual net property owner insurance.

Best regards XXXX XXXX XXXX

Company response to consumer: Closed with explanation