Consumer complaint received 2021-05-08
Company: Barrett Financial Group, L.L.C.
State: TX
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX I signed loan documents to refinance my VA home loan. The broker, Barrett Financial Group, L.L.C ( " Barrett '' ) of XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, AZ XXXX, told me that my new mortgage payment, included escrow payment, would be approximately {$2500.00}. Six ( 6 ) months later, in XX/XX/XXXX, my mortgage payment jumped to {$3400.00} which is {$920.00} more than my approximated mortgage payment at the time of closing AND {$410.00} more than my mortgage payment prior to this refinancing which reduced my interest rate! I reached out to Barrett and was told that this increase was due to several factors : 1 ) Barrett underfunded my escrow account at closing stating that XXXX XXXX XXXX XXXX ( " XXXX XXXX '' ) of XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, FL XXXX, had incorrectly calculated my taxes by not including my MUD ( Municipal Utility District ) which was {$2600.00} 2 ) Barrett also told me that due to a 'miscommunication ' the mortgage broker XXXX XXXX XXXX , XXXX . ( " XXXX " ) paid my home owners insurance of {$4300.00} even though my insurance was paid during the refinancing process. 3 ) Barrett also informed me that there was a slight increase in property tax of {$270.00}. 4 ) These 'discrepancies ' total {$7100.00} which means that my escrow payment should have increased by {$590.00} ( {$7100.00} / 12 months ) but my escrow payment has jumped {$920.00} ; a difference of $ XXXX month which means I will pay {$3900.00} MORE in escrow payments than what Barrett is telling me the deficit is. I did receive a refund from my home owners insurance company of {$4300.00} since it was paid twice. I kept this money and I have been using it to make my new very large monthly mortgage payment but that will be exhausted XX/XX/XXXX. Barrett financial told me over the phone that " you ( I ) owe this money '' and that there was nothing they or I could except that maybe I could hire an attorney to see what legal options I might have. Barrett told me in an email that " ... as legal options you would have to speak to your attorney ... '' -- I do not have money to engage an attorney to fight this! There are several things I think are of concern here. First, Barrett nor XXXX XXXX nor XXXX seem to be willing to take any responsibility for their part in this debacle. Second, the amount of the escrow 'discrepancies ' should have only increased my escrow payment by {$590.00} but it has jumped {$920.00}. Third, aren't mortgage brokers, title companies and mortgage servicers supposed to carry errors and omissions insurance to pay for financial errors they caused? Forth, this is an outrageous increase, and potentially unsustainable, and all I have received is a weak apology from Barrett and their suggestion I retain an attorney. Please HELP! I believe Barrett should be held financially accountable for a whopping 37 % INCREASE in my mortgage payment.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation