Consumer complaint received 2016-09-28
Company: NATIONSTAR MORTGAGE LLC
State: AZ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Mtg ln was sold from XXXX XXXX to Nationstar Mtg off XX/XX/2016. I requested payoff from XXXX so I would not experience fallout. They sent info back to me via snail mail and I got it on XX/XX/XXXX/letter from XXXX stated that eff XX/XX/XXXX, all pmts must go to Nationstar. I decided to send {$50000.00} a day via bill pay ( electronic file ) the week of XX/XX/2016 to XXXX to pay down the loan of {$220000.00} gradually and reduce daily interest. My Monday XXXX and Tuesday XXXX electronic payments were returned from XXXX so I cancelled the remaining electronic payments scheduled for that week ( additional {$120000.00} ). Called their customer support and was advised there was a 'code ' on my account and no credits could be applied UNTIL AFTER the transfer process from XXXX XXXX was completed - BY XX/XX/2016!! ( where I 'd previously worked, conversions of complete banking institutions were completed over a week-end so as not to affect customers ). So for an entire week, I was unable to reduce my principal. So I opted to send a cashier 's check for {$220000.00}. via certified mail on XX/XX/2016 ( tracking # XXXX ) then once applied to my loan # XXXX, I 'd get a new payoff on the remaining balance of approx {$800.00}. But I decided to wait until after they sent my county taxes that were due no later than XX/XX/2016 from the escrow account. As of today, XX/XX/2016, I confirmed my cashiers check for {$220000.00}. was signed for at Nationstar Mtg the morning of XX/XX/2016 but that payment has not yet been credited to my mortgage. Thus the daily interest on that at 3.50 % of {$21.00} has accrued unjustly these past 2 nights. And the county taxes have not yet been paid - they only have this week to get that done. Calls to customer support on XX/XX/XXXX were met with the response that payments can not be effective dated and it was my responsibility to pay the accrued interest during that timeframe! I know that inability to effective-date payments to be a false statement. And their emails welcoming me to their 'world ' noted that payments due the week of XX/XX/XXXX thru XX/XX/XXXX would be posted with the correct effective date when processing was able to be started ... First complaint is the consumer should NOT be penalized daily accrued interest because their system can not complete conversions of purchased mtg loans for a week.. Second complaint : why have they not yet posted my cashier 's check received by them on XX/XX/XXXX. And when they do, they should be required to effective date the posting so that accrued interest will adjust accordingly. Thirdly - when are they paying my county taxes due by XX/XX/2016 ( Sat ). Having worked in XXXX for over 45 yrs, I 'm perhaps a bit more knowledgable than the norm and when I 'm told that effective-dating payments can not be done then I know they are either misinformed in the customer support or they are gouging customers.. Letter with documentation sent to XXXX XXXX , XXXX on XX/XX/2016 as well. Awaiting response.

Company response to consumer: Closed with explanation