Consumer complaint received 2023-10-07
Company: M&T BANK CORPORATION
State: IN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
My mortgage was sold to M & T Mortgage Co. as of XX/XX/XXXX. I called on XX/XX/XXXX to discuss the issues I had with the previous and original Mortgage Co. XXXX XXXX. 

I explained to the representative there is an error with the amount of taxes that were paid resulting in an escrow adjustment to cover the shortage which raised my mortgage payment by {$230.00} a month. I provided documentation to XXXX in XX/XX/XXXX after the spring taxes were paid. 

I called again in XXXX after receiving notification that my house insurance was paid and noticed that they paid the wrong amount. I provided documentation to them from my insurance company and they said it would be adjusted. 

I also asked them about the notification regarding the sale of my mortgage to M & T Mortgage in XXXX and was promised it would all be taken care of and my monthly payment would be adjusted back down rather than receiving an escrow refund check. They assured me it would be done before the sale but my monthly payment amount wasn't adjusted back down to the original amount. 

The M & T Mortgage Co. representative told me they could not take the lower payment amount without it being held in a special account and that they saw nothing in the records about the error or correction by XXXX. So I paid the higher mortgage payment amount in XXXX. 

They also told me that I had to wait for an investigation and an analysis of my escrow account and that it was expected to be completed in XXXX. But during that time I would not be charged late fees. I paid the higher amount in XXXX anyway. 

I called M & T Mortgage Co. back on Monday XX/XX/XXXX to get a copy of the investigation and the escrow analysis and was told that they did not see an escrow analysis or investigation notes and that I needed to talk to the Tax Department of M & T. 

I explained that I couldn't pay the XXXX payment because my car was broke down and I was having to get a rental car until it could get fixed. I explained that the Dealership had the car for one week and still hadn't even looked at it because they had no available technicians. I was told that the respite period ended on XX/XX/XXXX but they would waive the late charge for XXXX, which they did and provided me information about Mortgage Assistance Options and the number to call, which I did. 

I called the Tax Department. They told me to fax my documentation which included the error and correction by the county tax office and I did. They said it would take 5 days for the Research Dept to review. They scheduled a follow-up call with an update for Saturday XX/XX/XXXX but instead, I got a credit report alert stating M & T reported me to the credit bureau with a late payment! Which is going to damage my credit. 

According to the CFPB the servicer ( M & T Mortgage Co. ) is not allowed to send negative information to the credit reporting agencies for 60 days after notice of the error.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation