Consumer complaint received 2018-10-22
Company: Civic Financial Services, Inc.
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Civic Financial and XXXX XXXX XXXX have a ) incorrectly posted and maintained my mortgage history file and reported late payments, when each and every payment was timely made in the month when due, and b ) then submitted a false payoff demand with erroneous fees and charges, causing the collapse and forfeiture of the conventional refinance which was being closed to pay off the high interest rate Civic loan. 

The complete chronology and all support documents are available which verify the timely payment, and the fraudulent accounting ledger and payoff demands from Civic Financial and its subsidiary XXXX XXXX XXXX. 

My efforts to rid myself of the plague of Civic Financial and their servicing entity XXXX XXXX were subverted by Civic and XXXX, as their improper accounting and misrepresentation of my payment history again resurfaced, when XXXX submitted their erroneous payoff demand to XXXX XXXX XX/XX/2018, adding charges for monthly payments that had long before been tendered and received by them, plus adding late fees and other extraneous charges, driving their loan payoff demand up from it's true amount of {$270000.00}, by no less than {$14000.00}, to an amount of {$280000.00}. This then caused failure of the substitute " hard money '' loan, as the payoff demand exceeded the total funds available of the new {$280000.00} replacement loan. 

As a result of Civic/XXXX  false mortgage history report, I was financially harmed in three manners : by the loss of the far lower mortgage interest rate : 5.375 % instead of the 9.5 % that Civic was charging  ; and the magnified effect of this interest rate differential over the 30-year life of the new XXXX   loan, the costs of the appraisal, and the impairing of my credit report, causing higher interest rates on all other forms of credit. 

DAMAGES : Civic/XXXX XXXX false report of late payments was the direct, sole and proximate cause for the termination of the closing of the approved 30 year fixed rate conventional loan, with interest at the rate of 5.375 %. The interest rate differential over the life of that loan, versus the high interest rate charged by Defendants is both substantial and readily quantifiable : - Civic Financial Services Note Rate : 9.500 %. 
- Approved replacement Note Rate : 5.375 % - Loss of New Loan : {$270000.00} @ differential of [ 9.500 5.375 ] 4.125 % : - 30 year loan forfeit as a result of Defendants ' behaviors : {$270000.00} x 30 years x 4.125 % = {$330000.00} - Extension Fee I paid to Civic : {$2800.00} - Appraisal Fee Paid for New XXXX loan : {$1100.00} - Defamation of Credit Character : Impact reasonably projected to extend for 36 months : Cost of Credit increased by 6.0 % Average credit balances : {$20000.00} $ XXXX@ 6.0 % per annum ; {$1200.00} per annum ; Over 3 year impact period : {$3600.00} - Summation of Damages : Loss of New Loan : 30 years x 4.125 % = {$330000.00} Extension Fee : {$2800.00} Appraisal Fee Paid : {$1100.00} Credit Impairment : {$3600.00} TOTAL FINANCIAL HARM : {$340000.00}

Company response to consumer: Untimely response