Consumer complaint received 2022-05-05
Company: Cornerstone Home Lending Inc.
State: TX
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
I closed on the purchase of my home on XX/XX/XXXX. I made my monthly payments in full and on time per the mortgage note to the loan and beginning on XX/XX/XXXX. In XX/XX/XXXX Cornerstone Home Lending requested that I make a payment of {$5000.00} due to an escrow shortage as a result of an error Cornerstone made at closing whereby they did not set up the escrow account correctly. They claim that the right amount of escrow for taxes were not collected at closing and along with the monthly mortgage payment and they requested that I make a payment to clear the escrow account shortage and to cover a shortage that would exist at the end of the year in XX/XX/XXXX when the property taxes come again. Out of fear of any problems, I sent a check for {$5000.00} because the agent I spoke with at Cornerstone said that any issues I had could not be sorted out via the Servicing department and that I needed to contact the Loan OfficeXXXX the originated my loan. As I recall, this call was recorded. I do not agree that I have to contact Originations for a Servicing issue even if the Originations team was responsible for the company 's error. In fact, upon contacting Servicing to explain that I was not in agreement of paying {$5000.00} to eliminate the escrow account shortage I was basically told that there was nothing that Servicing could do to help research and resolve the error. Due to a very serious family emergency, I decided to complain to the CFPB once I had the time to do so to have the Cornerstone research and resolve the escrow account shortage issue. I am finally submitting this complaint to the CFPB, which is long overdue. Since the error occurred when the Originations team was setting up my escrow account, Cornerstone should have caught the error and taken appropriate action to correct it so the account would be set up correctly at closing. They did not do so. Cornerstone needs to own up to the error and make me whole for the error causing the escrow account shortage. Why should I be responsible for clearing an escrow account shortage created by Cornerstone 's error? I do not feel it is my responsibility and I ask that Cornerstone resolve this matter immediately and make the appropriate adjustment to refund/reimburse my escrow account for the dollar amount of the error. Also, I believe inaccurate projections were used to complete my escrow analysis for tax year XXXX as the analysis provided represents an increase in my monthly payment of {$330.00} per month. My monthly payment ( PITI ) were {$2400.00} and the payment was increased to {$2800.00}. I also received an Annual Escrow Account Disclosures Statement dated XX/XX/XXXX that shows that no escrow payments were received in the month of XX/XX/XXXX when I made a full payment ( XXXX ) that month as per the note to the loan. I request a complete review of my escrow account from the date of origination to the present date to locate the error made at origination, correct any errors made since originate to finally arrive at error resolution. I have little faith that my escrow account is being managed correctly by Cornerstone Home Lending.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation