Consumer complaint received 2020-05-11
Company: MONEY SOURCE, INC., THE
State: MN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
I purchased my first home through FHA with XXXX XXXX XXXX XXXX. The first maybe was dated for XX/XX/2020 in the amount of {$1300.00}. I received a letter from XXXX dated XX/XX/2020 ( and still have it in my possession ) stating that XXXX XXXX  is currently not collecting payment as your loan has transferred in full to a new investor. So obviously I did not make a payment. Two weeks into XXXX I received emails from XXXX stating I am now late on my mortgage payment and needed to make a payment. I provided them with a letter and they said that it was sent out to me in error and that I still needed to make the payment. I reached out to XXXX XXXX XXXX who said they do not take over ownership until I make the first payment to XXXX and also that they had already transferred the loan now to The Money Source. I would like to point out not only that they apparently transferred the loan without even having possession of it, but also to this date I have no formal written letters from XXXX stating their new ownership of my loan OR a goodbye letter stating they had transferred the loan to TMS. I again contacted XXXX and explained to them I wanted in writing that they would not be charging me a late fee, nor will they be reporting me negatively to the credit bureau as this was their mistake and not mine, which they agreed to and I made the payment which went through XX/XX/2020. XX/XX/XXXX I received a welcome letter dated XX/XX/2020 from TMS along with a bill date for XX/XX/XXXX, both being peculiar as XXXX didnt have ownership of the loan until at the earliest, XX/XX/XXXX when the payment to XXXX was posted, the fact that the welcome letter was dated XX/XX/XXXX, one week before the payment was posted and obviously insincere as it does not take mail three weeks to travel. Further more the payment due date was XX/XX/XXXX, over a week prior to when I received this welcome letter. I do not know if this constitutes a transfer of loan servicer in which case they need to provided me a fifteen day notice, which neither XXXX XXXX XXXX nor TMS have done. I did reach out to TMS to try to deal with them directly and to see if we could reach some sort of agreement to push my due date back at least the 15 days they were required to give me or possibly defer the XX/XX/XXXX payment one month. They told me they can not move the due date because of the 60 day grace period my loan is in but that I would have until XX/XX/XXXX to make both the XXXX and XXXX payment, but would then only have one week to make the XX/XX/2020 payment as after that the grace period would be up. I told them that was not good enough and that I would be filing a complaint with the Consumer Financial Protection Bureau. I do not see how XXXX was able to transfer my loan without even possessing it, how they were able to transfer without a 15 day noticed, OR how TMS was able to send me a bill without XXXXs notice of transfer or their own 15 day notice of transfer. 

Attached you will find the letter from XXXX stating they are no longer accepting payments and the loan has been transferred in full to XXXX XXXX XXXX along with two letter from TMS received on XX/XX/2020. One being dated over 3 weeks prior and the other being a bill statement stating a XX/XX/2020 due date, already 8 days late from when I received the letter.

Company response to consumer: Closed with explanation