Consumer complaint received 2018-07-31
Company: LoanCare, LLC
State: MO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/18, we closed on our new home with XXXX XXXX as the lender. The 1st payment was due on XX/XX/18. About two weeks after closing we received a 1 page letter indicating that the servicing had been transferred to LoanCare and it gave the new location to send the payment ( it DID NOT indicate that there was a new loan # ). On XX/XX/18 the first payment was electronically delivered from our bank to LoanCare. 

We began receiving calls from " XXXX XXXX '' requesting we return the call about XX/XX/18. We thought these were welcome calls, so we did not return until XX/XX/18 ( at which time we found out it was LoanCare calling on behalf of XXXX ). Also on XX/XX/18, our 2nd payment was sent electronically from our bank to LoanCare. It was determined, on the call that neither of payments were posted to our account. I was told I would need the transmittal to submit a research request ( even though they knew the date, amount and loan # it was submitted under ... they wouldn't do anything without the transmittals ). 

On XX/XX/18, I emailed the transmittal to LoanCare and received an acknowledgement email. I immediately called and asked of the request to be expedited, I was told it could take up to a week. I heard nothing back by XX/XX/18. Why couldn't they post the funds then? ... They had proof of payment. 

On XX/XX/18, I emailed the transmittal for the 2nd payment and called back. I called to expedite the 2nd research request AND for a status update on the 1st research request. Nothing has been done on the 1st request. 

On XX/XX/18, I called back. Still nothing resolved. 2nd request had never been expedited. 

On XX/XX/18, I called back. I was informed the 1st payment posted on XX/XX/18. No one called to inform me it had posted. Nor were the funds properly posted for XX/XX/18. Nothing had been done on the 2nd request. 

On XX/XX/18, I called back. The 2nd payment had been posted to someone else 's account ... not ours. I was told it would be fixed THAT day and I would receive a call when the funds had been posted to our account on THAT day. I never received a call back on XX/XX/18 ( as promised by XXXX ). 

On XX/XX/18, I called back. The funds were STILL not posted. The gentleman indicated that they were posting on XX/XX/18 ( the system showed they were already marked to our account but the posting had not completed yet ). Again,  these funds will not be properly posted on XX/XX/18. 

There is no reason LoanCare could not have posted the funds to my account the day they received the transmittals as proof of payment. There was no need to wait to locate the funds ... it was their error they were lost in the first place ( never received a welcome letter with the new loan # ). 

On XX/XX/18, we are 1 day from the RESPA period to end. I have ZERO confidence that the payment will actually post today, that I won't be charged late fees and that this won't be reported to the credit repositories as late. All I can do is wait to see what the next statement says and pull credit after a few months.

Customer service was horrible ... NO ONE took ownership of the issue. NO ONE called me back to let me know how the research was going. At one point they had a total of {$3600.00} ( {$1800.00} for each payment ) of ours and acted as if it was no big deal. Well, {$3600.00} is a big deal when it has already been deducted from my account and lost in LoanCare 's system somewhere.

It is frustrating that I have no say on who my loan servicer is ... I certainly wouldn't choose LoanCare. I have NO TRUST or respect for them at this juncture.

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