Consumer complaint received 2019-08-29
Company: Equity Settlement Services, Inc.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I believe that the business practices related to my mortgage refinance settlement process are dishonest and probably illegal. I have no issue with the refinance process but when it comes to the settlement of the refinance between the two banks, I have found there to be what I believe to be fraudulent business practices. This is similar to a complaint I previously filled in XXXX ( complaint number - XXXX-XXXX ) against XXXX XXXX XXXX which was resolved satisfactorily. 
The following are the facts : 1. I refinanced a XXXX loan that I previously had with XXXX XXXX to a loan with XXXX  XXXX XXXX 2. The attorneys for each bank met in person to exchange checks on XX/XX/XXXX. I have this in writing. 
3. XXXX XXXX correctly charged me interest through XX/XX/XXXX ( side note my compliant that interest should be split on this day between the two banks from the previous compliant is still valid and consumers should not be forced to pay daily interest on the same loan amount to two banks ) 4. XXXX XXXX XXXX funded the loan on XX/XX/XXXX and started charging me interest on that date. 
5. I confirmed with the XXXX  XXXX XXXX attorneys ( Puleo Delisle , PLLC ) that the loan funded on XX/XX/XXXX and they only provided the funds to XXXX XXXX  on XX/XX/XXXX. 
My issues are : 1. I do not believe I should be charged interest from the date the bank chooses to fund the loan and I should only be charged interest from the date that cash is used to pay-off my loan existing loan. It is as if on an initial purchase, the bank only charges me interest once I receive the cash which is when they receive the collateral. In this case I paid interest for one additional day before the banks exchanged collateral. This resulted in my paying interest to two banks for two days. When I spoke to the law firm Puleo Delisle, they  noted that XXXX XXXX XXXX has done nothing wrong, but the issue is an operational issue on their side which requires certified checks. I believe charging me for an operational issue on someone else side is fraud. I am not concerned about the {$82.00} ( XXXX x 2.75 % rate divided by 365 days ) but the principle and if Puleo Delisle is serving  as the attorney for many XXXX XXXX XXXX refinances, they are ( in my view ) costing consumers significant amounts of money in  aggregate ). In summary, I believe I have been defrauded of {$82.00} and I believe many others have had the same issue but might not have realized this. My assumption is that this practice is wide spread and the CFPB should investigate if this is specific to my case ( twice I must remind you ) or general business practice that I believe should be stopped. 
2. As I noted above, I believe the CFPB should create a process whereby interest paid during a refinance process has specific rules to protect the consumers. I would be happy to discuss my thoughts here on this since I have refinanced many times over the past 6 years. 
I look forward to the CFPB intervening here on the {$82.00} from Puelo Delisle who I was forced to pay during the refinance but then cost me money due to operational issues.

Company response to consumer: Closed with explanation