Consumer complaint received 2020-03-16
Company: INTERCONTINENTAL CAPITAL GROUP
State: CA
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage

Complaint:
Hello, We closed on a home loan refinance on XX/XX/XXXX with Intercontinental Capital Group. 

We did an escrow advance in lieu of adding taxes to our loan because we had the funds in our escrow account with XXXX XXXX ( XXXX ). ICG was to pay our taxes that were due to XXXX County and out the money into our escrow account which would total the XXXX. I had questioned our loan officer before doing th escrow advance as to why our loan was so high and he had stated that it was because they had to make sure there was enough to pay the taxes. He stated if we did the escrow advance, that money would not be added to our loan. We agreed to the escrow advance and would pay it back TO ICG once we were refundED by XXXX. 

In XX/XX/XXXX, we had not received our refund from XXXX. My husband called and XXXX told him that they were underfunded and used that money to pay off the balance of the loan. We contacted ICG to find out what happened and were told that Title paid less to XXXX  due to the escrow advance so that is how we paid them back. The loan officer said it was a wash. They paid our taxes and escrow account and we paid down the balance of the loan so Title didnt pay as much. At first I thought ok we are fine, everything is how it should be but then I realized that Title/ICG started the loan higher than it should be since they underfunded XXXX. 

We contacted our loan officer numerous times for clarification without much response. 

I then consulted an outside loan officer who looked through my documents and she said there was something wrong and that I should contact Title and the boss of our loan officer. I did not get a response until I told them that I was instructed to file a complaint. 

Title finally said they would look into my issue and the VP of ICG called and said he would also look into what happened. He responded and said that all monies are where they are supposed to be. I responded to him asking why my balance is so high if they underfunded XXXX and why he did not mention the escrow advance. I have yet to receive a response regarding the issue. 

The payoff on our loan at XXXX was XXXX The balance on the loan at XXXX was XXXX Impound account AT XXXX was XXXX Taxes due to XXXX county were XXXX Amount put into our escrow account was XXXX Amount paid by Title to XXXX was XXXX Closing costs were XXXX Prepaid interest was XXXX Hazard insurance was XXXX Amount we paid to the balance of our loan from our impound account at XXXX was XXXX ) we received a refund of only XXXX from XXXX. 

Escrow advance was XXXX Balance of my new loan with ICG ( now XXXX XXXX XXXX ) is XXXX. 

I am questioning why my loan is XXXX when title paid only XXXX. My closing costs were not XXXX dollars to bring my balance back up to XXXX. It seems that they also added the same amount for taxes to my loan in addition to the escrow advance. This means my husband and I paid down the balance of our loan to repay the escrow advance ( at XXXX ) and in our current loan which none of that money is in our impound account ). 

My calculations show the balance of my loan should be at XXXX not XXXX. This leaves a difference of XXXX. So it seems we are paying extra for taxes ( with the escrow advance as well ). 

We want the company to make our loan right. I have emails stating what was to happen and all the emails I sent back questioning them. A loan can not start out higher when the company didnt pay that amount. 

I also received different papers than I originally had. 

Thank you for your time.

Company response to consumer: Closed with explanation