Consumer complaint received 2021-06-04
Company: Cornerstone Home Lending Inc.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I received an updated escrow analysis in mid XXXX advising me that my account would have a storage this year of {$1800.00} and that my monthly mortgage payment would be increasing approx {$200.00} each month. This increase represents approx 10 % of my current payment and obviously now is a difficult time for most everyone due to COVID-19 and especially when you're hit with this increase by surprise. 

I began contacting Cornerstone Home Lending immediately in early XXXX to understand two things, 1 ) how did the storage occur and 2 ) what options would I have to reduce the impact to my monthly expenses. After a couple calls I was finally able to reach an individual in Cornerstone 's escrow dept that advised me I could qualify for a 24 month plan instead of 12 months to re-pay the escrow account. However, the individual I spoke to could not tell me why the account was short {$1800.00}. I entered into the 24 month repayment plan and continued to work on reaching someone at Cornerstone who could give me a clear answer on the details of my escrow account. I called 2 more times and was asked to hold briefly why details could be researched to answer my questions. Both times I held for 25-30mins and the agent never returned and ended up just hanging up the phone from their end. 

Approx a week later I call again and asked to speak with a supervisor/manager. I held for approx 15-20 mins before a supervisor joined the call and we began to speak about my escrow account. At first, she was not helpful at and just kept telling me that the account is short and I just need to pay it. She offered no explanation as to why until I pressed her stating that I would not make any further mortgage payments until someone helped me. The supervisor then advised that my home insurance policy had increased by {$200.00} which was the reason for the shortage. I asked why would an increase of {$200.00} annually cause the need to collect {$1800.00}. She couldn't explain why. 

I then mentioned to her that my escrow transaction history that is visible in their application which customers can log into to view their account showed 2 escrow refund checks had been sent to me within a week 's time last spring. I explained to the supervisor that I did receive a check for approx {$1200.00} but not a second check for approx {$1400.00}. She then advised that the {$1400.00} check was processed and Cornerstone was going to send it but realized a mistake and just deposited the money back into my account. However, there is no evidence of that deposit visible to me. I asked the supervisor to send me evidence of that along with a new escrow analysis I had requested a couple weeks prior when I entered into the 24 month payment plan. 

As today, now close to a month later, I have received no new paperwork from Cornerstone concerning my escrow shortage or the new analysis. 

I am seeking immediate help to resolve my situation and suggesting the CFPB begin an audit of Cornerstone Home Lending, the servicing group out of New Jersey. I believe there may be many other customers who are in my same situation and might be stuck with higher mortgage payments in error. I work for one of the largest bank 's in the US and know full well that Cornerstone is not operating per regulatory guidelines by refusing to provide account documents and proper evidence. 

Please help asap - thank you

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