Consumer complaint received 2020-09-08
Company: PENTAGON FEDERAL CREDIT UNION
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I recently paid off a 1st mortgage loan with Pentagon Federal Credit Union. I sold my primary residence XX/XX/XXXX and the closing attorney wired the payoff proceeds XX/XX/XXXX to pay the balance in full. 

I changed my address with Pentagon at the beginning of XXXX to ensure I would receive the refund of my escrow account. I called Pentagon on XX/XX/XXXX to inquire the whereabouts of the refund check. The representative confirmed the escrow account was closed XX/XX/XXXX and a check was mailed. I asked the representative to confirm the mailing address the check was mailed to because Pentagon mailed a mortgage statement with a statement date of XX/XX/XXXX to the property address attached to the mortgage that was paid off and where I no longer live even after I submitted an address change the first week of XXXX. The representative also confirmed the escrow refund was mailed to my new address. He suggested I wait to until XX/XX/XXXX before requesting a stop payment and a new check reissued or a deposit of the refund into my Pentagon savings account which he said was also an option. 

As of XX/XX/XXXX, I have not received the refund check. I called XX/XX/XXXX to request the alternative option of depositing the refund. Once I was connected with a representative, I first asked if she could confirm the address the refund check was mailed. The representative said there was no way to confirm but could only assume it was mailed to my new address. This is a different response than the last representative which increases my concern the check was not mailed to the correct address. I then requested a stop payment of the original check and the refund deposited into my Pentagon savings account. The representative said this request would be possible, but it would take 2 weeks for the stop payment to be processed and then the refund would be deposited. This was not explained when I called XX/XX/XXXX by the first representative I spoke with. I am closing on a new residence XX/XX/XXXX and was depending on this refund to go towards closing cost. 

According to XXXX Timely escrow payments and treatment of escrow account balances, Pentagon is required to refund any escrow amounts within 20 days XXXX excluding legal public holidays, Saturdays, and Sundays ) of a borrower 's payment of a mortgage loan in full. My mortgage was paid off XX/XX/XXXX. 20 days not including weekends or legal public holidays would be XX/XX/XXXX. Pending I do not receive the original check mailed by then, what recourse do I have as a protected consumer? 

Additionally, each time I call Pentagon to address questions regarding my mortgage, wait times are unusually long which makes it difficult to call them to get information. I waited on hold for 2 hours and 17 minutes on XX/XX/XXXX before speaking to a representative and average wait time has been 45 minutes for the past times I've called. 

Thank you for your assistance.

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 monetary relief