Consumer complaint received 2019-03-14
Company: LoanCare, LLC
State: OK
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
My issue is in regards to my escrow account and an increase of my monthly payment. My monthly payment is increasing from {$1000.00} per month to {$1100.00} effective XX/XX/XXXX. I do not understand why this is the case because the numbers simply are not adding up. 

First off, my property insurance decreased from {$2700.00} on XX/XX/XXXX to {$1500.00} on XX/XX/XXXX. To account for that difference, I received a refund from my insurance company which I then put into my escrow account in the amount of {$1600.00} on XX/XX/XXXX ( total mortgage payment that month was {$2600.00} ). Also, my annual property taxes only increased {$16.00} from XXXX to XXXX. Considering the significant decrease in insurance and only a minimal increase of the property taxes, it does not make sense that I now have a $ XXXX/month increase. 

Also, there are several other escrow advance payments and repayments that are showing as taken out each month that I never authorized and should not have been taken out of my escrow. The only items that my mortgage payment should consist of are the principal & interest, property insurance, property tax, and the PMI. 

In addition, there are several different amounts listed for the escrow shortage. In one place, it says the shortage is {$270.00}. In another spot, it says the shortage is $ XXXX/month. The actual escrow balance shows as {$0.00}. So once again, the numbers are not consistent or adding up. And even if the shortage amounts are correct, it does not amount to an increase of $ XXXX/month of my  monthly mortgage payment amount. 

Furthermore, the PMI is another issue. The year to date shows that {$390.00} has already been taken out for the PMI. However, the monthly breakdown shows only {$17.00} should be taken out each month. So once again, the numbers are not adding up. 

I normally receive notification in the mail explaining any increase in my mortgage payment, but I did not receive any notification or correspondence regarding this as I have in previous years. I contacted LoanCare and they stated the escrow analysis was later than usual, but I should receive notification by the first week of XXXX. I never received anything. 

I contacted the company ( LoanCare ) again on XX/XX/XXXX to clarify why the payment was increasing so significantly and why I hadn't received any notification. There was no clear explanation given as to why I didn't receive notification. In regards to the payment increase, I was told the first time by XXXX on XX/XX/XXXX that the account was being marked for a 2nd look/reanalysis and to call back the next week. I called back to follow up on XX/XX/XXXX and spoke with XXXX who stated once again that the account had been marked for another look and to allow more time for the account review/reanalysis to be completed. I contacted the company yet again on XX/XX/XXXX to follow up and was supposed to receive an email explaining the rationale behind the $ XXXX/month payment increase. The document I received was already accessible online and did not provide any explanation in regards to the payment increase. 

The bottom line is, I need a clear answer as to why the numbers are not adding up and why my payment is increasing $ XXXX/month. Several unsuccessful contacts to the company have been made regarding this and each person I have spoken with has told me something different regarding the numbers. One person I spoke with on XX/XX/XXXX ( XXXX ) even said there had been no escrow analysis done since XXXX?? 

Attached are some documents I was able to obtain from the company website as I did not receive an annual statement for XXXX. The documents will further illustrate the discrepancies previously mentioned. 

This has been a big hassle and extremely frustrating process. Any help in receiving further explanation/clarification regarding this issue would be greatly appreciated.Thank you in advance for your help!

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