Consumer complaint received 2021-12-23
Company: FIRST COMMUNITY MORTGAGE, INC.
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Complaint against First Community Mortgage ( FCM ) : I have a mortgage loan with them. The loan was sold to XXXX ( XXXX ) on XX/XX/XXXX according to a XXXX phone representative. A little over a week later, after I had made one additional monthly regular payment and one additional principal only payment, I went into the FCM online system to check on my most recent payment and I saw that my balance was not correct. That's when I first learned about my loan being sold. The loan transfer was supposed to be effective and completely transferred by XX/XX/XXXX. FCM has set three additional deadlines they have failed to meet and today a phone representative apparently hung up on me ( sent me to phone survey, which hung up on me afterwards ) and a specialist who said she would at least provide me with an update by today has not done so as of 8PM. 

It is now XX/XX/XXXX, 61 inclusive days since the sale of the loan and FCM has not transferred two advance monthly payments I made to them. They also have not transferred {$3000.00} in principal only payments I made to them. They did transfer {$1000.00} in principal only ( plus {$2.00} I believe to be interest saved due to the principal payment ) that I paid them, however they transferred it as a paper check so that XXXX does not see that the principal only payment transferred should be dated back to the date I paid it, XX/XX/XXXX ( applied XX/XX/XXXX ). The reason this is a problem is because XXXX has not been paid the additional amounts I paid and I made a payment in the interim, which XXXX showed due since FCM has not transferred my advance payments. That payment made to XXXX and any additional monthly payments ( XXXX shows another due on XX/XX/XXXX ) are being charged the incorrect proportions ( too much interest and not enough principal ) based upon the incorrect principal balance the interest is being calculated from. 

FCM has reversed, reapplied, and re-reversed my payments. Some of the phone representatives tell me this is being done to put my advance/principal only payments into a suspense account so they can be transferred. They asked and I have told FCM I wanted my payments transferred reflecting the original payments. I do NOT want paper checks. I am working hard to make advance payments and I want my payments credited to the correct dates with the correct interest and principal amounts so that I save as much interest as possible. I'm afraid that when FCM finally does transfer my payments, that they will send the rest of them by paper check as well and I won't get the correct dates and principal amounts applied with the new loan company. The new company will then have to correct any interim payments, so that's another potential issue FCM has caused for me. There seems to be a lack of training at FCM when I'm told contradictory information by their phone representatives. And it certainly is not appropriate that they keep reversing my payments, showing incorrect status of my account. Not to mention that they have not transferred my hard-earned money 61 inclusive days after they sold my loan and 21 days after the transfer effective date. I'm also worried about the potential for incorrect statements for my taxes since it is just over a week before the end of the year. I was told I will be receiving tax statements from both companies, but neither company shows correct information at this time, both due to the failure of FCM to properly transfer my loan.

I have made numerous calls to both FCM and XXXX to try to get this matter resolved. FCM has my payment history and they have the documentation they need. I have also provided XXXX with both the account payment history from FCM and my bank statements detailing how FCM has not transferred properly the payments that I made to them, which were deducted from my account. XXXX told me that they have sent an inquiry to FCM and had not received a response, I believe as of XX/XX/XXXX. 

I caution anyone who would consider obtaining a loan with First Community Mortgage. I'm trying to do right and pay down my mortgage loan and FCM has failed to properly transfer my loan after all of this time. Think about if they were holding onto thousands of dollars you paid and would not get the payments transferred after repeated phone calls over seven weeks. Besides that, of all the times I've called, I've spoken with just two people who seemed to understand that my loan should be transferred for the dates and correct principal amounts paid, rather than this suspense account with paper checks. I've been speaking with managers as the days continue to pass and some of them also talk about the suspense accounts, like it's okay that my payments are reversed rather than properly reflected. When I asked if there is anyone above a manager I could speak to, I was told there was not. That person did submit an elevated ticket, however the specialist said she would at least provide me with an update by today and did not. I feel that First Community Mortgage has completely failed me and has shown very little concern for doing so.

Company response to consumer: Closed with explanation