Consumer complaint received 2022-03-21
Company: Freedom Mortgage Company
State: ME
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
I am submitting this complaint due to Freedom Mortgage Company refusing to do another escrow analysis on our account. Our home is a new build and for the first year our property taxes were " estimated '' which I understand is normal. We were paying about {$600.00} XXXX a month to escrow. Once the town of XXXX sent me the tax bill, I sent it to Freedom Mortgage to be paid. On XX/XX/XXXX, I noticed a message from Freedom Mortgage stating that after the taxes in the amount of {$3400.00} were paid to The Town of XXXX, we had a shortage in our escrow account of {$4100.00}. They stated that due to this shortage, an additional {$340.00} would be added to our monthly payment making our monthly payment {$2400.00} effective XX/XX/2022. At the time we had {$8100.00} in our escrow account. If we had {$8100.00} in our account and our taxes are {$3400.00}, insurance is {$710.00} and we are only required to keep 2 times our *correct* monthly escrow payment in escrow ( which equals roughly {$4800.00} for the year ), how on earth can we have a shortage? That was a red flag to me so I called Freedom Mortgage and requested an escrow analysis to be done. An escrow analysis was done and the monthly payment was adjusted accordingly and a surplus check in the amount of {$1900.00} was sent to us. We do appreciate that our monthly payment was adjusted accordingly but we would like to have the correct and full amount of surplus sent back to us. It states right in the escrow analysis that Freedom Mortgage performed that " Federal Law requires that any surplus of {$50.00} or greater must be returned to you within 30 days from the date of analysis. '' Yes, Freedom Mortgage did return SOME of the surplus but it was not the full amount and that is why I am requesting another analysis to be conducted. Currently, as of XX/XX/2022 we have {$6100.00} in our escrow account. Again, we are only required to keep roughly {$4800.00} in escrow to cover insurance, taxes and the escrow " cushion. '' And the taxes are not due until XXXX XX/XX/2022 so we still have 4 more months of payments to make before taxes will be paid which will result in even more of a surplus. Currently it looks like we have a surplus of roughly {$1300.00}. I have contacted Freedom Mortgage numerous times to try to get this sorted out and every single time I get a different answer. The last time I called which was on Friday, XX/XX/XXXX I was told that another escrow analysis request would be submitted. I called again on Monday, XX/XX/XXXX only to find out that no request was submitted. The customer service representative did tell me that she does see that we have a surplus in the account but the team that conducts the escrow analysis refuses to do another analysis until XX/XX/2022 as XXXX was already conducted in early XXXX and they do not see a reason to do another. I have received such horrible customer service from this company and I can not believe that a mortgage company would refuse to look into their mistake.

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