Consumer complaint received 2017-02-08
Company: LoanCare, LLC
State: NE
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I DO NOT TRUST Loan Care, regarding my mortgage account transfer from XXXX XXXX. TO Loan Care has been a disaster since Loan Care bought the loan from XXXX. I was given notice by XXXX, and Loan Care on ( received date ) XXXX/XXXX/XXXX and XXXX/XXXX/XXXX respectively notifying me of the change of loan ownership. HOWEVER, though XXXX has stated to me that the escrow account was paid up and scheduled and receiving payments accurately and timely, with an ending escrow transfer amount to Loan Care of {$1000.00}, Loan Care in less than 30 days shows a escrow shortage of {$830.00} in their XXXX/XXXX/XXXX Annual Escrow Disclosure Statement and changing the monthly payment from {$1000.00} to {$1000.00}. This same Annual Escrow Account Disclosure Statement inaccurately shows my hazard insurance amount of {$2400.00} when it should have been {$1900.00} ( + {$550.00} ) and the Taxes of XXXX when it should have been {$2900.00} ( - {$20.00} ). I confirmed with XXXX that they had been using the correct amounts and they showed the transfer statement with the correct amounts to Loan Care. 

On or about XXXX/XXXX/XXXX after spending 3.5 hours with XXXX Loan Care 's Customer Service Agents to get to the Escrow Hazard Insurance Department on a XXXX call to my Insurance Agent to straighten this out, I had to separately call the Loan Care Escrow Tax department and go through the same thing except they had to have verification by mail from the XXXX Assessor. 

When I received the XXXX statement on XXXX/XXXX/XXXX my monthly payment has now gone from {$1000.00} to {$1100.00} even though their XXXX/XXXX/XXXX letter stated my new monthly payment would now be {$1000.00} with the incorrect Hazard Insurance and taxes. On another Annual Escrow Account Disclosure Statement dated XXXX/XXXX/XXXX, it now shows my shortage amount to be {$550.00} and my new monthly payment to be {$1100.00} even though they credited back the hazard insurance amount of {$550.00}. 

When I received my XXXX statement on XXXX/XXXX/XXXX, the statement shows a mortgage payment amount due of {$1000.00}. In their Important Messages section it states that all partial payments will be held in a " separate suspense account '' and until the higher payment amount difference is received, the payment will then be paid against the principal and interest. Since I 'm not receiving basis interest points on this held money and I 'm paying interest on the higher principal not getting paid down, this seems like usury and illegal. 

Out of frustration again on the phone with a Customer Service Agent on XXXX/XXXX/XXXX who calculated my escrow account over the phone, said my shortage would be {$460.00} if I wanted to keep my monthly payment of $ XXXX/mo. I paid this amount over the phone though I do n't feel I should have since the account was transferred with the escrow account at PAR or paid up. On XXXX/XXXX/XXXX I received another Annual Escrow Account Disclosure Statement dated XXXX/XXXX/XXXX showing now that I have shortage of {$93.00}. On or about XXXX/XXXX/XXXX I again call Customer Service Agent who transferred my call to a Supervisor who promises to send me a email with the full detailed disclosure from the time they received the loan to validate the shortage and could not give me any reason why all of this confusion with my account. As of this writing I have not received any information to detail this accounts accuracy. 

I would HOPE that the XXXX will encourage Loan Care to produce a detailed ACCURATE accounting of this escrow account to validate their inconsistent and erroneous statement data and determine if any illegal activity has transpired. 

Regards, XXXX XXXX XXXX XXXX XXXX XXXX # XXXX XXXX, NE XXXX XXXX

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