Consumer complaint received 2022-03-31
Company: BSI Financial Holdings, Inc.
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This complaint is directed at BSI Financial Services ( BSI ). My mortgage includes an escrow account which pays for private mortgage insurance ( PMI ), taxes, homeowners insurance, principal, and interest. My PMI payment is {$100.00}. This complaint pertains specifically to the PMI payment amount and the resulting effect on my monthly escrow payment requirements. In approximately XX/XX/XXXX, my mortgage was purchased by BSI. My due date for my mortgage payment with my prior servicer was on the first day of each month, which was to continue in such manner with BSI. By XX/XX/XXXX, the date for which my first payment was due, BSI had still not contacted me in any way. Based on a letter from my prior servicer, I knew BSI was my new servicer. I contacted BSI and inquired as to how I can make a timely payment since BSI had recently purchased my loan and had not made contact. No option to make the payment was provided. On XX/XX/XXXX, BSI had finally completed loading my data into its systems and advised that both the XX/XX/XXXX payment and XX/XX/XXXX payment were due on XX/XX/XXXX. No late fees were charged and this was acceptable. Consequently, I made this double payment on time. This is where the issue begins. Because BSI took so long to load my data into its systems, then first PMI payment that BSI made from my escrow account was on XX/XX/XXXX, for {$320.00} exactly XXXX times my normal payment of {$100.00}. This makes sense, as XXXX months worth of PMI was due at that point. I have no problem with this action. Shortly thereafter, BSI conducted an escrow review and determined, incorrectly, that I would have a significant escrow shortage based on the mistaken calculation that my monthly PMI payment was {$320.00} rather than {$100.00}. Consequently, my mortgage payment increased by {$260.00}, from {$2600.00} to {$2900.00}. Other than the PMI payment on XX/XX/XXXX of XXXX, all PMI payments made by XXXX, including each monthly payment subsequent to XX/XX/XXXX, have been for the correct amount of {$100.00}. Such payments were made by BSI on XX/XX/XXXX and XX/XX/XXXX. I have not received my current statement so I can not advise on what date the XX/XX/XXXX payment was made. 

As I did not realize this error until my payment amount changed on XX/XX/XXXX, I have contacted BSI via phone three times over the past approximately 30 days to seek resolution. The first call was on approximately XX/XX/XXXX, at which time a representative advised that she recognized the error and that it would be fixed. I called back about 10 days later and was advised that it was not reviewed yet, but that it would be escalated. I called back about another 10 days later and again was told that it would be escalated. To this date, BSI has not resolved the issue and I am going to make another erroneously-high payment tomorrow on XX/XX/XXXX. I have even explored refinancing so that I can be rid of BSI and XXXX go that route, although it includes up-front costs that I should not have to pay. This is a very, very simple problem that BSI should have already fixed. Instead, it appears that BSI will simply continue to require incorrect payment amounts indefinitely. Thank you very much for your help.

Company response to consumer: Closed with explanation