Consumer complaint received 2021-07-13
Company: AMERICAN PACIFIC MORTGAGE
State: MO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My mortgage was refinanced with American Pacific Mortgage in XXXX XXXX. In less than XXXX months American Pacific Mortgage transferred my loan to XXXX XXXX. ( See File 2, File 4 ). When my mortgage was initially refinanced with American Pacific Mortgage they made a payment of XXXX to XXXX XXXX XXXX to pay my homeowner 's insurance premium on XX/XX/XXXX. ( See File 5, File 6 ). This left a balance of XXXX in my escrow account. ( See File 1 ). XXXX XXXX returned the payment of XXXX to me in the form of a check because the bill for the premium was not due until XX/XX/XXXX and the amount American Pacific paid was incorrect as the XXXX was the amount that was due for the previous year. ( See File 3 ). I called the loan officer that refinanced my loan and explained the situation and that the check had been returned. He explained that since my loan was going to be transferred to the new mortgage company by the time the premium would be due that it would be best to cash the check from XXXX XXXX and deposit the funds from the check into my escrow account before the loan was transferred. So, that is what I did. I cashed the check into my checking account and made a payment of XXXX to my escrow account on XX/XX/XXXX. The funds were deducted from my account on XX/XX/XXXX. ( See File 8 ). After I made the payment of XXXX to my escrow account which already had a balance of XXXX, my new escrow balance was XXXX, XXXX. File 7 is a copy of the transaction and new escrow amount that was provided to me by American Pacific Mortgage. 

My mortgage was transferred to XXXX XXXX on XX/XX/XXXX. On XX/XX/XXXX, I went online to set up my monthly payment and noticed that my escrow was short XXXX. ( See File 9 ) On XX/XX/XXXX, I contacted XXXX financial to inquire about the negative balance in my escrow account. A representative explained that my homeowner 's premium was paid which left my escrow account short. I explained that my escrow account should have had a balance XXXX when the mortgage was transferred which meant that even if they paid my insurance premium of XXXX, my balance should be XXXX. The representative stated that American Pacific Mortgage only transferred XXXX when the mortgage was transferred. I then called American Pacific Mortgage and inquired with them about the missing funds. A representative from American Pacific claimed that they transferred XXXX to XXXXt when the mortgage was transferred and I was told I needed to call XXXX 

I, instead called XXXX XXXX with American Pacific Mortgage ont the line during a three-way call. The rep. from XXXX claimed that American Pacific only transferred XXXX and American Pacific claimed that they sent XXXX upon the transfer. Basically it was a finger pointing session and nothing was resolved. I asked American Pacific Mortgage how were the funds transferred, through check or wire. 
The representative from American Pacific responded that she did not know if it was a check or wire, but she knows the funds were sent to XXXX. Towards the end of the conversation both parties claimed they would look into the situation. 

I followed up with both companies on XX/XX/XXXX. My escrow account was still XXXX with XXXX. A representative from XXXX stated that they still had not received XXXX from American Pacific Mortgage and to date the only amount they had received was XXXX. I called American Pacific again with XXXX  on the line and yet again American Pacific still claimed that they transferred XXXX on XX/XX/XXXX via a wire transfer, when the loan was transferred and therefore did not know why XXXX was missing. 

On XX/XX/XXXX, I called both companies to follow up on the issue and there has been no change. Both companies are still pointing the finger and playin the blame game, meanwhile no one can explain why my escrow account is XXXX. It is beyond me how a financial institution can loose over XXXX and are not able to trace the funds. I am not understanding why it has taken over a week to locate money that mysteriously disappeared from an escrow account. Either American Pacific transferred the funds to XXXX or they didn't. It should not be this difficult to resolve. They have to have some record of when and how the funds were transferred. XXXX should have some record of when the funds were transferred. XXXX  claims they received XXXX in XXXX of XXXX, however, they weren't servicing my mortgage in XXXX so how could they have received funds for an escrow account they weren't even servicing at the time. According to documentation from both companies, the mortgage was not serviced by XXXX until XX/XX/XXXX. 

One of these financial institutions has my missing escrow funds and quite frankly I am tired of the finger pointing and the blame game and just would like my funds to be placed in my escrow account. This is horrible customer service. I have been a homeowner since XXXX and have never experienced anything like this until I refinanced my loan. I'm not sure who is responsible but one of them needs to step up to the plate a resolve this issue.

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