Consumer complaint received 2017-02-15
Company: Real Time Group, Inc.
State: AZ
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan servicing, payments, escrow account

Complaint:
I received a rate change notice from RTR dated XX/XX/XXXX. I immediately called them to discuss the incorrect information in the notice. After speaking to 2 people, it appeared they had the incorrect loan instrument. 
I submitted a QWR on XX/XX/XXXX. I received confirmation dated XX/XX/XXXX and a letter in XX/XX/XXXX requesting more time. As of XX/XX/XXXX, I had not received any other correspondence regarding the matter. 
I sent a letter of intent to RTR on XX/XX/XXXX. I was preparing my CFPB complaint when I received a letter on XX/XX/XXXX, dated XX/XX/XXXX. I believe that the letters crossed in the mail. 
The date of the transfer was XX/XX/XXXX. RTR did not book the loan until XXXX. From that point until I received the letter dated XXXX, RTR provided verbal and written information that my payment was {$59.00}. During my first contact on XXXX, I was informed of this verbally and I advised that it was incorrect. Billing amounts from my previous servicer XXXX ranged from $ XXXX. I continued to pay a flat {$120.00} each month as I was with XXXX, more than twice the amount quoted by RTR. Verification of {$59.00} was also received in a letter dated XX/XX/XXXX and again in the change notice received in XX/XX/XXXX. At no time have I received a statement despite requesting them. 
The letter received XX/XX/XXXX stated that my account was corrected to reflect the terms of my HELOC Agreement. A new payment amount was quoted as {$130.00} and backdated all the way to the transfer date. My {$120.00} payments, more than enough to cover the amount I was quoted for an entire year, were reapplied to the new payment amount and now I am two months in arrears with a late charge. Imagine my surprise. I paid more than twice what was quoted only to have the rules change with no notice. How can I be penalized for not paying an amount that was never communicated? 
I have several complaints : a. I have 17 years of loan servicing experience. I am unable to calculate the new payment amount of {$130.00} within the parameters of my loan. However, I can calculate {$110.00} from a balance of {$14000.00}, rate of 4.75 %, and remaining term of 177 months, correlating with XXXX 's billings. The incorrect Change Notice from XX/XX/XXXX shows {$130.00} at 6.75 %. How do they calculate {$130.00} at 4.75 %? No information was provided as to how they came to this figure. 
b. How is it that RTR can discover their error, fail to provide notice, backdate it for an entire year and then penalize me with a late charge and a loan two months in arrears? I now have serious concerns that erroneous information has been reported to the credit bureaus. I made payments well over what was communicated. I did not receive any notice about the change before payments were reapplied. RTR has also exacerbated this by failing to respond to the QWR for almost 6 months. 
c. My index is the Prime rate which changed on XX/XX/XXXX. I have not received notification of the change. 
d. I have requested statements from RTR on several occasions but have never received one. I can only assume that they are hesitant to provide it so they can change the terms at will and force borrowers into default. I have never been late on either loan in the 12 years that I have owned my home. I am not in need of assistance. I am a victim of circumstance due to the failure of the originating bank and I have spent a huge amount of time and effort since then ensuring servicer compliance with my loan instruments. 
I am unable to speak directly with a knowledgeable person anytime I attempt to contact RTR. All concerns are sent for research with no quick resolution. 
RTR has violated federal law several times since obtaining servicing of my loan, including failure to notify me within 15 days after the date of the transfer, failure to respond to a QWR within 30 ( or 45 ) days, failure to provide prior notice of a change in payment, and failure to provide periodic statements.

Company response to consumer: Closed with explanation