Consumer complaint received 2022-10-24
Company: LoanCare, LLC
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
As of XX/XX/2022 my federally protected rights are willfully, knowingly and purposely being violated by loan servicers/covered persons LOANCARE LLC XXXX XXXX XXXX XXXX XXXX  XXXX XXXX  XXXX XXXX VA XXXX and XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX MI XXXX. According to the Truth In Lending Act ( Regulation Z ) subsection 12 CFR 1026.39 Mortgage Transfer Disclosures covered persons are required to provide mortgage transfer disclosures to consumers. As of the above-mentioned date I have been denied access to the informed use of credit by the above referenced covered persons because I have NOT been provided with any typed, written, or electronic mortgage transfer disclosures forms which has caused me to have adverse actions taken against me the consumer despite my lack of knowledge of the terms or expectations of me the borrower during the mortgage transfer process. Subsection 1026.39 titled Mortgage transfer disclosures states that " The disclosure requirements of this section apply to any covered person except as otherwise provided in this section. For purposes of this section : ( 1 ) A covered person means any person, as defined in 1026.2 ( a ) ( 22 ), that becomes the owner of an existing mortgage loan by acquiring legal title to the debt obligation, whether through a purchase, assignment or other transfer, and who acquires more than one mortgage loan in any twelve-month period. '' This subsection also states " ( b ) Disclosure required. Except as provided in paragraph ( c ) of this section, each covered person is subject to the requirements of this section and shall mail or deliver the disclosures required by this section to the consumer on or before the 30th calendar day following the date of transfer. This means that both LOANCARE LLC and XXXX XXXX XXXX are both legally responsible to ensure that I was provided mortgage transfer disclosure forms but they both failed to do so. XXXX XXXX XXXX  informed me on XX/XX/2022 via telephone that my mortgage was transfer from them to LOANCARE LLC as of XX/XX/2022 but LOANCARE LLC in contrary to what XXXX XXXX XXXX is saying, stated via telephone on XX/XX/2022 that they became the covered person for my mortgage transfer as of XX/XX/2022. Both covered persons are completely contradicting one another, and no one can tell me what date my mortgage was actually transferred to a different servicer. 12 CFR 1026.39 also states " ( 1 ) Form of disclosures. The disclosures required by this section shall be provided clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures required by this section may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act ( E-Sign Act ) ( 15 U.S.C. 7001 et seq. ). ( 2 ) The date of transfer. For purposes of this section, the date of transfer to the covered person may, at the covered person 's option, be either the date of acquisition recognized in the books and records of the acquiring party, or the date of transfer recognized in the books and records of the transferring party. '' This means that both servicers were required to provide me with clear and concise disclosures to ensure that I can fairly and accurately understand what was taking place during this consumer credit transaction. These actions violate the Truth In Lending Act, Fair Debt Collection Practices Act, and Fair Credit Reporting Act!

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