Consumer complaint received 2022-03-14
Company: Finance of America Holdings LLC
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
First of all, I am a XXXX XXXX. I've owned my company for 14 years, and I have been in the industry for over 17 years. As I XXXX, I send quite a few loans to Finance of America Mortgage. Their servicing company is XXXX XXXX XXXX. 

I recently refinanced my OWN mortgage, and my XXXX used Finance of AmericaXXXX as the lender for the loan. During the loan process, obviously, one of the loan conditions was to provide proof of insurance IN FINANCE OF AMERICA/XXXX 'S NAME. My insurance agent updated my insurance policy. 

And Finance of America/Loancare had a copy of my current XXXX Page UPDATED INTO THEIR NAME AS LOSS PAYEE before the loan even closed. 

Shortly after funding, XXXX sent me a threatening letter : " let up insurance and provide us proof of insurance or we'll force place lender coverage onto you. '' I sent them an email, TO THEIR SPECIFIED EMAIL ADDRESS. I notified them of several things : 1. First, that other clients of mine have been complaining about XXXX improperly handling their escrow accounts post funding. 
2. I, now a client with my own mortgage, was seeing that even though XXXX/Finance of America had my Evidence of Insurance IN THEIR NAME, as a condition of FUNDING A LOAN WITH THEM, they were sending me threatening letters improperly. They should have a modicum of competence, see the proof of insurance in their file, and act like a professional servicing company. 
3. I notified them on XX/XX/2022 by email, at their specified email address, that if they continued to send me threatening emails improperly that I would file a complaint with the CFPB. I've attached a copy of that email. 
4. That email also included, AGAIN, the evidence of insurance that we had submitted during the loan process PROVING that the insurance is already in XXXXFinance of America 's name. My company is actually good at what it does, so this was a condition that we supplied properly during the refinance process. 
5. Because I anticipated XXXX 's incompetence and inability to handle simple tasks, I also FAXED, on XXXX, a copy of my evidence of insurance. 

After all of this ADDITIONAL work and due diligence on my behalf, guess what? XXXX sent me ANOTHER threatening letter stating that they don't have my insurance and will be force placing coverage. I received that letter on XX/XX/2022. 

For the CFPB 's edification and to show that XXXX is unable to handle a simple task of looking at a PDF document, I'm supplying the original Evidence of Insurance, that matches exactly what Finance of America wanted and what XXXX wanted that we submitted DURING THE LOAN PROCESS AND BEFORE FUNDING. 

If XXXX is so incompetent that they can not handle simple tasks like this, they should get out of the servicing business. Unfortunately, this incompetence is also part-and-parcel of what we've experienced with Finance of America. 

Guess which company doesn't get our loan submissions any longer? 

Nonetheless, XXXX needs to be monitored by the CFPB because they are not handling their fiduciary duty properly, and it's causing distress and financial damage to their clients. 

That's improper, wrong and unacceptable. Period.

Company response to consumer: Closed with explanation