Consumer complaint received 2023-08-03
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
This is a copy to the letter I sent to the bank last week. 

Dear XXXX XXXX, I understand you are the General Counsel and SVP TD Bank U.S. TDBNA. 

I wanted to make you aware of several conversions I have had over the past XXXX to 9 months with your customer service team regarding charges to my escrow account and charges for Force Placed insurance on loan number XXXX. This was a single close construction loan in the state of FL and has converted to a standard 30 year mortgage. I am sure your CS team will have all the telephone recordings as well as the noted in your files. 

I receive a call from someone senior at the bank a few weeks ago who finally understood the issue and the fact that the required notices under CPFB 1024.37 was not provided in a timely manner. I failed to get her name or contact information and I can not locate her at this point. She said that she would be following up and getting back to me in a few days but that has not happened as of today. This process has been dragging on for several months now. This is not a great deal of money for me but it is the principle of that the bank has not following CBFP procedure and continues not deal in good faith with it's clients that has be concerned. If someone at the bank would have made a simple call, or sent a letter ( notice ), when they received my new homeowners policy at the time of conversion this could have been completely avoided. I believe if the this goes unresolved it could become both a CPFB and UDAP concern and I no desire to move in that direction. 

The property was always covered with the required homeowners insurance however as you can see there was a misunderstanding regarding an ongoing requirement for Wind coverage occurred when the loan was converted from a construction loan to a mortgage and the Builders Risk Insurance was converted to Homeowners Insurance. The details and dates are in your files so I will not go through them again here. I am sure the person that contacted me several weeks ago have all the detail in one place. I don't think we have any disagreement on the dates it details at this point.

The bottom line for me is that within several days of receiving your actual notice I updated the policy to provide the missing wind coverage. I was out of the county for about a month, so I recall that I receive two notices in my box upon my return so I may of acted on the second notice. The notice was so late that my insurance company would not back date the coverage for Wind coverage this the prior period between the policy change to the date of the notice provision. 

I want someone to complete the review and reverse the charge for any period of time the notice was not provided which I believe is somewhere between 6 and 9 months. The rate the bank had charged may also fail to comply with CPFB 1024.37 as it the 4x the actual cost of the insurance.

I appreciate your help with this matter and I look forward to your timely response. 

Best regards, XXXX

Company response to consumer: Closed with monetary relief