Consumer complaint received 2020-06-08
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: MONEY SOURCE, INC., THE (OH)

We have had very frustrating problems with our mortgage processing with the company TMS ( The Money Source ). 

Last year, we were told that we did not have home insurance on record with the company for the coming 2020 year ( we did, with XXXX XXXX ), and that we would be enrolled for insurance coverage through TMS. The insurance through TMS was around XXXX for the year. We sent them our documentation that we did have insurance coverage. The company accepted the new proof of coverage for the coming year XXXX. 

Then, in early XXXX, we received correspondence that there was no proof of coverage for XXXX, and that we were being charged for insurance through TMS for XXXX. We then arranged for new documentation to be sent over to TMS, which they eventually accepted. 

We then received new correspondence, saying we did not have coverage for XXXX. 

Each time we called, the representative was able to quickly see that we did have coverage for the year in question. There seems to be a huge disconnect between what is on file and how notices ( and charges ) are generated in the system. 

We do not have documentation for the three above incidents because they occurred months ago and we were not aware of an ongoing problem. 

On XX/XX/XXXX, an escrow analysis was conducted and we were sent an Escrow Account Disclosure Statement showing that we were still being billed for insurance through TMS, for {$1400.00} in the month of XXXX, leading to a significant escrow account shortage. You can clearly see charges to the escrow account for two different homeowners insurance payments, one for the insurance we selected through XXXX XXXX ( {$460.00} ), and one, presumably with TMS, for {$1400.00}. 

On XX/XX/XXXX, we spoke with a customer service representative, and were told that a new analysis would be conducted and that we should expect to see the charge to our escrow account go away. 

On XX/XX/XXXX, our mortgage payment was taken out and it was for the amount that accounted for the increased escrow shortage, due to the faulty charge for insurance through TMS. 

On XX/XX/XXXX, we spoke with another representative and were told the escrow analysis would not be completed until XX/XX/XXXX. The representative was not aware of any way to file a formal complaint with the company internally and could not provide a way to file a complaint, other than to stay on hold and wait to speak with a manager. 

The major issues are that we continue to have to provide documentation several times to TMS that we have insurance coverage, then to be told the company has our documentation, and subsequently find out that we are automatically receiving new charges due to their clerical errors. Communication is difficult with the company and it seems as if there is no way to ensure that the same mistakes will not continue to be made. Customer service reps will fix problems ( or say they will be fixed ) but then the same problem occurs again in the future. We have invested a lot of time on the phone, and if we were not diligently looking at all payments and documentation from them, we would be needlessly paying well over what we actually owe.