Consumer complaint received 2019-04-23
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: Caliber Home Loans, Inc. (MI)

Dear CFPB, Please find my complaint against Caliber Home Loans , Inc. ( Caliber ) for deceptive business practices, failure to communicate on financial terms ; and possible unlawful trading of unregulated securities using my home, my name, my signature and my reputation without any disclosures or my consent. 

In XX/XX/XXXX I signed a mortgage loan XXXX with XXXX XXXX XXXX ( XXXX  ) who offered me monthly payments of {$890.00}. The Loan Disclosure Statement never mentioned that my loan will be converted into numerous securities and simultaneously resold many times as a number of separate trading products, like derivatives. 

In XX/XX/XXXX XXXX sold my mortgage to Caliber who started manipulating with my mortgage payments shortly after accrued the loan, which I suspect was sold and resold many times behind my back, without any disclosures or my consent. 

It is not a secret that after the loan closing the debt is split up into many pieces to create the fake securitization scheme. Banks make at least $ 2-3 million trading profits on each {$100000.00} loan by secretly reselling the same loan multiply times without any disclosures to the homeowners or sharing any benefits from trades, via empty nonexistent trusts represented by a trustee with no trustee duties and a servicer whose authority derives from the nonexistent trust. Those trading profits derived strictly because they were trading on the signature of the borrower, together with the borrowers home, name and reputation, without disclosure to the borrower of compensation to be received arising from the origination of the loan and without consent from the borrower to trade on his/her name. The entire scheme depends completely on concealing the fact that the loan is the cornerstone of a much larger scheme wherein the players are going to make money in multiples of the amount loaned. In fact, borrowers, like myself, who signed papers were in fact unknowingly issuing unregulated securities for the sole benefit of investment banks. 

I am not surprised. Calibers Chief Executive Officer Mr. XXXX XXXX previously worked with XXXX XXXX ; and served as the Chief Executive Officer and President of XXXX , XXXX since XX/XX/XXXX until XX/XX/XXXX. Mr. XXXX worked with XXXX 's global securitized markets business. He served for several years for XXXX XXXX and was involved in institutional securities marketing at XXXX XXXX. He served as Managing Director at XXXX XXXX XXXX XXXX ( Equities ) Division. 

According to XX/XX/XXXX Report from a House Financial Services Committee, XXXX XXXX and XXXX are still involved in the wide-spree crime scheme, which particularly included mortgage-backed securities fraud, and illegal derivatives trading. 

Based on Calibers servicing activities on my loan, and negative reviews from other customers, I am highly suspicious that Caliber is involved in similar transactions.

From the beginning of its servicing activities Caliber systemically violated their duties to disclose and refused to communicate with me when I specifically ask for explanations about payments changes.

After several months of {$890.00} payments, Caliber reduced my monthly bill to {$790.00}, without any explanation about this change. 

On XX/XX/XXXX Caliber sent me an Annual Escrow Account Disclosure Statement where they said that my new monthly payment will be {$1000.00} due to escrow shortage while none of my mortgage terms or other payments were not changed. It is a well-known Escrow Shortage Scam conducted by Servicers to accumulate additional funds for their benefits by unjust overcharging customers. In my situation, the difference between my actual mortgage payment with principal and interest is only {$600.00}, while Caliber tried to collect from me {$1000.00}, which is almost two time more.

I tried to communicate with Caliber about this shortage without any accord, so I had to submit a Complaint with CFPB and Caliber reduced my monthly statement from {$1000.00} to {$950.00} again, without any explanations. 

In XX/XX/XXXX I received two important documents from FEMA and Countys Tax Assessors office which significantly reduced my escrow balance. FEMA sent me a Map Amendment Letter which allowed me to remove {$1100.00} for flood insurance ; and The Assessor reduced my property taxes as a veteran. 

On XX/XX/XXXX I sent a letter to Caliber, along with supporting documents, asking to remove these charges from my mortgage bill and adjust my escrow. My monthly statements are usually coming on 11th of each month, so Caliber had plenty of time to recalculate my payments for XX/XX/XXXX statement. 

Caliber never acknowledged the receipt of my letter, failed to make adjustment, and continued to charge me {$950.00} in XXXX while Flood Insurance much be removed. 

On XX/XX/XXXX I sent a second letter to Caliber, again asking to adjust my escrow. Caliber failed to respond or acknowledge receipt of my letter but reduced my monthly statement to {$850.00}.

The flood insurance was {$1100.00}, which is {$98.00} per month. Caliber calculation of {$950.00} - {$850.00} makes it {$95.00} per month, which they deducted from my escrow, which is {$2.00} difference, in favor of Caliber of course. This is a small amount of money, but if Caliber has at least 100,000 customers and regularly overcharge them by at least by {$2.00}, it brings Caliber a handsome unearned profit of {$270000.00} per month, just by manipulating borrowers escrow funds, besides overcharging me by {$98.00} in XXXX, when Caliber knew that FEMA flood insurance was removed but still charged me for it anyway. 

On XX/XX/XXXX I again sent Caliber a letter asking to explain, itemize and recalculate my escrow account. 

As of today Caliber refused to communicate with me and never responded to my request numerous for explanations and itemization of payments. Calibers relentless overcharges and manipulations with my loan which put me under constant stress and undue intentional and negligent infliction of emotional distress I paid a substantial amount in closing costs and will pay about {$90000.00} to use this mortgage ; so I am entitled to be informed about all operations conducted by lender and their representatives, including the full disclosure of terms under TILA.

I respectfully request CFPB to order Caliber to disclose me following information, as required by TILA : 1. When my loan was converted into a security and why they never provide me any disclosures or asked for my consent ; 2. The name of the XXXX XXXX which currently holds my mortgage and Note as a security instrument ; 3. The name is the current Trustee for the Trust ; 4. Copies of valid registration with SEC and IRS ( Pub 938 ) ; 5. Copies of a valid Pooling and Servicing Agreement for ALL Trusts who ever held my loan as a security.

6. How many securities, derivatives or other products were created based on my loan, my home, my name, my signature and my reputation ; 7. How many times my home was resold as securities ; to how many investors ; and how much profits Caliber and other parties received from trading on my loan, my house, my name and my reputation. 
8. Why Caliber never made any disclosures regarding converting my home into a security and about compensation they received from trading 9. How my mortgage payment was calculated and why Caliber refused to adjust the escrow amount according to recent changes in FEMAs insurance and taxes. 
10. Order Caliber to refund me any overpayments on my escrow ; disclose amount of trading profits ; and pay me a fair share from their