Consumer complaint received 2022-04-06
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: MONEY SOURCE, INC., THE (LA)

My account has been in good standing since The Money Source bought our loan last fall, paying our note ( XXXX} ) plus extra to principal ( XXXX ) according to the statements mailed to my home. Payments have always been made online through the mortgage company 's website. I made my XX/XX/XXXX payment on XX/XX/XXXX. I have attached the statement for the XX/XX/XXXX due date showing the account was current at the time the payment was made, the payment confirmation from their website, and the email confirmation I received the next day showing the payment had posted. On XX/XX/XXXX, we received a call claiming our payment was past due. Through multiple conversations over several weeks, we have gotten 4 different explanations as to why our payment was supposedly past due. First it was an " error in the cashiering department '' where someone misapplied the XXXX payment. I was assured this would be corrected by XX/XX/XXXX. When my account was still showing past due I called again. Then they claimed that the payment was mistakenly applied to only principal instead of to the loan payment and then principal. I was told the issue would be resolved by XX/XX/XXXX. I advised them I wanted to make my XXXX payment but was uncomfortable doing so since their website showed the XXXX payment was due and I did not want my XXXX payment being applied to XXXX and cause the whole problem to start again. They said when it was resolved on XX/XX/30, I'd be able to make my payment. When I called on XX/XX/XXXX after seeing it was STILL not resolved, I was promised a same day call back from a supervisor named XXXX with a resolution and that he would process my payment when he called back. No call back at all. I called on XX/XX/XXXX and I got the third and most untrue story from them. They claimed the payment was returned due to insufficient funds. The funds were removed from my account and my bank would have notified me of a nonsufficient funds transaction and assessed me a fee, none of which happened. I was told to expect a resolution and callback on XX/XX/XXXX. After a disturbing notice from XXXX XXXX I called XX/XX/XXXX and got a FOURTH explanation for the problem. The latest explanation is that money that was received from the previous loan company when they bought my loan was applied to the first month 's payment they would require rather than the principal in error. Once they realized the error, they reversed the payment and did not contact us, just moved all my payments back and showed me as being a month behind. Again, with no contact that the account was now going to be considered a month behind in payments and we would now be required to make an ADDITIONAL months payment. Their posting error 4 months ago caused my account to be considered past due in XXXX while all statements and information sent to me in the meantime showed the account as paid and in good standing the entire time. I had no way of knowing they had made an error that was going to cause this much trouble. When questioned about why we were not notified, a CS rep named XXXX I was speaking to told me that the law prevents them from contacting the customer about such things without prior permission, which did not really make a lot of sense to me. 
Throughout it all, I was assured that no Late Fees would be assessed and nothing would be reported to the credit bureau 's while they worked to determine what happened with my payment. A late fee was assessed which was removed. However, I was notified XX/XX/XXXX through XXXX XXXX that my credit score dropped due to a reported late payment. It dropped XXXX points, which is egregious considering this was the mortgage company 's error. While the most recent conversation has them saying they will " put in a request '' to have the erroneous credit hit removed, I am not confident that they will follow through considering I was assured multiple times that the payment errors would be corrected by certain dates and it never was. 
Due to their poor handling of this entire fiasco, I have requested from them a written explanation of everything that happened on my account. I also requested a detailed accounting of all monies associated with my account, not the very confusing Transaction History they have available on their website. The mortgage company says they can not do either of these. 
I would also like to say when I received notice this company would be my new loan servicer, I had reservations as I had never heard of this company before in my life. My reservations it seems were spot on as not even 6 months into a business relationship with them they are causing this much havoc.