Consumer complaint received 2023-03-27
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: Fay Servicing, LLC (RI)

Subject : Complaint - Re : Escrow Account Mortgage Servicing Issues : Non Traditional Mortgage loan with a final Balloon payment My Mortgage balance due is grossly incorrect as the Mortgage Servicer has failed to correct ongoing Mortgage accounting issues concerning my Escrow Account which was transferred to this servicer and slatedto be terminated as per this Mortgage Servicer company Representative 's offer to me upon the initial onboarding of my Mortgage in XX/XX/XXXX. After multiple email follow ups by me I finally received a slight assurance at the beginning of this issue when this company finally replied to me " in process ''. That never occurred however. This issue has continued since last XXXX. 

I have received at least 3 different Escrow Analysis from this Mortgage servicer in less than 1 year ofservicing my Mortgage loan.I have received 2 different also incorrect demand letters for amounts due and the months owed with written threats of foreclosure beginning in XXXX of XXXX. 

The most recent receivedMortgagestatement as of this writing for the XX/XX/XXXX is not only grossly inflated itdoes n't even coincide with this Servicer 's own accounting in their demand letters. 

Fay Servicing did not provide any written notification to my attention of the transfer to them of myMortgageservicing. It was the previous Mortgage Servicer that alerted me. I will add that my Credit with my Mortgage history prior to the transfer of Mortgage Servicing to Fay Servicing was unblemished. They have now greatly negatively impacted my credit with their inaccurate reporting due to their own negligence to all 3 Credit Bureaus. 

As the previous servicer refused to accept my final Mortgage payment from me upon service transferI contacted Fay with information from the former servicer as I had not received anything from Fay. Fay Servicing was also unable to accept my first payment to them as they had not even set up a newaccount for my Mortgages Servicing. After I provided my information to them I was told to call back at a later date to make mypayment based on the previous Mortgage servicer 's provided monthly Mortgage statement. That amount consisted of XXXX. 

According to their most recent late reply correspondence to me concerning my email correspondence to them they again included false information this time regarding a request by me for financial assistance and incomplete documentation. I have not nor have any interest in financial assistance from this servicer. All I want is corrective measures to my Mortgage account, a final extinguishment of the Escrow Account and full correction to the 3 credit Bureaus by them. 

Also in that correspondence to me they acknowledge requesting in XX/XX/XXXX documentation that they should have had by XX/XX/XXXX from the previous servicer. Their request was precipitated by my constant email correspondence and inquiries. 

As stated I decided going forward to exclude the Property Taxes and Homeowner Insurance as their Representative offered as I had no confidence in this Mortgage Servicer due to their lack of competence and professionalism. I have owned four homes over the years since my early twenties. This is the absolute worst Mortgage Servicer that I have ever encountered.

After Fay received all of my Escrow related Property Tax and Home Insurance information from me they then denied and retracted authorization of removing the Escrow account although their Representative initiated the process. Furthermore as per this untraditional Mortgage documentation there is not any binding legal language basis in any of my mortgage or remodification documents As the Escrow account was to be removed I paid my Homeowner Insurance and they paid it in full the next day. I notified my insurer of this, collected and returned the reimbursed funds to Fay Servicing as they requested and have proof that they received and re-deposited those funds. They have only recently acknowledged that theymis-applied those returned funds from XXXX of last year. Although I have been paying my monthly Home Insurance premium monthly since this Faycontinues to provide Escrow information including my home Insurance premium amount thereforeduplicating my payment due with their inaccurate amounts due. 

What is due to Fay Servicingmonthly is {$990.00} P & I - only. I have mailed them these payments promptly and monthly via USPSCertified mail, Return Receipt - to their XXXX XXXX in XXXX. As per a clerk at the XXXX USPS a land address listed in XXXX on their statement is not in existence. 

Theyirregularly mail monthly Mortgage statements to me. They have either not returned signed the USPS Certified mail return card proof of receiving or returned them to me several weeks later. The most recent received return card to me had the USPS Certified Mail Return sticker identifying # removed from the card. 

As per my records my P & I payments for XXXX, XXXX and XX/XX/XXXX still remain in myChecking account and have not been returned to me by Fay. Fay has returned XXXX, XXXX and XX/XX/XXXX ( XXXX & XXXX ) checks that I submitted to them after lengthy holds by them. They also returned a check that I submitted to them for my Property Taxes due XX/XX/XXXX which they inadvertentlypaid. My Property Taxes are now next due for XX/XX/XXXX. I submitted payment to the collector due XX/XX/XXXX for my quarterly payment due. Fay then paid my property taxes later so the Collectors office applied their payment to the next quarter due : XX/XX/XXXX. 

The first quarter Property Taxes due in XX/XX/XXXX upon the transfer to Fay waspaid out of a surplus in my transferred Escrow account. I repeatedly called the Tax Collector 's office regarding that payment as Fay maintained they paid them although they had not paid them when they said. 

There was also a check in the amount of {$1500.00}. returned to me out of my Escrow account as I brought to Fay 's attention there was a cushion greater than allowed by Federal Law in my account and I had not received any Interest as per RI State Law.I reminded them that the interest required is a moot point once they for once and for all resolve the problem and remove the Escrow account. 

The RI Department of Business Regulation Banking Division is aware of these issues as is XXXX XXXX