Consumer complaint received 2020-09-10
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: Onity Group Inc. (CA)

On XX/XX/XXXX I requested Payoff Statement from PHH mortgage. On XX/XX/XXXX, I received a response to my request. A 5-page document stating in part ... .. '' Equity Share Agreement if note  is paid in full beginning 30 days after the Modification Effective Date and before the 8 year anniversary date after the Modification Effective Date and the property value has increased from the property value XXXX obtained by the lender prior to the Modification Agreement. Lender entitled to 50 % pf any increased value, less capital improvements. '' I expressed the URGENT need for this to be escalated, as we were scheduled to closed Escrow XX/XX/XXXX. I inquired as to the process. I was told by Escalation Manager XXXX, XXXX, that each vendor would be called to verify the legitimacy of the receipts and confirm they performed the work. 

I immediately sent Capital improvement receipts and cancelled checks, totaling approx XXXX. Upon sending these documents, I have been in contact with " Escalation Managers '' who have provided the same scripted information : XX/XX/XXXX - XXXX - XXXX - Confirmed " XXXX '' was working with the payoff department, he would send XXXX a email to give me a call, could not verify receipt of documents after I sent several times via emai to  XXXX XX/XX/XXXX - XXXX - XXXX - Verified receipt of documents sent earlier XX/XX/XXXX - XXXX - XXXX - Acknowledged call, stated would leave message for XXXX XX/XX/XXXX - XXXX ( XXXX ) - XXXX looked up acct, confirmed XXXX was working with payoff dept and she would send him an email to contact me. I asked to speak with XXXX he was not available. 
XX/XX/XXXX - Received a call from XXXX, XXXX stating XXXX is the one assigned, he is watching the account, it has been escalated and he is working with the Payoff Dept.  XXXX, XXXX then stated that the " Equity Share '' amount would not be more than 25 %. I inquired to the definition of 25 %. XXXX, XXXX then stated, he did not have the breakdown of the numbers, that would be listed in the Payoff. I demanded he explain what he was eluding to regarding 25 %, and if he could not explain it, I wanted to talk to a manager that could.  XXXX, XXXX then stated XXXX is watching my account, it's been escalated and he would give me a call. I reiterated to XXXX again that we are scheduled to close escrow on XX/XX/XXXX. He stated he understood. I asked to speak to XXXX he was not available. 
XX/XX/XXXX - XXXX, ext XXXX gave me a call & left message. 
XX/XX/XXXX - XXXX, ext XXXX called me and stated " all verifications have been completed '' a payoff statement should be sent later that day. 
XX/XX/XXXX - XXXX - XXXX, I called as I have not yet received a payoff statement. I was told by XXXX, XXXX - XXXX is the one assigned, he is watching the account, it has been escalated and he is working with the Payoff Dept. 
XX/XX/XXXX - Called PHH and conducted a 3-way call along with Title and myself to try and ascertain when we would be receiving the Payoff Statement. We were told " XXXX is the one assigned, he is watching the account, that an email would be sent to XXXX to escalate it. Title Company inquired " how long after escalation will the Payoff statement be generated? '' We were told 24 hours. I stated this is the 3rd escalation and we still have not received the Payoff statement. This matter has been escalated 3 times since XX/XX/XXXX and the only consistent response given is " XXXX is the Escalation Manager on this file and he is working with the Payoff Dept. '' I inquired, if all verifications have been completed, what is the hold-up to obtaining the Payoff statement. I then asked for the Manager of the Payoff Dept, I could not get a name or be transferred to anyone. 

We ( Escrow/Title ) are currently at a STAND STILL as we can not obtain a Payoff Statement from PHH. 
XXXX - Property Value at time of Modification XXXX - Appraisal Amount XXXX - Selling Price XXXX - Increased value amount XXXX - Less Capital Improvements On XX/XX/XXXX, I have not received the promised Payoff Statement.