Consumer complaint received 2015-09-09
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account — 
Company: EVERBANK, NATIONAL ASSOCIATION (MA)

On XXXX XXXX, 2015 I closed on a XXXX mortgage, the proceeds of which were used to purchase a XXXX home in XXXX XXXX XXXX FL. The lender was Fl based EverBank XXXX credit scores were XXXX, Loan/Value was & lt ; 50 % XXXX debt servie ratios were & lt ; 10 % of income. Simple loan. I was told to bring a bank check to the closing at their title company 's office in XXXX XXXX. No problem. I brought a cashier 's check drawn on my Federally insured XXXX based credit Union ( with over {$XXXX} XXXX XXXX ). I was told that they would n't accept the check because it would take 2 weeks to clear ( obviously not true, with image cash letter technology, it clears overnight or faster ). And, as you well know Official bank checks have been commonly used for residential mortgage closings for decades. So I had to get a wire out of my of my credit union. Big surprise and not easy! The incompetence of the EverBank and its title company turned what should have been a XXXX minute closing into a XXXX hour ordeal.. At the time I decided that I am going to get as far away from EverBank as fast as possible. Over the last 3 months I found that to be way more difficicult than it should be. In XXXX I wanted to make a $ XXXX payment via ACH. It was rejected ( no ACH payments over {$9900.00} allowed ). I called to see if they would accept a wire. Of course not, I had to send a payment by check to a special address. Great! I followed the instructions, but it took a week from the time I mailed it until the time it got posted to my mortgage. Looks to me that they take their time posting checks, so from then on I sent checks USPS Overnight Mail, Return receipt. In XXXX I sent a check larger than the loan balance and one week later I received the check back in the mail with a form letter and a box checked : " X Personal/ business checks not accepted for payoff ''. Obviously they want to continue accruing interest for as much and as long as possible. So I immediately sent a check for {$1000.00} less than the XXXX they mailed back, which they posted. Little did they know or care that the first check ( the XXXX they returned ) had to be posted as required by Federal Banking Law ( Reg Z prompt crediting rules, as recently amended per the requirements of Dodd Frank ). By the way banks have been posting checks promptly in that situation for decades. Now I am trying to pay off the remaing {$1000.00} which you think should be easy. After all I have about {$9000.00} in escrow funds, XXXX the loan balance. The escrow balance is so high because they forced me to start the escrow with $ XXXX even though the Homeowners Ins was fully paid for one year prior to closing and the real estate taxes was paid ahead over six months. Why not just take it out of the huge escrow balance and send me a check for the remaining escrow balance ( $ XXXX ). There is no way that these trained obstuctionists ever due any thing that simple or customer friendly. Currenly I am awaiting a form in the mail for a payoff. Of course, they want an official check or a wire to pay off the loan. It is very difficult wading through a mass of undisclosed rules that have no basis inlaw, finance or logic. The lesson to be learned here in XXXX with EverBank. Thes guys give bankers a bad name and should be banned from the mortgage banking business. I take some blame for not doing research on line on this company ( apparently a widely hated institution ). I incorrectly assumed that a {$22.00} XXXX Bank could handle a simple transaction competently and ethically. I would appreciate your prompt attention to this matter. Below, in reference to the part of the process that my issue is related to, it is both signing the agreement and making the payments.