Consumer complaint received 2021-08-20
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: M&T BANK CORPORATION (FL)

M & T XXXX INCORRECT ESCROW/INCORRECT MORTGAGE INCREASE COMPLAINT M & T XXXX has sent a monthly mortgage payment statement to us with an increase of approximately ( {$3300.00} ) starting the month of XX/XX/XXXX, based on Inaccurate Insurance Payments and Inaccurate and Unfair Escrow Payments Increase. Please See Attached XXXX  Statement Forms. 
We are requesting that M & T XXXX/Bank correctly adjust the monthly mortgage payment. Which should be approximately same as last month ( {$4.00}, XXXX ). Until it returns to its approximate ( regular ) payment of approximately ( {$4400.00} ) in a few months, based on a temporary [ increase of payments ] for approximately a year or so to make up for a specific escrow cost. 
And request M & T correctly adjust the Escrowed Taxes and Insurance based on the correct normal yearly amounts. As shown in the Escrow Chart below from an original ( M & T XXXX/Bank Statement ) Please See Attached Escrow Statement Form. 
After we have put together [ {$30000.00} ] ourselves and had the property re-roofed, M & T Bank/XXXX is now requesting we pay ( {$29000.00} ) Escrow Shortage to our escrow account ). Which is based on Inaccurate Calculations and Information from M & T XXXX/Bank. 
Which M & T Bank assisted in that shortage by refusing approximately ( {$4000.00} ) returned by our insurance company in ( approximately XX/XX/XXXX ) due to cancellation. Which M & T refused to let us have, even after we stated we had put together mostly all the money to re-roof the property. But was short approximately ( {$4000.00} ) which would have allowed us to be able to signed the roofing contract to get started on re-roofing the property months ahead, but M & T did not let us have the insurance refund. 
The [ Annual Disbursement ] and [ Escrow Projection ] that M & T XXXX is utilizing and basing our ( XXXX ) Escrow payments on is very much inaccurate, based on the following : The Hazard Insurance will no longer have a reason to be a ( Forced Placed ) projection because we have placed a new ( {$30000.00} roof on the property ) which was the reason the insurance was forced placed/from cancellation of a bad leaking roof to start with. And only half or less of that ( {$14000.00} ) should have been used for forced insurance because that is a yearly policy charge, ( and the insurance lost was approximately six ( 6 ) months ). Also, there was a {$4000.00} ( refund returned from the insurance company ) kept by M & T XXXX. 
And the ( {$1.00}, XXXX ) other insurance ( showing under M & T escrow disbursements ) is not a part of my ( XXXX ) coverage. 
The ( {$7000.00} ) under the disbursements, I assume, appears to be my policy coverage amount for ( XX/XX/XXXX thru XX/XX/XXXX ). I believe it to be approximately {$500.00} more, according to the insurance agency. 
Below are the Anticipated Annual Disbursements and Projected Escrow Balance Summary taken from M & T Bank/XXXX Escrow Forms. Please See Attached Original Escrow Form ( s ). 





M & T XXXX PROJECTED ESCROW PAYMENTS OVER THE NEXT 12 MONTHS ( XXXX ) Anticipated Annual Disbursements Insurance $ XXXX County Tax {$6400.00} Hazard Ins {$14000.00} Insurance {$7000.00} Total {$29000.00} Projected Escrow Balance Summary M & T Bank expects to pay {$29000.00} over the next 12 months. 
Heres how to calculate your new monthly escrow payment : Total Taxes and Insurance {$29.00}, XXXX Divided by 12 months {$2400.00} *New Monthly Escrow Payment {$2.00}, XXXX PREPAYMENT PENALTY : ISSUE M & T put the words ( Prepayment Penalty ) on the XX/XX/XXXX Statement. There is no prepayment penalty on our Promissory Note. 
When I asked the call center personnel reference the prepayment penalty on the statement, she expressed she had stated more than was allowed. She had only given very vague responses. So who are we suppose to discuss serious mistakes made like this on the property owners monthly statement with. 
Serious important matters like this should not be left to a call center to handle. 
CALL CENTER : Problem I spoke with the Call Center for M & T XXXX. It is not remotely qualified to answer the above type questions from my conversation with them, or they are trained to pretend they dont know how to answer certain questions. Was on the phone with them approximately ( 2 hours ), nothing answered. 

HOW TO RESOLVE THE PROBLEM : We are requesting that M & T XXXX/Bank correctly adjust the monthly mortgage payment. Which should be approximately same as last month ( {$4.00}, XXXX ). Until it returns to its approximate ( regular ) payment of approximately ( {$4400.00} ) in a few months, based on a temporary [ increase of payments ] for approximately a year or so to make up for a specific escrow cost. 
And request M & T correctly adjust the Escrowed Taxes and Insurance based on the correct normal yearly amounts. As shown in the Escrow Chart below from an original ( M & T XXXX/Bank Statement ) Please See Attached Escrow Statement Form. 
Also, we are requesting assistance to eliminate ( Escrowing of Our Property Insurance with M & T XXXX/Bank ) based on the reasons and the content of this complaint ( i.e. Extreme inaccurate based escrow calculations and, extreme unfair escrow money increase requests ). 
Serious important matters reference mistakes of putting Prepayment Penalty on property owners monthly statements, should not be left to a call center to handle. Prepayment Penalty needs to come off statement.

Note : The Annual Escrow Disbursement and Projection should have been based on our ( current insurance policy or our property coverage from last year and County Tax ). All the more reason M & T Mortgage should hand over the [ insurance part ] of our escrow to us ( the property owners ). 
Also, after we the property owners ( scratch, scraped and broke our backs ) to put together ( {$30000.00} ) to put on a Badly Needed New Roof ( re-roof ) on the property, which M & T turned down any kind of financial request we asked of them. It is extremely Cruel for M & T Mortgage to turn around and ask us ( the property owners ) for ( {$29000.00} ) in Over The Top and Inaccurate Escrow Payments. 

XXXX XXXX & XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX ( XXXX ) XXXX M & T Corporation XXXX XXXX XXXX XXXX, NY XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) XXXX M & T BANK XXXX. XXXX XXXX XXXX, NY XXXX XXXX https : //www.mtb.com/XXXX