Consumer complaint received 2023-01-31
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BSI Financial Holdings, Inc. (TX)

Our mortgage was set up & serviced by our original mortgage broker, XXXX, XXXX on XX/XX/XXXX for our first new home. Soon after it was transferred to be serviced by BSI Financial Services in XXXX, XXXX with headquarters in XXXX, TX. When we first met with our mortgage broker ( XXXX, XXXX. ) we set a monthly maximum payment that we could afford which was {$1500.00}. Upon receiving our very first payment notice from BSI it showed a payment due of {$1200.00} which is what we've been paying for almost 3 years. On XX/XX/XXXX we received a Notice & Calculation of our new monthly payment of {$2700.00} ( due XX/XX/XXXX ) MORE THAN DOUBLE our original payment which the notice said was due to an Escrow Shortage of {$12000.00}! After initially researching on our own as to how this could even be possible we contacted & met with our original mortgage broker who did a conference call with us and BSI Financial on XX/XX/XXXX XXXX. On that call we were told that for the entire time BSI took over our loan they were incorrectly taxing just our lot ( unimproved property ) and NOT including the house as our original mortgage banker had set up. We asked the BSI representative why we did not receive any type of correspondence until now as in looking back our escrow was already in arrears by {$6000.00}. a year ago. They failed to annually send a Truth-in-Lending disclosure as required by law. We asked the BSI representative, XXXX XXXX, why our loan was not correctly set up & serviced the way it was originally set up and her response was " I don't have an answer for that. '' We also asked her " and who's mistake is this? '' She replied " it's our mistake. '' We have never had a late payment and even pay extra monthly to allow for possible yearly property tax increases. For the past almost 3 years, we have received our monthly payment notice from BSI and paid it accordingly. At no time did we receive any notice of a different payment amount due until a few weeks ago. We live on a fixed income and there is no way that we can afford a more than double mortgage payment due to BSI 's mistake! This could have easily been avoided by BSI properly servicing our loan the way it was intended & initially set up which is how most mortgages are financed, the lot AND the house. 

After researching online we found that this company has had thousands of complaints with the XXXX XXXX XXXX, so many that they stated they could only post 30 % of the complaints online. As you are probably aware we also found that CFPB settled with BSI Financial Services in a document dated XX/XX/XXXX for violating the Consumer Financial Protection Act of XXXX, the R/E Settlement Protection Act and/or the Truth in Lending Act by doing the exact same thing as in our case, specifically ..... 

*Handling mortgage servicing transfers with incomplete or inaccurate escrow information resulting in untimely escrow disbursements ; *Inadequately overseeing service providers, resulting in untimely escrow disbursements to pay borrowers property taxes & homeowners ' insurance premiums. 

We are extremely upset and angry about this. While the BSI representative did not have an answer for why this happened & admitted it was their mistake the only thing they offered was for us to pay for their mistake by paying the {$12000.00} escrow shortage over 60 months which still raises our payment to {$1900.00} ~ {$700.00}. more that is not in our budget. 

We are attaching copies of our original mortgage paperwork, closing disclosure, XXXX tax statements over the last few years. This is an inexcusable way to manage and service mortgage loans especially when it affects the livelihood of most peoples ' major purchase in life. We truly would appreciate the help of CFPB to help us with a beneficial resolution of this most important matter. Thank you in advance for your assistance.