Consumer complaint received 2020-11-22
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: MONEY SOURCE, INC., THE (CA)

WHAT HAS HAPPENED. 

XXXX. Closed my refinanced home loan with XXXX who immediately transferred the servicing of the loan to The Money Source ( TMS ). The first payment was due XXXX. 

XXXX. Received automated email from TMS showing incomplete property address. Also received welcome email. 

XXXX. Sent email to TMS with question about making autopayments. 

XXXX. Received automated form email response telling me to call customer service. 

XXXX. Received email from XXXX indicating that my account was set up with TMS online. 

XXXX. After setting up the online account, received automated welcome email from TMS. 

XXXX. Set up an automatic payment from my XXXX checking account to pay the XX/XX/XXXX payment on XX/XX/2020. 

XXXX. Sent email requesting TMS correct the incomplete property address showing online. 

XXXX. Received automated form email response telling me to call customer service. 

XXXX I called TMS. Was told by 3 different people ( XXXX, XXXX, and XXXX ), none of whom would give me their last name, that my loan had been sold effective XX/XX/2020 and that TMS would *not* post my XXXX payment and they would *not* pay my XXXX property taxes. 

XXXX. I called TMS again. Left a message requesting a return call. 

XXXX. I called TMS for the third time. Spoke to XXXX XXXX who promised to follow-up with the address correction, the servicing transfer information, and payment of property taxes. I emailed my property tax bill to her direct attention. She never followed up and she never responded to my email or phone call. 

XXXX. I emailed XXXX XXXX at TMS and sent her the XXXX property tax bill. In this email, I clearly identified the four specific problems on my loan. 

XXXX. Received automated form email from TMS indicating that they were " currently working to fulfill '' my email request. 

XXXX. I called XXXX XXXX. I was told by 3 different people that they had no record of my loan whatsoever. 

XXXX. I cancelled the automatic XX/XX/XXXX payment from my XXXX checking account that had been scheduled to pay on XX/XX/2020. 

XXXX. I received a mortgage statement with an incorrect address for the payment due on XX/XX/2020. This had been delivered to my neighbor, who brought it to me. 

XXXX. I set up another automatic payment from XXXX to pay the XX/XX/XXXX payment on XX/XX/2020. This payment was received by TMS on XX/XX/2020 but never posted to my account. 

XXXX. I sent a second email to XXXX XXXX indicating that I paid my XXXX payment to TMS and that I expected TMS to pay my XX/XX/XXXX property taxes from the {$3500.00} that they were holding in my escrow account. 

XXXX. I received automated form email from TMS indicating that they were " currently working to fulfill '' my email request. 

XXXX. I called TMS. Spoke to Candy, then XXXX ( who indicated she was a " team lead '' ). Neither would give me a last name. XXXX confirmed that TMS could *not* post my XXXX payment and they could *not* pay my property taxes because the loan servicing had already been sold on XX/XX/2020. XXXX also told me that she could not return the {$3500.00} in my escrow account so that I could pay my own property taxes. She said that XXXX XXXX would pay the nearly {$300.00} delinquent penalty if my taxes werent paid by XX/XX/2020. She told me that she had my transfer of servicing letter right in front of her and that she would email it to me within one hour ( by XXXX ). I never received an email and never received a call back. 

Note this discrepancy : The servicing transfer letter I received on XXXX indicates that it was prepared on XXXX, which was 2 days AFTER this phone call. 

XXXX. I called XXXX XXXX again. I was told by 4 different people that they had no record of my loan whatsoever. The last person I spoke to, a manager named XXXX XXXX never responded with a phone call or sent a follow-up email as she had said she would. While on the call, she sent me an email to confirm that she had my correct email address ( attached ). Ill also note that XXXX said she couldnt do anything to resolve the problems at that moment because she was eating her dinner and it was getting cold. 

XXXX. I took TMS website screenshots showing that ( 1 ) my loan account was active, ( 2 ) the XXXX payment had been received on by TMS XX/XX/XXXX but never posted to my account, and ( 3 ) my escrow account balance was still {$3500.00} and clearly, my property taxes that were due on XX/XX/XXXX had not been paid. 

XXXX. I received an automated email from TMS indicating that my XXXX mortgage statement was available online. 

This XXXX statement is dated XX/XX/XXXX ( 3 days after the presumed date that the transfer of servicing letter was prepared ), and shows that my XX/XX/XXXX payment was received, but never posted to my account, and consequently, my XXXX payment is showing as delinquent. Also, that no property taxes ( now past due ) had been paid from my escrow account. 

XXXX. I received an automated email from TMS indicating that a " new letter '' was available online. This is a servicing transfer notice dated XX/XX/XXXX. However, it contains some significant discrepancies. The letter indicates the following : 1. The servicing of my loan will be transferred effective XXXX XXXX. I should remit my payments to the new servicer beginning XXXX. This is one month before the supposed date of transfer. 
3. TMS will be collecting my payments until XXXX. Note that several people at TMS have refused to post my XXXX payment or pay my XXXX property tax bill multiple times, insisting that they could not do so because the servicing transfer date was XXXX. 
4. Payments sent after XXXX should be paid to the new servicer. 

I'll also note that receiving this letter on XX/XX/2020 is a clear violation of 12 CFR part XXXX ( regulation x ), XXXX mortgage servicing transfers, section 3, paragraph a, which states the transferor servicer shall provide the notice of transfer to the borrower not less than 15 days before the effective date of the transfer of the servicing of the mortgage loan. 

XXXX. I received a call from TMS phone number. The caller hung up when I answered the phone. 

XXXX. I took TMS website screenshots showing that XXXX. My loan account was still active 2. My XXXX payment had been received on XX/XX/XXXX but never posted to my account 3. My escrow account balance was still {$3500.00} 4. My property taxes that were due on XX/XX/XXXX had not been paid. 

XXXX. I called TMS, then remembered that they are not open on XXXX. 

STATUS AS OF XXXX : 1. My XXXX payment is showing delinquent despite showing that TMS received my payment on XX/XX/XXXX. 
2. My XX/XX/XXXX property taxes have not been paid and are now past due. On XX/XX/2020 they will become delinquent at which time the XXXX XXXX XXXX XXXX XXXX will assess a delinquent penalty of {$270.00}. 
3. No one from TMS has ever responded ( despite repeated promises from multiple people ) to get me more information or get clarity about the transfer of servicing status of this loan. 
4. The transfer of servicing letter I received from TMS on XXXX contains multiple discrepancies. 
5. After more than an hour on the phone with XXXX XXXX on two occasions, they have repeatedly denied having any record of my loan. Their manager did not follow up as she had promised.