Consumer complaint received 2020-10-07
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: Home Point Financial Corporation (MD)

Toward the end of XXXX, Home Point Financial, our mortgage lender for our primary residence in XXXX, contacted us to offer participation in a program prompted by the onset of COVID-19 and the impact the epidemic was having on the economy. My wifes place of employment had recently been shut down due to COVID-19 so we opted to take part in their offer.

We have always had near perfect credit so, naturally the impact such a plan could have on our credit record was a concern. We asked and  were reassured Home Point would suspend any reporting of delinquency. We accepted their offer understanding the money would still be owed and there is no forgiveness of debt under this program.

We were aware that other lenders were conducting similar programs.  In fact, the lender on our income property in XXXX extended a similar offer and it proceeded without a hitch. We have, once again, resumed normal payments on that loan. Both parties, us and the lender proceeded as agreed throughout the program. There were no misunderstandings, no mistakes, no threats and no reporting to the credit reporting agencies.

The process with Home Point, however, is a totally different story, plagued with mistakes and unprofessionalism which generated  misunderstandings, which raised questions resulting in more than a dozen phone calls over the short course of their program. Home Point began sending us letters, statements and notifications in the mail on a regular basis that were contradictory to the agreement in which we were participating. We proceeded as agreed throughout this program and Home Point did not. They proceeded in an unprofessional manner plagued with errors and apologies resulting in repeated responses of, Im sorry, I dont know how that happened. I will fix that for you. You can disregard that letter Mr. XXXX. 
Each time something seemingly erroneously would arrive in the mail or an unexpected event would take place I would place a call to Home Point We Care line and ask about it. The response was very consistent and the representatives were courteous, informative and  efficient. Each time until XX/XX/XXXX when XXXX transferred me to XXXX in loss mitigation. 
and we waited for the next event, such as : ~ We asked and were told it would be ok for us to continue to make escrow account payments to ensure the tax and insurance remained current. The XXXX XXXX statement then showed the {$290.00} ( check # XXXX  ) marked for escrow payment used to pay a late fee of {$46.00}. leaving only {$250.00} for Escrow.

~ The next statements all showed {$0.00} in the Escrow payment field. Each time I called I was told to disregard and that it is being taken care of. On a more recent call I was, however, told it was not possible for me to make Escrow-only payment ( after having sent 4 such payments ) and that all funds, though marked for escrow, went into a general account the use of which was to be determined at a later date.

~ Eventually we were told we had been approved for a deferral, just as we had by our other lender, and that the money would be added to the end of the loan and that we would be receiving a document to that effect. The document was to be sign, notarized and return to Home Point, after which we would start making regular payments. A  document arrived on XX/XX/XXXX, dated XX/XX/XXXX, while I was out of town and my wife called me to review it with her. The document did not state the terms and offer we had been expecting and because it had some other persons loan number on it, I assumed it was just another in their long list of mistakes about which I would be told once again to disregard. 
~ Early XXXX we received a letter dated XXXX XXXX stating our forbearance plan is ending soon. We called and were told to disregard this letter and that we were approved to participate in Home Points plan for four months. 
~ In XXXX, I learned my XXXX credit score had dropped 180 points, from XXXX to XXXX due to reporting by Home Point. Again, I was told by the helpful friendly associates on the other end of the line they didnt know how that happened and they would make sure it gets resolved. It did, but remains another example of unprofessionalism on their part and undue/undeserved stress on my part. 
~ In early XXXX I received a letter dated XXXX XXXX from the US Department of Veterans Affairs stating, Your mortgage company has notified us that you have fallen behind on your home loan payments. Home Point promised they would not report me to the VA, in fact the rules prohibit Home Point from reporting me to anyone as delinquent or penalizing me for taking part in their program. Although I continued as agreed in this Home Point-concocted arrangement they reported me. 
~ On XXXX XXXX I spoke to XXXX at Home Point and was told again to disregard the letter dated XXXX XXXX I was calling about. It stated my XXXX XXXX payment had not been received and I must immediately send a payment to one of the two addresses provided. 
~ On the above phone call, I was also told the restructure had been approved and I will receive a detailed document which I was to sign, have notarized and return to Home Point. I never received such a document and now understand I will not. I was told I would have time to review this document and have questions answered. 
~ The document we eventually received on XXXX XXXX was dated XXXX XXXX and stated we had 14 days to sign and return it. During the XXXX XXXX call about this letter I spoke with XXXX who, unlike other associates at Home Point, was extremely rude and unprofessional. This time, I was not, however, told to disregard, I was told to take it or they would foreclose and this is not a debate. I was told this at XXXX XXXX  on XX/XX/XXXX by Loss Mitigation associate, XXXX who stating I had been approved for a VA XXXX  in accordance with VA requirements and these requirements were not Home Point requirements because the VA owns this loan. Being familiar with a VA XXXX XXXX I asked about the high interest rate. XXXX then admonished me this is not a refinance, rather it is a VA XXXX XXXX. He barked at me about a refinancing requiring Loan Origination Fee, VA Funding Fee and Funding Fee. I asked him if whoever approved the deal took into consideration that I am a XXXX American Veteran and exempt from these costs? To which he responded, I am not going to debate this with you! 
While todays VA loan rates are openly published to be as low as 2.25 % Home Point has asked me with my near-perfect, XXXX credit score - to accept a new loan that is 1 1/8 % percent above this, at 3.375 %. This may look like a good deal considering I had a loan of 3.5 %, but, then they added 13 months to the term of the loan and didnt even reduce my payment by {$5.00}. That math does not make much sense. I think they are either incompetent or overly opportunistic while pretending to extend VA regulated benevolence to a Service-Connected XXXX Veteran.