Consumer complaint received 2021-06-09 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BSI Financial Holdings, Inc.
State: CO

Complaint narrative:
XXXX XXXX transferred my mortgage to BSI Financial. I have had nothing but issues with this company. First, they charged me double my PMI. My original loan said PMI was {$42.00} and I was charged {$85.00} a month from XX/XX/XXXX through XX/XX/XXXX. I complained when my PMI was not timely removed after I had paid down my mortgage and BSI refunded the XXXX payment. They said it would take 30 days to remove a PMI payment from my account. They still owe me {$42.00} for 5 months PMI overcharge. I was told it was being reviewed and would be refunded in a phone call in early XX/XX/XXXX. Its been over 30 days and nothing is applied to my account or refunded by check. Secondly, this company continually held my additional principal payments. I would mark the additional to be all principal and they would put it in " unapplied funds '' for up to 2 weeks. These were large payments so this cost me additional undue interest while I assume they made interest on my money. I think that is the reason for delays and processing that takes 30 days. Third issue is with my bi-weekly payments. I set up bi-weekly payments to avoid all the issues with not being able to get my principal applied timely and to reduce my interest and number of payments. I was sent notification from BSI that they received my application for Bi-Weekly drafts of {$1000.00}. My first draft was taken from my bank account XX/XX/XXXX. I looked at my account and the entire payment is sitting in " unapplied funds '' where it has been for 8 days with a notice my account is 8 days past due. PAST DUE??? I called customer service and was informed that the payment would stay in unapplied until they receive the second payment on the XXXX and at that time it would all be applied to my loan. I asked to speak to someone else and explained that the whole intent of bi-weekly payments was to reduce the number of months and save interest. The customer service agent repeated herself and said that was the policy and anyone else I spoke to would tell me the same. Its like the customer service reps don't even know enough to even understand mortgage loans. I didn't make a partial payment. I made a full by-weekly payment and I requested it be applied to my account retroactively so that I would receive the expected saved interest. Even the amortization calculator on my account shows how bi-weekly payments are designed to work. With my additional principal payment and bi -weekly payments I'm projected to save over {$40000.00} in interest. This company is treating the bi-weekly payment as I'm just late every month and I accrue even more interest which is the opposite of what a bi-weekly payment does. Ongoing issues with BSI financial including their inept customer service reps, their delayed response time, their fraudulent processing and mortgage lack of servicing is not only costing me financially, it is causing me emotional distress and is very time consuming having to watch-dog my account.

Company response to consumer: Closed with explanation