Consumer complaint received 2024-02-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Loan estimate or other related disclosures
Company: CrossCountry Mortgage LLC
State: CA

Complaint narrative:
Executive summary : We purchased a property in XXXX in XXXX XXXX XXXX. The purchase price was XXXX XXXX and we obtained a mortgage through a mortgage broker from CrossCountry Mortgage, LLC . However, the Closing Disclosure we signed at closing, which we later learned had an incorrect property tax estimate. We signed the Closing Disclosure on XX/XX/XXXX, which showed that the estimated property tax to be collected was XXXX XXXX or XXXX XXXX This made our total monthly payment {$5400.00}. This was a stretch for us, but we were excited to own a home. CrossCountry immediately sold the mortgage to XXXX XXXX and we began making payments of XXXX XXXX to XXXX XXXX in XXXX, XXXX. 

The Property Tax Rate in XXXX XXXX is about 1.37 %. The assessed value for the first year is the purchase price. With the {$7000.00} homeowner exemption, the estimated tax for the XXXX fiscal year would then be ( 1.37 % * {>= $1,000,000} ) = {$16000.00}. Add fixed charges and bond passthroughs of ~ {$1800.00} and the total estimated tax should have been about XXXX XXXX or XXXX XXXX 

They misrepresented the cost of ownership by XXXX XXXX to our detriment. This represents a difference of over 15 % of our monthly payment and this increase will continue throughout the XXXX year life of the loan. That is {$300000.00}! This error has put a huge financial burden on us and we are struggling to make payments. We relied on our loan

officer as a guide through this new and complicated process as well as the Closing Disclosure as the primary input for our decision of whether to buy or not to. Even though we opened an escrow account with CrossCountry at the time of purchasing the house, we never heard of an error or issue with our payments. Around XXXX XXXX XXXXXXXX, I received a late payment notice from XXXX XXXX. I eventually learned that there was a particular type of supplemental property tax bill that was not sent to XXXX XXXX. I alerted XXXX XXXX of this situation and they quickly paid the tax bill and the late payment penalty. However, this payment resulted in a shortfall of {$13000.00} in our escrow account. XXXX XXXX has now increased our monthly payment by XXXX XXXX to close the shortfall over the course of XXXX XXXX. However, they are still collecting the incorrect XXXX XXXX for property taxes. At some point in the XXXX XXXX they will revise the property tax collection amount and our payment will go up by another ~ XXXX XXXX. Again, this is a huge financial burden we have incured because of CrossCountry Mortgage 's error.

We have talked to our loan

officer at CrossCountry. She says that the incorrect property tax estimate printed on our Closing Disclosure was a human error, she apologized, and she said that there is nothing she or anyone else at CrossCountry can or will do about it. Additionally, we wrote a letter to the legal team of
CrossCountry. They never responded.

Company response to consumer: Closed with explanation