Consumer complaint received 2025-01-30 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Fees charged
Company: PROVIDENT FUNDING ASSOCIATES
State: FL

Complaint narrative:
Subject : Dispute of Unfair Late Fee Charged by Provident Funding I am filing this complaint to formally dispute a {$97.00} late fee charged to my mortgage account by Provident Funding. This fee resulted from a misunderstanding triggered by a notification from Provident Funding about an adjustment to my mortgage payment amount. Despite my long history of consistent and early payments, the company has refused to waive the fee, citing inflexible policies. 

What Happened : 1. Notification of Payment Adjustment : I received official communication from Provident Funding stating that my monthly mortgage payment would be adjusted to {$2800.00}. 
2. Proactive Payment Update : In response, I updated my automatic payment to {$2900.00}, as I normally overpay my mortgage and previously had been paying {$3000.00} per month. 
3. Accidental Timing Error : I mistakenly made this adjustment one month too early, causing my payment to be {$28.00} short of the amount due for that month.

4. Payment Rejection & Late Fee : Due to this minor shortfall, Provident Funding rejected my payment entirely, marking my account as unpaid and subsequently charging me a {$97.00} late fee.

Why This Fee Is Unfair & Should Be Investigated : Processes Designed to Maximize Fees : Provident Funding chose to reject my payment in full, rather than applying the amount received and notifying me of the small difference. Their policies appear structured to increase revenue through avoidable fees rather than assist customers with minor adjustments. 
Inflexibility Disguised as Consistency : The company justifies denying waivers under the claim that they must treat all customers the same, yet this reasoning is being used to justify anti-consumer practices that fail to account for individual circumstances. 
Failure to Consider Customer History : I have never missed a payment and consistently overpay my mortgage. A company with fair consumer policies would recognize this and provide reasonable accommodations for an honest mistake. 
Bank-Triggered Confusion : My adjustment was based on Provident Fundings own notification, not an intentional underpayment or financial inability to pay.

Resolution Sought : I believe this late fee should be waived due to the extenuating circumstances and my strong payment history. More importantly, I urge the CFPB to investigate Provident Fundings mortgage servicing policies, particularly their fee-driven payment rejection process and refusal to provide reasonable waivers or flexibility for responsible borrowers.

Their rigid policies do not align with fair consumer lending practices and seem designed to penalize customers for minor miscalculations rather than help them succeed as borrowers. I appreciate the CFPBs attention to this matter and its role in holding financial institutions accountable for such practices. 

Sincerely, XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation