Consumer complaint received 2025-10-29 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: Experian Information Solutions Inc.
State: TX

Complaint narrative:
In XX/XX/XXXX, we closed a mortgage with XXXX XXXX Bank and XXXX  in XXXX Texas. When we applied we had great credit, no debt, over {$300000.00} in the bank and asked for a 15-year fixed mortgage. I questioned several times before closing saying that the math and disclosures were not mathing or adding up. This was brushed off. 

After closing, we rarely received statements, and the statements we did receive were blank, showing only the amount due. I called and questioned the payments being made as I was making 2 months at a time in the beginning. I asked about biweekly payments and they said they couldn't accept them. After roughly 6 months, I realized they were not only not sending statements, they were not applying payments correctly. The interest was absorbently high, and the principal was wildly fluctuating. Having had mortgages before I knew this was wrong. I kept questioning, and I was brushed off. My loan officer was fired/or quit during this time. 

A year in ( XXXX ), we contacted a mortgage broker in XXXX area to help us understand because we were unable to get help from the bank VP. He informed me that we didn't have a mortgage per the credit report, and it was a personal loan. A mortgage was filed with the county, and I called and reported the error to the bank VP. He said he would look into it. We talked to other banks as we wanted to get away from this loan, as it wasn't making sense, and everyone told us that due to the loan being a filed mortgage but showing as a personal loan, we would need to get that corrected because there might be title issues. 

I filed a complaint with the state and was told by the bank VP that they had 3 employees in a room working on the math of the loan for a day. They concluded there were mathematical errors and sent a note telling me we had a loan with a XXXX calculation for interest. This is where someone at the state should have said XXXX. XXXX interest is rarely ever used for a mortgage as it violates XXXX. We were steered to a product that gave us credit card interest, told it was a mortgage but it was a personal loan. The bank has REFUSED to address their errors. 

In XX/XX/XXXX, we requested information from the bank on a HELOC to build on our property. It would be a second mortgage. In early XXXX, we applied to no other bank would touch us, as we were not able to get the credit report information corrected after several instances of asking various employees, including the VP. It took 4 months for us to get this loan closed even though we were never asked for another document. Today we believe that is because the VP was having to manipulate documents and information behind the scenes to cover up the errors. This included a one-month halt due to the erroneous appraisal, where we had already added XXXX heated and cooled square feet and our place apprasied for less than $ XXXX more than when we purchased which was an egregious error. The appraisal came in at $ XXXX when the tax assessor of our county had our property valued at over $ XXXX. The bank was unable to address this issue, and I wrote an email detailing the issues with the appraisal and challenging it. 

In XX/XX/XXXX, one of my credit cards let me know they lowered my limit via email as they had looked deeper at my credit and determined I did NOT have a mortgage. This to me made it look like I had perpetuated fraud when applying for that card. I immediately contacted the bank VP and sent him an email with a snapshot from the email I had received. It was never addressed. 

We were scared to continue complaining about the error on the credit report as we were literally hog tied financially to this bank as they refused to address the errors. We spent hours talking about whether we complain again about the length of the process or the mistakes of the past because we wanted to complete the project and had no other way to get to our equity. 

During this time of waiting I decided to take the licensure for becoming a mortgage loan officer and my training taught me how much this bank is doing incorrectly and against federal and state regulations. This is a much BIGGER issue than just our loan. 

We closed the XXXX loan in XX/XX/XXXX and at closing were presented a document that I immediately questioned. The document was stating we did NOT have a 1st mortgage. We told the closer, and she let the title attorney know. The title attorney said the bank 's attorney made the document so we could still sign it as it was correct per the banks records. This was another indication that our 1st mortgage was done INCORRECTLY. 

* Consumer lending laws, secondary-market rules, and fair-disclosure requirements discourage XXXX. U.S. fair-disclosure and consumer-protection laws effectively discourage or prohibit the use of XXXX for residential mortgages, whether they are fixed or variable. Use of XXXX violates TILA, Regulation Z, RESPA and TRID requirements. XXXX  XXXX, XXXX XXXX, XXXX XXXX, and large mortgage aggregators will NOT purchase loans using XXXX. Finance charges are required to be detailed and statements must be sent at least periodically and the failure to send statements is a tactic to make us miss payments so that the bank can obtain title. 

Courts have occasionally ruled that XXXX in consumer notes can be deceptive if not clearly explained. 
Examples : Riddle v. First Tennessee Bank, 2013 ( Tenn. Ct. App. ) found ambiguity over whether XXXX contradicted the stated per annum rate. 

Kerr v. First Citizens Bank & Trust, 2008 court warned that consumer confusion over XXXX could support a TILA claim. 

In 3+ years of owning the home and having the original mortgage, we have received roughly 10 statements that contain no information. We have made so many complaints to the bank staff, loan officers, and corporate officers that we are tired. We contacted attorneys who tell us we have a case, but the bank will drown us in legal fees during discovery, and estimate it will cost us {$50000.00} to litigate to get the loan fixed. 

In our small circle of influence, we have since learned of 4+ more loans that have issues known by the bank but remain unaddressed. This includes officers and staff telling and assisting in the cover-up and facilitation of hurting members of this community. These loans smack of mortgage fraud and this entity should be looked at in all transactions immediately.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation