Consumer complaint received 2024-01-12 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: CADENCE BANK
State: TN

Complaint narrative:
On XX/XX/XXXX I enter into a mortgage agreement with this bank. At closing XXXX XXXX and city taxes were collected by the title company so they could pay the taxes. The bank required XXXX months of escrow payments in the amount of {$1000.00}. On XX/XX/XXXX the bank sent {$2500.00} to XXXX XXXX and on XX/XX/XXXX the bank sent {$990.00} to the city to pay the property taxes. 

On XX/XX/XXXX I contacted someone at the bank to explain to them that my escrow account was now in the negative because they should not have sent the tax payment. The response I got back was I am sorry, but our escrow department has something to be desired. This person sent an email asking for a copy of the tax bill to show why they paid these taxes. They never received a copy from the Escrow department. This person also told them to make a note not to pay any more taxes, however on XX/XX/XXXX they sent the tax payment to the city. 

After I did not get a good response from this bank and started to feel uncomfortable about them holding my mortgage and escrow account I went to another bank and refinanced my home. Because my escrow account was in the negative, they were adding that into the payoff balance. The new bank had to send over documentation showing the taxes were paid with the previous closing. In the end the payoff balance was corrected however not the escrow account. The escrow account still only showed a balance of {$1000.00} minus the {$990.00} from them sending the city property tax payment in error. 

On XX/XX/XXXX when the loan was paid off, they showed my escrow account balance as {$1000.00} because they took an additional {$66.00} in interest which has never been explained to me when the daily interest amount was {$110.00} and the payoff was good until XX/XX/XXXX so the new bank took the correct amount of interest off the payoff amount and sent them that amount. I have asked why I was charged an additional {$66.00} with no answer. 

I sent an email to the same person I spoke to at the bank about them paying the taxes and asking them why they took the additional {$66.00} in interest. They requested a copy of the payoff letter that was sent to my new mortgage company which was sent to them. They wrote back that they did not know what happened but would find out. On XX/XX/XXXX I sent a follow up email because I never heard back about my question. On XX/XX/XXXX I got a reply which did not explain the additional interest and that I should contact the city for a refund of the property tax payment. 

On XX/XX/XXXX I see from looking at my account online that they issued me a check for {$1000.00} from escrow account which is {$990.00} less because of the mistake of paying the city taxes and taking an additional {$66.00} in interest. I should be receiving back a total of {$2000.00} which is the XXXX months of {$520.00} taken at closing and XXXX months from payments I made in XXXX and XX/XX/XXXX.

Company response to consumer: Closed with monetary relief