Consumer complaint received 2026-04-06 00:00:00
Product: Mortgage — Reverse mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: Peer Advisors, LLC
State: SC

Complaint narrative:
I am the Personal Representative for an estate involving an FHA XXXX reverse mortgage. I am attempting to complete an heir payoff under HUD guidelines ( 95 % of appraised value ), but the servicer ( XXXX ) has failed to properly process the file despite repeated efforts. Key facts : In XX/XX/XXXX, the heir attempted to initiate the process and requested that an appraisal be ordered but did not receive clear guidance from the servicer regarding required procedures or roles. On XX/XX/XXXX, I formally requested an extension to allow the heir to pursue purchase of the property. The heir independently obtained an appraisal, completed on XX/XX/XXXX by a HUD-approved appraiser, which was submitted to HUD on XX/XX/XXXX for use in determining the payoff amount. On XX/XX/XXXX, I submitted lender preapproval documentation ( proof of funding ) while the appraisal remained within the applicable timeframe. On XX/XX/XXXX, a Loss Mitigation representative confirmed that both the appraisal and proof of funding were received and on file and clarified that the transaction qualified as an heir payoff under HUD guidelines rather than a short sale. Following this : On XX/XX/XXXX, I submitted a written request outlining the lenders documentation requirements and seeking clarification as to what heir payoff approval documentation could be provided. Multiple follow-up emails ( XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX ) went unanswered. On XX/XX/XXXX, after receiving a payoff statement reflecting the full loan balance instead of the 95 % heir payoff amount, I called and the matter was escalated to Loss Mitigation. On XX/XX/XXXX, I was informed that the assigned specialist was no longer with the company and that the file had been escalated multiple times without resolution. On XX/XX/XXXX : A supervisor indicated that an appraisal was needed in order to proceed and that one would be ordered, requesting contact information for scheduling. This was incorrect, as the appraisal had already been submitted and confirmed as received. I responded the same day, reattaching the appraisal and original submission and clarifying that it remained valid at the time required documentation was provided. No response has been received since that date. Impact : The file has not been processed due to internal handling failures and staff turnover. The servicer has failed to review documentation already provided. The heir is unable to proceed with financing due to lack of required payoff documentation. The delay is jeopardizing the heirs loan approval and financing timeline. The heirs lender preapproval submitted on XX/XX/XXXX included an interest rate lock that expired on XX/XX/XXXX, contingent upon receipt of required payoff documentation. Due to the servicers failure to respond or provide the necessary documentation, the rate lock expired and the heir is now exposed to potentially higher financing costs and interest rates. Requested Resolution : Immediate utilization and submission of the previously provided appraisal for HUD review. Immediate processing of the heir payoff under HUD guidelines. Issuance of formal written heir payoff approval documentation, including payoff amount, validity period, and confirmation that payment satisfies the lien. Assignment of the file to a Loss Mitigation specialist for prompt handling. Confirmation that no duplicate appraisal will be required due to servicer delay. Waiver of all interest, servicing fees, and related charges accrued on the XXXX balance from XX/XX/XXXX through the date the heir payoff approval is issued. Consideration of an appropriate adjustment or credit to the payoff amount to account for increased financing costs resulting from the expiration of the heirs rate lock due to servicer delay.

Company response to consumer: Closed with explanation