Consumer complaint received 2024-08-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: FULTON FINANCIAL CORPORATION
State: MD

Complaint narrative:
My mortgage years run from XX/XX/XXXX through XX/XX/XXXX, and this complaint is regarding the current mortgage year and the start of the next. The mortgage company ( Fulton Bank ) paid a year 's worth of homeowners insurance from my escrow account twice ( two payments within 9 days, XX/XX/XXXX to XXXX XXXX and XX/XX/XXXX to Homesite ; a total of approximately {$6000.00} ). Note : I initiated the change in my homeowners insurer on XX/XX/XXXX, and I was informed via email on this date that the changes were documented by the broker and communicated to the mortgage company. Mortgage company advised that they are required by law to pay whatever insurance companies ask to be paid, and my broker ( XXXX, who sold me the previous policy underwritten by XXXX XXXX and the new policy underwritten by XXXX  ) demanded payment for the renewal ( XXXX XXXX ) policy earlier than what is typical or usual ( i.e., on or prior to XX/XX/XXXX because payment was made on XX/XX/XXXX for approximately ~ {$3600.00} ; the payment was due at the end of XXXX of XXXX, when the next mortgage year begins ). Mortgage company says I should take the issue up with XXXX and the new and old underwriters. Mortgage company was asked by me if they have any kind of monitoring of escrow accounts ( they said they have to do research on my account ), what happens when escrow accounts are in the negative ( they said nothing ), how a negative balance on my escrow accounts affects the algorithm used in their annual escrow analysis ( they said it could effectively negatively affect my annual escrow analysis ), and when the annual escrow analysis occurs ( they said roughly the same time every year, so possibly late XXXX is when I would be notified of the outcome ). My primary concern is it doesn't seem like anyone is monitoring my escrow account other than me, but I am obligated to use this escrow account to pay my taxes and property insurance. My other concern is that my escrow analysis will be negative and result in me being forced to pay a higher monthly mortgage payment for the next mortgage year. For example, last year, the mortgage company did not let me choose to pay the projected shortage ( less than XXXX dollars ) and instead decided I would pay in monthly payments over the mortgage year instead to make up the shortage, so my payment went up. This current mortgage year, I thought I was doing the right thing by paying extra into my escrow account to ensure there was no escrow shortage for subsequent insurance and tax payments. But instead, I'm have a negative balance. I pulled money out of my meager savings account to put into the mortgage escrow account in hopes that this will positively influence the next annual escrow analysis. Now XXXX and XXXX are also saying they have not received payment for the new insurance policy, so I basically don't know where ~ {$6000.00} of my money is.

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