Consumer complaint received 2019-10-04 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: The J. G. Wentworth Company
State: GA

Complaint narrative:
I applied on a refinance mortgage loan with my existing mortgage bank J.G Wentworth - to eliminate the PMI cost. All the process was done online. My current loan had an escrow statement balance of {$3700.00} the homeowner insurance was paid for the entire year. During the closing process I asked several times if the escrow balance on my existing mortgage loan was going to be returned and when. They told each time that that was going to be returned to me after the current loan was paid off. So I proceed with the closing process, they send the closing disclosure and details. it showed the loan paid off amount of {$370.00}, the new loan amount and all the closing costs detailed. In the new escrow estimates included my 2019 tax payment amount and homeowner insurance reserve for 8 months. So all the numbers make sense, once again I asked to my loan processor and underwriter to confirm that the escrow balance on the old mortgage loan was going to be returned in full, they said. They also asked me to reach out to the customer service department for my existing loan, which I did. I also asked for the pay off amount to confirm the that the numbers shown on the Loan Disclosure, and the numbers matched. On XXXX XXXX we closed. Twenty days after the closing I contacted J.G. Wentworth and asked where was my money for my old escrow account, each time they refused to provide the amount, and they told it will sent after the apply the wire transfer and show the account Paid. After a month and half of waiting, I received a check for {$490.00} dollars. I immediately contacted them, spoke with a few supervisors and each time I was given a different story. One said that they had a note on the account that the customer requested the escrow to be netted to the payoff. I asked for a proof of that, they gave me the run around, once again. I told them that I had copies of all documents I signed, and I was NEVER asked if that was something I wanted to do. what makes me more upset is that I NEVER requested or signed any documents that indicated for my escrow to be netted with the payoff amount. I reminder that if they looked at the account notes, I called several times before the closing to asked on how long would take to get the money for the escrow balance. My other argument was that if they netted the escrow to the payoff amount, why my payoff amount didn't decrease? it was the same amount they provide all along and that this was never disclosed on the loan documents. I also reached out to the loan processor and adjuster ( keep in mind that this is the same mortgage company ). He said that they ( J.G Wentworth ) provided them with the payoff amount. the other said of J.G. Wentworth claims that they ( J.G Wentworth -- New loans ) asked to net the escrow with the payoff amount. During the closing process - No where in the documents indicated that J.G Wentworth " decided '' to net my escrow with the payoff amount without really crediting the {$3700.00} that I had or the {$3200.00} they took from my escrow account. Two weeks later they send me a letter that my account was sold to XXXX XXXX. 

I have purchased XXXX homes in my lifetime dealt with mortgage lenders but never in my life dealt with such dishonest bank. In addition to lied to a customer, they provided incorrect loan disclosure to keep money that didn't belong to them. if my payoff amount was {$370000.00} and that was what all the statements and documents had. what did they did with my {$3200.00}. they even charged interests for days that the loan was already they received a transfer amount and it took them a month to showed that the loan was " Paid '' I'm sure I'm not the first nor the last person that this dishonest bank stole from. If they do this to 100 or 500 customers with small amounts ( small for them ) they know, nobody will spend $ XXXX or $ XXXX to hire a lawyer. Obviously they do this often to provide false information and gain time to avoid for the customers to cancel the closing process. They took longer to process the paperwork to paid the loan and return what they felt to send out of my escrow of {$3700.00}. 

If you are thinking of doing business with J.G. Wentworth be careful they are the most dishonest bank out there.

Company response to consumer: Closed with explanation