Mortgage Transferred....quo vadis?

[taxguykarl]

No, this isn't the first time.
It's just that the previous transfers were improvements: one to a monster megabank with a branch under the same roof where Mrs. TGK & I worked, the next was to an outfit out of Dallas with awesome service (their phone jockeys appear local as they speak English with Texas accents) and a very easy website for payments and other concerns.

The new recipient has atrocious reviews--all within the past couple of months. The reviews mention crappy service, useless website, slow acknowledgement of payments, (possibly illegal) added fees, improper handling of escrows and other significant issues. I notice the firm gives the same response to BBB reviews (a bot perhaps?).

Moreover, on their website they boast of an affiliation with the outfit who has my mortgage in the '00's. Apart from not properly crediting my payments, they had incompetent escrow analysts: one apparently thought monthly and annually were interchangeable terms; the other gave me no reason to believe that she could add single digits without a calculator (at least she spoke English, albeit with the annoying Valley Girl twang). That is a major reason I was so glad that the monster megabank took over my mortgage.

At least I have only 65 payments left--those extra principal payments are adding up nicely. When the next payment goes through the balance will be about $81 1/2 k.

Here's my question for those who work in banking: What to do? When (intentional semantics) they screw up should I dash off complaints to regulators at the first screw up on their part in order to get moved up on the list of mortgage to transfer at the first opportunity? Or tough it out as we're talking just under 5 1/2 years to make the mortgage a memory.

We have a rather (at least today) enviable interest rate (4.625% specifically), so a refi is off the table.

[mjr]

Sounds like a real pickle, taxguykarl. How are you making your mortgage payments right now? Are you sending a standard check? Paying online?

After I paid off my car, I got hyper into paying off my house. I doubled up every month and paid off my house 15 years early.

I'm sure Ghel could give you some advice, or at least a point in the right direction. But yeah, in your current situation I think I'd have phone numbers for regulators on standby. Keep an eye on things. EVERYTHING.

[taxguykarl]

Right now, online. I just got the new account number and added the firm to our bill pay. When the megabank had our mortgage, I would hand deliver a check.
I already bookmarked the regulators. If making myself a PITA won't get my loan sold, what will?
Yes, I am waiting for Ghel's . And yes, saving all docs.

[EricKei]

Ghel , your input is requested ^

[Ghel]

I'm sorry to read that you're going through this, Karl.

If you're not interested in refinancing to get away from the bank that currently services your mortgage (and I can't blame you - interest rates are about 2 points higher than where you're at), then I think your best plan is to keep a close eye on the mortgage company and be prepared to call if anything seems off. Call their customer service first, of course. If you don't get things taken care of contacting the mortgage company's customer service, whoever you follow up with is going to want to know who you talked to and what they said, etc.

If you're not able to resolve things with the mortgage company, I'd suggest going to the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. They've got a "Submit a Complaint" link right on their landing page. You might know this already, but the CFPB has taken over a lot of the consumer protection issues that other entities used to cover.

You could also contact their regulator (FDIC, etc.) if you have a lot of issues with them. It takes a lot of complaints and a lot of time, but regulators eventually impose fines and get refunds for customers.

Good luck. I hope you don't have too many issues with them.

[Ironclad Alibi]

If you're not able to resolve things with the mortgage company, I'd suggest going to the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. They've got a "Submit a Complaint" link right on their landing page. You might know this already, but the CFPB has taken over a lot of the consumer protection issues that other entities used to cover.

You could also contact their regulator (FDIC, etc.) if you have a lot of issues with them. It takes a lot of complaints and a lot of time, but regulators eventually impose fines and get refunds for customers.

If you have to get the government involved, be sure to start your letter with "I petition you to investigate this matter" or something similar. Putting the word "petition" in you letter causes them to pay closer attention to the matter. Especially if you also send that letter to your congressmen, both senators and representatives.

I know because I used to have to answer those petitions.

[taxguykarl]

I already created a CFPB account and bookmarked the Illinois Attorney General. I forgot about the FDIC. Thanks, Ghel. I'll take that advice on formatting correspondence, thank you Iron.
My last payment that Barrel maker will handle goes Thursday.