Mortgage -- Trouble during payment process -- Complaint #4346548

Complaint Overview

Complaint ID: 4346548

Company: TD Bank US Holding Company

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

State: Maryland

ZIP Code: 21042

Date Received: 2021-05-03T12:00:00-05:00

Date Sent to Company: 2021-07-07T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Servicemember

Consumer Narrative

In XX/XX/XXXX I secured a {>= $1,000,000} second home mortgage on an oceanfront property on XXXX XXXX XXXX from TD Bank, N. A. Due to Covid restrictions, the application was conducted entirely online and via phone, not in a TD Bank branch office. At no point was I presented with a form to arrange for automatic payments on the loan. When the first payment was due on XX/XX/XXXX, I struggled to find a way to make the payment but eventually found an online payment portal. I entered my payment account information for XXXX Checking and made payment. I assumed that TD Bank would store the banking information and withdraw funds automatically each month on the due date. Unfortunately, this was not the case. The statement regarding my loan was sent to my primary home at XXXX XXXX XXXX, XXXX XXXX, MD XXXX but I was staying at the property on XXXX XXXX XXXX and did not receive it. As a consequence, the payment for XXXX did not post and I was not aware until returning to Maryland in XXXX. Upon learning of the late payment, I promptly submitted another one-time payment for both XXXX and XXXX in the amount of {$33000.00} on XX/XX/XXXX. I sent two separate letters to TD Bank 's dispute department requesting a goodwill removal of the late payment from my credit report, both of which were denied. I offered to prove that I have far more than sufficient funds to cover the payments at the time and that it was confusion over their payment portal ( and the lack of automatic payments set up during the mortgage application combined with being out of town when the late payment notice arrived at my home in Maryland ) and not an inability or unwillingness to pay on time that resulted in the late payment. I have never missed a payment on any credit account in my 46 years. The late payment report to the credit bureaus resulted in a highly deleterious effect on my credit score, dropping over 100 points from the mid 800s to low 700s. TD Bank is correct that the payment was late but is unwilling to concede the fact that their mortgage team failed to present me with automatic payment arrangements when issuing the loan or that their Byzantine process for submitting payments online greatly increases the chances of confusion over " one time '' payments and recurring payments. I was asked to complete a paper form and mail it to TD Bank in order to arrange automatic payments, which is now in place and payments have been submitted on time for XXXX and XXXX, the two months following the late payment. In spite of the extenuating circumstances, TD Bank still refuses to remove the late payment from my credit report. Loan applicants to TD Bank beware. Unless you have a credit card or checking account with TD Bank, you can not even create an account for online management of your mortgage account. The system seems designed to cause late payments.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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