Mortgage -- Closing on a mortgage -- Complaint #4362094
Complaint Overview
Complaint ID: 4362094
Company: Jmac Lending Incorporated
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: California
ZIP Code: 92585
Date Received: 2021-05-09T12:00:00-05:00
Date Sent to Company: 2021-05-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I purchased a property for {$490000.00}, using lender JMAC Lending Inc. The monthly payment was {$2500.00}. The payment included the principal, interest, PMI, and escrow account. The escrow account included annual property taxes calculated at {$6100.00}. All this information is included in the Closing Statement. I was informed that my loan was sold to XXXX XXXX. I received a letter from XXXX XXXX dated XX/XX/XXXX reporting that there was an escrow shortage of {$2600.00} because of the annual property taxes increasing. The monthly payment would increase to {$3000.00}. I spoke with XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX as well as the Real Estate Agent to address this matter. A mediation letter was sent on XX/XX/XXXX requesting a settlement to address the matter that would affect me in perpetuity. I received a letter from XXXX XXXX dated XX/XX/XXXX that acknowledged that the annual property taxes were calculated incorrectly and should have been calculated at {$8800.00}, not {$6100.00}. The letter also reported that XXXX paid {$3100.00} to cover the escrow shortage for XXXX. XXXX sent a letter dated XX/XX/XXXX, that does not agree to a settlement. Another mediation letter was sent on XX/XX/XXXX reporting the failure to disclose the payment accurately and the hardship. I also explained that I did not accept the {$3100.00} as a settlement. The monthly payment increased to {$2800.00} because of the property taxes being documented incorrectly at closing. I sent a letter to XXXX XXXX on XX/XX/XXXX asking for the PMI to be removed and the escrow account to be removed to assist with reducing the monthly payment. I informed XXXX XXXX that I was still looking into other options to address the matter of the annual property taxes.
Frequently Asked Questions
What is Complaint #4362094 about?
Complaint #4362094 was filed against Jmac Lending Incorporated regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-05-09T12:00:00-05:00.
How did Jmac Lending Incorporated respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Jmac Lending Incorporated?
Yes, visit the Jmac Lending Incorporated company profile at readthecomplaint.com/company/jmac-lending-incorporated to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.