Mortgage -- Trouble during payment process -- Complaint #4494530
Complaint Overview
Complaint ID: 4494530
Company: Regions Financial Corporation
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Trouble during payment process
State: Florida
ZIP Code: XXXXX
Date Received: 2021-06-27T12:00:00-05:00
Date Sent to Company: 2021-06-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Regions bank is NOT adhering to signed Promissory Note/Closing Documents signed XX/XX/XXXX. Disbursement date on simple interest XXXX was XX/XX/XXXX ( as noted on closing documents ) 1st payment was due XX/XX/XXXX covering XX/XX/XXXX-XX/XX/XXXX period from closing From first billing, interest was calculated on an erroneous billing period of XX/XX/XXXX, XXXX XXXX, XXXX ( noted on billing statements ). This incorrect billing period set up all future billings to cover an incorrect billing period of the XXXX to the XXXX on a monthly basis despite payments set up to be due the first of each month as in closing documents. The billing period should have reflected the XXXX XXXX or XXXX on a monthly basis ; based on disbursement/closing documents. This discrepancy in the billing period being used by Regions ( and not supported by closing loan documents ) set up inaccuracies in additional interest calculations on my monthly payments made and due by the first of each month which has now gone on for 4 years without being corrected Additionally, as per Promissory Note/Closing Documents ( and further supported via emails by Regions VP/branch manager/closer on loan ) additional Principal Only payments are allowed without penalty to be applied to outstanding principal balance. As noted on Promissory Note Early payments will reduce the principal balance due and may result in making fewer payments However, each month from XX/XX/XXXX to present, a separate check marked Principal Only or Extra Principal Payment Only in the amount of {$100.00} was sent in same mailing as regular mortgage payment. However, despite Regions receiving by the XXXX of each month ( due date according to closing documents ), the entire extra principal payment {$100.00} was not applied to the principal balance, but rather interest was taken out ; NOT adhering to signed closing documents. Despite numerous attempts to have the loan examined and fixed since first noticed in XXXX of XXXX, Regions continues to let this error go on ; effecting me financially and emotionally. They state my Principal Only payments have to pay interest first owed for the month based on the erroneous and incorrect billing period as noted above. This loan MUST BE FIXED with all incorrect additional interest taken by Regions ( both out of regular monthly payments and out of extra principal payments since the start of the loan ), credited back to loan to lower principal balance. Based on Regions attitude, one can only wonder if this type of error is going on with hundreds, if not thousands of others, who unknowingly are being negatively impacted financially while Regions is making millions off of them. Maybe Regions need to be investigated or have a class action lawsuit to make them correct their errors.
Frequently Asked Questions
What is Complaint #4494530 about?
Complaint #4494530 was filed against Regions Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-06-27T12:00:00-05:00.
How did Regions Financial Corporation 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 Regions Financial Corporation?
Yes, visit the Regions Financial Corporation company profile at readthecomplaint.com/company/regions-financial-corporation 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.