Mortgage -- Trouble during payment process -- Complaint #4709721
Complaint Overview
Complaint ID: 4709721
Company: Fifth Third Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Illinois
ZIP Code: 60585
Date Received: 2021-09-10T12:00:00-05:00
Date Sent to Company: 2021-09-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I had called into 5/3 bank mortgage services requesting a payoff amount ( {$38000.00} ). I made the payment while I was on the phone with the rep. The payment was setup to be submitted on XXXX. I logged into my account on XXXX and noticed that the entire amount I has sent was titled as unapplied credit. There was nothing applied to even a regular payment I also noticed that the regular monthly payment was still made the day after they received my payoff amount. I called customer service and was informed that the correct payoff amount was $ XXXXxx.xx and there system did not know what to do with the payment I sent and that is why it was being held in unapplied credit. I asked why I wasn't notified and I was told their system is setup to send out a notification 10 days after unapplied credit is received. I let them know the reason for the payoff was to lower my debt to income ratio and apply for a loan for an upcoming purchase. Since this wasn't paid off in the time I had anticipated I informed the customer service rep that I would like that money simply sent back to me. I was informed that she would submit a ticket and that a manger would reach out to me in 4 business days to discuss. I asked why that was the solution as they have held my money for a week. On XX/XX/XXXXI reviewed regulation z and I believe what they are doing is in violation of : 1026 Paragraph 36 ( c ) ( 1 ) ( ii ) When sufficient funds accumulate to cover a periodic payment, as defined in 1026.36 ( c ) ( 1 ) ( i ), they must be treated as a periodic payment received in accordance with 1026.36 ( c ) ( 1 ) ( i ). 5/3 automatically put the whole {$38000.00} into an unapplied credit and a seperate payment had to made after! I also believe the way this was handled is subject to 36c1 ( iii ) Non-conforming payments. If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of five days after receipt. I believe there refusal to credit me back and have me wait over 5 days is in violation of this. I called back to notify 5/3 of these concerns but was told their procedures again. I am not sure if my interpretation of reg z is correct but at the very least it doesn't seem like they are acting in good faith holding the funds and not getting back to me until at leastXX/XX/XXXX.. .hopefully.
Frequently Asked Questions
What is Complaint #4709721 about?
Complaint #4709721 was filed against Fifth Third Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-09-10T12:00:00-05:00.
How did Fifth Third 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 Fifth Third Financial Corporation?
Yes, visit the Fifth Third Financial Corporation company profile at readthecomplaint.com/company/fifth-third-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.