Mortgage -- Trouble during payment process -- Complaint #5321247
Complaint Overview
Complaint ID: 5321247
Company: Home Point Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: New Jersey
ZIP Code: 08080
Date Received: 2022-03-14T12:00:00-05:00
Date Sent to Company: 2022-03-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
HomePoint Financial - XXXX XXXX XXXX, XXXX, TX XXXX. Loan # XXXX I have been making monthly payments, with additional principal via web. In addition, the administrator of my investment account has been sending checks for {$10000.00}, clearly labeled " Principal Payment Only '' for several months. HomePoint continually applies that {$10000.00} to my monthly payment amount for the current month and the next month ( which then results in me being prohibited from using the online system to schedule a payment for those months ). HomePoint claims that they need a paper coupon to apply the payment to the principal, that the payments are automatically processed ( which makes NO SENSE because a computer is not reading handwritten coupons, that is for sure ) and without a coupon they can not manage the request. They refuse to supply additional coupons and cite a nonsensical policy that only one coupon per month will be issued. HomePoint admits that they changed their policy in XX/XX/2021 so that any additional payments are applied to the current and next months ' payments. They made this change with NO NOTICE to the borrowers. This is a clear attempt to prolong the duration of the loan, to collect interest on money that is sent to them for principal while ALSO allowing interest to accrue on the loan itself. They are underhanded, dishonest and are harming American consumers.
Frequently Asked Questions
What is Complaint #5321247 about?
Complaint #5321247 was filed against Home Point Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-03-14T12:00:00-05:00.
How did Home Point 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 Home Point Financial Corporation?
Yes, visit the Home Point Financial Corporation company profile at readthecomplaint.com/company/home-point-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.