Mortgage -- Trouble during payment process -- Complaint #5639140
Complaint Overview
Complaint ID: 5639140
Company: Home Point Financial Corporation
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
State: Iowa
ZIP Code: 503XX
Date Received: 2022-06-06T12:00:00-05:00
Date Sent to Company: 2022-06-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XXXX XXXX I got new homeowner 's insurance that saved me over $ XXXX on my annual insurance premium. That month, I reached out to Homepoint, my loan servicer, about the change and requested an escrow analysis because the new insurance amount would lower my monthly payment. However, I had to call back in XXXX because it hadn't been completed. I spoke with a representative in XXXX for nearly an hour to get an " out of cycle '' escrow analysis completed. They assured me it would be done, but said they could not provide me a confirmation email or request/ticket number so I could follow the process because, as the representative said, " it's an internal process. '' Come XXXX, I found out that my loan was transferred to a new servicer, XXXX XXXX and saw that my loan amount was still the same : {$1400.00}. When I called XXXX XXXX the new servicer, they said Homepoint had not completed an escrow analysis and they would have to start the process from scratch. XXXX XXXX completed the escrow analysis for the next billing cycle in XXXX and reduced my monthly payment to $ XXXX $ XXXX cost savings for my mortgage payment. However, because I had been paying the old monthly payment amount for the months of XXXX, XXXX and XXXXbecause Homepoint failed to complete the escrow analysisI lost out on {$120.00} that could've been applied directly to my mortgage 's principal amount. I spoke with a representative at XXXX XXXX and they said I would have to take the issue up with Homepoint, so today, XX/XX/2022, I called Homepoint and was told the escrow department did not complete the escrow analysis because the monthly payment amount difference was " not significant. '' I was never notified of this decision by Homepoint. Instead, they pushed the escrow issue off for XXXX months and eventually onto my new service provider. And XXXX, the Homepoint representative, could not clearly tell me where the monthly {$42.00} overage ( total : {$120.00} ) for the homeowner 's insurance premium portion of my escrow account was paid. I am attaching the escrow analysis completed by XXXX XXXXdemonstrating the significance of the homeowner 's insurance premium change in relation to my escrow account and resulting monthly mortgage payment adjustment. I am also attaching my XXXX and XXXX mortgage statements from Homepoint and XXXX mortgage statement from XXXX XXXX which includes my transaction history for the months of XXXX and XXXX.
Frequently Asked Questions
What is Complaint #5639140 about?
Complaint #5639140 was filed against Home Point Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-06-06T12:00:00-05:00.
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.