Mortgage -- Trouble during payment process -- Complaint #6005413
Complaint Overview
Complaint ID: 6005413
Company: Valon Technologies, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Washington
ZIP Code: XXXXX
Date Received: 2022-09-21T12:00:00-05:00
Date Sent to Company: 2022-10-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have an Adjustable Rate Mortgage which resets every year on XX/XX/XXXX to reflect a new interest rate. I regularly pay added principal which decreases the interest collected from each payment. My loan was sold on XX/XX/22 to Valon Mortgage Inc. which used an incorrect estimate of the outstanding principal balance to amortize the new loan payment at the reset date of XX/XX/22. The difference in the minimum payment is only a few dollars each month but it means the math has been calculated in error. Valon has also incorrectly applied my prior extra principal payments to 'calculate " full principal and interest payments then used shorten the XXXX loan term remaining. See file. That the extra principal has already been used to decrease current interest doesn't seem to register. That error will affect all future loan amortization since, even if the last year 's balance is small, the ARM loan will be fully amortized in that last year to yield maximum interest which means a full year of payments. My account page reflects that mistake in the 'payments remaining ' portion which is enclosed. Repeated attempts to set this issue right have been ignored in lieu of nonsense replies blaming the prior servicer for 'finalizing ' the incorrect balance. Email copies and a screenshot of my account page are enclosed.
Frequently Asked Questions
What is Complaint #6005413 about?
Complaint #6005413 was filed against Valon Technologies, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-09-21T12:00:00-05:00.
How did Valon Technologies, INC. 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 Valon Technologies, INC.?
Yes, visit the Valon Technologies, INC. company profile at readthecomplaint.com/company/valon-technologies-inc 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.