Mortgage -- Trouble during payment process -- Complaint #6149886
Complaint Overview
Complaint ID: 6149886
Company: Gateway First Bank
Product: Mortgage
Sub-Product: VA mortgage
Issue: Trouble during payment process
State: Texas
ZIP Code: 77511
Date Received: 2022-10-31T12:00:00-05:00
Date Sent to Company: 2022-10-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
I closed on this loan on XX/XX/XXXX with the XXXX XXXX. On XX/XX/XXXX, I received a letter from XXXX XXXX stating that the loan was transfered to Gateway First Bank> The letter also stated that nothing else about my mortgage payment will change. I received a letter from Gateway XX/XX/XXXX stating the same. Sometime later I received a letter from Gateway First Bank stating that my property insurance had expired and I needed to purchase property insurance, including wind and hail. As this was not the case, I assumed that they had made another error ( In XXXX they had made a mistake with the escrow, collecting my mortgage payment and placing it in tax escrow. I am 100 % XXXX XXXX XXXX exempt from taxes and the initial loan was written without a tax escrow. This was rectified ). On XX/XX/XXXX, I received another letter stating that the property insurance was expired on this property and I needed to purchase wind and hail. They, Gateway First Bank, had purchased wind and hail for me and I would be responsible for the charges. I phoned Gateway on XXXX and spoke with 4 cus service reps who informed me that my homeowners insurance did not include Wind and hail coverage and that I had to purchase it. I explained to them that I was informed by XXXX XXXX that I did not live in flood or XXXX XXXX and I was not required to purchase wind and hail to close on my loan. I closed without wind and hail coverage. Each individual at Gateway Bank explained that it XXXX not have been required with XXXX XXXX, but now that they are servicing the loan, Gateway requires it. They repeated over and over that I need to purchase wind and hail because they have purchased it on my property, since XXXX, and I would be responsible for payment of the policy they purchased. I made them aware that all correspondence from both the previous bank ( XXXX XXXX ) and themselves ( Gateway First Bank ) stated that nothing about the mortgage loan would change, just who collects it. They continued to express that their bank ( Gateway ) is now requiring wind and hail, although I was not required to have it with XXXX XXXX and it closed. I also asked them to provide documentation to show that this coverage is required on my loan after closing or to have the situation escalated to be resolved. They refused.
Frequently Asked Questions
What is Complaint #6149886 about?
Complaint #6149886 was filed against Gateway First Bank regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-10-31T12:00:00-05:00.
How did Gateway First Bank 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 Gateway First Bank?
Yes, visit the Gateway First Bank company profile at readthecomplaint.com/company/gateway-first-bank 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.