Mortgage -- Trouble during payment process -- Complaint #6165757
Complaint Overview
Complaint ID: 6165757
Company: Flagstar Bank, N.A.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Iowa
ZIP Code: 50266
Date Received: 2022-11-04T12:00:00-05:00
Date Sent to Company: 2022-11-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Regarding Flagstar Mortgage Received escrow statement dated XX/XX/XXXX claiming a shortage of {$5500.00}, resulting in payment increasing by {$800.00} per month to {$2900.00}, equating to an increase of 38 %!! Upon contacting the bank, I was informed that my monthly escrow payments were reduced in error in XXXX due to a system error. Thus, due to a significant control breakdown in their processes that 1 ) would allow an error of this magnitude to occur and 2 ) additional controls were not in place to allow them to catch and remedy the error that would have saved me from being in having to repay a significant shortfall. I further confirmed that they only run their process once eah year, thus escrow shortages would not be identified for many months, allowing the amount to build unbeknownst to the customer. The fact that this is a complete system /process and control breakdown leads me to believe that their is an serious issue within their escrow division affecting countless others.
Frequently Asked Questions
What is Complaint #6165757 about?
Complaint #6165757 was filed against Flagstar Bank, N.A. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-11-04T12:00:00-05:00.
How did Flagstar Bank, N.A. 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 Flagstar Bank, N.A.?
Yes, visit the Flagstar Bank, N.A. company profile at readthecomplaint.com/company/flagstar-bank-n-a 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.