Mortgage -- Trouble during payment process -- Complaint #7394902

Complaint Overview

Complaint ID: 7394902

Company: Caliber Home Loans, INC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

State: Louisiana

ZIP Code: 70118

Date Received: 2023-08-13T12:00:00-05:00

Date Sent to Company: 2023-08-13T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On or about XX/XX/XXXX, Caliber issued Check No. XXXX in the amount of XXXX XXXX, XXXX XXXX XXXX XXXX and XXXX cents ( {$48000.00} ). This check was sent to the wrong address. The amount of this check was withdrawn from the mortgage holders restricted escrow account. Upon learning that the check had been issued to the incorrect address, the mortgage holder made attempts to secure the check without success. Having no success, the mortgage holder then made contact with the appropriate loss draft department and requested a stop payment to be placed on the check and a new check to be issued and sent to the correct address. Several weeks went by without any communication from the loss draft department and without receiving a replacement check. The mortgage holder again contacted the loss draft department to inquire into the status of the check that was presumed to be reissued. At that time the mortgage holder was informed that the check was cashed, and no additional action was taken. The mortgage holder insisted that an investigation be opened into the check and that a copy of the negotiated instrument be provided for review. This request was delayed for a number of weeks and the mortgage holder later learned that an investigation was not opened. Subsequently, a determination was made that the check was fraudulently cashed and an new check was issued to the mortgage holder ; however, the amount of the replacement check was also deducted from the mortgage holders restricted escrow account. Notwithstanding the fact that the issues were not resolved, and the funds had not been placed back in the mortgage holders escrow account, the case was closed. The mortgage holder was instructed to write a letter to the Caliber Home Loans Fraud department and to await a written response. The mortgage holder sent this letter on XX/XX/XXXX, and it was received on XX/XX/XXXX. The only subsequent communication received from Caliber was a copy of the check that was cashed. No explanation, no updates, no progress. As it currently stands, the funds for the fraudulently cashed check have not been credited to the mortgage holders restricted escrow account, the mortgage holder as requested and been denied contact information to caliber home loans corporate office, fraud department, and legal department ; notwithstanding the fact that everyone is saying there is nothing that can be done because the case is currently being handled by these departments. Everyone the mortgage holder has spoken to says they do not have access to contact these departments and no one does. It has been nearly 10 months since this check was issued by Caliber Home Loans.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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