Mortgage -- Trouble during payment process -- Complaint #8152488
Complaint Overview
Complaint ID: 8152488
Company: Lakeview Loan Servicing, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Interest rate
State: Illinois
ZIP Code: 60302
Date Received: 2024-01-11T12:00:00-05:00
Date Sent to Company: 2024-01-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
XXXX XXXX, the administrator of my Lakeview fixed/adjustable mortgage did not adhere to the terms of the Note as they applied a " recalculation '' late in the annual rate change cycle. Initial rate change was effective XX/XX/XXXX. Using XXXX XXXX, XXXX XXXX adjusted rate from 3.625 % to 5.000 % as per terms of Note. XXXX XXXX is negligent in adhering to subsequent terms of Section 4 ( D ) which state " Thereafter, my adjustable rate will never be increased or decreased on any single Change Date by more than XXXX percentage points from the rate of interest I have been paying for the preceding 12 months. '' XXXX XXXX response was the XXXX, XXXX discontinuance of XXXX prompted their use of XXXX to recalculate the interest rate from 5.000 % to 7.500 % which became effective in XXXX! I never received notification of this change although a copy was included with their response to my appeal. XXXX was in effect per the Note at the time of the initial Change Date ( rate 5 % ) which should have been locked for 12 months. The company took the liberty to use this " recalculated '' interest rate and add .750 % more as part of the allowable one-year rate change & still appear to be within the Limits on Interest Changes in Section 4 ( D ) - see above. The new rate effective XX/XX/XXXX is 8.250 %, from 5 % to XXXX. XXXX XXXX 's actions are despicable & unlawful.
Frequently Asked Questions
What is Complaint #8152488 about?
Complaint #8152488 was filed against Lakeview Loan Servicing, LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-01-11T12:00:00-05:00.
How did Lakeview Loan Servicing, LLC 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 Lakeview Loan Servicing, LLC?
Yes, visit the Lakeview Loan Servicing, LLC company profile at readthecomplaint.com/company/lakeview-loan-servicing-llc 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.