Mortgage -- Trouble during payment process -- Complaint #8347005
Complaint Overview
Complaint ID: 8347005
Company: Loancare, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Escrow, taxes, or insurance
State: North Carolina
ZIP Code: 28120
Date Received: 2024-02-14T12:00:00-05:00
Date Sent to Company: 2024-02-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/XXXX we closed on a new home loan ( new construction ) and this loan was transferred to XXXX LoanCare for servicing. Property taxes were estimated for XXXX escrow at {$9300.00}. The actual property tax bill received in XX/XX/XXXX paid in XX/XX/XXXX was {$6500.00}. I requested a new escrow analysis in XX/XX/XXXX after receiving the actual county tax bill ( and uploaded that bill to their website prior to the XXXX tax payment ) and again in XX/XX/XXXX requesting they update the escrow to equal the actual property tax bill. Both times they used the old estimate of {$9300.00} for taxes in the escrow analysis resulting in the same monthly payment amount. The company refunded the excess escrow for XXXX in the amount of {$2600.00} yet they still refuse to adjust the monthly mortgage payment amount by reducing the escrow to reflect the actual property tax bill. I've called their customer service again last week and was again assured they would correct the information within one week. They refuse to correct the escrow resulting in a monthly overpayment of over {$230.00} not including the excess reserve being held by them by using the inflated property tax amount.
Frequently Asked Questions
What is Complaint #8347005 about?
Complaint #8347005 was filed against Loancare, LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-02-14T12:00:00-05:00.
How did Loancare, 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 Loancare, LLC?
Yes, visit the Loancare, LLC company profile at readthecomplaint.com/company/loancare-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.