Colorado Housing & Finance Authority

Thank you for the opportunity to respond to Ms [redacted] ’s concernsWe have worked with our loan servicing partner, DMI, to review Ms [redacted] 's account in order to respond to her questionsWe appreciate your and her patience while that review has occurred Based on our records, Ms [redacted] 's home mortgage loan for her condo is insured by FHAAs such, CHFA is required to follow all FHA guidance in the servicing of her loanWith respect to Ms [redacted] ’s specific request that her FHA Mortgage Insurance Premium payment (MIP) be removed, according to FHA Mortgagee Letter 2000-46, which governs when FHA-insured loans are eligible to remove monthly MIP payments, MIP is charged until the outstanding principal balance is less than 78% of the lower of either the sales price or appraised property valueThe letter also states that this provision only applies to loans insured under the Mutual Mortgage Insurance (MMI) Fund and the MMI fund does not include condominiumsA copy of the mortgage letter is attached to this response Additionally, we sincerely apologize for the frustration that Ms [redacted] has experienced when attempting to connect with our loan servicing teamIt is always our goal to provide excellent customer serviceWe are disappointed to learn that in this instance, we have fallen shortWe have shared Ms [redacted] 's feedback and concerns with our team so that we can use them as a training opportunity for our staff with the intent to improve the service provided going forward

Thank you for the sharing Ms [redacted] s concerns about her CHFA account with usWe apologize for the frustration she has experiencedIn order to assist us in fully responding to her questions, CHFA and our loan servicing partner have reviewed Ms [redacted] s account recordsWe appreciate your and Ms [redacted] s patience while that review occurredBased on our review, we have confirmed that Ms [redacted] submitted sufficient funds to cover the amount of her November 2015, December 2015, and January payments dueAdditionally, in each of those months, Ms [redacted] submitted more funds than were due for each month’s payment, which as she noted in her communications to the Revdex.com she intended be applied to her outstanding principal balance dueOur team has reapplied Ms [redacted] s payments for these months to ensure that they are applied according to Ms [redacted] s instructionsTo ensure that all future payments are appropriately applied, we ask that Ms [redacted] follow the following steps: CHFA’s online payment system provides customers two options to select from when making online paymentsAn example of these options is shown in the attachmentAfter logging into her online account, Ms [redacted] should select the option labeled “Pay Monthly Payment Due” to ensure that money being paid towards her CHFA account is first being applied towards her monthly payment dueThen, to submit additional funds to be applied towards her outstanding principal balance, in that same blue box area, Ms [redacted] should enter the amount of any additional monies being paid towards principal in the “Additional Principal” boxFor example, if her monthly payment due is $1,and she wants to submit a total of $1,300.00; then she would enter $in the “Additional Principal” spaceThe total amount being paid towards her account will appear in the “Total” box belowIf all information appears correct, then Ms [redacted] should press the blue “Make Payment” button at the bottom right hand side of the screenWe hope this helps to address Ms [redacted] s concerns and questionsWe appreciate her being a CHFA customer and once again, we apologize for the frustration she has experienced

Thank you for sharing Mr [redacted] ’s concerns with CHFAWe have researched this matter, and confirm that an ACH withdraw was made by Caliber, Mr [redacted] ’s previous lender, on October 27, Caliber issued a check to CHFA on January 2, in the amount of $We have applied these funds to Mr [redacted] ’s loanAdditionally, we have waived the late fees assessedAs of this date, Mr [redacted] ’s next payment due date is February 1, We sincerely regret any frustration Mr [redacted] has experienced in connection with this matterIt is always our desire to provide excellent customer service, so once again we thank you for bringing this situation to our attentionWe appreciate Mr [redacted] ’s business and thank him for being a CHFA customer

Tell us why hereThank you for sharing Mr***’s follow up informationWe understand that he is frustrated and believes that he is being charged for services not receivedHowever, in an attempt to clarify, as was indicated in our last communication, despite the fact that his prior mortgage servicer erroneously cancelled his mortgage insurance policy, once the policy was reinstated by CHFA’s Loan Servicing Team, it was done so retroactively so as to ensure that Mr*** did have insurance coverage for the full loan period per the requirements of his loanThus, there was no gap in his coverageWe have attached a copy of Mr***'s Mortgage Insurance Certificate, which documents the policy period effective date of October 16, We hope this helps to clear up any misunderstanding that Mr*** may have about his escrow account and his mortgage insurance coverage

Complaint: ***
I am rejecting this response because: It's great that this company can admit to this error That hasn't been the issueI need some to explain WHY I am expected to pay for a service (PM I) when this service was NEVER activatedPerhaps if I explain my question like this: If a utility company failed to provide me electricity for myfor home
Sincerely,
*** ***

Initial Business Response /* (1000, 6, 2015/08/03) */
Thank you for the opportunity to review and respond to Mr***'s concerns about his CHFA accountCHFA and our servicing partner, Dovenmuehle Mortgage Inc(DMI), have reviewed Mr***'s account records in order to assist us in
respondingWe appreciate Mr***'s patience while this review has occurred
Our records show that Mr***'s account has been past-due since December As of August 2, Mr*** is past due in the amount of $2,239.23, not including fees and attorney costsOur records also show that Mr*** submitted an application for loss mitigation assistance in November but it was denied because his account was current and there was no imminent reason for defaultIn order for his account to be evaluated for assistance available consistent with the FHA rules and guidelines governing his loan, Mr*** must submit a complete loss mitigation application including all documentation requestedFurther, the application and documentation must demonstrate that Mr*** is at imminent risk of defaultMost recently, a loss mitigation packet was mailed to Mr*** on June 30, per his requestHowever, records show that it has not yet been completed and returnedWe would encourage Mr*** to seek the assistance of a free, HUD-approved housing counselorHUD-approved housing counselors are a non-biased third party resource available to help borrowers work with their loan servicer to apply for assistance and avoid foreclosureA list of HUD-approved housing counselors in Colorado may be found at ***
Additionally, CHFA is required by FHA to accurately report the status of all borrower's loans to the credit bureausAs Mr***'s loan is past-due, his loan will be reported as such to all credit bureaus
Once again, we appreciate the opportunity to respond to Mr***'s concernsIf he would like to discuss the opportunity of seeking loss mitigation assistance further, we would encourage him to contact DMI at ***
Initial Consumer Rebuttal /* (2000, 8, 2015/08/05) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Their response is understandable and I am aware of my loan status I was not however aware that the reazon I was declined previously for loss mitigation was that my loan was currentI will contact CHFA and discuss loss mitigation again and get the loan currentI apreciate the response and am satisfied with the answer to my complaint

Initial Business Response /* (1000, 14, 2015/10/19) */
Thank you for the opportunity to respond to July ***'s concerns submitted to the Revdex.comCHFA has asked our servicing team, *** Inc., to research the customer's account in order to assist us in respondingWe appreciate your
patience while that review has occurred
Based on our records, the customer's CHFA home mortgage account was paid off on September 13, As of that date, CHFA had paid the taxes due for the property on January 1, and June 5, CHFA is not responsible for paying the taxes due on property following the payoff of the loanWe would suggest that the customer contact *** Title at *** to discuss the payment of the property taxes following the pay-off of the CHFA accountBased on our research, it appears that *** Title closed both the refinancing of the CHFA loan and the sale of the property thereafter
We hope this helps address the customer's questionsThank you once again for the opportunity to provide a response

Thank you for sharing Mr. [redacted]’s concerns with CHFA. We have researched this matter, and confirm that an ACH withdraw was made by Caliber, Mr. [redacted]’s previous lender, on October 27, 2016. Caliber issued a check to CHFA on January 2, 2017 in the amount of $746.87. We have applied these funds to...

Mr. [redacted]’s loan. Additionally, we have waived the late fees assessed. As of this date, Mr. [redacted]’s next payment due date is February 1, 2017. We sincerely regret any frustration Mr. [redacted] has experienced in connection with this matter. It is always our desire to provide excellent customer service, so once again we thank you for bringing this situation to our attention. We appreciate Mr. [redacted]’s business and thank him for being a CHFA customer.

Final Consumer Response /* (2000, 7, 2015/05/01) */
It looks like CHFA refunded me my escrow money today. Thank you very much for the help!

Thank you for the sharing Ms. [redacted]s concerns about her CHFA account with us. We apologize for the frustration she has experienced. In order to assist us in fully responding to her questions, CHFA and our loan servicing partner have reviewed Ms. [redacted]s account records. We appreciate your and...

Ms. [redacted]s patience while that review occurred. Based on our review, we have confirmed that Ms. [redacted] submitted sufficient funds to cover the amount of her November 2015, December 2015, and January 2016 payments due. Additionally, in each of those months, Ms. [redacted] submitted more funds than were due for each month’s payment, which as she noted in her communications to the Revdex.com she intended be applied to her outstanding principal balance due. Our team has reapplied Ms. [redacted]s payments for these months to ensure that they are applied according to Ms. [redacted]s instructions. To ensure that all future payments are appropriately applied, we ask that Ms. [redacted] follow the following steps: CHFA’s online payment system provides customers two options to select from when making online payments. An example of these options is shown in the attachment. After logging into her online account, Ms. [redacted] should select the option labeled “Pay Monthly Payment Due” to ensure that money being paid towards her CHFA account is first being applied towards her monthly payment due. Then, to submit additional funds to be applied towards her outstanding principal balance, in that same blue box area, Ms. [redacted] should enter the amount of any additional monies being paid towards principal in the “Additional Principal” box. For example, if her monthly payment due is $1,122.12 and she wants to submit a total of $1,300.00; then she would enter $177.88 in the “Additional Principal” space. The total amount being paid towards her account will appear in the “Total” box below. If all information appears correct, then Ms. [redacted] should press the blue “Make Payment” button at the bottom right hand side of the screen. We hope this helps to address Ms. [redacted]s concerns and questions. We appreciate her being a CHFA customer and once again, we apologize for the frustration she has experienced.

Tell us why here... Thank you for the opportunity to respond to Ms. [redacted]’s questions and concerns about her CHFA account. We have asked our loan servicing team to review Ms. [redacted]’s account so that we may be sure to fully address her inquiry provided through the Revdex.com. We appreciate your and Ms. [redacted]’s...

patience while that review has occurred. Based on our review, we have verified that billing statements are being mailed to Ms. [redacted]’s address provided on her account. Additionally, we have verified that the credit reporting bureaus were notified of corrections appropriate to her payment history on December 2, 2015. Typically, it may take between 60 to 90 business days for updates to be reflected. A copy of a letter provided to Ms. [redacted] (aka Ms. [redacted]) is attached confirming this notification and the outstanding principal balance due on her loan as of December 23, 2015. As indicated in the letter, Ms. [redacted] may refer to that correspondence should she require documentation of the credit correction being processed by CHFA’s Loan Servicing team. We sincerely apologize for the frustration that Ms. [redacted] has experienced. We greatly value her as a CHFA customer, and hope that the steps taken to correct the credit reporting on her account will resolve this matter.

Thank you for the opportunity to respond to Mr. [redacted]’s questions and concerns about his CHFA account. We have asked our loan servicing team to review Mr. [redacted]’s account so that we may be sure to fully address his inquiry provided through the Revdex.com. We appreciate your and his patience while that...

has occurred. Based on our review, we have verified that Mr. [redacted]’s mortgage insurance with MGIC was erroneously cancelled effective October 15, 2014 by his prior loan servicer. This resulted in Mr. [redacted]’s escrow account having an overage in the amount of $483.62. CHFA’s Loan Servicing team returned the overage to Mr. [redacted] in April 2015. Following, CHFA’s Loan Servicing Team noted the error in the prior cancellation of the mortgage insurance policy and worked with MGIC to reinstate Mr. [redacted]’s insurance with a retroactive effective date of October 16, 2014. As a condition of his loan, Mr. [redacted] is required to have mortgage insurance for the full loan period. CHFA submitted payment for the insurance coverage as of October 16, 2014 in the amount of $429.30 using Mr. [redacted]’s escrow account funds. Unfortunately, this resulted in Mr. [redacted] having an escrow shortage. As is normal procedure with escrow account adjustments, the borrower has the opportunity to correct an escrow account shortage by either making a one-time payment in full;  or through a monthly payment adjustment. As no payment in-full was received, Mr. [redacted]’s monthly payment has been adjusted to ensure that his escrow account has sufficient funds available for all future tax and insurance payments required. We apologize for any confusion and frustration this situation may have caused. Once again, we appreciate the opportunity to respond to Mr. [redacted]’s questions and hope this helps resolve any outstanding concerns that he may  have. Tell us why here...

Thank you for the opportunity to respond to Ms. [redacted]’s concerns. We have worked with our loan servicing partner, DMI, to review Ms. [redacted]'s account in order to respond to her questions. We appreciate your and her patience while that review has occurred.   Based on our records, Ms....

[redacted]'s home mortgage loan for her condo is insured by FHA. As such, CHFA is required to follow all FHA guidance in the servicing of her loan. With respect to Ms. [redacted]’s specific request that her FHA Mortgage Insurance Premium payment (MIP) be removed, according to FHA Mortgagee Letter 2000-46, which governs when FHA-insured loans are eligible to remove monthly MIP payments, MIP is charged until the outstanding principal balance is less than 78% of the lower of either the sales price or appraised property value. The letter also states that this provision only applies to loans insured under the Mutual Mortgage Insurance (MMI) Fund and the MMI fund does not include condominiums. A copy of the mortgage letter is attached to this response.           Additionally, we sincerely apologize for the frustration that Ms. [redacted] has experienced when attempting to connect with our loan servicing team. It is always our goal to provide excellent customer service. We are disappointed to learn that in this instance, we have fallen short. We have shared Ms. [redacted]'s feedback and concerns with our team so that we can use them as a training opportunity for our staff with the intent to improve the service provided going forward.