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Freedom Mortgage Corporation

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Reviews Mortgage Banker Freedom Mortgage Corporation

Freedom Mortgage Corporation Reviews (1665)

Mr. [redacted], my understanding, based on a conversation we had, is that Joe M was able to assist you and address your concerns. Please let me know if that is not the case.
Sincerely,
Roseanne G
Vice President Customer Service
Freedom Mortgage corporation

Mr. [redacted],
 
Mortgage escrow accounts are analyzed once per year, Texas accounts are analyzed in February. Your insurance premium is payable in April. We analyze your loan based on the projected disbursements. It is not possible to know in February what the April bill will be and we can not reanalyze just because a disbursement exceeds the anticipated amount.
 
The state of TX requires the analysis to be completed each year in February with a new payment effective date for April of current year; unfortunately your insurance disbursements are disbursed within the same month or the following. Escrow analyses are done annually according to the state in which you reside and when we analyze your account, we have only the figures from the prior year disbursements for the analysis, unless the premium payments are disbursed prior to the loan being analyzed.
 
On July 18th a representative from the escrow department contacted you and went over the escrow account, the schedule of the analysis how the shortage was based off of the increase from the 2013-2014 policy and how the new shortage is from an increase in his 2014-2015 policy. You agreed to have your account re-analyzed out of term which will allow for the collection of funds for the new higher insurance premium. The new payment is 913.30 effective with the 9/1/14 payment.
 
There is nothing to be refunded as the increases in the payment and the shortage in the escrow account were a result of increases in your insurance premiums. We can not watch your account as you ask in your letter, it would be nice it we could but that is simply not possible. I would suggest that when it comes time next year to pay the insurance premium and if the premium once again increases, that you contact the servicing center and request that the account be reanalyzed at that time.
 
 
[redacted]
Vice President Customer Service
Freedom Mortgage Corporation

Complaint: [redacted]
I am rejecting this response because:Shouldn't my payment be re-adjusted or shouldn't there be an escrow analysis since there is now an excess in my escrow account? My payment was initially raised to cover the shortage in escrow, therefor there should be a payment adjustment as I shouldn't be paying as much into my escrow. 
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
I appreciate you taking the time to answer my concerns, and I hope other customers do not experience what my family did.
Regards,
[redacted]

Ms. [redacted] since all the funds were sent together we reached out to [redacted] asking them what happened to the principal payments and they advised they had had applied the funds and provided the info below as evidence

Complaint: [redacted]
I am rejecting this response because:we refinanced with this co to lower our payment and interst rate original payments were $600 and something they raised the pay ment to over $900 amonth for a year! now its $800 something they financed $600 plus dollars for escrow they receved over $1200 from the original banks escrow account that adds up to over $1800 right there now add $200 plus dollars a month time 12 months that is giving them another $2400 dollars totaling aproximatly $4200 yes they paid $838 for insurance they didn't need to pay and our taxes only increased $600 when payed on the early payment so now we are aproximatly at$3362 for an $1800 escrow account?????????????
Regards,
[redacted]

Mr. [redacted], upon receipt of your complaint I asked the escrow department to review your file. After reviewing it was determined that you were correct the property is not in a flood zone. It seems that there was a data error either on our system or that of our flood vendor that caused this. The...

lender placed policy has been cancelled, there is no requirement for private flood insurance and your account was analyzed and your new payment will be 1872.86 effective 5/1/16. We apologize for the error and will be looking of the root cause. SincerelyRoseanne [redacted]Vice President Customer ServiceFreedom Mortgage Corporation

[redacted], Upon receipt of your complaint I asked the cash department to review your account. They found the funds had been applied to the suspense account and not yet applied as a payment and the extra fund to principal. The have since applied the payments and extra principal. If you would like a...

copy of your payment history please email me at [redacted] There was no negative reporting to the credit bureaus for any of the months involved.Sincerely[redacted]Vice President Customer ServiceFreedom Mortgage Corporation

Mr. [redacted], the loan you applied for your were not eligible for and it should not have been offered to you. This is a training issue and will be addressed with the loan officer. We will remove the credit inquiry from your record and we will send you copies of the letters to the credit bureaus for your records. SincerelyRoseanne GSr. Vice President Customer ServiceFreedom Mortgage Corporation.

Complaint: [redacted]
I am rejecting this response because:
it only covers a portion of the issues raised.  I'm satisfied with this portion, but the issue is not closed so I've responded with a "rejection" so there's no confusion.  Thank you for removing the late fee as agreed to.  Thank you for adjusting escrow for the utility bill/[redacted] assessment.  The issues that are still open are:  adjusting escrow to reflect the tax amount (we got a one time grant last year).  the amount held for escrow this year will be short due to this incorrect adjustment.  made worse by the [redacted] amount just paid out to me, the escrow will be even shorter.  Also, I had requested to be communicated with so we could develop the best way forward on the escrow amount.  I've received no messages, call backs, or emails.  The company has responded to Revdex.com by taking action - albeit the wrong action - but still appears unable to communicate with me.  I appreciate the movement made and thank the Revdex.com for making contact.I'm standing by to communicate with my mortgage company directly, but I'm done wasting time on hold to deal with someone that won't follow through.  Thanks
Regards,
[redacted]

September 7, 2016
 
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Mr. [redacted] and Mrs. [redacted], SC 29464
 
 
Re:       Your complaint to the Revdex.com
 
 
Dear Mr. and Mrs. [redacted]:
 
We are in receipt of your complaint and are happy to respond to your concerns. I have reviewed your complaint and researched the issue regarding the appraisal refund.
 
The check for the refund of the appraisal was issued on September 6, 2016. Please allow 5-10 business days for delivery. I have attached a copy of the check for your records.
 
If you have any further questions or concerns, please do not hesitate to contact me.
 
 
Sincerely,
 
 
 
[redacted]
Assistant Vice President
Customer Service
Freedom Mortgage Corporation
[redacted], PA 19034

To their credit, they did finally resolve payment credit issues...but this took at least 3 weeks. But the website is a) very difficult to access, even in off peak hours, and b) they have a "policy" about how to apply payments that are made over/above amount due that is, I believe, illegal...unethical at a minimum, and a breach of contract more probably. Their policy is to take anything over/above and apply it to the next months payment, with prorating to escrow, principle and interest. By definition, anything over /above should automatically be used to reduce principle unless specifically requested otherwise. Why? Because to do anything else causes additional interest to be paid...essentially amounting to a prepayment penalty, while the loan documents specifically state there is no prepayment penalty. I always pay extra, and my loan was recently sold to Freedom from the original lender. Previous lender always applied extra to principal, but when I received my first statement from Freedom, I noticed it wasn't happening as intended and phoned to question and resolve. As I said, 3 weeks...and told that it is their "policy" over and over. I wrote and made point that they can't just make up a policy that penalizes me...of course no response to this. I am hopeful that Revdex.com can recognize that this is shady business and seek to help them fix their crooked policy. I would move my mortgage but don't want to go to the expense of another refi as I'm happy with my interest rate.

Freedom mortgage has been working on my refinance since March 6th. I was originally approved with DU approval. I explained I did not want to pay for an appraise until we were approved. Needless to say it's now June 18th. I was told we would close June 1st through the 4th. Then June 10th. Then by July 1st.I had a power of attorney for my wife. Since June 1st. I wanted to use my own title Co because of freedom mortgages lack of experience is a nice way to say it. My poa was declined. Called my title Co and got one signed and notarized from them. Took freedom mortgage another week to o ly say that one was not approved also. This company [redacted]

Ms. [redacted], I do apologize for the difficulty you were having with the refinance. You application did take a long time to process and there were some issues with your name and the subordination agreement but it still should not have taken as long as it did. We have since approved and closed...

the loan, we as the lender applied additional credits to keep the interest rate and closing costs as initally promised. Please let me know if I can be of any further assistance[redacted]Vice President Customer ServiceFreedom Mortgage Corporation

[redacted] reviewed your loan application with the office handling your file. The SBA loan was not an issue at anytime. The biggest issue was with how the loan was structured and the information given to us by the broker. Please see below from the office handling the fil
"Based on...

the information in [redacted] (our loan processing system), the file was initially underwritten on 3/12/14 and the file was unable to render due to the debt ratio which caused DU findings to go to an ineligible status.  The underwriter requested verification of the monthly payments for the student loans as credit report only showed these loans as deferred with no payments.  The file was submitted back to the underwriter and reviewed on 4/21/14.  This Underwriter was provided with a new credit report with the student loan payments and other liabilities thus the debt ratio was still not acceptable to DU.  The Underwriter sent the broker the new condition sheet.  The next underwriter review was 5/27/14 and the broker increased the loan amount that exceeded the maximum LTV allowed by FNMA for a cash out refinance.  The Underwriter actually countered the broker to restructure the loan to the maximum LTV of 85% and keep the debt ratio within guidelines.  There was communication throughout the process with the broker. "
The broker has not submitted anything further after the last communication with the underwriter and the file is still in the status of unable to render. We have not closed out the application. I would need the broker to close out the file before I can consider refunding the appraisal fee.
[redacted]
Freedom Mortgage Corporation
[redacted]

Mr. [redacted] upon receipt of your complaint I asked our sub-servicer [redacted] Servicing to look at your account. They advised that a block on your account, which is placed there when the loan first boards their system was never removed in error. They have contacted all three credit bureaus and...

provided them updates. [redacted] and [redacted] are now reporting your history and [redacted] will be doing so effect after their August cycle. Thank you for bringing this to our attention and we apologize for the trouble this may have caused you.
[redacted]    
[redacted]

Mr. [redacted], the system is not ours to change. We have no ability to change our vendors programming. We are asking them to amend their system to allow for what you are asking but are at their mercy.

Complaint: [redacted]
I am rejecting this response because: The response does not address the unwillingness of supervisors to give service agents authority to take action on simple questions.  And there are several errors in the response.  The document attachments (2) are labelled 1098--but in fact they are not the form sent to IRS. They are copies of statements by two parts of Freedom for November and January (which I already had in my files).  The response says that the late fee ($138.43) and interest were added to the escrow account and paid on Jan. 29 = $2011.11.  Yes, the check was for that amount, and it comprised $1,703.57 escrow balance stated on payoff fax from Freedom as of Jan 07, 2016 plus $307.54 escrow sent by wire in the payoff on Jan 15.  Fact: there were no other funds included in the $2011.11 refund of escrow.  I don't know about the interest paid in January, but the late fee of $138.43 was NOT part of the escrow payoff. That was noted by at least one service agent on Feb. 26.  As I think I implied in my complaint, the Freedom data system (accounting plus service annotations) is pretty vague.
As an example of vague and sloppy processing:  I was told by a Freedom Mortgage service agent in [redacted]) that my 1098 form had been sent prior to Feb. 10.  Well. that 1098 (the real thing) came in the mail today (3/14/16)--does it take 5 weeks in the mail, or more likely the Freedom system doesn't process documents when they say they do.  Of course, it doesn't help the service agents that Freedom created two account numbers for this loan, and specific agents ([redacted] and [redacted]) were able to see only part of the records for 2015.
These were quite simple questions and small dollar amounts.  Faster and reliable responses should be the norm.
Regards, [redacted]

Complaint: [redacted]
I am rejecting this response because:
First let me thank you for taking time out of your day to address my concern.  I understand how it feels to be taken away from your responsibilities to address unexpected issues.  It’s alarming that you feel like a letter to correct an issue caused by a member of your company would be enough.  I would think at the very least, your company should have sent a letter without me having to call countless times to request that it be done, seeing as though the error originated because of Freedom Mortgage. An error that should not have taken place to begin with.  While I really do appreciate the bare minimum being done, it is not enough for me.  I have placed numerous calls Freedom Mortgage every month since having my mortgage which has been with your company, which has been a  big inconvenience and not something I signed up for, much like you not signing up to deal with this issue. Your resolution to this matter is not acceptable.  This is been a horrible experience!  In the business world in no way should the customer (that would be me) have to deal with any adverse action because of an internal issue.  I have and I continue to spend time dealing with this matter.   Taking time out of my day to call each month to ensure that my payments have been posted to my account, on time and accurately.  The negligence of your company has affected more than just my relationship with your company and a 3 sentence letter will not suffice.  It is anything but acceptable for your company to jump the gun and try to hold me financially liable for something that I did not do and report me to the credit agencies, but think a letter will make everything okay.  Your company missions and value statement lists integrity and responsibility of growth as two of your values, I fail to see how you have lived up to those values in this situation :
Integrity - Business integrity inspires trust in our company, products and services. Collectively, we stand by our belief that there is a right way to do business. This is the path we follow, with the highest ethical standards as our guide.Customer-Focused. The voice of the customer is at the core of all we do. Their satisfaction is the hallmark of our success.
Responsible Growth - We continue to grow our business for the betterment of our employees, customers and partners. We do so responsibly and are accountable for all our decisions and actions.
The lack of integrity in this case where my account was sent to a loss mitigations department for payments received, which could have ended with my losing my home had I not made numerous calls.  Follow-up calls when your staff failed to follow up with me as they said they would.  Exactly how is my satisfaction the hallmark of this story?  What exactly have you held your company accountable for? So I respectfully decline your decision and would greatly appreciate it if you would pass my concern off to someone else in a HIGHER position that regards timely paying customers, and values their time. Your lack of assistance has not been useful at all.

Regards,
[redacted]

August 2, 2016     Mr. [redacted]
[redacted]     Re:       Your complaint to the Revdex.com   Dear Mr. [redacted]:   We are in receipt of your complaint and are happy to respond to your concerns....

  I have reviewed your complaint and researched the issues regarding the lost payments.   As of today, our system shows that 3 payments have been posted which represent the April, May and June payments and you are currently due for July.  In addition, an informal payment plan has been set up where you have agreed to make 1½ payments from July to December, 2016 in order to bring the account current.   We have also waived the late charges in the amount of $143.94.   If you have any further questions or concerns, please do not hesitate to contact me.     Sincerely,       [redacted] Assistant Vice President Customer Service Freedom Mortgage Corporation 500 Virginia Drive, Suite 502 Fort Washington, PA 19034 Phone: [redacted] or direct line [redacted] Fax: [redacted]

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Description: Mortgage Bankers

Address: 1900 E. Broadway, Maryville, Tennessee, United States, 37804

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