Home Point Financial Corporation

Review: I had refinanced my mortgage through Maverick Funding Corporation in June 2013. I had my homeowner's insurance with [redacted] Insurance and then I switched to [redacted] Insurance through [redacted] Insurance because it was approximately 600.00 per year. I filed all the paperwork through [redacted] Insurance and cancelled my policy with [redacted] Insurance and everything was set to start as of July 22, 2013 and according to [redacted] a bill was sent to Maverick funding and when payment was not received by 9/3 a cancellation notice was produced that if they didn't receive payment by September 15th the policy would be cancelled. In the meantime, Maverick Funding Corp. had sent a check to [redacted] Insurance and they received a returned check and notification that my policy had been cancelled. I received a letter from Maverick Funding Corp. that if I didn't produce proof of Homeowners insurance that they would have to provide it for me and I would have to pay for it. I immediately called [redacted] Insurance to find out what happened. They found out the money was there but according to Maverick Funding they never received any notice from [redacted] that they were the new insurer. [redacted] cancelled my policy and refused to reinstate it due to non-payment. I had to get a new policy which now cost around 1039.00 per year. They promised to overnight a check on 10/3 and after numerous phone calls [redacted] insurance received a check on 10/11 made out to [redacted] for 647.00. I even recieved a call from [redacted] assuring me this would never happen again. [redacted] had to ask for the 392.00 dollars to be sent to cover the cost of the new insurance. I got a call on Thursday, 10/17 to call Maverick with [redacted] to verify the 392.00 would be sent to [redacted] Insurance--[redacted] told us it was overnighted. It's 10/22 and again they told us it was overnighted and would be here tomorrow. I am absolutely disgusted by the lack of customer care exhibited not once but twice.Desired Settlement: Employees not capable of doing their job be fired. A formal apology from all those involved and a promise in writing and by phone assuring me that this will never happen again. Also, I feel that if they were forced to pay the difference between the original policy of 647.00 and the new one of 1039.00 maybe they would understand how important it was for them to pay their bills on time. I can't even begin to describe the frustration and anxiety I have experienced due to their lack of diligence in doing their job. I did everything right, I researched my options and because they couldn't write a check to my insurer I have to pay more money, I've spent hours on the phone, I had to get 3 others involved, and the whole time I'm thinking what if something happens to my house or property... I shudder to consider Maverick Funding Corp. responsible for my mortgage for the next 30 years if the past few months are any indication. I'm totally disgusted and unimpressed at this point.

Business

Response:

We apologize to [redacted] for the inconvenience she incurred. When changing Insurance Companies the Lender/Servicer needs to be notified. Ms. [redacted] did not notify us that she was planning on changing Insurance Companies. This issue was researched and resolved as follows.

I spoke to [redacted] 10/23 and was advised there was an initial disbursement to [redacted] Insurance on 8/12/13 for 871.00. On 9/9 [redacted] received a cancel notice from [redacted] which [redacted] doesn’t have the borrower being insured by this company and confirms with [redacted] Policy still in place. On 9/19 [redacted] receives refund check of 871.00 from [redacted] as per insured’s request they canceled policy. On 9/23 [redacted] sends a letter to borrower requesting proof of insurance. 9/24 [redacted] gets a cancelation notice from [redacted]. On 10/8 [redacted] spoke to Borrower and advised need proof of insurance and [redacted] explains to the borrower that they already paid [redacted] Ins and will not pay two insurance policies in the same period without receiving borrowers authorization. [redacted] also speaks to insurance agent to advise pmt will be received by 10/10. Bill is received from [redacted] of 637.00 and has already requested to be sent. 10/9 [redacted] disburses check to [redacted] for 637.00. which was sent [redacted] (tracking # [redacted]). Insurance Co. advises policy is pending cancellation because of non-payment. Advises check will be received 10/10. 10/10 insurance agent advises [redacted] that they did not pay the full policy, stated we received 2 bills and since we didn’t pay the 2nd bill balance policy hasn’t been canceled. [redacted] advised they only had a policy premium amount of 637.00. There was a balance owing o 652.00 which is the premium of 637.00 and 15.00 late fee. 10/17 Borrower called advised her policy had to be re-written and new ins co. is [redacted]. 10/21 [redacted] received bill from new insurance co. [redacted] of 1,097.00 and disbursed payment on 10/22 to be paid. 10/23 [redacted] called borrower to advise insurance for [redacted] has been disbursed for payment and went over the midterm cancellation procedures and to advise her if she changes insurance companies in the future she must call the mortgage company to advise them and provide documentation as she never did.

Please let us know if you need anything further from us.

Consumer

Response:

Review: [redacted]

I am rejecting this response because: Maverick Funding completely bungled my insurance coverage and still maintains that I am at fault. According to [redacted] Insurance Company, Maverick Funding was notified in writing July 22, 2013. The policy premium was due 8/31/13 and on 9/3/13 [redacted] Insurance, myself and Maverick Funding were notified that the policy would be cancelled September 15th with no grace period if not paid. I never received any paperwork that required me to call and speak with Maverick Funding regarding changing policies. I have had a mortgage with various financial institutions and have never had to call in addition to producing paperwork. No one ever called me from Maverick Funding Corp. to verify any of the insurance claims. Never once did Maverick Funding try to contact me via phone or paper other than the last letter Sept. 23 that stated that I had no homeowner's insurance. If a company requires a verbal and written response they should be calling their customers. They should also have this stated in their paperwork. As I have stated before and as various insurers I have spoken with concur, it's very unusual for mortgage companies to require both written and verbal. It seems neither communication garnered results when I needed information in order to reinstate a new homeowners insurance policy.

Regards,