LenderLive responded to the borrower by letter capturing the below.LenderLive reviewed its records and confirmed the closing documentation for one of the borrower’s loans did not contain the ?Wisconsin Property Tax Escrow Option? because the property was listed as an investment property, and not the
borrower’s primary residence, as indicated on the closing documents. LenderLive stated that based on that status, the tax payments are paid by the due date, and the Property Tax Bill indicates taxes are due by 1/31/2016. LenderLive stated that a tax payment was remitted on 1/8/to the taxing authority to satisfy the taxes dueLenderLive provided to the borrower the ?Wisconsin Property Tax Escrow Option? for the borrower’s other loan; confirmed that the borrower had elected Option which provided that the payment for taxes would be sent directly to the borrower by December 20th and made payable to the borrower and the county. LenderLive stated that the taxes were paid directly to the taxing authority on 1/8/LenderLive stated that with respect to the homeowners insurance, a payment was remitted to the insurance company on 12/1/for one of the borrower’s loans and that the next payment is scheduled for disbursement on 10/9/2016. LenderLive stated that with respect to the borrower’s other loan, a payment was remitted to the insurance company on 12/1/and that the next payment for homeowner’s insurance for this loan is scheduled for 10/15/2016. LenderLive also stated that it valued the borrower as a customer; apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loans; and provided the borrower with a gift card to compensate for any inconvenience
Initial Business Response /* (1000, 7, 2015/12/17) */
LenderLive's records reflected that on 10/26/the borrower requested an inspection be made due to the fact that the rebuild of the home was two-thirds completedUnfortunately, your request for an inspection was incorrectly entered into
LenderLive's system and a property inspection in connection with the borrower's loss draft request was not completed
Our records further reflected that on 11/9/the borrower contacted LenderLive by telephone informing us that an inspection had been completed on 11/3/and requesting that the second draw of the loss draft proceeds be issuedThe borrower also indicated that he would pay the overnight delivery fee associated with the second draw of the loss draft proceedLenderLive's records also reflect that on 11/19/the borrower contacted LenderLive by telephone inquiring as to the status of the second draw of the loss draft proceedsIn response, LenderLive's representative identified that an incorrect inspection request had been entered into LenderLive's system, and immediately scheduled an inspection of the rebuild to take place on 11/24/so that the borrower could receive the second draw of the loss draft proceeds at the conclusion of the inspection
On 12/11/LenderLive received the results of the inspection of the rebuild which confirmed that the rebuild of the borrower's home was 75% completedOn 12/14/LenderLive issued a second loss draft check with a delivery date of 12/15/
LenderLive sent the borrower a letter capturing the above events, apologized that the telephone calls the borrower placed inquiring as to the scheduling of the property inspection were either not returned, or were returned at a date later than anticipated, and apologized that the issue of loss draft proceeds to him had not been as he had expected
Initial Consumer Rebuttal /* (3000, 9, 2015/12/22) */
(The consumer indicated he/she DID NOT accept the response from the business.)
There was an inspection done when we contacted the company initially asking for the status on the second draw, and it was very unfair that we had to wait over a month for them to give us correct answers and for them to order an additional inspection for the draw
We have recieved the second draw finally and will proceed with hopes that the next inspection will be recorder properly and our family will not have to suffer further with this companyWe will definitely be refinancing and do not recommend this company to anyone
LenderLive responded to the borrower by letter capturing the belowLenderLive’s records reflected that the borrower contacted LenderLive’s Call Center regarding the loss draft process for the first time on 01/26/16; that a loss draft package was mailed to the borrower on 01/27/16; and that on
01/29/the borrower spoke with a LenderLive representative who informed the borrower that the loss draft package had been received by LenderLive which would be reviewed to determine that it was complete. LenderLive’s records further reflected that on 02/05/the borrower contacted LenderLive and LenderLive representative informed borrower that the loss draft package had been received; however, it did not contain the Statement of Loss, a required document. LenderLive spoke with the borrower on 02/08/and informed the borrower that it would take 7-business days to complete the review of the loss draft packageOn 02/10/the borrower contacted LenderLive and stated that all repairs had been completed; therefore, LenderLive requested a property inspectionOn 02/11/LenderLive processed and mailed to the borrower the first drawLenderLive stated that after a visual inspection of the property was completed, LenderLive determined the repairs were 100% completed, and based on that information, on 02/22/a second draw was processed and mailed to the borrowerLenderLive requested that the borrower submit Contractor’s Statement, Evidence of Liability Insurance, Contractor’s License/ Registration, any applicable building permits and completed W9, Contractor’s Bid/Estimate/Contract, Notarized Lien Release, and Conditional Waiver of Lien so that LenderLive can process the remaining funds from the borrower’s loss draft claimLenderLive stated it valued the borrower as a customer, and apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of the borrower’s loan
LenderLive responded to the borrower by letter capturing the belowLenderLive requested that the borrower note in our recent letters to him and his former spouse that we requested that they provide evidence to us confirming that the 5/1/and 6/1/contractual loan payments were remitted timelyLenderLive acknowledged receipt from the borrower on 1/11/LenderLive received documentation concerning the contractual loan payments for 5/1/2015, 6/1/and 7/1/which was a screenshot of the bank account that reflected “scheduled transactions.” The screenshot provided also showed that the funds were scheduled to be sent to the investor of the borrowers’ loanAs a courtesy to the borrowers in order to provide positive customer service, LenderLive has sent a comment to the major credit bureaus that the payments for 5/1/2015, 6/1/and 7/1/were paid as agreed and never late. LenderLive further stated that the borrower should allow days for the credit bureaus to reflect the comment and update
Initial Business Response /* (1000, 5, 2015/06/19) */
LenderLive Network Inc. ("LenderLive") received notices on June 8th, 2015 from the Revdex.com and Consumer Financial Protection Bureau regarding complaints you had filed with each agency. We understand from the notices that you have...
concerns regarding the servicing of this loan. To that end, we are providing you with the following:
Review of your loan payment history indicates that the payment submitted on our web portal on May 8th, 2015 was not processed and posted to your loan and the payment was not withdrawn from your bank account due to an erroneous research code that was placed on your loan which prevents additional transactions from occurring until the research request is resolved. Because the payment was not processed and posted to your loan, the payment was reported as "late" to the credit bureaus.
At this time we have removed all preventative stops from your loan and you are able to process payments as before. In order to post your May payment, we will need you to re-submit through the LenderLive web portal. LenderLive will immediately post the May payment upon receipt of the funds. LenderLive has already submitted the information to the credit bureaus to immediately correct the reporting of a "late" payment for May.
As requested, we have also updated your mailing address to ensure that correspondence is sent to the correct address. We apologize for any inconvenience or frustration you may have experienced due to this matter.
Complaint: [redacted]
I am rejecting this response because: Lender Live has blatantly lied to the Revdex.com. On 1/27/2016 I contacted Lender Live and requested them to e-mail me the loss draft package as the repairs to my home had already been completed and I needed the funds to pay the contractor. The package was e-mailed I filled it out and faxed it back. I also overnighted the check from my insurance. The check was received by Lender Live on 1/29/2016. I called Lender Live to confirm receipt of the loss draft package. The customer service person told me that the statement of loss was not received. I proceeded to fax the statement of loss twice to lender live. I, again, told them that all the repairs had been already completed and that I need the funds to pay the contractor.On 2/5/2016, I called Lender Live again to check on the status of this process and because no one from Lender Live had contacted me. The customer service person said that they had received all required documents and the next step was to set up an inspection. Again, I told the customer service rep. That repairs had been completed. They told me it would take 7 to 10 days to set up an inspection. On 2/8/2016 I called Lender Live again to check on where they were in the process. The customer service person told me we were waiting for a response from the loss draft department. This Loss of Draft Department has no contact person or a phone number I could call. I then requested to speak to a supervisor. No one contacted me.On 2/10/2016, I called Lender Live again. I wanted to see if they had arranged for an inspection. The customer service person stated at that time that they would submit a request from the loss draft department for an inspection on my behalf. I, again, requested to speak to a supervisor or anyone in charge. No one contacted me.On 2/15/2016, I called Lender Live because no on had contacted me. The customer service person stated that we were at the mercy of the Loss Draft Department and I had to wait for someone to call me. I was extremely upset by this response. I asked for a supervisor immediately. I was put on hold for several minutes, then customer service transferred me to someone who took my information. Later that evening a contractor called and I arranged the inspection of the property. This is also the date they asked for further documentation. I was surprised at this request because no one contacted me.On 2/18/2016 I received a voice message from Lender Live. The rep. [redacted] stated that they received my complaint made to the Revdex.com and would investigate.On 2/20/2016 I received a check for 1/3 of the amount I am owed from Lender Live. Included in the same envelope was a letter stating that this was an attempt to collect a debt. A second letter (in the same envelope) stated that another company was going to be handling my mortgage and that I should contact that company to collect the rest of the money owed to me.On 2/24/2016 The Lender Live rep., [redacted], left a voice message to let me know that they received the complaint I filed with the Consumer Financial Protection Bureau. I returned the call. I have yet to hear from Lender Live again.I am selling my home so that I never have to deal with Lender Live again. They have never apologized for the frustration and anger they've caused me.
Sincerely,
[redacted]
LenderLive is responding to the borrower by letter which captured the below. LenderLive stated that on 07/29/2015 it remitted payment to the borrower’s insurance company for the borrower’s annual hazard insurance premium. LenderLive stated that on 09/09/2015 it received an endorsement...
reflecting that the borrower’s hazard insurance was changed to another company along with a notice that a premium was due. On 09/15/2015 LenderLive issued a check to pay for the hazard insurance premium with the new company. LenderLive’s records reflected that the borrower contacted LenderLive by telephone on 05/09/2016, 05/16/2016 and 05/24/2016 informing our representative that their hazard insurance premium had been paid twice and that your hazard insurance was no longer with the previous insurer and was with a new insurer. Based on the information the borrower provided, LenderLive is seeking a refund from the borrower’s prior insurance company. LenderLive will continue to follow up with the borrower’s prior insurance company until we have confirmation that the funds have been sent back to the borrower. LenderLive suggested to the borrower that once the borrower received the refund of the hazard insurance premium that she forward the refund to the new servicer of the borrower’s loan so that they can apply it to the borrower’s escrow account to reduce or eliminate a possible escrow shortage. LenderLive extended its apology to the borrower for any inconvenience and frustration she may have experienced.
Initial Business Response /* (1000, 5, 2015/06/10) */
Your loan was transferred to LenderLive from the prior servicer on 09/15/2014.
On 12/10/14 an incorrect tax amount was disbursed from your escrow account to the taxing authority. The error was identified, the taxing authority was...
immediately notified, and a request for a refund was initiated. The refund was received and the funds were deposited back into your escrow account on 05/27/15.
After a thorough review of your escrow account, your tax installment amount was adjusted to the corrected amount.
On 05/22/15 a disbursement was made from your escrow account to the taxing authority. The disbursement included penalties and interest. On 05/22/15 LenderLive credited all penalties and interest back to your escrow account. LenderLive has confirmed with the taxing authority that the payment was received and your taxes are current.
We duly apologize for any inconvenience or frustration the above referenced issues may have caused you. We at LenderLive expect to provide our borrowers with superior customer service and apologize that your experience did not hold up to that expectation. A detailed letter will be sent directly to your attention.
Initial Consumer Rebuttal /* (2000, 7, 2015/06/11) */
(The consumer indicated he/she ACCEPTED the response from the business.)
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.
Sincerely,
[redacted]
Initial Business Response /[redacted]/
We have reviewed the history on your loan and found the following:
On April 17th, 2015 you contacted us to request a payoff quote to be sent to you. This payoff quote reflected a total amount due and included the escrow balance at that time....
On April 22nd, 2015, in keeping with our duties as your mortgage loan service, we disbursed funds from your escrow account to your insurance company for your homeowners insurance, as it was due to be paid. This transaction was not accounted for in the payoff quote sent on April 18th as it had not occurred at that time.
On May 14th, 2015 another payoff quote was requested through our automated system and faxed as requested on May 15th, 2015. This payoff quote reflected reflected a total amount due and included the escrow balance at that time. On May 29th, 2015 a wire was received which was more than the required amount to pay your loan in full.
On June 10th, 2015 a refund check was sent to you which included your current escrow balance and the amount over paid when your payoff wire was received.
Our review does not show the amount you indicate would have been owed to you. A copy of the payoff quotes along with a detailed letter has been mailed directly to your attention for your review.
In regards to your phone call with Lender Live on June 22nd, 2015, we truly apologize for any frustration or distress you may have experienced. We have reviewed your phone call and addressed any concerns with the representative.
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records reflected that on 1/4/2016 the borrower called LenderLive’s Call Center inquiring as to when she would be receiving her loss draft funds and requested that a supervisor return her call with regard to these...
funds. After speaking with the borrower on 1/4/2016 LenderLive opened a research request for LenderLive’s Escrow Department to review the borrower’s loan. LenderLive’s records reflected that on 1/6/2016 the borrower spoke with a LenderLive supervisor who assisted in arranging for the funds to be sent to the borrower via overnight delivery. Our records reflected that on 1/14/2016 the borrower contacted LenderLive stating that she had not received the funds. LenderLive researched the matter and confirmed that the funds were not sent via overnight delivery due to a processing error. On 1/14/2016 a LenderLive loss draft specialist contacted the borrower, informed her that LenderLive would issue another check immediately, and remitted the funds to the borrower via Federal Express overnight delivery and provided the borrower with the Federal Express tracking number. LenderLive confirmed by accessing the tracking number that Federal Express delivered the package containing the check on 1/15/2016 at 1:12 p.m. (CST).
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records confirmed that on 01/12/16 the borrowers contacted LenderLive requesting that LenderLive send a restriction removal letter to the City Attorney’s Office in connection with a proposal to build a parking lot on a...
portion of the land included in the borrowers’ loan. Due to the fact that the borrowers’ request would have changed the original terms of the Note as well as change the plot lines and legal description associated with the Deed of Trust, such a review and approval would need to come directly from the owner/investor of the borrowers’ loan. LenderLive stated that due to the fact that the borrowers’ loan was a GSE loan, their request must be submitted to the GSE for their review and decision. LenderLive apologized that the borrowers were not informed initially that their request for a restriction removal letter had to be reviewed and approved by the GSE; identified this instance as an internal training opportunity; and stated that it valued the borrowers’ time and understood the frustration the delay may have caused the borrowers. LenderLive stated that effective 02/01/16 the borrowers’ loan has been transferred to a new servicer. LenderLive encouraged the borrowers to contact the new servicer of their loan with their restriction removal request so that they may submit it to the GSE. LenderLive provided the contact name, address and telephone of the borrowers’ new servicer. LenderLive stated that it mailed the 1098 mortgage interest statements to borrowers on 01/31/16, and that the 1098 mortgage interest statements are also available on LenderLive’s website which the borrowers may still access even though their loan has been transferred to the new servicer.
Initial Business Response /* (1000, 6, 2015/11/04) */
LenderLive has reviewed the borrower's loans. Our records reflect that on February 2, 2015, the servicing of both loans was transferred to LenderLive. On that date, both loans were due for the August 1, 2013 contractual loan payment.
Our...
records further reflect that on April 15, 2015, we received the borrower's request, including financial documentation, for approval of a deed-in-lieu of foreclosure. On April 27, 2015, LenderLive received additional documentation from the borrower to support his request for a deed-in-lieu of foreclosure for both loans.
LenderLive did not receive all of the documentation required so that we could complete our review of the borrower's request for approval of the deed-in-lieu of foreclosure. On June 8, 2015, a LenderLive representative contacted the borrower via telephone and informed him that we needed additional documentation. Further, by letter dated June 9, 2015, LenderLive followed up with the borrower also requesting him to provide to us the additional required documentation.
On June 12, 2015 and June 16, 2015, respectively, we received the requested documentation. On June 16, 2015, we ordered title reports for both properties encumbered by the loans.
On July 10, 2015, LenderLive forwarded to its legal counsel the approved deed-in-lieu of foreclosure request and requested that our legal counsel begin preparation of the deed-in-lieu of foreclosure documentation for both loans.
LenderLive is in the process of completing the preparation of the documentation required for the deed-in-lieu of foreclosure for both properties. LenderLive anticipates sending to the borrower the documentation, along with instructions as to execution of the same, within the next seven (7) business days. Additionally, a LenderLive representative will contact the borrower via telephone after the documentation has been sent to discuss any questions the borrower may have with regard to the deed-in-lieu of foreclosure documentation.
Initial Business Response /* (1000, 12, 2015/10/30) */
LenderLive apologized for any inconvenience or frustration that the borrowers may have experienced in connection with the servicing of their loan. LenderLive informed the borrowers that the NSF fees billed to their loan were removed and...
informed the borrowers LenderLive would consider the possibility of providing them with a refund for the stop payment fees they were assessed by their bank for the transactions.
LenderLive confirmed there was no longer an active Automatic Clearing House ("ACH") recurring payment option on the borrowers' loan.
LenderLive's records reflected that the initial request to utilize its recurring payment option was initiated by the borrowers via the LenderLive website on August 21, 2015 to begin on September 5, 2015. LenderLive stated that its records reflected an additional request was initiated by the borrowers via the LenderLive website on August 24, 2015 for another ACH recurring payment option with a draft date beginning September 15, 2015. LenderLive stated that its records reflected that as of August 24, 2015, there were two active ACH payment options on the borrowers' loan, both activated on LenderLive's website with one to draft on the 5th day of each month and one to draft on the 15th day of each month.
LenderLive's records reflected that on August 28, 2015 the borrowers contacted its call center due to receiving activation confirmation letters for both drafts, and on that date, the two active ACH reoccurring payment options were cancelled. LenderLive's records further reflected that on August 28, 2015 the borrowers initiated a new ACH payment option to begin on September 12, 2015 and draft on the 12th day of the month. Although LenderLive had canceled the previous ACH draft payments, LenderLive's system inadvertently recaptured one of the ACH draft payments which had been canceled in addition to the ACH recurring payment option initiated on August 28, 2015, and unfortunately two payments were withdrawn from the borrowers' bank account.
LenderLive's records reflected that the borrowers contacted LenderLive on September 15, 2015, informing the LenderLive representative that two ACH draft payments were withdrawn from the borrowers' bank account. The LenderLive representative informed the borrowers that documentation from the borrowers' bank reflecting that two payments had been drafted and had cleared the borrowers' bank account was necessary, and stated that once received, a refund would be issued to the borrowers. LenderLive's Loan Servicing Finance and Accounting Department policies do not allow the refund of an ACH draft until evidence of a duplicate payment by the customer's processing bank has been provided by a customer. This is due to the fact that a possibility exists for a scheduled and executed ACH draft to be returned as non-sufficient funds or "NSF" by the customer's bank to the processing bank and subsequently to LenderLive.
LenderLive stated that its records reflected that both of the borrowers' ACH draft payments were returned "Non-Sufficient Funds Payment Stopped" by the borrowers' bank due to the fact that the borrowers had placed stop payment orders on both transactions through their bank.
LenderLive reiterated that it removed the NSF fees billed to the borrowers' loan and that it would consider the possibility of providing the borrowers with a refund for the stop payment fees they were assessed by their bank for these transactions; however, in order to do so, LenderLive requested that the borrowers forward to LenderLive an un-redacted copy of their bank statement reflecting the stop payment fees assessed by their bank.
LenderLive values the borrower and appreciates the borrowers' feedback.
Initial Consumer Rebuttal /* (3000, 14, 2015/11/04) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We contacted Lenders live the day we made the initial set up for the auto pay because we thought the system was not working properly and they said that they cancelled the transaction and for us to re-do. We did so and I contacted them again to make sure that only one payment would pull. They assured us that Yes only one payment would pull. That was not what happened. 2 payments pulled and we went negative in our account and could not make our other payments.After calling and emailing many times, LendersLive told me they could do nothing until I submitted evidence in writing that our payment pulled twice. I worked through my bank and had the payments reversed and stop payment made. I contacted LendersLive and told them this and mailed payment as we continue to do. I asked for a refund of the stop payment fees we incurred and was told to write a letter submitting proof. I did but we have not received this credit.
Final Business Response /* (4000, 16, 2015/11/13) */
LenderLive has reviewed the bank account documents submitted by customer evidencing the stop payment fees charged by the customer's banking institution. In the spirit of good customer service, LenderLive will reimburse the customer the stop payment fees the customer incurred, and will send the customer a check via separate mailing.
LenderLive sent the borrower a letter capturing the above; apologized for any inconvenience and frustration the customer have experienced in connection with LenderLive's servicing of the customer's loan; and informed the customer that the customer was a valued LenderLive customer.
Initial Business Response /* (1000, 5, 2015/06/19) */
Upon review of your account, a recurring automatic payment (ACH) was set up from your checking account on March 23rd, 2015 to begin withdrawals on May 1st. Per the ACH form, you agreed to have LenderLive draft your checking account ending in...
0348 on the 1st business day of each month. We have included a copy of this form for your review.
In addition to the automatic withdrawals, we received a payment from you in the form of a bill pay transaction from your bank on May 6th, 2015 which was returned to you on May 11th, 2015. We also received a payment from you on June 3rd, 2015 as a bill pay from your bank. This was returned to you on June 4th, 2015.
Per our conversation on June 2nd, 2015, you stated you would cancel the bill pay payments from your bank and keep the ACH payments. If this is still your election, no further action is needed. If you should wish to cancel the ACH payments, please contact us in writing at least 10 business days prior to the next draft you want canceled. At this time our records show your account in good standing. We duly apologize for any inconvenience or frustration you may have experienced regarding this matter. A letter documenting this information will also be sent to you.
Initial Consumer Rebuttal /* (3000, 7, 2015/06/23) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Yes I did sign a form, but I was told it was to validate my direct deposit, not for you to debit my account. Also, I received the check from May on June 15th and my bank cancelled Junes payment on June 17th. I have proof if you need it! I also faxed you a letter on June 3rd asking you to cancel the ACH payment for which I received no reply, I have proof of that also. You people have blamed me for all your mistakes and refuse to acknowledge your ineptitude. I think you need to look into your own payment department!
Final Business Response /* (4000, 9, 2015/07/02) */
We have canceled the recurring automatic withdrawal payments from your checking account effective for your July 2015 payment. Alternative arrangements will be needed for your monthly payments going forward such as a check, money order or bank bill pay. Per your response you confirmed the funds for both bill pay payments have been returned to you. We duly apologize for any confusion or frustration that may have been caused by this matter.
Final Consumer Response /* (2000, 11, 2015/07/03) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrowers by letter capturing the below. LenderLive’s records reflected that on 1/11/2016 LenderLive received the loss draft check along with the Certificate of Intent to Repair and the Statement of Loss from the insurance company. When both borrowers’ names are on...
a loss draft check, typically our Finance Team requires that the loss draft check be endorsed by both borrowers. The loss draft check had only one of the borrowers’ signatures which would usually result in the loss draft check being returned to the borrower with LenderLive’s request that both borrowers sign the loss draft check. The endorsement issue was elevated to LenderLive’s Escrow Director and a decision was made that LenderLive’s Escrow Department would endorse the loss draft check and send it to the borrowers. On 1/13/2016 LenderLive sent the loss draft check to the borrowers’ mailing address via [redacted]. LenderLive’s records reflect that the [redacted] package containing the loss draft check was delivered to the borrowers and signed for on 1/14/2016 at 12:18 p.m. LenderLive apologized for the inconvenience and frustration the borrowers may have experienced.
LenderLive responded to the borrower by letter capturing the below.
LenderLive's records reflect that the servicing of the borrower's loan was transferred to LenderLive on 03/03/2014 and on that date the tax installment for February 2014 was unpaid by the prior servicer.
LenderLive's records...
further reflect that the first notification LenderLive received regarding property tax payments due was in August of 2014 from the city. At that time, the invoice received indicated payment owed for city, school and county taxes and a check was mailed on 08/11/2014.
LenderLive confirmed that the borrower's property taxes are due semi-annually during the months of February and August. The next scheduled tax disbursement was to be paid in February of 2015.
Our records further reflect the borrower's loan was paid in full on 03/12/2015. LenderLive has determined that the borrower was assessed a late penalty and was paid by the borrower to the city as the taxes for the February 2015 installment were not paid out of the borrower's escrow account prior to the loan being paid in full. A check in the amount of the late penalty fee will be sent to reimburse the borrower for the late penalty incurred.
Complaint: [redacted]
I am rejecting this response because:LenderLive continues to restate the same position with each response. I do not accept it as it shows that LenderLive does not have interest in the clients in which they serve. LenderLive's position is to only do the bare minimum required by law and nothing more. Unfortunately, the mortgage industry has little oversight or consequences as was seen in 2008 during the mortgage crisis. And companies like LenderLive continue to operate to the absolute minimum of their abilities simply because they can. They do not take into consideration what it right, ethical, or in the best interest of their clients. Their claim that the escrow analysis was completed "timely and efficiently" is simply not true. It was the minimum requirement by law, but it was not timely and efficient. If that was the case, there would not be such an excessive shortage.I requested a comparison of my 1-yr escrow shortage to their 1-yr average escrow shortage as a baseline for what is considered excessive. LenderLive responded that "there is no average shortage report that is created or run that LenderLive can provide". I did not ask for a report. I asked for a simple comparison of the average to my escrow shortage created by LenderLive. If LenderLive does not track, understand, or have access the shortage amounts for all the escrow accounts in which they service, then how are they operating and keeping track of shortage payments? This again seems like negligence and mismangement. I understand that escrow analysis is unique to each person's parcel of land and property taxes, but an average of escrow shortages should be easy to calculate. I am sure that LenderLive has the data necessary to do so. But again, they choose not to because it's not required by law.I also do not understand why LenderLive continues to state that, "regardless of whether or the escrow analysis for the borrowers' loan was run in February or December, a significant shortage would have been determined based on the increase in the tax payment for Montgomery County and for Montgomery County MUD 119A." We have never made that argument and I understand the difference is irrelevant. LenderLive should have performed the escrow analysis either earlier in 2015 or they should have estimated the taxes based on comparable homes in the same neighborhood. The updated Montgomery county tax information was available by May 2015 for our property and house. But even if it had not been available, LenderLive could have estimated the taxes at the time we closed on the house using the public data available. So in my opinion, there is no valid reason that LenderLive could not have better managed this escrow account. It continues to show their lack of responsibility and accountability for the work in which they perform. Again, if it's not required by law, they do not find it necessary. Furthermore, when the escrow shortage became known to them, they handed off the escrow servicing to another company to let them deal with the shortage. Regardless of LenderLive's position, a $25,000 escrow shortage in a one year period is excessive. This has been confirmed with the Texas Department of Savings and Mortgage Lending, the CFPB, an attorney, as well as LenderLive's own customer service representatives and the new servicing company [redacted]. So it is undeniably excessive. What I find is such a problem is that my wife and I are two college educated professionals in our early 30's trying to do everything "by the book" to lead successful lives. However, incompetent and unethical companies like LenderLive make our lives very difficult due to them simply not doing their job. Note that doing their job should be more than just "not breaking the law". Most families in our position would not be able to easily pay out an additional $25,000 to cover a shortage. The alternative is to be turned over to a collection agency and foreclosure of our home. There is something wrong with this. Companies like this should not be able to continue to do business. Business practices like these are what led to the 2008 mortgage crisis. I will be following up with my state representative concerning this matter.
Sincerely,
[redacted]
LenderLive's records reflect that on 9/23/2015 the borrower contacted us by telephone stating that she was experiencing a hardship that made it difficult for her to make the 9/1/2015 contractual loan payment. During this telephone conversation, our representative informed the borrower that...
LenderLive was unable to offer her a one month deferment; however, LenderLive's representative stated that LenderLive would be happy to assist her with a loan modification or repayment plan which she declined due to personal circumstances with her husband.
Our records further reflect that on 10/16/2015 a LenderLive representative spoke with the borrower by telephone and informed her of the payment options available to assist her with her financial hardship. Our records also reflect that on 10/24/2015 a LenderLive representative spoke with the borrower by telephone. During this telephone conversation, the borrower informed our representative that she and her husband had sold the property and that the indebtedness on the loan would be satisfied on 11/30/2015. As such, LenderLive would have no loan modification products available since the indebtedness would be satisfied.
Due to the fact that the contractual loan payment for 10/2015 was past due, by letter dated 11/2/2015 LenderLive forwarded to the borrowers a loss mitigation solicitation letter which included a Borrower Response Package and instructions for the completion and submission of the same. Our records do not reflect receipt of a completed Borrower Response Package.
Our records confirm that a LenderLive collection representative spoke by telephone with the borrower on the morning of 11/19/2015 and that she indicated she had initiated an online payment on that date which was to be applied as the 10/1/2015 contractual loan payment. At the time of this telephone conversation, LenderLive had not placed a stop code on the borrower's loan. However, at approximately 3:00 p.m. MST on 11/19/2015 a stop code was placed on the loan and a demand letter was generated due to the delinquent status of the loan. Although the borrower had initiated an online payment on that same day, the payment was subsequently rejected due to the fact that once a demand letter is generated and mailed, LenderLive is unable to accept a loan payment unless we receive all funds required to fully reinstate the loan.
LenderLive's records reflect that on December 1, 2015, we received sufficient funds to pay the loan in full. Please be aware that no foreclosure proceedings were initiated on the borrowers' loan prior to the satisfaction of the loan indebtedness.
LenderLive has researched its records and was unable to find telephone calls made to the borrower outside of working business hours. Therefore, it is LenderLive's position that we have not violated the debt collection regulations as to telephone contact under the Fair Debt Collection Practices Act (the "FDCPA").
For the consumer's convenience, we have sent a letter capturing the events listed above along with the loss mitigation solicitation letter dated 11/2/2015.
LenderLive responded to the borrower by letter capturing the below.LenderLive reviewed its records and confirmed the closing documentation for one of the borrower’s loans did not contain the ?Wisconsin Property Tax Escrow Option? because the property was listed as an investment property, and not the
borrower’s primary residence, as indicated on the closing documents. LenderLive stated that based on that status, the tax payments are paid by the due date, and the Property Tax Bill indicates taxes are due by 1/31/2016. LenderLive stated that a tax payment was remitted on 1/8/to the taxing authority to satisfy the taxes dueLenderLive provided to the borrower the ?Wisconsin Property Tax Escrow Option? for the borrower’s other loan; confirmed that the borrower had elected Option which provided that the payment for taxes would be sent directly to the borrower by December 20th and made payable to the borrower and the county. LenderLive stated that the taxes were paid directly to the taxing authority on 1/8/LenderLive stated that with respect to the homeowners insurance, a payment was remitted to the insurance company on 12/1/for one of the borrower’s loans and that the next payment is scheduled for disbursement on 10/9/2016. LenderLive stated that with respect to the borrower’s other loan, a payment was remitted to the insurance company on 12/1/and that the next payment for homeowner’s insurance for this loan is scheduled for 10/15/2016. LenderLive also stated that it valued the borrower as a customer; apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loans; and provided the borrower with a gift card to compensate for any inconvenience
Initial Business Response /* (1000, 7, 2015/12/17) */
LenderLive's records reflected that on 10/26/the borrower requested an inspection be made due to the fact that the rebuild of the home was two-thirds completedUnfortunately, your request for an inspection was incorrectly entered into
LenderLive's system and a property inspection in connection with the borrower's loss draft request was not completed
Our records further reflected that on 11/9/the borrower contacted LenderLive by telephone informing us that an inspection had been completed on 11/3/and requesting that the second draw of the loss draft proceeds be issuedThe borrower also indicated that he would pay the overnight delivery fee associated with the second draw of the loss draft proceedLenderLive's records also reflect that on 11/19/the borrower contacted LenderLive by telephone inquiring as to the status of the second draw of the loss draft proceedsIn response, LenderLive's representative identified that an incorrect inspection request had been entered into LenderLive's system, and immediately scheduled an inspection of the rebuild to take place on 11/24/so that the borrower could receive the second draw of the loss draft proceeds at the conclusion of the inspection
On 12/11/LenderLive received the results of the inspection of the rebuild which confirmed that the rebuild of the borrower's home was 75% completedOn 12/14/LenderLive issued a second loss draft check with a delivery date of 12/15/
LenderLive sent the borrower a letter capturing the above events, apologized that the telephone calls the borrower placed inquiring as to the scheduling of the property inspection were either not returned, or were returned at a date later than anticipated, and apologized that the issue of loss draft proceeds to him had not been as he had expected
Initial Consumer Rebuttal /* (3000, 9, 2015/12/22) */
(The consumer indicated he/she DID NOT accept the response from the business.)
There was an inspection done when we contacted the company initially asking for the status on the second draw, and it was very unfair that we had to wait over a month for them to give us correct answers and for them to order an additional inspection for the draw
We have recieved the second draw finally and will proceed with hopes that the next inspection will be recorder properly and our family will not have to suffer further with this companyWe will definitely be refinancing and do not recommend this company to anyone
LenderLive responded to the borrower by letter capturing the belowLenderLive’s records reflected that the borrower contacted LenderLive’s Call Center regarding the loss draft process for the first time on 01/26/16; that a loss draft package was mailed to the borrower on 01/27/16; and that on
01/29/the borrower spoke with a LenderLive representative who informed the borrower that the loss draft package had been received by LenderLive which would be reviewed to determine that it was complete. LenderLive’s records further reflected that on 02/05/the borrower contacted LenderLive and LenderLive representative informed borrower that the loss draft package had been received; however, it did not contain the Statement of Loss, a required document. LenderLive spoke with the borrower on 02/08/and informed the borrower that it would take 7-business days to complete the review of the loss draft packageOn 02/10/the borrower contacted LenderLive and stated that all repairs had been completed; therefore, LenderLive requested a property inspectionOn 02/11/LenderLive processed and mailed to the borrower the first drawLenderLive stated that after a visual inspection of the property was completed, LenderLive determined the repairs were 100% completed, and based on that information, on 02/22/a second draw was processed and mailed to the borrowerLenderLive requested that the borrower submit Contractor’s Statement, Evidence of Liability Insurance, Contractor’s License/ Registration, any applicable building permits and completed W9, Contractor’s Bid/Estimate/Contract, Notarized Lien Release, and Conditional Waiver of Lien so that LenderLive can process the remaining funds from the borrower’s loss draft claimLenderLive stated it valued the borrower as a customer, and apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of the borrower’s loan
LenderLive responded to the borrower by letter capturing the belowLenderLive requested that the borrower note in our recent letters to him and his former spouse that we requested that they provide evidence to us confirming that the 5/1/and 6/1/contractual loan payments were remitted timelyLenderLive acknowledged receipt from the borrower on 1/11/LenderLive received documentation concerning the contractual loan payments for 5/1/2015, 6/1/and 7/1/which was a screenshot of the bank account that reflected “scheduled transactions.” The screenshot provided also showed that the funds were scheduled to be sent to the investor of the borrowers’ loanAs a courtesy to the borrowers in order to provide positive customer service, LenderLive has sent a comment to the major credit bureaus that the payments for 5/1/2015, 6/1/and 7/1/were paid as agreed and never late. LenderLive further stated that the borrower should allow days for the credit bureaus to reflect the comment and update
Initial Business Response /* (1000, 5, 2015/06/19) */
LenderLive Network Inc. ("LenderLive") received notices on June 8th, 2015 from the Revdex.com and Consumer Financial Protection Bureau regarding complaints you had filed with each agency. We understand from the notices that you have...
concerns regarding the servicing of this loan. To that end, we are providing you with the following:
Review of your loan payment history indicates that the payment submitted on our web portal on May 8th, 2015 was not processed and posted to your loan and the payment was not withdrawn from your bank account due to an erroneous research code that was placed on your loan which prevents additional transactions from occurring until the research request is resolved. Because the payment was not processed and posted to your loan, the payment was reported as "late" to the credit bureaus.
At this time we have removed all preventative stops from your loan and you are able to process payments as before. In order to post your May payment, we will need you to re-submit through the LenderLive web portal. LenderLive will immediately post the May payment upon receipt of the funds. LenderLive has already submitted the information to the credit bureaus to immediately correct the reporting of a "late" payment for May.
As requested, we have also updated your mailing address to ensure that correspondence is sent to the correct address. We apologize for any inconvenience or frustration you may have experienced due to this matter.
Final Consumer Response /* (2000, 7, 2015/06/17) */
Situation has been fixed. Please delete the Revdex.com complaint. Thank you.
Complaint: [redacted]
I am rejecting this response because: Lender Live has blatantly lied to the Revdex.com. On 1/27/2016 I contacted Lender Live and requested them to e-mail me the loss draft package as the repairs to my home had already been completed and I needed the funds to pay the contractor. The package was e-mailed I filled it out and faxed it back. I also overnighted the check from my insurance. The check was received by Lender Live on 1/29/2016. I called Lender Live to confirm receipt of the loss draft package. The customer service person told me that the statement of loss was not received. I proceeded to fax the statement of loss twice to lender live. I, again, told them that all the repairs had been already completed and that I need the funds to pay the contractor.On 2/5/2016, I called Lender Live again to check on the status of this process and because no one from Lender Live had contacted me. The customer service person said that they had received all required documents and the next step was to set up an inspection. Again, I told the customer service rep. That repairs had been completed. They told me it would take 7 to 10 days to set up an inspection. On 2/8/2016 I called Lender Live again to check on where they were in the process. The customer service person told me we were waiting for a response from the loss draft department. This Loss of Draft Department has no contact person or a phone number I could call. I then requested to speak to a supervisor. No one contacted me.On 2/10/2016, I called Lender Live again. I wanted to see if they had arranged for an inspection. The customer service person stated at that time that they would submit a request from the loss draft department for an inspection on my behalf. I, again, requested to speak to a supervisor or anyone in charge. No one contacted me.On 2/15/2016, I called Lender Live because no on had contacted me. The customer service person stated that we were at the mercy of the Loss Draft Department and I had to wait for someone to call me. I was extremely upset by this response. I asked for a supervisor immediately. I was put on hold for several minutes, then customer service transferred me to someone who took my information. Later that evening a contractor called and I arranged the inspection of the property. This is also the date they asked for further documentation. I was surprised at this request because no one contacted me.On 2/18/2016 I received a voice message from Lender Live. The rep. [redacted] stated that they received my complaint made to the Revdex.com and would investigate.On 2/20/2016 I received a check for 1/3 of the amount I am owed from Lender Live. Included in the same envelope was a letter stating that this was an attempt to collect a debt. A second letter (in the same envelope) stated that another company was going to be handling my mortgage and that I should contact that company to collect the rest of the money owed to me.On 2/24/2016 The Lender Live rep., [redacted], left a voice message to let me know that they received the complaint I filed with the Consumer Financial Protection Bureau. I returned the call. I have yet to hear from Lender Live again.I am selling my home so that I never have to deal with Lender Live again. They have never apologized for the frustration and anger they've caused me.
Sincerely,
[redacted]
LenderLive is responding to the borrower by letter which captured the below. LenderLive stated that on 07/29/2015 it remitted payment to the borrower’s insurance company for the borrower’s annual hazard insurance premium. LenderLive stated that on 09/09/2015 it received an endorsement...
reflecting that the borrower’s hazard insurance was changed to another company along with a notice that a premium was due. On 09/15/2015 LenderLive issued a check to pay for the hazard insurance premium with the new company. LenderLive’s records reflected that the borrower contacted LenderLive by telephone on 05/09/2016, 05/16/2016 and 05/24/2016 informing our representative that their hazard insurance premium had been paid twice and that your hazard insurance was no longer with the previous insurer and was with a new insurer. Based on the information the borrower provided, LenderLive is seeking a refund from the borrower’s prior insurance company. LenderLive will continue to follow up with the borrower’s prior insurance company until we have confirmation that the funds have been sent back to the borrower. LenderLive suggested to the borrower that once the borrower received the refund of the hazard insurance premium that she forward the refund to the new servicer of the borrower’s loan so that they can apply it to the borrower’s escrow account to reduce or eliminate a possible escrow shortage. LenderLive extended its apology to the borrower for any inconvenience and frustration she may have experienced.
Initial Business Response /* (1000, 5, 2015/06/10) */
Your loan was transferred to LenderLive from the prior servicer on 09/15/2014.
On 12/10/14 an incorrect tax amount was disbursed from your escrow account to the taxing authority. The error was identified, the taxing authority was...
immediately notified, and a request for a refund was initiated. The refund was received and the funds were deposited back into your escrow account on 05/27/15.
After a thorough review of your escrow account, your tax installment amount was adjusted to the corrected amount.
On 05/22/15 a disbursement was made from your escrow account to the taxing authority. The disbursement included penalties and interest. On 05/22/15 LenderLive credited all penalties and interest back to your escrow account. LenderLive has confirmed with the taxing authority that the payment was received and your taxes are current.
We duly apologize for any inconvenience or frustration the above referenced issues may have caused you. We at LenderLive expect to provide our borrowers with superior customer service and apologize that your experience did not hold up to that expectation. A detailed letter will be sent directly to your attention.
Initial Consumer Rebuttal /* (2000, 7, 2015/06/11) */
(The consumer indicated he/she ACCEPTED the response from the business.)
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.
Sincerely,
[redacted]
Initial Business Response /[redacted]/
We have reviewed the history on your loan and found the following:
On April 17th, 2015 you contacted us to request a payoff quote to be sent to you. This payoff quote reflected a total amount due and included the escrow balance at that time....
On April 22nd, 2015, in keeping with our duties as your mortgage loan service, we disbursed funds from your escrow account to your insurance company for your homeowners insurance, as it was due to be paid. This transaction was not accounted for in the payoff quote sent on April 18th as it had not occurred at that time.
On May 14th, 2015 another payoff quote was requested through our automated system and faxed as requested on May 15th, 2015. This payoff quote reflected reflected a total amount due and included the escrow balance at that time. On May 29th, 2015 a wire was received which was more than the required amount to pay your loan in full.
On June 10th, 2015 a refund check was sent to you which included your current escrow balance and the amount over paid when your payoff wire was received.
Our review does not show the amount you indicate would have been owed to you. A copy of the payoff quotes along with a detailed letter has been mailed directly to your attention for your review.
In regards to your phone call with Lender Live on June 22nd, 2015, we truly apologize for any frustration or distress you may have experienced. We have reviewed your phone call and addressed any concerns with the representative.
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records reflected that on 1/4/2016 the borrower called LenderLive’s Call Center inquiring as to when she would be receiving her loss draft funds and requested that a supervisor return her call with regard to these...
funds. After speaking with the borrower on 1/4/2016 LenderLive opened a research request for LenderLive’s Escrow Department to review the borrower’s loan. LenderLive’s records reflected that on 1/6/2016 the borrower spoke with a LenderLive supervisor who assisted in arranging for the funds to be sent to the borrower via overnight delivery. Our records reflected that on 1/14/2016 the borrower contacted LenderLive stating that she had not received the funds. LenderLive researched the matter and confirmed that the funds were not sent via overnight delivery due to a processing error. On 1/14/2016 a LenderLive loss draft specialist contacted the borrower, informed her that LenderLive would issue another check immediately, and remitted the funds to the borrower via Federal Express overnight delivery and provided the borrower with the Federal Express tracking number. LenderLive confirmed by accessing the tracking number that Federal Express delivered the package containing the check on 1/15/2016 at 1:12 p.m. (CST).
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records confirmed that on 01/12/16 the borrowers contacted LenderLive requesting that LenderLive send a restriction removal letter to the City Attorney’s Office in connection with a proposal to build a parking lot on a...
portion of the land included in the borrowers’ loan. Due to the fact that the borrowers’ request would have changed the original terms of the Note as well as change the plot lines and legal description associated with the Deed of Trust, such a review and approval would need to come directly from the owner/investor of the borrowers’ loan. LenderLive stated that due to the fact that the borrowers’ loan was a GSE loan, their request must be submitted to the GSE for their review and decision. LenderLive apologized that the borrowers were not informed initially that their request for a restriction removal letter had to be reviewed and approved by the GSE; identified this instance as an internal training opportunity; and stated that it valued the borrowers’ time and understood the frustration the delay may have caused the borrowers. LenderLive stated that effective 02/01/16 the borrowers’ loan has been transferred to a new servicer. LenderLive encouraged the borrowers to contact the new servicer of their loan with their restriction removal request so that they may submit it to the GSE. LenderLive provided the contact name, address and telephone of the borrowers’ new servicer. LenderLive stated that it mailed the 1098 mortgage interest statements to borrowers on 01/31/16, and that the 1098 mortgage interest statements are also available on LenderLive’s website which the borrowers may still access even though their loan has been transferred to the new servicer.
Initial Business Response /* (1000, 6, 2015/11/04) */
LenderLive has reviewed the borrower's loans. Our records reflect that on February 2, 2015, the servicing of both loans was transferred to LenderLive. On that date, both loans were due for the August 1, 2013 contractual loan payment.
Our...
records further reflect that on April 15, 2015, we received the borrower's request, including financial documentation, for approval of a deed-in-lieu of foreclosure. On April 27, 2015, LenderLive received additional documentation from the borrower to support his request for a deed-in-lieu of foreclosure for both loans.
LenderLive did not receive all of the documentation required so that we could complete our review of the borrower's request for approval of the deed-in-lieu of foreclosure. On June 8, 2015, a LenderLive representative contacted the borrower via telephone and informed him that we needed additional documentation. Further, by letter dated June 9, 2015, LenderLive followed up with the borrower also requesting him to provide to us the additional required documentation.
On June 12, 2015 and June 16, 2015, respectively, we received the requested documentation. On June 16, 2015, we ordered title reports for both properties encumbered by the loans.
On July 10, 2015, LenderLive forwarded to its legal counsel the approved deed-in-lieu of foreclosure request and requested that our legal counsel begin preparation of the deed-in-lieu of foreclosure documentation for both loans.
LenderLive is in the process of completing the preparation of the documentation required for the deed-in-lieu of foreclosure for both properties. LenderLive anticipates sending to the borrower the documentation, along with instructions as to execution of the same, within the next seven (7) business days. Additionally, a LenderLive representative will contact the borrower via telephone after the documentation has been sent to discuss any questions the borrower may have with regard to the deed-in-lieu of foreclosure documentation.
Initial Business Response /* (1000, 12, 2015/10/30) */
LenderLive apologized for any inconvenience or frustration that the borrowers may have experienced in connection with the servicing of their loan. LenderLive informed the borrowers that the NSF fees billed to their loan were removed and...
informed the borrowers LenderLive would consider the possibility of providing them with a refund for the stop payment fees they were assessed by their bank for the transactions.
LenderLive confirmed there was no longer an active Automatic Clearing House ("ACH") recurring payment option on the borrowers' loan.
LenderLive's records reflected that the initial request to utilize its recurring payment option was initiated by the borrowers via the LenderLive website on August 21, 2015 to begin on September 5, 2015. LenderLive stated that its records reflected an additional request was initiated by the borrowers via the LenderLive website on August 24, 2015 for another ACH recurring payment option with a draft date beginning September 15, 2015. LenderLive stated that its records reflected that as of August 24, 2015, there were two active ACH payment options on the borrowers' loan, both activated on LenderLive's website with one to draft on the 5th day of each month and one to draft on the 15th day of each month.
LenderLive's records reflected that on August 28, 2015 the borrowers contacted its call center due to receiving activation confirmation letters for both drafts, and on that date, the two active ACH reoccurring payment options were cancelled. LenderLive's records further reflected that on August 28, 2015 the borrowers initiated a new ACH payment option to begin on September 12, 2015 and draft on the 12th day of the month. Although LenderLive had canceled the previous ACH draft payments, LenderLive's system inadvertently recaptured one of the ACH draft payments which had been canceled in addition to the ACH recurring payment option initiated on August 28, 2015, and unfortunately two payments were withdrawn from the borrowers' bank account.
LenderLive's records reflected that the borrowers contacted LenderLive on September 15, 2015, informing the LenderLive representative that two ACH draft payments were withdrawn from the borrowers' bank account. The LenderLive representative informed the borrowers that documentation from the borrowers' bank reflecting that two payments had been drafted and had cleared the borrowers' bank account was necessary, and stated that once received, a refund would be issued to the borrowers. LenderLive's Loan Servicing Finance and Accounting Department policies do not allow the refund of an ACH draft until evidence of a duplicate payment by the customer's processing bank has been provided by a customer. This is due to the fact that a possibility exists for a scheduled and executed ACH draft to be returned as non-sufficient funds or "NSF" by the customer's bank to the processing bank and subsequently to LenderLive.
LenderLive stated that its records reflected that both of the borrowers' ACH draft payments were returned "Non-Sufficient Funds Payment Stopped" by the borrowers' bank due to the fact that the borrowers had placed stop payment orders on both transactions through their bank.
LenderLive reiterated that it removed the NSF fees billed to the borrowers' loan and that it would consider the possibility of providing the borrowers with a refund for the stop payment fees they were assessed by their bank for these transactions; however, in order to do so, LenderLive requested that the borrowers forward to LenderLive an un-redacted copy of their bank statement reflecting the stop payment fees assessed by their bank.
LenderLive values the borrower and appreciates the borrowers' feedback.
Initial Consumer Rebuttal /* (3000, 14, 2015/11/04) */
(The consumer indicated he/she DID NOT accept the response from the business.)
We contacted Lenders live the day we made the initial set up for the auto pay because we thought the system was not working properly and they said that they cancelled the transaction and for us to re-do. We did so and I contacted them again to make sure that only one payment would pull. They assured us that Yes only one payment would pull. That was not what happened. 2 payments pulled and we went negative in our account and could not make our other payments.After calling and emailing many times, LendersLive told me they could do nothing until I submitted evidence in writing that our payment pulled twice. I worked through my bank and had the payments reversed and stop payment made. I contacted LendersLive and told them this and mailed payment as we continue to do. I asked for a refund of the stop payment fees we incurred and was told to write a letter submitting proof. I did but we have not received this credit.
Final Business Response /* (4000, 16, 2015/11/13) */
LenderLive has reviewed the bank account documents submitted by customer evidencing the stop payment fees charged by the customer's banking institution. In the spirit of good customer service, LenderLive will reimburse the customer the stop payment fees the customer incurred, and will send the customer a check via separate mailing.
LenderLive sent the borrower a letter capturing the above; apologized for any inconvenience and frustration the customer have experienced in connection with LenderLive's servicing of the customer's loan; and informed the customer that the customer was a valued LenderLive customer.
Initial Business Response /* (1000, 5, 2015/06/19) */
Upon review of your account, a recurring automatic payment (ACH) was set up from your checking account on March 23rd, 2015 to begin withdrawals on May 1st. Per the ACH form, you agreed to have LenderLive draft your checking account ending in...
0348 on the 1st business day of each month. We have included a copy of this form for your review.
In addition to the automatic withdrawals, we received a payment from you in the form of a bill pay transaction from your bank on May 6th, 2015 which was returned to you on May 11th, 2015. We also received a payment from you on June 3rd, 2015 as a bill pay from your bank. This was returned to you on June 4th, 2015.
Per our conversation on June 2nd, 2015, you stated you would cancel the bill pay payments from your bank and keep the ACH payments. If this is still your election, no further action is needed. If you should wish to cancel the ACH payments, please contact us in writing at least 10 business days prior to the next draft you want canceled. At this time our records show your account in good standing. We duly apologize for any inconvenience or frustration you may have experienced regarding this matter. A letter documenting this information will also be sent to you.
Initial Consumer Rebuttal /* (3000, 7, 2015/06/23) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Yes I did sign a form, but I was told it was to validate my direct deposit, not for you to debit my account. Also, I received the check from May on June 15th and my bank cancelled Junes payment on June 17th. I have proof if you need it! I also faxed you a letter on June 3rd asking you to cancel the ACH payment for which I received no reply, I have proof of that also. You people have blamed me for all your mistakes and refuse to acknowledge your ineptitude. I think you need to look into your own payment department!
Final Business Response /* (4000, 9, 2015/07/02) */
We have canceled the recurring automatic withdrawal payments from your checking account effective for your July 2015 payment. Alternative arrangements will be needed for your monthly payments going forward such as a check, money order or bank bill pay. Per your response you confirmed the funds for both bill pay payments have been returned to you. We duly apologize for any confusion or frustration that may have been caused by this matter.
Final Consumer Response /* (2000, 11, 2015/07/03) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrowers by letter capturing the below. LenderLive’s records reflected that on 1/11/2016 LenderLive received the loss draft check along with the Certificate of Intent to Repair and the Statement of Loss from the insurance company. When both borrowers’ names are on...
a loss draft check, typically our Finance Team requires that the loss draft check be endorsed by both borrowers. The loss draft check had only one of the borrowers’ signatures which would usually result in the loss draft check being returned to the borrower with LenderLive’s request that both borrowers sign the loss draft check. The endorsement issue was elevated to LenderLive’s Escrow Director and a decision was made that LenderLive’s Escrow Department would endorse the loss draft check and send it to the borrowers. On 1/13/2016 LenderLive sent the loss draft check to the borrowers’ mailing address via [redacted]. LenderLive’s records reflect that the [redacted] package containing the loss draft check was delivered to the borrowers and signed for on 1/14/2016 at 12:18 p.m. LenderLive apologized for the inconvenience and frustration the borrowers may have experienced.
LenderLive responded to the borrower by letter capturing the below.
LenderLive's records reflect that the servicing of the borrower's loan was transferred to LenderLive on 03/03/2014 and on that date the tax installment for February 2014 was unpaid by the prior servicer.
LenderLive's records...
further reflect that the first notification LenderLive received regarding property tax payments due was in August of 2014 from the city. At that time, the invoice received indicated payment owed for city, school and county taxes and a check was mailed on 08/11/2014.
LenderLive confirmed that the borrower's property taxes are due semi-annually during the months of February and August. The next scheduled tax disbursement was to be paid in February of 2015.
Our records further reflect the borrower's loan was paid in full on 03/12/2015. LenderLive has determined that the borrower was assessed a late penalty and was paid by the borrower to the city as the taxes for the February 2015 installment were not paid out of the borrower's escrow account prior to the loan being paid in full. A check in the amount of the late penalty fee will be sent to reimburse the borrower for the late penalty incurred.
Complaint: [redacted]
I am rejecting this response because:LenderLive continues to restate the same position with each response. I do not accept it as it shows that LenderLive does not have interest in the clients in which they serve. LenderLive's position is to only do the bare minimum required by law and nothing more. Unfortunately, the mortgage industry has little oversight or consequences as was seen in 2008 during the mortgage crisis. And companies like LenderLive continue to operate to the absolute minimum of their abilities simply because they can. They do not take into consideration what it right, ethical, or in the best interest of their clients. Their claim that the escrow analysis was completed "timely and efficiently" is simply not true. It was the minimum requirement by law, but it was not timely and efficient. If that was the case, there would not be such an excessive shortage.I requested a comparison of my 1-yr escrow shortage to their 1-yr average escrow shortage as a baseline for what is considered excessive. LenderLive responded that "there is no average shortage report that is created or run that LenderLive can provide". I did not ask for a report. I asked for a simple comparison of the average to my escrow shortage created by LenderLive. If LenderLive does not track, understand, or have access the shortage amounts for all the escrow accounts in which they service, then how are they operating and keeping track of shortage payments? This again seems like negligence and mismangement. I understand that escrow analysis is unique to each person's parcel of land and property taxes, but an average of escrow shortages should be easy to calculate. I am sure that LenderLive has the data necessary to do so. But again, they choose not to because it's not required by law.I also do not understand why LenderLive continues to state that, "regardless of whether or the escrow analysis for the borrowers' loan was run in February or December, a significant shortage would have been determined based on the increase in the tax payment for Montgomery County and for Montgomery County MUD 119A." We have never made that argument and I understand the difference is irrelevant. LenderLive should have performed the escrow analysis either earlier in 2015 or they should have estimated the taxes based on comparable homes in the same neighborhood. The updated Montgomery county tax information was available by May 2015 for our property and house. But even if it had not been available, LenderLive could have estimated the taxes at the time we closed on the house using the public data available. So in my opinion, there is no valid reason that LenderLive could not have better managed this escrow account. It continues to show their lack of responsibility and accountability for the work in which they perform. Again, if it's not required by law, they do not find it necessary. Furthermore, when the escrow shortage became known to them, they handed off the escrow servicing to another company to let them deal with the shortage. Regardless of LenderLive's position, a $25,000 escrow shortage in a one year period is excessive. This has been confirmed with the Texas Department of Savings and Mortgage Lending, the CFPB, an attorney, as well as LenderLive's own customer service representatives and the new servicing company [redacted]. So it is undeniably excessive. What I find is such a problem is that my wife and I are two college educated professionals in our early 30's trying to do everything "by the book" to lead successful lives. However, incompetent and unethical companies like LenderLive make our lives very difficult due to them simply not doing their job. Note that doing their job should be more than just "not breaking the law". Most families in our position would not be able to easily pay out an additional $25,000 to cover a shortage. The alternative is to be turned over to a collection agency and foreclosure of our home. There is something wrong with this. Companies like this should not be able to continue to do business. Business practices like these are what led to the 2008 mortgage crisis. I will be following up with my state representative concerning this matter.
Sincerely,
[redacted]
LenderLive's records reflect that on 9/23/2015 the borrower contacted us by telephone stating that she was experiencing a hardship that made it difficult for her to make the 9/1/2015 contractual loan payment. During this telephone conversation, our representative informed the borrower that...
LenderLive was unable to offer her a one month deferment; however, LenderLive's representative stated that LenderLive would be happy to assist her with a loan modification or repayment plan which she declined due to personal circumstances with her husband.
Our records further reflect that on 10/16/2015 a LenderLive representative spoke with the borrower by telephone and informed her of the payment options available to assist her with her financial hardship. Our records also reflect that on 10/24/2015 a LenderLive representative spoke with the borrower by telephone. During this telephone conversation, the borrower informed our representative that she and her husband had sold the property and that the indebtedness on the loan would be satisfied on 11/30/2015. As such, LenderLive would have no loan modification products available since the indebtedness would be satisfied.
Due to the fact that the contractual loan payment for 10/2015 was past due, by letter dated 11/2/2015 LenderLive forwarded to the borrowers a loss mitigation solicitation letter which included a Borrower Response Package and instructions for the completion and submission of the same. Our records do not reflect receipt of a completed Borrower Response Package.
Our records confirm that a LenderLive collection representative spoke by telephone with the borrower on the morning of 11/19/2015 and that she indicated she had initiated an online payment on that date which was to be applied as the 10/1/2015 contractual loan payment. At the time of this telephone conversation, LenderLive had not placed a stop code on the borrower's loan. However, at approximately 3:00 p.m. MST on 11/19/2015 a stop code was placed on the loan and a demand letter was generated due to the delinquent status of the loan. Although the borrower had initiated an online payment on that same day, the payment was subsequently rejected due to the fact that once a demand letter is generated and mailed, LenderLive is unable to accept a loan payment unless we receive all funds required to fully reinstate the loan.
LenderLive's records reflect that on December 1, 2015, we received sufficient funds to pay the loan in full. Please be aware that no foreclosure proceedings were initiated on the borrowers' loan prior to the satisfaction of the loan indebtedness.
LenderLive has researched its records and was unable to find telephone calls made to the borrower outside of working business hours. Therefore, it is LenderLive's position that we have not violated the debt collection regulations as to telephone contact under the Fair Debt Collection Practices Act (the "FDCPA").
For the consumer's convenience, we have sent a letter capturing the events listed above along with the loss mitigation solicitation letter dated 11/2/2015.