Initial Business Response /* (1000, 5, 2015/07/07) */
Your original loan was serviced by LenderLive. This loan was refinanced and paid off on February 26th, 2015. Your new loan was reassigned to LenderLive by United Security Financial for servicing on April 14th, 2015 and assigned a new loan...
number.
We have reviewed the copies of the payments you sent in through your online bill pay service:
Your check in April was posted to the original loan number, as was indicted on the check, and returned to you on April 15th, 2015 because that loan had been paid off through the refinance.
Your next check was received and posted to the new loan on April 27th, 2015.
The most recent check was received on June 5th, 2015. No other payments were received in the month of June 2015. There was an inadvertant duplicate posting of this payment to your loan which was reversed on June 10th, 2015.
We duly apologize for any confusion or frustration that may have been caused by this matter. A letter providing more specific detail and a copy of the letter sent with your refund check will be sent directly to your attention for your review. Please feel free to contact us after you receive the documentation if you have any additional questions.
I have double-checked with the original issuer of the mortgage, [redacted] and they have confirmed that it is the responsibility of LenderLive to return the original promissory note marked as paid in full. This comes directly from their senior legal counsel. If you have questions you may contact [redacted] @ ###-###-####.
(The consumer indicated he/she DID NOT accept the response from the business.)
This is outrageous. I was specifically told on the phone by more than one lenderlive representative that the investigation had been finalized and that LenderLive was in the process of correcting the credit report. According to this letter "LenderLive indicated that no credit corrections will be initiated at this time as the payments were reported accurately."
I was never contacted and to this day have never been contacted by a lenderlive representative. I never received any correspondence from lenderlive.
This not only impacts my credit by my ex-wife's credit who is the cosigner on this loan. She's in the process of trying to purchase her first home and this incident is preventing her form doing so. Regardless of lenderlives alleged attempts to contact either of us the fact is that they never made contact with either of us via phone or in writing. It took me noticing that my automated payments from my bank were not being cashed to realized that something was wrong, at which point I reached out to lenderlive and correct the problem immediately as they stated in their response. The payments were delinquent because lenderlive failed to make contact with either borrower.
Furthermore it doesn't cost lenderlive anything to make these corrections to our credit reports considering that the purpose of a credit report is establish a persons level of responsibility in regards to paying back debts, of which I have demonstrated more responsibility and effort than the very company which services my loan and who is now directly affecting our credit score.
Lenderlive did not send the letters certified mail to insure delivery. My current home mailing address is public record and lenderlive to not make an attempt to look it up before filing a notice against our credit. In other words lenderlive did not make all attempts to notify us of the matter.
On 12/22/2015 I contacted lenderlive and spoke with a representative named [redacted] I asked to speak with a Supervisor and was told none were available. [redacted] took my number and told me that he would have one call me back. I told [redacted] I would hold as long as possible and I was told that was not an option. I've had three other representatives tell me the same thing and I've never received a call form anyone at lender-live.
I would like to request all records be provided for this account concerning alleged notifications, phone records, recordings, account transactions, and account notes.
You are drastically harming the lives of two people who have done nothing wrong and had no control over this situation. You are potentially costing one individual the opportunity to own their first home. Not to mention the countless other affects a poor credit score can have on someone's life.
LenderLive responded to the borrowers by letter capturing the below. LenderLive confirmed that it received two payments for the borrower’s loan prior to the servicing of your loan being transferred to a new servicer on 02/01/2016, which were identified as follows:...
• On 01/16/2016 a payment was received via Bill Pay which paid the 01/01/2016 contractual obligation and an additional amount was posted to the borrower’s loan as a principal reduction. • On 01/26/2016 a payment was received via Bill Pay which paid the 02/01/2016 contractual obligation and an additional amount was posted to the borrower’s loan as a principal reduction. • On 02/01/2016 the servicing of the borrower’s loan was transferred to a new servicer. LenderLive provided the borrower with the principal amount of her loan at the time the servicing of the borrower’s loan was transferred. LenderLive stated that it has no record of receiving any additional funds on the borrower’s loan after the service transfer date of 02/01/2016. LenderLive also stated that it had tested its telephone system and is unclear what type of error message the borrower may have received. LenderLive asked the borrower to ensure that if she requires additional assistance from LenderLive that she dials the telephone number provided in the response letter. LenderLive also stated that due to the fact that the borrower’s loan was no longer being serviced by LenderLive, LenderLive’s online access is no longer available. LenderLive apologized to the borrower for any inconvenience she may have experienced in connection with the servicing of her loan.
Initial Business Response /* (1000, 6, 2015/09/15) */
LenderLive has reviewed the loan and our records reflect that on March 9, 2015, we provided a Tax and Insurance Account Disclosure Statement (the T&I Disclosure Statement) which indicated that it was an account history for the period of January...
2014 through December 2014. Unfortunately, the period indicated on the T&I Disclosure Statement was incorrect and should have indicated that it was an account history for the period of May 2014 through April 2015. Additionally, the E appearing on the T&I Disclosure Statement for the months of March and April 2015, indicates Estimates of disbursements that LenderLive anticipated would be made in 2015. We apologize for any confusion this may have caused.
Property taxes are paid semi-annually, with the first one-half due on April 30 and the second one-half due on October 31 of each year.
On September 4, 2014, LenderLive disbursed funds in the amount of $2,567.17 for the payment of the first one-half of the property taxes which were due on April 30, 2014. This disbursement included $354.09 which was a penalty assessed by the county for late payment of the 2014 first one-half of the property taxes. The late payment of the 2014 first one-half of the property taxes was unintentional, LenderLive paid the $354.09 penalty, and the consumer was not billed for the $354.09 penalty. Please note that the Actual T&I Payment in the amount of $1,078.29 for the month of September 2014 as reflected on the T&I Disclosure Statement included $724.20 (which was the amount of the regular monthly tax and insurance payment) and $354.09 (which was the refund to the escrow account of the penalty paid by LenderLive for the late payment of the 2014 first one-half of the property taxes).
On October 6, 2014, LenderLive disbursed funds in the amount of $2,213.09 for the payment of the second one-half of the property taxes which were due on October 31, 2014.
In the analysis conducted on March 9, 2015, LenderLive calculated that the escrow account had a shortage of $1,315.69. The shortage was due to the fact that the monthly amount of $724.20 which was paid into the escrow account to cover property taxes and homeowners' insurance was insufficient to pay the projected disbursements and still maintain an escrow cushion. The escrow cushion is determined by utilizing the amount of the monthly escrow payment (not including disbursements for the private mortgage insurance) and multiplying that amount by two. LenderLive determined that the current escrow cushion amount would be $928.04. The determination of a shortage or overage/surplus is not based on the tax disbursements for the prior year, but on the amount in the escrow account at the time the escrow analysis is conducted as compared to the amount required to be in the escrow account to ensure the low point (the month the escrow balance is the lowest) is equal to the allowable escrow cushion.
Rather than require the consumer to remit the entire amount of the escrow shortage by one payment, LenderLive spread the collection of the escrow shortage of $1,315.69 over a period of 12 months ($1,315.69 divided by 12 equals $109.64).
LenderLive subsequently projected that the 2015 property taxes would be $4,780.26 annually, or $2,390.13 semi-annually. However, when LenderLive received the 2015 property tax bill from the county, the 2015 property taxes were actually $4,801.54, or $2,400.77 semi-annually. On April 1, 2015, LenderLive paid the 2015 first one-half property taxes in the amount of $2,400.77, which resulted in a semi-annual increase of $10.64 for the property taxes.
To take into account the escrow shortage as well as the slight increase in the property taxes as described above, LenderLive calculated that the monthly loan payment commencing May 2015 would be as follows:
Principal and Interest - $2,031.82
Private Mortgage Insurance - $305.11
Property Taxes and Homeowners' Insurance - $769.13
Escrow Shortage - $109.64
Monthly Loan Payment - $2,910.59
LenderLive anticipates that it will pay the 2015 second-one half property taxes in the amount of $2,400.77 on or about October 1, 2015. After this payment is made, LenderLive will conduct another escrow analysis. The estimated date of the succeeding escrow analysis is November 1, 2015, and will be sent to the consumer shortly thereafter.
For the consumer's convenience, we have sent a letter capturing the events listed above along with the T&I Disclosure Statement and Payment History. LenderLive values the consumer and apologizes for any inconvenience or frustration they may have experienced.
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records reflected that the borrower’s loan was transferred from her prior servicer to LenderLive on 10/2/2015, and that unfortunately, LenderLive’s tax vendor’s data was not updated resulting in the borrower’s property...
taxes not being paid until 1/10/2016, which is prior to the county taxing authority’s due date. LenderLive stated that while the property tax payment information will not be reported on the borrower’s 2015 IRS Form 1098, it will be properly included on the borrower’s 2016 IRS Form 1098 and that going forward, LenderLive has been in contact with its property tax vendor to ensure that the borrower’s loan accurately reflects the borrower’s property tax election for the future. LenderLive stated that it valued the borrower as a customer, apologized for any inconvenience or frustration the borrower may have experienced in connection with LenderLive’s servicing of the borrower’s loan, and enclosed a gift card to compensate for any inconvenience.
I have requested another company handle my mortgage, and will not be satisfied until it is. I was very disappointed in this company due to the lack of any kind of understanding or grace period after notifying them of...
the lack of notification of an increased mortgage. Especially again as this raises it more than what I reported that I can afford. Almost $80 dollars is huge to me. I definitely would have been on the phone had I been aware of the increase. I have other obligations that I will not report on this page with some huge life changing occurrences that I needed to build up my credit and get everything back in good standing so I could move on and get back on my feet. I have since found out I have not received some other bills or notifications, and as I am in good standing with those companies, meaning all of my bills are paid on time and in full they were more than happy to work with me so we can fix the situation which will require 5 extra days for one and three for another. Nothing was offered by lender live other than ruining my credit I have worked so hard to get back in good standing. Someone else called me today while I was in meetings at work with a message that did not give a clear name as the message was garbled in the beginning. After I got out of work which I have to do in order to be able to pay the bills, and twice in between meetings I tried to call this number. A total of five times in all. It just kept going to voicemail. No one called me back the first time until the Revdex.com was involved. Poor customer service especially as all of my payments were made in full to the best of my knowledge. Also the amount in question that started this whole thing the $117.60 was not reported as being recieved and the check has cleared through my bank, and thus clearly states that I was short for the month on January. Very disappointed in this company as a result on a whole again. I never want to work with this company again ever. Something needs to be fixed before February.
Initial Business Response /* (1000, 6, 2015/09/23) */
LenderLive has reviewed the loan and confirmed that LenderLive received two checks from the borrowers in the month of August 2015, i.e., on August 14, 2015, LenderLive received a check and on August 18, 2015, LenderLive received a second check. ...
LenderLive's records reflect that on August 20, 2015, the borrowers contacted LenderLive by telephone and requested a refund for the duplicate payment remitted, and a LenderLive representative informed the borrowers that it may take a couple of days to return the funds as LenderLive had to make certain that the funds had cleared the borrowers' bank account.
On August 24, 2015, a reimbursement request was submitted to LenderLive's Finance Department. The policies and procedures of LenderLive's Finance Department provide that LenderLive would be unable to remit the funds to the borrowers prior to ten (10) business days from August 24, 2015, due to the fact that LenderLive needed to confirm the duplicate payment the borrowers remitted would not be returned from their financial institution as non-sufficient prior to that time frame.
LenderLive's records indicate that on September 3, 2015, the borrowers contacted LenderLive inquiring as to the status of the refund. On September 10, 2015, LenderLive's Finance Department approved the reimbursement request to the borrowers, and on that date an automatic clearing house (ACH) transaction to the borrowers' bank account was completed.
For the borrowers' convenience, we have sent a letter capturing the events listed above. LenderLive appreciates the borrowers bringing to LenderLive's attention that they received ambiguous information with regard to LenderLive's policies on the processing and actual time required for a borrower to receive a mortgage payment refund. Further, LenderLive apologizes that the borrowers had to contact LenderLive by telephone on several occasions requesting the status of the refund. LenderLive strives to embrace a customer centric philosophy as we want to build successful relationships with our customers.
Initial Business Response /* (1000, 6, 2015/11/02) */
LenderLive has reviewed the loan and our records reflect that on July 31, 2015, the servicing of the borrower's loan was transferred to LenderLive. The information provided by the previous servicer did not reflect that the borrower's hazard...
insurance was covered through his current insurance carrier. Additionally, a review of the closing documentation on the date the borrower's loan originated did not reflect that his hazard insurance carrier was the same as his current insurance carrier.
On September 21, 2015, LenderLive received notification that the borrower's hazard insurance was updated to a policy held with his current insurance carrier. The notification indicated that the hazard insurance policy was in effect for the period of September 11, 2015 until September 11, 2016, and specifically indicated that the notification was not an invoice/bill.
Our records reflect that on October 9, 2015, the borrower contacted LenderLive by telephone informing our representative that he had received a cancellation notice from his current insurance carrier. Our representative explained to the borrower that LenderLive was unaware of the cancellation notice; that we had no payment invoice for his current insurance carrier; and requested the borrower to forward to LenderLive documentation so that LenderLive could remit payment to his current insurance carrier.
On October 15, 2015, LenderLive received the hazard insurance information from the borrower and on October 16, 2015, remitted an overnight payment of the insurance premium to the borrower's current insurance carrier. We have confirmed that the borrower's current insurance carrier received the payment on October 21, 2015.
For the borrower's convenience, LenderLive sent a letter capturing the events listed above. LenderLive also informed the borrower that LenderLive values him as a borrower, appreciates his feedback as we want to meet his expectations in connection with the servicing of his loan and apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of his loan.
Initial Consumer Rebuttal /* (2000, 8, 2015/11/07) */
(The consumer indicated he/she ACCEPTED the response from the business.)
They resolved the issue.
Complaint: [redacted]
I am rejecting this response because: My new mortgage provider has not received payment yet or heard from LenderLive. I will be satisfied with the response once the payment is received, but not before because I don't want to be burned by LenderLive again. It's already been 3 months since the initial LenderLive error and I believe they should transfer the funds immediately rather than delaying this matter further.
Sincerely,
[redacted]
Initial Business Response /* (1000, 5, 2015/08/07) */
LenderLive Network Inc. ("LenderLive") received a letter on July 31st, 2015 from the Revdex.com. We understand from the letter that you have concerns regarding the servicing of this loan. To that end, we are providing you with the following:
On May...
15th, 2015 you indicated you were going to fax your recurring ACH form and voided check to us. On July 22nd, 2015 you indicated you were going to email copies of your recurring ACH form and voided check. To date we have not received either communication and as such, have been unable to set up your recurring ACH payments. Please be sure you are using the fax # XXX-XXX-XXXX and the email address of [redacted]@lenderlive.com to send these documents to us. We do apologize for any inconvenience or frustration you may have experienced due to this matter. We will also provide a letter with this information sent directly to your attention.
LenderLive acknowledged the borrower expressed concern that although he has paid his loan in full, he had not received a copy of the original promissory note marked Paid in Full after he made several telephone calls and sent two letters to LenderLive requesting the same. LenderLive's stated that...
our records reflected that on 9/22/2015 he called requesting a copy of the original promissory note marked Paid in Full. LenderLive's records also reflected receipt on 10/19/2015 of the borrower's letter also requesting a copy of the original promissory note marked Paid in Full.
LenderLive sent the borrower a copy of the transmittal letter dated 3/17/2015 which enclosed the original Request for Full Release of Deed of Trust and Release by Holder of the Evidence of Debt Without Production of Evidence of Debt Pursuant to C.R.S. §38-39-102(1)(a) and (3), Colorado Revised Statutes (the Lien Release).
LenderLive informed the borrower that LenderLive typically did not send the original promissory note marked Paid in Full to the borrower if the Lien Release is received and provided to the borrower within 45 days from the date the loan is satisfied. LenderLive stated that the Lien Release was confirmation by the county in which the property is located that the Note Holder's interest in the property had been released and validation of the Paid in Full status.
LenderLive enclosed a copy of the borrower's payment history which confirmed the loan was paid in full on 02/23/2015.
LenderLive sent the borrower a letter capturing the above events.
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that on 1/4/2016 LenderLive deducted an amount from the borrower’s escrow account and added it to the overpayment the borrower remitted on 12/31/2015 to satisfy the borrower’s 1/1/2016 contractual loan payment. LenderLive stated that on 1/6/2016 LenderLive received funds from the borrower and because her 1/1/2016 contractual loan payment had already been satisfied, LenderLive posted these funds as a principal reduction to the borrower’s loan. LenderLive has reversed the payment received on 1/6/2016 which was applied as a principal reduction; has remitted funds back to the borrower’s escrow account; and has issued a check for the remaining amount of funds which is being sent to the borrower under separate cover on 1/21/16. LenderLive also enclosed a payment history reflecting these actions made to her loan. LenderLive also stated that a pending service transfer of the borrower’s loan will take place on 2/1/2016, and provided the borrower with the contact information of the new servicer. LenderLive also stated that a Notice of Servicing Transfer would be sent to the borrower under separate cover. LenderLive stated that it valued the borrower as a customer and offered its apology to the borrower for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loan.
Complaint: [redacted]
I am rejecting this response because:I never received any letter notifying me that my loan was transferred from LenderLive or the new servicer, PHH Mortgage. If I had received said letter I would not have sent two additional payments. The only notice I ever received was two months later in March 2016 once I had missed two payments. At this point I started receiving collection letters and calls with foreclosure warnings. When I logged onto my bank account I see that my February payment that was sent on 2/1/2016 was cashed on 2/18/2016. It took LenderLive 18 days to forward my payment to the new servicer. My March payment which was sent on 3/1/2016 was not cashed until 3/17/2016. I assume it is currently being forwarded. Attached is a screen shot from my bank activity.As of today the February payment to the new servicer has been applied to my account. I will continue to monitor my credit reports and check on the status of my March payment. If I see any negative reports to my credit as a result of this I will seek further recourse.
Sincerely,
[redacted]
Initial Business Response /* (1000, 6, 2015/08/21) */
LenderLive has reviewed your loan and has determined the following:
On [redacted] LenderLive remitted a payment to the City for the payment of the City Tax.
LenderLive discovered that the City Tax paid to the City had been paid by...
your previous servicer on or about [redacted]
On [redacted] LenderLive filed a Refund Petition with the City's Department of Revenue, requesting a refund.
On [redacted] LenderLive received the refund from the City's Department of Revenue and placed these funds back in your escrow account.
LenderLive conducted an escrow analysis of your loan, and a copy of the escrow analysis, with your new payment amount, will be sent directly to you for your review.
Additionally, LenderLive has determined that a credit correction is warranted. LenderLive has submitted a credit correction update to the major credit reporting agencies instructing them to report that the [redacted] loan payment was remitted timely. Please note that updating your credit bureau records may take up to 120 days. Unfortunately, LenderLive has no control over the credit bureau updating process.
Please accept LenderLive's apology for any inconvenience or frustration you may have experienced in connection with the servicing of your loan.
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. Thank you.
Sincerely,
[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.
Sincerely,
[redacted]
LenderLive is responding to the borrower by letter which captured the below.LenderLive stated on 02/02/2015 the servicing of the borrower’s loan was transferred from the previous servicer to LenderLive and that his next contractual loan payment was due on 03/01/2015. On 02/10/2015 a...
Notice of Servicing Transfer letter was sent to the property address, and not the borrower’s updated mailing address, which informed the borrower of the service transfer and provided the new servicer’s contact information (payment address and telephone number). On 03/10/2015, LenderLive received from the previous servicer the borrower’s 03/01/2015 contractual loan payment; on 04/08/2015 LenderLive received from the previous servicer the borrower’s 04/01/2015 contractual loan payment; and both payments had been forwarded from the previous servicer as part of a bulk transfer. In the months of May and June 2015 LenderLive made numerous attempts to contact the borrower regarding the contractual payments for these months as we had not yet received them by end of each month. On 07/01/2015 the borrower contacted LenderLive by telephone and informed our representative that he was in military service and had not received the documentation sent to the property address. During this conversation the borrower stated that he had been continuing to make his monthly mortgage payments to the previous servicer, and that he would mail the full amount due to bring his loan current. On 07/27/2015 funds were received which fully reinstated the borrower’s loan, and once the borrower’s loan was reinstated, LenderLive continued to receive the borrower’s contractual loan payments each month within the month owed, up to the date the servicing of the borrower’s loan was transferred to a new servicer on 04/02/2016. Because of the borrower’s military deployment during the months the servicing of the borrower’s loan transferred from the previous servicer to LenderLive and because he was unaware of the transfer of servicing, LenderLive would submit a correction to the major credit reporting agencies for the 05/01/2015 and 06/01/2015 contractual loan payments requesting that they indicate these payments were “paid as agreed, never late.” LenderLive requested that the borrower allow up to 30 days for the major credit reporting agencies to reflect the update.
Initial Business Response /* (1000, 5, 2015/06/11) */
A letter with additional specific information and detail will be sent directly to your attention. We have reviewed your account and have the following events taking place:
1. On February 2nd, 2015, your loan was transferred to LenderLive from...
the prior servicer.
2. On February 3rd, 2015, LenderLive received a phone call from you advising you were going to send the lien release document to us.
3. On February 13th, 2015, LenderLive advised that since your loan had recently boarded, it would take more time to sort through any documentation and process your claim.
4. On February 24th, 2015, a review of your loan was conducted and it was discovered a number of documents were required to complete the processing of your claim.
5. On February 27th, 2015,LenderLive received a call from you asking for an update on your claim. We advised that not all documents needed were received from the prior servicer and we provided a list of the needed documents.
6. On March 12th, 2015, LenderLive received a call from you stating you had spoken to the prior servicer and had asked them to send copies of your loss draft claim documents to us. We received the statement of loss as that was the only document the prior servicer had on file regarding your loss draft claim.
7. On March 25th, 2015, you requested an update on your claim. We advised that we still needed the above listed documents to complete your claim. You requested a supervisor to call you back to discuss your claim and the loss draft process.
8. On April 21st, 2015, you requested an update on your claim. We confirmed that we still needed additional documents in order to complete the processing of your claim and release the remainder of your loss draft funds.
As of receipt of your complaint, we have not received the required documents from you in order to process and complete your claim. Upon receipt of these documents and a final inspection, your claim will be completed and funds sent to you. We will include with the letter a copy of the loss draft package with a list of the documents and copies of the forms that we need completed. We do apologize that a supervisor has not returned your call and for any inconvenience you may have experienced regarding this matter.
Initial Business Response /* (1000, 5, 2015/07/07) */
Your original loan was serviced by LenderLive. This loan was refinanced and paid off on February 26th, 2015. Your new loan was reassigned to LenderLive by United Security Financial for servicing on April 14th, 2015 and assigned a new loan...
number.
We have reviewed the copies of the payments you sent in through your online bill pay service:
Your check in April was posted to the original loan number, as was indicted on the check, and returned to you on April 15th, 2015 because that loan had been paid off through the refinance.
Your next check was received and posted to the new loan on April 27th, 2015.
The most recent check was received on June 5th, 2015. No other payments were received in the month of June 2015. There was an inadvertant duplicate posting of this payment to your loan which was reversed on June 10th, 2015.
We duly apologize for any confusion or frustration that may have been caused by this matter. A letter providing more specific detail and a copy of the letter sent with your refund check will be sent directly to your attention for your review. Please feel free to contact us after you receive the documentation if you have any additional questions.
I have double-checked with the original issuer of the mortgage, [redacted] and they have confirmed that it is the responsibility of LenderLive to return the original promissory note marked as paid in full. This comes directly from their senior legal counsel. If you have questions you may contact [redacted] @ ###-###-####.
(The consumer indicated he/she DID NOT accept the response from the business.)
This is outrageous. I was specifically told on the phone by more than one lenderlive representative that the investigation had been finalized and that LenderLive was in the process of correcting the credit report. According to this letter "LenderLive indicated that no credit corrections will be initiated at this time as the payments were reported accurately."
I was never contacted and to this day have never been contacted by a lenderlive representative. I never received any correspondence from lenderlive.
This not only impacts my credit by my ex-wife's credit who is the cosigner on this loan. She's in the process of trying to purchase her first home and this incident is preventing her form doing so. Regardless of lenderlives alleged attempts to contact either of us the fact is that they never made contact with either of us via phone or in writing. It took me noticing that my automated payments from my bank were not being cashed to realized that something was wrong, at which point I reached out to lenderlive and correct the problem immediately as they stated in their response. The payments were delinquent because lenderlive failed to make contact with either borrower.
Furthermore it doesn't cost lenderlive anything to make these corrections to our credit reports considering that the purpose of a credit report is establish a persons level of responsibility in regards to paying back debts, of which I have demonstrated more responsibility and effort than the very company which services my loan and who is now directly affecting our credit score.
Lenderlive did not send the letters certified mail to insure delivery. My current home mailing address is public record and lenderlive to not make an attempt to look it up before filing a notice against our credit. In other words lenderlive did not make all attempts to notify us of the matter.
On 12/22/2015 I contacted lenderlive and spoke with a representative named [redacted] I asked to speak with a Supervisor and was told none were available. [redacted] took my number and told me that he would have one call me back. I told [redacted] I would hold as long as possible and I was told that was not an option. I've had three other representatives tell me the same thing and I've never received a call form anyone at lender-live.
I would like to request all records be provided for this account concerning alleged notifications, phone records, recordings, account transactions, and account notes.
You are drastically harming the lives of two people who have done nothing wrong and had no control over this situation. You are potentially costing one individual the opportunity to own their first home. Not to mention the countless other affects a poor credit score can have on someone's life.
LenderLive responded to the borrowers by letter capturing the below. LenderLive confirmed that it received two payments for the borrower’s loan prior to the servicing of your loan being transferred to a new servicer on 02/01/2016, which were identified as follows:...
• On 01/16/2016 a payment was received via Bill Pay which paid the 01/01/2016 contractual obligation and an additional amount was posted to the borrower’s loan as a principal reduction. • On 01/26/2016 a payment was received via Bill Pay which paid the 02/01/2016 contractual obligation and an additional amount was posted to the borrower’s loan as a principal reduction. • On 02/01/2016 the servicing of the borrower’s loan was transferred to a new servicer. LenderLive provided the borrower with the principal amount of her loan at the time the servicing of the borrower’s loan was transferred. LenderLive stated that it has no record of receiving any additional funds on the borrower’s loan after the service transfer date of 02/01/2016. LenderLive also stated that it had tested its telephone system and is unclear what type of error message the borrower may have received. LenderLive asked the borrower to ensure that if she requires additional assistance from LenderLive that she dials the telephone number provided in the response letter. LenderLive also stated that due to the fact that the borrower’s loan was no longer being serviced by LenderLive, LenderLive’s online access is no longer available. LenderLive apologized to the borrower for any inconvenience she may have experienced in connection with the servicing of her loan.
LenderLive began servicing your loan and sent you a Welcome Letter
Initial Business Response /* (1000, 6, 2015/09/15) */
LenderLive has reviewed the loan and our records reflect that on March 9, 2015, we provided a Tax and Insurance Account Disclosure Statement (the T&I Disclosure Statement) which indicated that it was an account history for the period of January...
2014 through December 2014. Unfortunately, the period indicated on the T&I Disclosure Statement was incorrect and should have indicated that it was an account history for the period of May 2014 through April 2015. Additionally, the E appearing on the T&I Disclosure Statement for the months of March and April 2015, indicates Estimates of disbursements that LenderLive anticipated would be made in 2015. We apologize for any confusion this may have caused.
Property taxes are paid semi-annually, with the first one-half due on April 30 and the second one-half due on October 31 of each year.
On September 4, 2014, LenderLive disbursed funds in the amount of $2,567.17 for the payment of the first one-half of the property taxes which were due on April 30, 2014. This disbursement included $354.09 which was a penalty assessed by the county for late payment of the 2014 first one-half of the property taxes. The late payment of the 2014 first one-half of the property taxes was unintentional, LenderLive paid the $354.09 penalty, and the consumer was not billed for the $354.09 penalty. Please note that the Actual T&I Payment in the amount of $1,078.29 for the month of September 2014 as reflected on the T&I Disclosure Statement included $724.20 (which was the amount of the regular monthly tax and insurance payment) and $354.09 (which was the refund to the escrow account of the penalty paid by LenderLive for the late payment of the 2014 first one-half of the property taxes).
On October 6, 2014, LenderLive disbursed funds in the amount of $2,213.09 for the payment of the second one-half of the property taxes which were due on October 31, 2014.
In the analysis conducted on March 9, 2015, LenderLive calculated that the escrow account had a shortage of $1,315.69. The shortage was due to the fact that the monthly amount of $724.20 which was paid into the escrow account to cover property taxes and homeowners' insurance was insufficient to pay the projected disbursements and still maintain an escrow cushion. The escrow cushion is determined by utilizing the amount of the monthly escrow payment (not including disbursements for the private mortgage insurance) and multiplying that amount by two. LenderLive determined that the current escrow cushion amount would be $928.04. The determination of a shortage or overage/surplus is not based on the tax disbursements for the prior year, but on the amount in the escrow account at the time the escrow analysis is conducted as compared to the amount required to be in the escrow account to ensure the low point (the month the escrow balance is the lowest) is equal to the allowable escrow cushion.
Rather than require the consumer to remit the entire amount of the escrow shortage by one payment, LenderLive spread the collection of the escrow shortage of $1,315.69 over a period of 12 months ($1,315.69 divided by 12 equals $109.64).
LenderLive subsequently projected that the 2015 property taxes would be $4,780.26 annually, or $2,390.13 semi-annually. However, when LenderLive received the 2015 property tax bill from the county, the 2015 property taxes were actually $4,801.54, or $2,400.77 semi-annually. On April 1, 2015, LenderLive paid the 2015 first one-half property taxes in the amount of $2,400.77, which resulted in a semi-annual increase of $10.64 for the property taxes.
To take into account the escrow shortage as well as the slight increase in the property taxes as described above, LenderLive calculated that the monthly loan payment commencing May 2015 would be as follows:
Principal and Interest - $2,031.82
Private Mortgage Insurance - $305.11
Property Taxes and Homeowners' Insurance - $769.13
Escrow Shortage - $109.64
Monthly Loan Payment - $2,910.59
LenderLive anticipates that it will pay the 2015 second-one half property taxes in the amount of $2,400.77 on or about October 1, 2015. After this payment is made, LenderLive will conduct another escrow analysis. The estimated date of the succeeding escrow analysis is November 1, 2015, and will be sent to the consumer shortly thereafter.
For the consumer's convenience, we have sent a letter capturing the events listed above along with the T&I Disclosure Statement and Payment History. LenderLive values the consumer and apologizes for any inconvenience or frustration they may have experienced.
LenderLive responded to the borrower by letter capturing the below. LenderLive’s records reflected that the borrower’s loan was transferred from her prior servicer to LenderLive on 10/2/2015, and that unfortunately, LenderLive’s tax vendor’s data was not updated resulting in the borrower’s property...
taxes not being paid until 1/10/2016, which is prior to the county taxing authority’s due date. LenderLive stated that while the property tax payment information will not be reported on the borrower’s 2015 IRS Form 1098, it will be properly included on the borrower’s 2016 IRS Form 1098 and that going forward, LenderLive has been in contact with its property tax vendor to ensure that the borrower’s loan accurately reflects the borrower’s property tax election for the future. LenderLive stated that it valued the borrower as a customer, apologized for any inconvenience or frustration the borrower may have experienced in connection with LenderLive’s servicing of the borrower’s loan, and enclosed a gift card to compensate for any inconvenience.
I have requested another company handle my mortgage, and will not be satisfied until it is. I was very disappointed in this company due to the lack of any kind of understanding or grace period after notifying them of...
the lack of notification of an increased mortgage. Especially again as this raises it more than what I reported that I can afford. Almost $80 dollars is huge to me. I definitely would have been on the phone had I been aware of the increase. I have other obligations that I will not report on this page with some huge life changing occurrences that I needed to build up my credit and get everything back in good standing so I could move on and get back on my feet. I have since found out I have not received some other bills or notifications, and as I am in good standing with those companies, meaning all of my bills are paid on time and in full they were more than happy to work with me so we can fix the situation which will require 5 extra days for one and three for another. Nothing was offered by lender live other than ruining my credit I have worked so hard to get back in good standing. Someone else called me today while I was in meetings at work with a message that did not give a clear name as the message was garbled in the beginning. After I got out of work which I have to do in order to be able to pay the bills, and twice in between meetings I tried to call this number. A total of five times in all. It just kept going to voicemail. No one called me back the first time until the Revdex.com was involved. Poor customer service especially as all of my payments were made in full to the best of my knowledge. Also the amount in question that started this whole thing the $117.60 was not reported as being recieved and the check has cleared through my bank, and thus clearly states that I was short for the month on January. Very disappointed in this company as a result on a whole again. I never want to work with this company again ever. Something needs to be fixed before February.
Initial Business Response /* (1000, 6, 2015/09/23) */
LenderLive has reviewed the loan and confirmed that LenderLive received two checks from the borrowers in the month of August 2015, i.e., on August 14, 2015, LenderLive received a check and on August 18, 2015, LenderLive received a second check. ...
LenderLive's records reflect that on August 20, 2015, the borrowers contacted LenderLive by telephone and requested a refund for the duplicate payment remitted, and a LenderLive representative informed the borrowers that it may take a couple of days to return the funds as LenderLive had to make certain that the funds had cleared the borrowers' bank account.
On August 24, 2015, a reimbursement request was submitted to LenderLive's Finance Department. The policies and procedures of LenderLive's Finance Department provide that LenderLive would be unable to remit the funds to the borrowers prior to ten (10) business days from August 24, 2015, due to the fact that LenderLive needed to confirm the duplicate payment the borrowers remitted would not be returned from their financial institution as non-sufficient prior to that time frame.
LenderLive's records indicate that on September 3, 2015, the borrowers contacted LenderLive inquiring as to the status of the refund. On September 10, 2015, LenderLive's Finance Department approved the reimbursement request to the borrowers, and on that date an automatic clearing house (ACH) transaction to the borrowers' bank account was completed.
For the borrowers' convenience, we have sent a letter capturing the events listed above. LenderLive appreciates the borrowers bringing to LenderLive's attention that they received ambiguous information with regard to LenderLive's policies on the processing and actual time required for a borrower to receive a mortgage payment refund. Further, LenderLive apologizes that the borrowers had to contact LenderLive by telephone on several occasions requesting the status of the refund. LenderLive strives to embrace a customer centric philosophy as we want to build successful relationships with our customers.
Initial Business Response /* (1000, 6, 2015/11/02) */
LenderLive has reviewed the loan and our records reflect that on July 31, 2015, the servicing of the borrower's loan was transferred to LenderLive. The information provided by the previous servicer did not reflect that the borrower's hazard...
insurance was covered through his current insurance carrier. Additionally, a review of the closing documentation on the date the borrower's loan originated did not reflect that his hazard insurance carrier was the same as his current insurance carrier.
On September 21, 2015, LenderLive received notification that the borrower's hazard insurance was updated to a policy held with his current insurance carrier. The notification indicated that the hazard insurance policy was in effect for the period of September 11, 2015 until September 11, 2016, and specifically indicated that the notification was not an invoice/bill.
Our records reflect that on October 9, 2015, the borrower contacted LenderLive by telephone informing our representative that he had received a cancellation notice from his current insurance carrier. Our representative explained to the borrower that LenderLive was unaware of the cancellation notice; that we had no payment invoice for his current insurance carrier; and requested the borrower to forward to LenderLive documentation so that LenderLive could remit payment to his current insurance carrier.
On October 15, 2015, LenderLive received the hazard insurance information from the borrower and on October 16, 2015, remitted an overnight payment of the insurance premium to the borrower's current insurance carrier. We have confirmed that the borrower's current insurance carrier received the payment on October 21, 2015.
For the borrower's convenience, LenderLive sent a letter capturing the events listed above. LenderLive also informed the borrower that LenderLive values him as a borrower, appreciates his feedback as we want to meet his expectations in connection with the servicing of his loan and apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of his loan.
Initial Consumer Rebuttal /* (2000, 8, 2015/11/07) */
(The consumer indicated he/she ACCEPTED the response from the business.)
They resolved the issue.
Complaint: [redacted]
I am rejecting this response because: My new mortgage provider has not received payment yet or heard from LenderLive. I will be satisfied with the response once the payment is received, but not before because I don't want to be burned by LenderLive again. It's already been 3 months since the initial LenderLive error and I believe they should transfer the funds immediately rather than delaying this matter further.
Sincerely,
[redacted]
Initial Business Response /* (1000, 5, 2015/08/07) */
LenderLive Network Inc. ("LenderLive") received a letter on July 31st, 2015 from the Revdex.com. We understand from the letter that you have concerns regarding the servicing of this loan. To that end, we are providing you with the following:
On May...
15th, 2015 you indicated you were going to fax your recurring ACH form and voided check to us. On July 22nd, 2015 you indicated you were going to email copies of your recurring ACH form and voided check. To date we have not received either communication and as such, have been unable to set up your recurring ACH payments. Please be sure you are using the fax # XXX-XXX-XXXX and the email address of [redacted]@lenderlive.com to send these documents to us. We do apologize for any inconvenience or frustration you may have experienced due to this matter. We will also provide a letter with this information sent directly to your attention.
LenderLive acknowledged the borrower expressed concern that although he has paid his loan in full, he had not received a copy of the original promissory note marked Paid in Full after he made several telephone calls and sent two letters to LenderLive requesting the same. LenderLive's stated that...
our records reflected that on 9/22/2015 he called requesting a copy of the original promissory note marked Paid in Full. LenderLive's records also reflected receipt on 10/19/2015 of the borrower's letter also requesting a copy of the original promissory note marked Paid in Full.
LenderLive sent the borrower a copy of the transmittal letter dated 3/17/2015 which enclosed the original Request for Full Release of Deed of Trust and Release by Holder of the Evidence of Debt Without Production of Evidence of Debt Pursuant to C.R.S. §38-39-102(1)(a) and (3), Colorado Revised Statutes (the Lien Release).
LenderLive informed the borrower that LenderLive typically did not send the original promissory note marked Paid in Full to the borrower if the Lien Release is received and provided to the borrower within 45 days from the date the loan is satisfied. LenderLive stated that the Lien Release was confirmation by the county in which the property is located that the Note Holder's interest in the property had been released and validation of the Paid in Full status.
LenderLive enclosed a copy of the borrower's payment history which confirmed the loan was paid in full on 02/23/2015.
LenderLive sent the borrower a letter capturing the above events.
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that on 1/4/2016 LenderLive deducted an amount from the borrower’s escrow account and added it to the overpayment the borrower remitted on 12/31/2015 to satisfy the borrower’s 1/1/2016 contractual loan payment. LenderLive stated that on 1/6/2016 LenderLive received funds from the borrower and because her 1/1/2016 contractual loan payment had already been satisfied, LenderLive posted these funds as a principal reduction to the borrower’s loan. LenderLive has reversed the payment received on 1/6/2016 which was applied as a principal reduction; has remitted funds back to the borrower’s escrow account; and has issued a check for the remaining amount of funds which is being sent to the borrower under separate cover on 1/21/16. LenderLive also enclosed a payment history reflecting these actions made to her loan. LenderLive also stated that a pending service transfer of the borrower’s loan will take place on 2/1/2016, and provided the borrower with the contact information of the new servicer. LenderLive also stated that a Notice of Servicing Transfer would be sent to the borrower under separate cover. LenderLive stated that it valued the borrower as a customer and offered its apology to the borrower for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loan.
Complaint: [redacted]
I am rejecting this response because:I never received any letter notifying me that my loan was transferred from LenderLive or the new servicer, PHH Mortgage. If I had received said letter I would not have sent two additional payments. The only notice I ever received was two months later in March 2016 once I had missed two payments. At this point I started receiving collection letters and calls with foreclosure warnings. When I logged onto my bank account I see that my February payment that was sent on 2/1/2016 was cashed on 2/18/2016. It took LenderLive 18 days to forward my payment to the new servicer. My March payment which was sent on 3/1/2016 was not cashed until 3/17/2016. I assume it is currently being forwarded. Attached is a screen shot from my bank activity.As of today the February payment to the new servicer has been applied to my account. I will continue to monitor my credit reports and check on the status of my March payment. If I see any negative reports to my credit as a result of this I will seek further recourse.
Sincerely,
[redacted]
Initial Business Response /* (1000, 6, 2015/08/21) */
LenderLive has reviewed your loan and has determined the following:
On [redacted] LenderLive remitted a payment to the City for the payment of the City Tax.
LenderLive discovered that the City Tax paid to the City had been paid by...
your previous servicer on or about [redacted]
On [redacted] LenderLive filed a Refund Petition with the City's Department of Revenue, requesting a refund.
On [redacted] LenderLive received the refund from the City's Department of Revenue and placed these funds back in your escrow account.
LenderLive conducted an escrow analysis of your loan, and a copy of the escrow analysis, with your new payment amount, will be sent directly to you for your review.
Additionally, LenderLive has determined that a credit correction is warranted. LenderLive has submitted a credit correction update to the major credit reporting agencies instructing them to report that the [redacted] loan payment was remitted timely. Please note that updating your credit bureau records may take up to 120 days. Unfortunately, LenderLive has no control over the credit bureau updating process.
Please accept LenderLive's apology for any inconvenience or frustration you may have experienced in connection with the servicing of your loan.
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. Thank you.
Sincerely,
[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.
Sincerely,
[redacted]
LenderLive is responding to the borrower by letter which captured the below.LenderLive stated on 02/02/2015 the servicing of the borrower’s loan was transferred from the previous servicer to LenderLive and that his next contractual loan payment was due on 03/01/2015. On 02/10/2015 a...
Notice of Servicing Transfer letter was sent to the property address, and not the borrower’s updated mailing address, which informed the borrower of the service transfer and provided the new servicer’s contact information (payment address and telephone number). On 03/10/2015, LenderLive received from the previous servicer the borrower’s 03/01/2015 contractual loan payment; on 04/08/2015 LenderLive received from the previous servicer the borrower’s 04/01/2015 contractual loan payment; and both payments had been forwarded from the previous servicer as part of a bulk transfer. In the months of May and June 2015 LenderLive made numerous attempts to contact the borrower regarding the contractual payments for these months as we had not yet received them by end of each month. On 07/01/2015 the borrower contacted LenderLive by telephone and informed our representative that he was in military service and had not received the documentation sent to the property address. During this conversation the borrower stated that he had been continuing to make his monthly mortgage payments to the previous servicer, and that he would mail the full amount due to bring his loan current. On 07/27/2015 funds were received which fully reinstated the borrower’s loan, and once the borrower’s loan was reinstated, LenderLive continued to receive the borrower’s contractual loan payments each month within the month owed, up to the date the servicing of the borrower’s loan was transferred to a new servicer on 04/02/2016. Because of the borrower’s military deployment during the months the servicing of the borrower’s loan transferred from the previous servicer to LenderLive and because he was unaware of the transfer of servicing, LenderLive would submit a correction to the major credit reporting agencies for the 05/01/2015 and 06/01/2015 contractual loan payments requesting that they indicate these payments were “paid as agreed, never late.” LenderLive requested that the borrower allow up to 30 days for the major credit reporting agencies to reflect the update.
Initial Business Response /* (1000, 5, 2015/06/11) */
A letter with additional specific information and detail will be sent directly to your attention. We have reviewed your account and have the following events taking place:
1. On February 2nd, 2015, your loan was transferred to LenderLive from...
the prior servicer.
2. On February 3rd, 2015, LenderLive received a phone call from you advising you were going to send the lien release document to us.
3. On February 13th, 2015, LenderLive advised that since your loan had recently boarded, it would take more time to sort through any documentation and process your claim.
4. On February 24th, 2015, a review of your loan was conducted and it was discovered a number of documents were required to complete the processing of your claim.
5. On February 27th, 2015,LenderLive received a call from you asking for an update on your claim. We advised that not all documents needed were received from the prior servicer and we provided a list of the needed documents.
6. On March 12th, 2015, LenderLive received a call from you stating you had spoken to the prior servicer and had asked them to send copies of your loss draft claim documents to us. We received the statement of loss as that was the only document the prior servicer had on file regarding your loss draft claim.
7. On March 25th, 2015, you requested an update on your claim. We advised that we still needed the above listed documents to complete your claim. You requested a supervisor to call you back to discuss your claim and the loss draft process.
8. On April 21st, 2015, you requested an update on your claim. We confirmed that we still needed additional documents in order to complete the processing of your claim and release the remainder of your loss draft funds.
As of receipt of your complaint, we have not received the required documents from you in order to process and complete your claim. Upon receipt of these documents and a final inspection, your claim will be completed and funds sent to you. We will include with the letter a copy of the loss draft package with a list of the documents and copies of the forms that we need completed. We do apologize that a supervisor has not returned your call and for any inconvenience you may have experienced regarding this matter.