Initial Business Response /* (1000, 6, 2015/11/23) */
LenderLive apologized for any inconvenience or frustration the borrowers may have experienced in connection with LenderLive's loss draft process in connection with the repairs made to the roof of their home.
LenderLive has reviewed its...
records and provided the following information:
On September 9, 2015, LenderLive received the initial request from the borrowers to obtain a loss draft information packet.
On September 14, 2015, LenderLive sent via U.S. Mail the loss draft packet to the borrowers with instructions to complete and return to LenderLive.
On September 16, 2015, LenderLive received a telephone call from the borrowers inquiring as to the status of the loss draft packet and informed our representative that they had not received the loss draft packet. Our representative informed the borrowers that we could also send the loss draft packet via e-mail, and that we would open a supervisor notification to process the request.
On September 17, 2015, LenderLive received a telephone call from the borrowers in which they stated they had not received the loss draft package. Our representative informed the borrowers that it could take up to 48 hours to receive the loss draft packet. During the telephone conference with the borrowers, the borrowers advised LenderLive that the contractor who was repairing the roof had requested 50% of the loss draft funds be paid up front in order to complete the work on the roof.
Further, on September 17, 2015, a LenderLive manager spoke with the borrowers informing them that in order to release funds, LenderLive required that all loss draft documents needed to be completed and sent to LenderLive. The borrowers at that time stated they would send in the documents.
On September 18, 2015, LenderLive received all of the completed loss draft documents from the borrowers.
On September 25, 2015, LenderLive received loss draft proceeds in the amount of $11,059.72.
On September 29, 2015, LenderLive disbursed $3,686.62 from the loss draft proceeds.
On October 5, 2015, LenderLive disbursed $1,843.32 from the loss draft proceeds.
The disbursements made on September 29, 2015 and October 5, 2015, totaled $5,529.94, which is 50% of the total loss draft claim and the amount the borrowers requested to begin the repairs to their roof.
On November 17, 2015, LenderLive disbursed $876.14 from the loss draft proceeds, bringing the amount of loss draft funds disbursed to the borrowers at 66% of the total loss draft claim.
Additionally, by letter dated November 17, 2015, LenderLive provided to the borrowers with the Statement of Completion form and informed the borrowers that receipt of this completed form by LenderLive was required before LenderLive could send the remaining loss draft proceeds to the borrowers.
LenderLive stated that it desired to assist the borrowers so that they could receive the remaining loss draft proceeds; however, as of the date of this response, LenderLive has not received the completed and signed Statement of Completion form from the borrowers. LenderLive requested that the borrowers return the completed and signed Statement of Completion form at their earliest convenience in order for LenderLive to disburse the remaining loss draft proceeds to the borrowers.
LenderLive also informed the borrowers that we value them as a customer and appreciated their feedback as we want to meet the borrowers' expectations in connection with the servicing of their loan.
A letter capturing the above events was sent to the borrowers along with another Statement of Completion form.
Initial Consumer Rebuttal /* (3000, 8, 2015/11/24) */
(The consumer indicated he/she DID NOT accept the response from the business.)
My sequence of events is exactly what has transpired. I have the phone records and all the emails to back this up. What's more disturbing is that this company has yet to contact me. I made it clear that the contractor wanted to be paid 50% of the total job not the check that was sent. I made that very clear more than a few times. I have not received a check for $876.14 and I have no idea why in the world they would send me $876.14 in the first place. The job was completed on Oct 23rd 2015, That's 4 weeks ago and finally Inspected on November 12. They should have paid the total amount of $5,530.00 that they are still holding. Why are they still keeping this money knowing that the job is complete? I sent the statement of completion document on October 23rd 2015.(attached)on November 11 an inspector named [redacted] called to schedule an inspection but he had no idea whatsoever what he was to inspect. I had to tell him. He came on Friday November 12th and I signed that Statement of Completion document for a second time along with some other documents stating he was there and I was satisfied with the work completed. I have made several phone calls to lender Live and ended up getting the call interruption while on hold stating , "to keep your place on line and have a representative contact you later please leave your number. I've done that too many times to count and no one has ever called me back. Finally on Thursday 11/19/2015 I got through and spoke to [redacted]. After explaining this situation to her and pointedly told her how upset I was, she hung up on me! I called back a few minutes later and she answered again and said she didn't mean to hang up on me which I do not believe for one minute. After she took all my information down she looked at my account and stated that a check for $84,500.00 was overnighted to me and I should receive it that day. I told her that I wasn't looking for anywhere close to that amount and asked if she was sure she was looking at the right account and she read my name and address to me and stated that the inspection was complete and how great the pictures looked and then said yes, I'm looking at your account. When I told her that amount was not right she asked, "well how much are you looking for"? I told her, "are you kidding me? You should know this! You are my Mortgage Servicing Company aren't you! After sitting on the phone for five more minutes listening to her type in the background I told her that I had to go to work and to call me back when they figured it out. She said she would, I knew that call would never come and as of today November 24 at 1:45PM I have not heard a word from this company nor have they NEVER called me. They need to pay the contractor that's it. How hard can this possibly be? If they indeed did cut me a check for $876.14 on November 17th why didn't [redacted] see this when we spoke two days later on November 19th? Why didn't Lender Live release all the funds for the job when the inspection was completed and documented on November 12th?
Final Business Response /* (4000, 10, 2015/12/04) */
LenderLive stated that it empathized with the inconvenience the borrowers experienced in connection with the loss of the roof of their home and that LenderLive understands the borrowers' frustration with the processing of their insurance claim.
The disbursements referenced in LenderLive's letter dated 11/23/2015 were made pursuant to LenderLive's Loss Draft Policy of issuing one-third of the loss draft funds upon LenderLive's receipt of all completed loss draft documents; issuing an additional one-third of the loss draft funds at the time the repairs are determined to be 66% complete; and issuance of a final draw of the loss draft funds at the time an inspection has been completed evidencing that 90% of the repairs have been completed and LenderLive has been furnished with a completed and signed Statement of Completion form. LenderLive enclosed a copy of the loss draft packet which was sent to the borrowers with LenderLive's letter dated 9/14/2015, and requested that the borrowers review Pages 2 and 3 stating LenderLive's procedures for insurance losses over $10,000.
LenderLive also apologized for the misinformation the borrowers were provided when LenderLive's representative misinformed them that a check representing a different amount was being sent to them.
LenderLive stated that its records reflected that on 11/30/2015 LenderLive received the completed and signed Statement of Completion via electronic communication from the borrowers and that on 12/1/2015 the remaining loss proceeds were sent to them with an estimated delivery date of 12/3/2015.
LenderLive also informed the borrowers that it stopped payment of the loss draft check sent to the borrowers via U.S. Mail on 11/18/2015. LenderLive stated that the amount of the loss draft check was derived by multiplying the remaining loss draft claim by 16% after the disbursements which were made on 9/29/2015 and 10/5/2015, respectively, as the repairs had been determined to be 66% complete. On 12/3/2015 LenderLive issued a replacement loss draft check which is estimated to be delivered on 12/7/2015.
LenderLive also stated that it valued the borrowers as customers and that LenderLive is devoted to embracing a customer centric philosophy as we want to build successful relationships with our customers.
A letter capturing the above was sent to the borrowers along with a copy of LenderLive's 9/14/2015 letter with insurance loss procedures.
Final Consumer Response /* (2000, 12, 2015/12/07) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrower by letter capturing the below.LenderLive stated that the servicing of the borrowers’ loan was entered into LenderLive’s system on 1-1-2016 reflecting a contractual monthly payment amount provided by the previous servicer; that LenderLive spoke with the borrowers...
at which time they informed the LenderLive representative that their contractual monthly payment should be lower due to the fact that an escrow analysis had been recently completed prior to the service transfer; that after review of the escrow analysis and the loan statement of the previous servicer, LenderLive updated its records to reflect the correct monthly loan payment. LenderLive stated that the borrowers’ 1-1-2016 payment was posted to their loan with an effective posting date of 1-12-16. LenderLive provided the borrowers with a payment history.LenderLive stated that it valued the borrowers as customers and also apologized for any inconvenience or frustration the borrowers may have experienced in connection with the servicing of their
Complaint: [redacted]
I am rejecting this response because: I am waiting for a response after LenderLive review the Certificate of Service of Statement of Intention document sent by me today. It's not that I believe that the document is a "reaffirmation to pay", it is according to the United States Bankruptcy Court Middle District of North Carolina. On the document indicates that Mutual Community Savings Bank had the mortgage which was merged with Mechanics & Farmers Bank and now managed by LenderLive. LenderLive's Revdex.com response statement about the denial of the loan modification is not clear. I received 2 letters from LenderLive (1) dated Feb 3, 2014 for a 10/2013 application and (1) dated Sept 23, 2014 for a 2013 application (which indicated a promotion and substantial income increase). No, the letters did not mention the Bankruptcy but the LenderLive agents did every time that the attempted to explain the denials to me over the phone. The letters indicated denial reasons: “Does Not Meet Investor Guidelines and Pay History” - did not understand this. Also, the letters stated "In order to avoid the negative impact to your credit rating from late payments and to avoid foreclosure, it is imperative that you fully reinstate your account. If you cannot fully reinstate your account we would like to offer you the opportunity to qualify for a possible short sale.” My account was not in trouble and never been in trouble with Lenderlive. The letters I received from LenderLive were robot standard letters, obvious by the verbiage that was used. I was never late and was not in danger of foreclosure. To suggest that I “fully reinstate your account” when it was not in trouble. I turned to LenderLive to take the advantage of the opportunity that was offered to many homeowners that had faced unemployment and other hardships able to pay and to have their loan modified through the HARP or other programs available through the mortgage servicers or banks. These programs were to help the homeowner, not to make life worst. The second application was sent on my behalf from the Center for Homeownership & Economic Development, Hillsborough, NC because I met the minimum qualifications for Mortgage Assistance through the available government mortgage assistance programs that expires December 2016.
Sincerely,
[redacted]
Initial Business Response /* (1000, 6, 2015/08/28) */
The servicing of the loan was transferred from the previous servicer to LenderLive on December 18, 2014, and the monthly contractual loan payment was $1,752.74. In January 2015, LenderLive received a payment from the previous servicer which the...
borrower had sent prior to being informed that LenderLive had become the servicer of the loan. Our records reflect that LenderLive applied this payment to the loan on January 12, 2015.
In reviewing the information provided by the previous servicer, we discovered that the previous servicer had sent the borrower an escrow refund check in the amount of $2,444.25 in July 2014, as they had determined the borrower had an escrow overage. On January 30, 2015, LenderLive performed an escrow analysis of the loan and sent the escrow analysis to the borrower. Based on the escrow analysis performed, we determined that there was actually a shortage in the escrow account, and because of this shortage, we would have to increase the amount of the monthly contractual loan payment to $2,166.59 from $1,752.74 effective with the March 1, 2015 contractual loan payment.
Our records reflect that in an effort to reduce the monthly contractual loan payments, we performed another escrow analysis of the loan on April 14, 2015, and sent the escrow analysis to the borrower. Based on the subsequent escrow analysis performed, we determined that we could reduce the monthly contractual loan payment to $2,016.51 effective with the May 1, 2015 contractual loan payment.
LenderLive appreciates that the borrower has consistently submitted monthly payments in the amount of $1,800.00. Unfortunately the amounts sent were insufficient to cover the total monthly payment owed which increased commencing March 1, 2015. LenderLive had to hold funds received until additional payments were made to reflect the full payment owed. Subsequently this caused the loan to incur late charges and the reporting of payments as late to the major credit reporting agencies. LenderLive is unable to grant the borrower's request to delete the negative credit comment. LenderLive is required by the [redacted] to submit true and accurate credit information to the major credit reporting agencies concerning all loans.
LenderLive's records reflect that the loan is due for the July 1, 2015 and August 1, 2015 monthly contractual loan payments. LenderLive has received a payment of $1,800.00 but cannot apply these funds to the account until a full contractual payment is received. The balance due to bring the borrower's account current is $2,360.96.
LenderLive encouraged the borrower to contact us at the borrower's convenience so that we can discuss the various options available to the borrower as LenderLive wants to assist the borrower in providing the borrower with a desirable resolution with respect to the loan. LenderLive provided a toll free number for the borrower to contact us Monday through Thursday, between the hours of 6:00 a.m. and 9:00 p.m. (MST); Friday between the hours of 6:00 a.m. and 7:00 p.m. (MST); and Saturday between the hours of 8:00 a.m. and 12:00 noon (MST).
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that on 02/01/2016 the servicing of the borrower’s loan was transferred to another servicer, and that due to the fact that LenderLive no longer owned the servicing rights to the borrower’s loan, LenderLive could...
not credit to the borrower’s loan any payments received subsequent to 02/01/2016. LenderLive informed the borrower that on 02/04/2016 the funds the borrower remitted on 02/02/2016 were sent via wire to the new servicer and provided the borrower with the wire confirmation number. LenderLive informed the borrower that it was unable to refund the funds the borrower remitted on 02/04/2016 since they were forwarded directly to the new servicer; encouraged the borrower to contact the new servicer for additional information regarding this payment; and provided the new servicer’s contact information to the borrower. LenderLive 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 below.
LenderLive informed the borrower that on 12/4/2015 we received a similar complaint and that by letter dated 12/18/2015 LenderLive responded to the complaint and sent the response to the borrowers at the address indicated on the...
Revdex.com complaint LenderLive received on 12/4/2015.
LenderLive's records reflected that a notification dated 2/10/2015 was sent stating that the servicing of the loan had been transferred by the previous servicer to LenderLive effective 2/2/2015. LenderLive stated that all subsequent communications, including billing statements, past due reminders, credit score warnings and a loss mitigation solicitation letter, for the period of February through June 2015 were sent to the mailing address provided by the previous servicer. This was due to the fact that LenderLive was not provided with a forwarding address for the borrowers by the U.S. Post Office.
Our records further reflected that on 2/23/2015, the co-borrower contacted LenderLive to inquire as to the loan balance and the amount of the monthly contractual loan payment.
LenderLive's records reflected that the previous servicer forwarded to LenderLive the contractual loan payments for the months of February, March and April, 2015, and these payments were applied to the loan.
Due to the fact that LenderLive did not receive the 5/1/2015 contractual loan payment, a LenderLive representative attempted to contact the borrowers by telephone on several occasions, but was unable to personally speak with either individual. Our records reflected that we sent a letter dated 5/22/2015 stating that the loan was past due and informing both borrowers that a late charge had been added to the loan. On 5/26/2015 a Mortgage Past Due Statement was sent.
Due to the fact that LenderLive did not receive the 6/1/2015 contractual loan payment, on 6/2/2015 LenderLive sent a loss mitigation solicitation letter, and on 6/10/2015 LenderLive sent the required Service Members Civil Relief Act (SCRA) letter. On 6/16/2015 LenderLive sent the billing statement for July 2015.
LenderLive stated that its records reflected that on 6/24/2015 the co-borrower contacted LenderLive by telephone stating that the 5/1/2015 contractual payment had been sent to the previous servicer; that the 6/1/2015 contractual loan payment had been sent to LenderLive; and provided instructions to send all communications to the forwarding address. Therefore, all subsequent communications have been and are being sent to the forwarding address.
LenderLive stated that the payments received for the 5/1/2015 and 6/1/2015 contractual loan payments were more than 30 days past due which LenderLive reported to the major credit bureaus. LenderLive stated that although the borrower stated that the 5/1/2015 contractual loan payment remitted to the previous servicer was made timely, and that the 6/1/2015 contractual loan payment remitted via check to LenderLive was made timely, LenderLive's records did not reflect receipt of the 5/1/2015 and 6/1/2015 contractual loan payments. LenderLive requested that the borrower submit evidence confirming that the 5/1/2015 and 6/1/2015 contractual loan payments were remitted timely.
LenderLive stated that its records reflected that the check LenderLive received on 7/7/2015 was applied to pay the contractual loan payments due for 5/1/2015, 6/1/2015 and 7/1/2015, and then the borrowers' loan was brought current.
At this time no credit corrections will be initiated as the payments were reported accurately to the bureaus as they were received. LenderLive is required to report the payments accurately to the Credit Reporting Bureaus as they are received per the Fair Credit Reporting Act (FCRA).
Complaint: [redacted]
I am rejecting this response because: The response contains falsehoods. It stated they sent a letter with the loan history (which I already had possession of), but there was no letter. That history did not show a positive balance of the escrow account.Fortunately, my mortgage has been transferred, without my previous knowledge, to another servicing agent, and I will no longer have to deal with LenderLive. For this I am truly grateful.
Sincerely,
[redacted]
They did not exhaust all efforts to contact me or my ex husband regarding this house. Mail was not sent certified to our legal address (which is listed on the county website or by any google search), phone calls were not made to ME who is also the legal owner of the house. I did not receive any notifications at all. No mail, no calls. It is public record on the [redacted] website that the legal owners do not reside at the house [redacted] I & [redacted]
[redacted] is listed on a public website [redacted]. One simple search would have given them the legal address of the owner. I do not feel as if they exhausted all of their efforts trying to locate us. They kept sending correspondence to our renters. Not to us. The original lender did not provide them the forwarding address which is not Lenderlives fault. However it is now their responsibility to remove these marks on our credit because that is the right thing to do. The bottom line is they were not notified of our legal address and we were not notified that our loan was changed to Lenderlive. We are both the victims here. This has damaged my credit horribly. I can understand if we just did not make our mortgage payment. Then this is justified. However, the mortgage payments were made by my ex husband. He kept sending them so for 5 - 6 months Lenderlive claims they tried to find us to notify us when I can google us and find my ex husbands current address or my address. Nowadays you can locate someone on social media. You cant tell me that they were unable to find us especially since our county website is public. All you do is type in our address. I am asking that they remove the marks from mine and my ex husbands credit report because this was not our faults. [redacted] paid the mortgage just as he has since we bought the house. We have never been late before. Not once. This has damaged my credit so bad. What is more upsetting is that my ex husband handles this house along with a property manager. I cant get out of this house even though I have tried.
Initial Business Response /* (1000, 6, 2015/09/08) */
LenderLive has determined that the borrower's loan was paid in full on June 19, 2015, and on July 1, 2015, LenderLive issued a check representing a refund to the borrower. The check was sent to the borrower's mailing address; however, the...
envelope containing the refund check was returned to LenderLive with the notation "Return to Sender - Not Deliverable as Addressed - Unable to Forward." LenderLive contacted the borrower, informing the borrower that the refund check had been returned and obtained an updated mailing address from the borrower. The refund check was sent to the borrower's updated mailing address and the borrower cashed the refund check. A letter documenting these actions will be sent directly to the borrower.
Initial Consumer Rebuttal /* (2000, 8, 2015/09/15) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that once a bankruptcy is detected on a loan it is reported as “loan included in bankruptcy” to the major credit bureaus. Our records reflect that the borrower’s Chapter 7 Bankruptcy was discharged on...
11/24/2009, and that due to the fact that the Chapter 7 discharged the borrower’s liability for the debt, LenderLive cannot report the borrower’s loan to the credit bureaus. LenderLive suggested that the borrower contact her bankruptcy attorney to discuss her bankruptcy. LenderLive also apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loan.
(The consumer indicated he/she DID NOT accept the response from the business.)
[redacted] was the original mortgage company and sometime in July 2015, they were asked or voluntarily left the State of [redacted] and my loan servicing was sold to LenderLive Network. I was to be informed 15 days in advance of the loan transfer which was to take place on August 1, 2015 which meant that I was to receive notification on or about July 17, 2015. I did not receive notification until August 17, 2015, 17 days AFTER the transfer of the loan. I had already made my August house payment to [redacted] and on or about August 16, I received collection calls from LenderLive Network demanding payment for my August 1 house payment. I did not even know who these people were. I demanded to know why I had not received the timely notification of the transfer of loan but no explanation was given. In September when I called LenderLive Network, we did discuss a loan modification and I did ask for the paperwork and it was never sent, I paid the September house payment on or about September 18, 2015. I contacted LenderLive in October once again to notify them that we had sold our house and that my husband was also responsible for the house payment and not just me that they needed to contact him as well to request the October house payment since he and I had separated. They failed to contact him even though they had his contact information. I explained to them that I would make half the house payment at that time but they refused saying it would be put on hold until the full payment was received. On November 19, 2015 I went online and paid the October 1, 2015 payment along with late fees and it was accepted but then later that day, it was rejected and I was told by [redacted] at LenderLive that I needed to pay October, November and December (which was not even due yet) in order to bring the account current which totaled approx. $4700. I told them that the house would be paid off in full on November 30, 2015 why would I need to pay December payment in advance. [redacted] told me they would not accept anything less than the October November and December payments so I had to let it go. Then when I requested the payoff in writing on November 23, 2015 which they required a 48 hr notification which I gave them and on November 25th when I contacted LenderLive about the loan payoff request they insisted they never received but I had written documentation that I had made the request on November 23 and I emailed this documentation to them. After some arguing back and forth with [redacted] at Lenderlive, my Title Co Rep and myself, [redacted] finally agreed to send it on November 25. I received the payoff via my email but then another payoff was sent to my Title Co and each payoff had a different amount. The one sent to the title co which I never received a copy of include interest through the month of December so once again LenderLive is operating outside the law. They now owe me a refund of the interest and I have yet to have received this from LenderLive. They have not followed the letter of the law. Ever since LenderLive took over my loan, they have harassed me at all hours of the day and night which I have telephone records to prove, they never notified me timely of the transfer, they accepted payment then rejected without notice, they wanted more payment than was due, and they were forced to provide the loan payoff this company should not be allowed to be in business
This statement "via wire to the new servicer and provided the borrower with the wire confirmation number." Is a FLAT OUT LIE! But go ahead and close. I feel bad for any one else who will have to work with LenderLive.
LenderLive responded to the borrower by letter capturing the below. LenderLive’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 01/29/16 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 02/05/16 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 02/08/16 and informed the borrower that it would take 7-10 business days to complete the review of the loss draft package. On 02/10/16 the borrower contacted LenderLive and stated that all repairs had been completed; therefore, LenderLive requested a property inspection. On 02/11/16 LenderLive processed and mailed to the borrower the first draw. LenderLive stated that after a visual inspection of the property was completed, LenderLive determined the repairs were 100% completed, and based on that information, on 02/19/16 a second draw was processed and mailed to the borrower. LenderLive stated that the letter dated 02/11/16 sent to the borrower indicating that the servicing of her loan would be transferred to a new servicer was inadvertent and that the servicing transfer had been delayed. LenderLive requested that the borrower submit the remaining loss draft documents as described in LenderLive’s letter dated 02/19/16 to LenderLive so that LenderLive can complete the processing of the borrower’s loss draft claim prior to the servicing transfer to the new servicer of the borrower’s loan. LenderLive also stated that on 02/24/16 and 02/29/16 an attempt was made to contact the borrower by telephone to discuss the borrower’s concerns; however, LenderLive was unsuccessful in personally speaking with the borrower. LenderLive’s records reflect that the borrower contacted LenderLive on 02/29/16. LenderLive stated that on 03/03/16 a LenderLive supervisor returned the borrower’s call to inform her that we required the borrower to submit the remaining loss draft documents to LenderLive so that we could remit the remaining loss draft funds to the borrower. LenderLive also followed up the telephone call with an e-mail to the borrower requesting the borrower submit the remaining loss draft documents, and in LenderLive’s response to the borrower’s rejection, provided a detailed list of the remaining loss draft documents to be submitted so that LenderLive could complete the loss draft process and remit the remaining loss draft funds to the borrower. LenderLive once again 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 dated 12-24-15 capturing the below.
Lenderlive advised the borrower that various payment options are available. Lenderlive offers payment via Automatic Clearing House (ACH) that would draft one time each month from the borrower's bank account. ...
Lenderlive also offers its customers the option to make a loan payment online at the investor's website. If this option is exercised, the borrower's loan payment will post the same business day if initiated prior to 3:00 p.m. (MST).
Lenderlive's records reflect receipt of a facsimile letter dated 10/26/2015 and a facsimile letter dated 11/02/2015, both from a legal representative of the borrowers. Due to the fact that Lenderlive did not receive third party authorization to respond directly to the law office's communications, Lenderlive sent a letter dated 12/04/2015 to the borrower in response to this communication, in which the response letter was attached to Lenderlive's Revdex.com response letter.
In regards to the first issue, the borrower expressed concern that although the borrower scheduled a payment on 10/23/2015, the payment was not applied to the loan on the same day. Lenderlive records reflect that the borrower's October contractual loan payment was received by Lenderlive on 10/28/2015 from the borrower's financial institution and there were no credit implications.
In regards to the second issue, the borrower also expressed concern that although the borrower scheduled a payment on 09/25/2015, the payment was not applied to the loan on the same day. Lenderlive's records reflect that the borrower's September contractual loan payment was received by Lenderlive on 09/25/2015 from the borrower's financial institution. However, the funds received were returned from the borrower's bank as non-sufficient on 09/30/2015. Therefore, Lenderlive reversed the payment received.
Lenderlive's records reflect that on 10/02/2015, we received another draft from the borrower's financial institution. Lenderlive correctly posted receipt of the borrower's September contractual loan payment on 10/02/2015 to the borrower's account, and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
In regards to the third issue, the borrower expressed concern that a scheduled payment on 06/30/2015 was not applied to the borrower's loan the same day. Lenderlive's records reflect that the scheduled payment on 06/30/2015 was submitted at 11:22 p.m. (MST). Lenderlive expressed that if the payment is scheduled prior to 3:00 p.m. (MST), the loan payment will post the same business day. Lenderlive's records further reflect that the June contractual loan payment was received by Lenderlive on 07/01/2015 from the borrower's financial institution. Lenderlive correctly posted the payment as received on 07/01/2015 and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
In regards to the fourth issue, in response to the borrower's statement regarding a payment scheduled on 05/31/2015 (which was a Sunday); Lenderlive's records reflect that the May contractual loan payment was received by Lenderlive on 06/01/2015 (the next business day, which was a Monday) from the borrower's financial institution. However, the funds received were returned from the borrower's bank as non-sufficient on 06/04/2015. Therefore, Lenderlive reversed the payment received. Lenderlive's records reflect that on 06/19/2015, Lenderlive received another draft from the borrower's financial institution. Lenderlive correctly posted receipt of the May contractual loan payment on 06/19/2015 and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
At this time, Lenderlive will not make any credit corrections as the payments were reported accurately to the bureaus as they were received.
Lenderlive is required to report the payments accurately to the Credit Reporting Bureaus as they are received per the Fair Credit Reporting Act (FCRA).
LenderLive is responding to the borrowers by letter which captured the below. LenderLive stated that on 02/26/2016 it completed an annual escrow review in which LenderLive determined that there had been an increase in the borrowers’ property taxes as well as an increase in the borrowers’ hazard...
insurance premium. LenderLive stated that these increases created a deficiency as well as a shortage in the borrowers’ escrow account. LenderLive explained that the escrow analysis reviews the loan and the hazard insurance premiums needed to ensure there are sufficient funds in the escrow account to pay the annual property taxes and hazard insurance premium. Due to the increase in the property taxes and hazard insurance premium along with the two month cushion typically required by the investor of the loan, LenderLive determined that there would be inadequate funds to make those payments. LenderLive confirmed receipt on 03/08/2016 of a payment from the borrowers to cover the deficiency as reflected on the 02/26/2016 escrow analysis. LenderLive stated that on 03/08/2016 it received an email from the borrowers requesting removal of the escrow cushion from the borrowers’ account. LenderLive explained that although it is not a requirement to have an escrow cushion, the investor of the borrowers’ loan is within their rights to require that a cushion be a part of the escrow account. After receiving the borrowers’ request, LenderLive stated that it contacted the investor of the borrowers’ loan who agreed to reduce the cushion from two months to one month. LenderLive stated that on 03/31/2016 it completed a new escrow analysis and reduced the escrow cushion to one month. LenderLive stated that the new escrow analysis reflected no deficiency; however, there was an escrow shortage. LenderLive informed the borrowers that it spread the escrow shortage over twelve months which increased the taxes and insurance payment on the borrowers’ loan. LenderLive provided the borrowers with the total monthly amount of taxes and insurance as of 05/01/2016.
If Lender Live does report to the Credit Bureau that we did in fact pay our mortgage on time and then the credit bureau fixes my credit I will be happy.
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that its records reflected that on 01/06/2016 it received and applied the borrower’s 01/01/2016 contractual loan payment to his loan. LenderLive’s records indicate that the servicing of the borrower’s loan...
was transferred to a new servicer with an effective date of 02/01/2016. A joint service transfer letter dated 01/15/2016 was sent by the new servicer notifying the borrower that LenderLive would cease servicing the borrower’s loan and that the new servicer would begin servicing the borrower’s loan with an effective date of 02/01/2016. On the date the servicing of the borrower’s loan was transferred, the borrower’s 02/01/2016 contractual loan payment was due. LenderLive’s records do not indicate that we submitted any negative comments to the major credit reporting agencies. Further, our records reflect that the borrower’s loan was not assessed any additional interest as the borrower remitted the borrower’s contractual loan payments timely to LenderLive. For servicing issues that have taken place after the service transfer, LenderLive encouraged the borrower to reach out to the new servicer, provided the new servicer’s toll free telephone number and the hours the new servicer can be reached.
We believe that the LenderLive mortgage servicing firm has sold our mortgage rather than admit their sloppy billing procedures, with no guarantee of being able to correct the billing issues with us. By selling our loan out to [redacted] of Pittsburgh, they get rid of a complaining customer and hopefully rid the complaint off your records.Since we are no longer customers of LenderLive as of 2/1/16 as their letter to us states, we assume the complaint we submitted on them probably becomes a moot point. If we have a choice, we would prefer that the complaint still stay on your records to warn other prospective customers, but we expect you will just delete it from your records as no longer applicable, unfortunate in our opinion.
Initial Business Response /* (1000, 5, 2015/07/27) */
On May 14th, 2014 your loan was transferred to LenderLive by the prior servicer with a reflected due date of June 1st, 2014. Upon review of your loan in January 2015, it was discovered that your loan was actually due for May 1st, 2014 at the...
time of transfer. Therefore, principal and interest portion of your payment received on May 1st, 2015 was sent to your prior servicer for the May 2014 payment. The escrow portion of your payment was credited to your escrow account with LenderLive. We will provide to you copes of your payment histories of payments made to LenderLive as well as the prior servicer for your review. The history you provided shows the May 1st, 2014 payment being applied by your prior servicer on May 27th, 2015 after it was forwarded by LenderLive. In addition, your payment received July 6th, 2015 was returned by your bank on July 9th, 2015. At this time our records reflect your loan is due for the July 1st, 2015 payment. We duly apologize for any inconvenience or frustration you may have experienced due to this matter.
Initial Consumer Rebuttal /* (3000, 7, 2015/07/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I have a letter from my bank as well as a statement showing the July 2015 payment was taken from my account twice. Yes, one was returned however, the other was not. Lenderlive has my full July payment and needs to correct that. I'll provide the documents if they'd like to contact me for them. I want my credit corrected as I have never been late or missed a on a payment.
Final Business Response /* (4000, 9, 2015/08/07) */
LenderLive previously responded with regard to your complaint that we applied funds incorrectly and reported you late to the credit bureaus in error. Per that review we provided a chronology of events showing the application of your payments from the boarding of the loan to date. This chronology provided a month over month application of all transactions and payments. We feel that all concerns were adequately addresses and your account reflects as current, paid as agreed with all payments and transactions present and accounted for. We have updated the credit bureaus to reflect no late payments and your credit report should be updated by the credit bureaus after the first of the month. A letter with the prior response attached, will be provided directly to your attention for your review.
Initial Business Response /* (1000, 6, 2015/11/23) */
LenderLive apologized for any inconvenience or frustration the borrowers may have experienced in connection with LenderLive's loss draft process in connection with the repairs made to the roof of their home.
LenderLive has reviewed its...
records and provided the following information:
On September 9, 2015, LenderLive received the initial request from the borrowers to obtain a loss draft information packet.
On September 14, 2015, LenderLive sent via U.S. Mail the loss draft packet to the borrowers with instructions to complete and return to LenderLive.
On September 16, 2015, LenderLive received a telephone call from the borrowers inquiring as to the status of the loss draft packet and informed our representative that they had not received the loss draft packet. Our representative informed the borrowers that we could also send the loss draft packet via e-mail, and that we would open a supervisor notification to process the request.
On September 17, 2015, LenderLive received a telephone call from the borrowers in which they stated they had not received the loss draft package. Our representative informed the borrowers that it could take up to 48 hours to receive the loss draft packet. During the telephone conference with the borrowers, the borrowers advised LenderLive that the contractor who was repairing the roof had requested 50% of the loss draft funds be paid up front in order to complete the work on the roof.
Further, on September 17, 2015, a LenderLive manager spoke with the borrowers informing them that in order to release funds, LenderLive required that all loss draft documents needed to be completed and sent to LenderLive. The borrowers at that time stated they would send in the documents.
On September 18, 2015, LenderLive received all of the completed loss draft documents from the borrowers.
On September 25, 2015, LenderLive received loss draft proceeds in the amount of $11,059.72.
On September 29, 2015, LenderLive disbursed $3,686.62 from the loss draft proceeds.
On October 5, 2015, LenderLive disbursed $1,843.32 from the loss draft proceeds.
The disbursements made on September 29, 2015 and October 5, 2015, totaled $5,529.94, which is 50% of the total loss draft claim and the amount the borrowers requested to begin the repairs to their roof.
On November 17, 2015, LenderLive disbursed $876.14 from the loss draft proceeds, bringing the amount of loss draft funds disbursed to the borrowers at 66% of the total loss draft claim.
Additionally, by letter dated November 17, 2015, LenderLive provided to the borrowers with the Statement of Completion form and informed the borrowers that receipt of this completed form by LenderLive was required before LenderLive could send the remaining loss draft proceeds to the borrowers.
LenderLive stated that it desired to assist the borrowers so that they could receive the remaining loss draft proceeds; however, as of the date of this response, LenderLive has not received the completed and signed Statement of Completion form from the borrowers. LenderLive requested that the borrowers return the completed and signed Statement of Completion form at their earliest convenience in order for LenderLive to disburse the remaining loss draft proceeds to the borrowers.
LenderLive also informed the borrowers that we value them as a customer and appreciated their feedback as we want to meet the borrowers' expectations in connection with the servicing of their loan.
A letter capturing the above events was sent to the borrowers along with another Statement of Completion form.
Initial Consumer Rebuttal /* (3000, 8, 2015/11/24) */
(The consumer indicated he/she DID NOT accept the response from the business.)
My sequence of events is exactly what has transpired. I have the phone records and all the emails to back this up. What's more disturbing is that this company has yet to contact me. I made it clear that the contractor wanted to be paid 50% of the total job not the check that was sent. I made that very clear more than a few times. I have not received a check for $876.14 and I have no idea why in the world they would send me $876.14 in the first place. The job was completed on Oct 23rd 2015, That's 4 weeks ago and finally Inspected on November 12. They should have paid the total amount of $5,530.00 that they are still holding. Why are they still keeping this money knowing that the job is complete? I sent the statement of completion document on October 23rd 2015.(attached)on November 11 an inspector named [redacted] called to schedule an inspection but he had no idea whatsoever what he was to inspect. I had to tell him. He came on Friday November 12th and I signed that Statement of Completion document for a second time along with some other documents stating he was there and I was satisfied with the work completed. I have made several phone calls to lender Live and ended up getting the call interruption while on hold stating , "to keep your place on line and have a representative contact you later please leave your number. I've done that too many times to count and no one has ever called me back. Finally on Thursday 11/19/2015 I got through and spoke to [redacted]. After explaining this situation to her and pointedly told her how upset I was, she hung up on me! I called back a few minutes later and she answered again and said she didn't mean to hang up on me which I do not believe for one minute. After she took all my information down she looked at my account and stated that a check for $84,500.00 was overnighted to me and I should receive it that day. I told her that I wasn't looking for anywhere close to that amount and asked if she was sure she was looking at the right account and she read my name and address to me and stated that the inspection was complete and how great the pictures looked and then said yes, I'm looking at your account. When I told her that amount was not right she asked, "well how much are you looking for"? I told her, "are you kidding me? You should know this! You are my Mortgage Servicing Company aren't you! After sitting on the phone for five more minutes listening to her type in the background I told her that I had to go to work and to call me back when they figured it out. She said she would, I knew that call would never come and as of today November 24 at 1:45PM I have not heard a word from this company nor have they NEVER called me. They need to pay the contractor that's it. How hard can this possibly be? If they indeed did cut me a check for $876.14 on November 17th why didn't [redacted] see this when we spoke two days later on November 19th? Why didn't Lender Live release all the funds for the job when the inspection was completed and documented on November 12th?
Final Business Response /* (4000, 10, 2015/12/04) */
LenderLive stated that it empathized with the inconvenience the borrowers experienced in connection with the loss of the roof of their home and that LenderLive understands the borrowers' frustration with the processing of their insurance claim.
The disbursements referenced in LenderLive's letter dated 11/23/2015 were made pursuant to LenderLive's Loss Draft Policy of issuing one-third of the loss draft funds upon LenderLive's receipt of all completed loss draft documents; issuing an additional one-third of the loss draft funds at the time the repairs are determined to be 66% complete; and issuance of a final draw of the loss draft funds at the time an inspection has been completed evidencing that 90% of the repairs have been completed and LenderLive has been furnished with a completed and signed Statement of Completion form. LenderLive enclosed a copy of the loss draft packet which was sent to the borrowers with LenderLive's letter dated 9/14/2015, and requested that the borrowers review Pages 2 and 3 stating LenderLive's procedures for insurance losses over $10,000.
LenderLive also apologized for the misinformation the borrowers were provided when LenderLive's representative misinformed them that a check representing a different amount was being sent to them.
LenderLive stated that its records reflected that on 11/30/2015 LenderLive received the completed and signed Statement of Completion via electronic communication from the borrowers and that on 12/1/2015 the remaining loss proceeds were sent to them with an estimated delivery date of 12/3/2015.
LenderLive also informed the borrowers that it stopped payment of the loss draft check sent to the borrowers via U.S. Mail on 11/18/2015. LenderLive stated that the amount of the loss draft check was derived by multiplying the remaining loss draft claim by 16% after the disbursements which were made on 9/29/2015 and 10/5/2015, respectively, as the repairs had been determined to be 66% complete. On 12/3/2015 LenderLive issued a replacement loss draft check which is estimated to be delivered on 12/7/2015.
LenderLive also stated that it valued the borrowers as customers and that LenderLive is devoted to embracing a customer centric philosophy as we want to build successful relationships with our customers.
A letter capturing the above was sent to the borrowers along with a copy of LenderLive's 9/14/2015 letter with insurance loss procedures.
Final Consumer Response /* (2000, 12, 2015/12/07) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrower by letter capturing the below.LenderLive stated that the servicing of the borrowers’ loan was entered into LenderLive’s system on 1-1-2016 reflecting a contractual monthly payment amount provided by the previous servicer; that LenderLive spoke with the borrowers...
at which time they informed the LenderLive representative that their contractual monthly payment should be lower due to the fact that an escrow analysis had been recently completed prior to the service transfer; that after review of the escrow analysis and the loan statement of the previous servicer, LenderLive updated its records to reflect the correct monthly loan payment. LenderLive stated that the borrowers’ 1-1-2016 payment was posted to their loan with an effective posting date of 1-12-16. LenderLive provided the borrowers with a payment history.LenderLive stated that it valued the borrowers as customers and also apologized for any inconvenience or frustration the borrowers may have experienced in connection with the servicing of their
Complaint: [redacted]
I am rejecting this response because: I am waiting for a response after LenderLive review the Certificate of Service of Statement of Intention document sent by me today. It's not that I believe that the document is a "reaffirmation to pay", it is according to the United States Bankruptcy Court Middle District of North Carolina. On the document indicates that Mutual Community Savings Bank had the mortgage which was merged with Mechanics & Farmers Bank and now managed by LenderLive. LenderLive's Revdex.com response statement about the denial of the loan modification is not clear. I received 2 letters from LenderLive (1) dated Feb 3, 2014 for a 10/2013 application and (1) dated Sept 23, 2014 for a 2013 application (which indicated a promotion and substantial income increase). No, the letters did not mention the Bankruptcy but the LenderLive agents did every time that the attempted to explain the denials to me over the phone. The letters indicated denial reasons: “Does Not Meet Investor Guidelines and Pay History” - did not understand this. Also, the letters stated "In order to avoid the negative impact to your credit rating from late payments and to avoid foreclosure, it is imperative that you fully reinstate your account. If you cannot fully reinstate your account we would like to offer you the opportunity to qualify for a possible short sale.” My account was not in trouble and never been in trouble with Lenderlive. The letters I received from LenderLive were robot standard letters, obvious by the verbiage that was used. I was never late and was not in danger of foreclosure. To suggest that I “fully reinstate your account” when it was not in trouble. I turned to LenderLive to take the advantage of the opportunity that was offered to many homeowners that had faced unemployment and other hardships able to pay and to have their loan modified through the HARP or other programs available through the mortgage servicers or banks. These programs were to help the homeowner, not to make life worst. The second application was sent on my behalf from the Center for Homeownership & Economic Development, Hillsborough, NC because I met the minimum qualifications for Mortgage Assistance through the available government mortgage assistance programs that expires December 2016.
Sincerely,
[redacted]
Initial Business Response /* (1000, 6, 2015/08/28) */
The servicing of the loan was transferred from the previous servicer to LenderLive on December 18, 2014, and the monthly contractual loan payment was $1,752.74. In January 2015, LenderLive received a payment from the previous servicer which the...
borrower had sent prior to being informed that LenderLive had become the servicer of the loan. Our records reflect that LenderLive applied this payment to the loan on January 12, 2015.
In reviewing the information provided by the previous servicer, we discovered that the previous servicer had sent the borrower an escrow refund check in the amount of $2,444.25 in July 2014, as they had determined the borrower had an escrow overage. On January 30, 2015, LenderLive performed an escrow analysis of the loan and sent the escrow analysis to the borrower. Based on the escrow analysis performed, we determined that there was actually a shortage in the escrow account, and because of this shortage, we would have to increase the amount of the monthly contractual loan payment to $2,166.59 from $1,752.74 effective with the March 1, 2015 contractual loan payment.
Our records reflect that in an effort to reduce the monthly contractual loan payments, we performed another escrow analysis of the loan on April 14, 2015, and sent the escrow analysis to the borrower. Based on the subsequent escrow analysis performed, we determined that we could reduce the monthly contractual loan payment to $2,016.51 effective with the May 1, 2015 contractual loan payment.
LenderLive appreciates that the borrower has consistently submitted monthly payments in the amount of $1,800.00. Unfortunately the amounts sent were insufficient to cover the total monthly payment owed which increased commencing March 1, 2015. LenderLive had to hold funds received until additional payments were made to reflect the full payment owed. Subsequently this caused the loan to incur late charges and the reporting of payments as late to the major credit reporting agencies. LenderLive is unable to grant the borrower's request to delete the negative credit comment. LenderLive is required by the [redacted] to submit true and accurate credit information to the major credit reporting agencies concerning all loans.
LenderLive's records reflect that the loan is due for the July 1, 2015 and August 1, 2015 monthly contractual loan payments. LenderLive has received a payment of $1,800.00 but cannot apply these funds to the account until a full contractual payment is received. The balance due to bring the borrower's account current is $2,360.96.
LenderLive encouraged the borrower to contact us at the borrower's convenience so that we can discuss the various options available to the borrower as LenderLive wants to assist the borrower in providing the borrower with a desirable resolution with respect to the loan. LenderLive provided a toll free number for the borrower to contact us Monday through Thursday, between the hours of 6:00 a.m. and 9:00 p.m. (MST); Friday between the hours of 6:00 a.m. and 7:00 p.m. (MST); and Saturday between the hours of 8:00 a.m. and 12:00 noon (MST).
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that on 02/01/2016 the servicing of the borrower’s loan was transferred to another servicer, and that due to the fact that LenderLive no longer owned the servicing rights to the borrower’s loan, LenderLive could...
not credit to the borrower’s loan any payments received subsequent to 02/01/2016. LenderLive informed the borrower that on 02/04/2016 the funds the borrower remitted on 02/02/2016 were sent via wire to the new servicer and provided the borrower with the wire confirmation number. LenderLive informed the borrower that it was unable to refund the funds the borrower remitted on 02/04/2016 since they were forwarded directly to the new servicer; encouraged the borrower to contact the new servicer for additional information regarding this payment; and provided the new servicer’s contact information to the borrower. LenderLive 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 below.
LenderLive informed the borrower that on 12/4/2015 we received a similar complaint and that by letter dated 12/18/2015 LenderLive responded to the complaint and sent the response to the borrowers at the address indicated on the...
Revdex.com complaint LenderLive received on 12/4/2015.
LenderLive's records reflected that a notification dated 2/10/2015 was sent stating that the servicing of the loan had been transferred by the previous servicer to LenderLive effective 2/2/2015. LenderLive stated that all subsequent communications, including billing statements, past due reminders, credit score warnings and a loss mitigation solicitation letter, for the period of February through June 2015 were sent to the mailing address provided by the previous servicer. This was due to the fact that LenderLive was not provided with a forwarding address for the borrowers by the U.S. Post Office.
Our records further reflected that on 2/23/2015, the co-borrower contacted LenderLive to inquire as to the loan balance and the amount of the monthly contractual loan payment.
LenderLive's records reflected that the previous servicer forwarded to LenderLive the contractual loan payments for the months of February, March and April, 2015, and these payments were applied to the loan.
Due to the fact that LenderLive did not receive the 5/1/2015 contractual loan payment, a LenderLive representative attempted to contact the borrowers by telephone on several occasions, but was unable to personally speak with either individual. Our records reflected that we sent a letter dated 5/22/2015 stating that the loan was past due and informing both borrowers that a late charge had been added to the loan. On 5/26/2015 a Mortgage Past Due Statement was sent.
Due to the fact that LenderLive did not receive the 6/1/2015 contractual loan payment, on 6/2/2015 LenderLive sent a loss mitigation solicitation letter, and on 6/10/2015 LenderLive sent the required Service Members Civil Relief Act (SCRA) letter. On 6/16/2015 LenderLive sent the billing statement for July 2015.
LenderLive stated that its records reflected that on 6/24/2015 the co-borrower contacted LenderLive by telephone stating that the 5/1/2015 contractual payment had been sent to the previous servicer; that the 6/1/2015 contractual loan payment had been sent to LenderLive; and provided instructions to send all communications to the forwarding address. Therefore, all subsequent communications have been and are being sent to the forwarding address.
LenderLive stated that the payments received for the 5/1/2015 and 6/1/2015 contractual loan payments were more than 30 days past due which LenderLive reported to the major credit bureaus. LenderLive stated that although the borrower stated that the 5/1/2015 contractual loan payment remitted to the previous servicer was made timely, and that the 6/1/2015 contractual loan payment remitted via check to LenderLive was made timely, LenderLive's records did not reflect receipt of the 5/1/2015 and 6/1/2015 contractual loan payments. LenderLive requested that the borrower submit evidence confirming that the 5/1/2015 and 6/1/2015 contractual loan payments were remitted timely.
LenderLive stated that its records reflected that the check LenderLive received on 7/7/2015 was applied to pay the contractual loan payments due for 5/1/2015, 6/1/2015 and 7/1/2015, and then the borrowers' loan was brought current.
At this time no credit corrections will be initiated as the payments were reported accurately to the bureaus as they were received. LenderLive is required to report the payments accurately to the Credit Reporting Bureaus as they are received per the Fair Credit Reporting Act (FCRA).
Complaint: [redacted]
I am rejecting this response because: The response contains falsehoods. It stated they sent a letter with the loan history (which I already had possession of), but there was no letter. That history did not show a positive balance of the escrow account.Fortunately, my mortgage has been transferred, without my previous knowledge, to another servicing agent, and I will no longer have to deal with LenderLive. For this I am truly grateful.
Sincerely,
[redacted]
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
They did not exhaust all efforts to contact me or my ex husband regarding this house. Mail was not sent certified to our legal address (which is listed on the county website or by any google search), phone calls were not made to ME who is also the legal owner of the house. I did not receive any notifications at all. No mail, no calls. It is public record on the [redacted] website that the legal owners do not reside at the house [redacted] I & [redacted]
[redacted] is listed on a public website [redacted]. One simple search would have given them the legal address of the owner. I do not feel as if they exhausted all of their efforts trying to locate us. They kept sending correspondence to our renters. Not to us. The original lender did not provide them the forwarding address which is not Lenderlives fault. However it is now their responsibility to remove these marks on our credit because that is the right thing to do. The bottom line is they were not notified of our legal address and we were not notified that our loan was changed to Lenderlive. We are both the victims here. This has damaged my credit horribly. I can understand if we just did not make our mortgage payment. Then this is justified. However, the mortgage payments were made by my ex husband. He kept sending them so for 5 - 6 months Lenderlive claims they tried to find us to notify us when I can google us and find my ex husbands current address or my address. Nowadays you can locate someone on social media. You cant tell me that they were unable to find us especially since our county website is public. All you do is type in our address. I am asking that they remove the marks from mine and my ex husbands credit report because this was not our faults. [redacted] paid the mortgage just as he has since we bought the house. We have never been late before. Not once. This has damaged my credit so bad. What is more upsetting is that my ex husband handles this house along with a property manager. I cant get out of this house even though I have tried.
Initial Business Response /* (1000, 6, 2015/09/08) */
LenderLive has determined that the borrower's loan was paid in full on June 19, 2015, and on July 1, 2015, LenderLive issued a check representing a refund to the borrower. The check was sent to the borrower's mailing address; however, the...
envelope containing the refund check was returned to LenderLive with the notation "Return to Sender - Not Deliverable as Addressed - Unable to Forward." LenderLive contacted the borrower, informing the borrower that the refund check had been returned and obtained an updated mailing address from the borrower. The refund check was sent to the borrower's updated mailing address and the borrower cashed the refund check. A letter documenting these actions will be sent directly to the borrower.
Initial Consumer Rebuttal /* (2000, 8, 2015/09/15) */
(The consumer indicated he/she ACCEPTED the response from the business.)
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that once a bankruptcy is detected on a loan it is reported as “loan included in bankruptcy” to the major credit bureaus. Our records reflect that the borrower’s Chapter 7 Bankruptcy was discharged on...
11/24/2009, and that due to the fact that the Chapter 7 discharged the borrower’s liability for the debt, LenderLive cannot report the borrower’s loan to the credit bureaus. LenderLive suggested that the borrower contact her bankruptcy attorney to discuss her bankruptcy. LenderLive also apologized for any inconvenience or frustration the borrower may have experienced in connection with the servicing of her loan.
(The consumer indicated he/she DID NOT accept the response from the business.)
[redacted] was the original mortgage company and sometime in July 2015, they were asked or voluntarily left the State of [redacted] and my loan servicing was sold to LenderLive Network. I was to be informed 15 days in advance of the loan transfer which was to take place on August 1, 2015 which meant that I was to receive notification on or about July 17, 2015. I did not receive notification until August 17, 2015, 17 days AFTER the transfer of the loan. I had already made my August house payment to [redacted] and on or about August 16, I received collection calls from LenderLive Network demanding payment for my August 1 house payment. I did not even know who these people were. I demanded to know why I had not received the timely notification of the transfer of loan but no explanation was given. In September when I called LenderLive Network, we did discuss a loan modification and I did ask for the paperwork and it was never sent, I paid the September house payment on or about September 18, 2015. I contacted LenderLive in October once again to notify them that we had sold our house and that my husband was also responsible for the house payment and not just me that they needed to contact him as well to request the October house payment since he and I had separated. They failed to contact him even though they had his contact information. I explained to them that I would make half the house payment at that time but they refused saying it would be put on hold until the full payment was received. On November 19, 2015 I went online and paid the October 1, 2015 payment along with late fees and it was accepted but then later that day, it was rejected and I was told by [redacted] at LenderLive that I needed to pay October, November and December (which was not even due yet) in order to bring the account current which totaled approx. $4700. I told them that the house would be paid off in full on November 30, 2015 why would I need to pay December payment in advance. [redacted] told me they would not accept anything less than the October November and December payments so I had to let it go. Then when I requested the payoff in writing on November 23, 2015 which they required a 48 hr notification which I gave them and on November 25th when I contacted LenderLive about the loan payoff request they insisted they never received but I had written documentation that I had made the request on November 23 and I emailed this documentation to them. After some arguing back and forth with [redacted] at Lenderlive, my Title Co Rep and myself, [redacted] finally agreed to send it on November 25. I received the payoff via my email but then another payoff was sent to my Title Co and each payoff had a different amount. The one sent to the title co which I never received a copy of include interest through the month of December so once again LenderLive is operating outside the law. They now owe me a refund of the interest and I have yet to have received this from LenderLive. They have not followed the letter of the law. Ever since LenderLive took over my loan, they have harassed me at all hours of the day and night which I have telephone records to prove, they never notified me timely of the transfer, they accepted payment then rejected without notice, they wanted more payment than was due, and they were forced to provide the loan payoff this company should not be allowed to be in business
This statement "via wire to the new servicer and provided the borrower with the wire confirmation number." Is a FLAT OUT LIE! But go ahead and close. I feel bad for any one else who will have to work with LenderLive.
LenderLive responded to the borrower by letter capturing the below. LenderLive’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 01/29/16 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 02/05/16 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 02/08/16 and informed the borrower that it would take 7-10 business days to complete the review of the loss draft package. On 02/10/16 the borrower contacted LenderLive and stated that all repairs had been completed; therefore, LenderLive requested a property inspection. On 02/11/16 LenderLive processed and mailed to the borrower the first draw. LenderLive stated that after a visual inspection of the property was completed, LenderLive determined the repairs were 100% completed, and based on that information, on 02/19/16 a second draw was processed and mailed to the borrower. LenderLive stated that the letter dated 02/11/16 sent to the borrower indicating that the servicing of her loan would be transferred to a new servicer was inadvertent and that the servicing transfer had been delayed. LenderLive requested that the borrower submit the remaining loss draft documents as described in LenderLive’s letter dated 02/19/16 to LenderLive so that LenderLive can complete the processing of the borrower’s loss draft claim prior to the servicing transfer to the new servicer of the borrower’s loan. LenderLive also stated that on 02/24/16 and 02/29/16 an attempt was made to contact the borrower by telephone to discuss the borrower’s concerns; however, LenderLive was unsuccessful in personally speaking with the borrower. LenderLive’s records reflect that the borrower contacted LenderLive on 02/29/16. LenderLive stated that on 03/03/16 a LenderLive supervisor returned the borrower’s call to inform her that we required the borrower to submit the remaining loss draft documents to LenderLive so that we could remit the remaining loss draft funds to the borrower. LenderLive also followed up the telephone call with an e-mail to the borrower requesting the borrower submit the remaining loss draft documents, and in LenderLive’s response to the borrower’s rejection, provided a detailed list of the remaining loss draft documents to be submitted so that LenderLive could complete the loss draft process and remit the remaining loss draft funds to the borrower. LenderLive once again 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 dated 12-24-15 capturing the below.
Lenderlive advised the borrower that various payment options are available. Lenderlive offers payment via Automatic Clearing House (ACH) that would draft one time each month from the borrower's bank account. ...
Lenderlive also offers its customers the option to make a loan payment online at the investor's website. If this option is exercised, the borrower's loan payment will post the same business day if initiated prior to 3:00 p.m. (MST).
Lenderlive's records reflect receipt of a facsimile letter dated 10/26/2015 and a facsimile letter dated 11/02/2015, both from a legal representative of the borrowers. Due to the fact that Lenderlive did not receive third party authorization to respond directly to the law office's communications, Lenderlive sent a letter dated 12/04/2015 to the borrower in response to this communication, in which the response letter was attached to Lenderlive's Revdex.com response letter.
In regards to the first issue, the borrower expressed concern that although the borrower scheduled a payment on 10/23/2015, the payment was not applied to the loan on the same day. Lenderlive records reflect that the borrower's October contractual loan payment was received by Lenderlive on 10/28/2015 from the borrower's financial institution and there were no credit implications.
In regards to the second issue, the borrower also expressed concern that although the borrower scheduled a payment on 09/25/2015, the payment was not applied to the loan on the same day. Lenderlive's records reflect that the borrower's September contractual loan payment was received by Lenderlive on 09/25/2015 from the borrower's financial institution. However, the funds received were returned from the borrower's bank as non-sufficient on 09/30/2015. Therefore, Lenderlive reversed the payment received.
Lenderlive's records reflect that on 10/02/2015, we received another draft from the borrower's financial institution. Lenderlive correctly posted receipt of the borrower's September contractual loan payment on 10/02/2015 to the borrower's account, and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
In regards to the third issue, the borrower expressed concern that a scheduled payment on 06/30/2015 was not applied to the borrower's loan the same day. Lenderlive's records reflect that the scheduled payment on 06/30/2015 was submitted at 11:22 p.m. (MST). Lenderlive expressed that if the payment is scheduled prior to 3:00 p.m. (MST), the loan payment will post the same business day. Lenderlive's records further reflect that the June contractual loan payment was received by Lenderlive on 07/01/2015 from the borrower's financial institution. Lenderlive correctly posted the payment as received on 07/01/2015 and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
In regards to the fourth issue, in response to the borrower's statement regarding a payment scheduled on 05/31/2015 (which was a Sunday); Lenderlive's records reflect that the May contractual loan payment was received by Lenderlive on 06/01/2015 (the next business day, which was a Monday) from the borrower's financial institution. However, the funds received were returned from the borrower's bank as non-sufficient on 06/04/2015. Therefore, Lenderlive reversed the payment received. Lenderlive's records reflect that on 06/19/2015, Lenderlive received another draft from the borrower's financial institution. Lenderlive correctly posted receipt of the May contractual loan payment on 06/19/2015 and correctly reported that the payment receipt date was outside of the 30-day payment period to the major credit bureaus.
At this time, Lenderlive will not make any credit corrections as the payments were reported accurately to the bureaus as they were received.
Lenderlive is required to report the payments accurately to the Credit Reporting Bureaus as they are received per the Fair Credit Reporting Act (FCRA).
LenderLive is responding to the borrowers by letter which captured the below. LenderLive stated that on 02/26/2016 it completed an annual escrow review in which LenderLive determined that there had been an increase in the borrowers’ property taxes as well as an increase in the borrowers’ hazard...
insurance premium. LenderLive stated that these increases created a deficiency as well as a shortage in the borrowers’ escrow account. LenderLive explained that the escrow analysis reviews the loan and the hazard insurance premiums needed to ensure there are sufficient funds in the escrow account to pay the annual property taxes and hazard insurance premium. Due to the increase in the property taxes and hazard insurance premium along with the two month cushion typically required by the investor of the loan, LenderLive determined that there would be inadequate funds to make those payments. LenderLive confirmed receipt on 03/08/2016 of a payment from the borrowers to cover the deficiency as reflected on the 02/26/2016 escrow analysis. LenderLive stated that on 03/08/2016 it received an email from the borrowers requesting removal of the escrow cushion from the borrowers’ account. LenderLive explained that although it is not a requirement to have an escrow cushion, the investor of the borrowers’ loan is within their rights to require that a cushion be a part of the escrow account. After receiving the borrowers’ request, LenderLive stated that it contacted the investor of the borrowers’ loan who agreed to reduce the cushion from two months to one month. LenderLive stated that on 03/31/2016 it completed a new escrow analysis and reduced the escrow cushion to one month. LenderLive stated that the new escrow analysis reflected no deficiency; however, there was an escrow shortage. LenderLive informed the borrowers that it spread the escrow shortage over twelve months which increased the taxes and insurance payment on the borrowers’ loan. LenderLive provided the borrowers with the total monthly amount of taxes and insurance as of 05/01/2016.
If Lender Live does report to the Credit Bureau that we did in fact pay our mortgage on time and then the credit bureau fixes my credit I will be happy.
LenderLive responded to the borrower by letter capturing the below. LenderLive stated that its records reflected that on 01/06/2016 it received and applied the borrower’s 01/01/2016 contractual loan payment to his loan. LenderLive’s records indicate that the servicing of the borrower’s loan...
was transferred to a new servicer with an effective date of 02/01/2016. A joint service transfer letter dated 01/15/2016 was sent by the new servicer notifying the borrower that LenderLive would cease servicing the borrower’s loan and that the new servicer would begin servicing the borrower’s loan with an effective date of 02/01/2016. On the date the servicing of the borrower’s loan was transferred, the borrower’s 02/01/2016 contractual loan payment was due. LenderLive’s records do not indicate that we submitted any negative comments to the major credit reporting agencies. Further, our records reflect that the borrower’s loan was not assessed any additional interest as the borrower remitted the borrower’s contractual loan payments timely to LenderLive. For servicing issues that have taken place after the service transfer, LenderLive encouraged the borrower to reach out to the new servicer, provided the new servicer’s toll free telephone number and the hours the new servicer can be reached.
We believe that the LenderLive mortgage servicing firm has sold our mortgage rather than admit their sloppy billing procedures, with no guarantee of being able to correct the billing issues with us. By selling our loan out to [redacted] of Pittsburgh, they get rid of a complaining customer and hopefully rid the complaint off your records.Since we are no longer customers of LenderLive as of 2/1/16 as their letter to us states, we assume the complaint we submitted on them probably becomes a moot point. If we have a choice, we would prefer that the complaint still stay on your records to warn other prospective customers, but we expect you will just delete it from your records as no longer applicable, unfortunate in our opinion.
Initial Business Response /* (1000, 5, 2015/07/27) */
On May 14th, 2014 your loan was transferred to LenderLive by the prior servicer with a reflected due date of June 1st, 2014. Upon review of your loan in January 2015, it was discovered that your loan was actually due for May 1st, 2014 at the...
time of transfer. Therefore, principal and interest portion of your payment received on May 1st, 2015 was sent to your prior servicer for the May 2014 payment. The escrow portion of your payment was credited to your escrow account with LenderLive. We will provide to you copes of your payment histories of payments made to LenderLive as well as the prior servicer for your review. The history you provided shows the May 1st, 2014 payment being applied by your prior servicer on May 27th, 2015 after it was forwarded by LenderLive. In addition, your payment received July 6th, 2015 was returned by your bank on July 9th, 2015. At this time our records reflect your loan is due for the July 1st, 2015 payment. We duly apologize for any inconvenience or frustration you may have experienced due to this matter.
Initial Consumer Rebuttal /* (3000, 7, 2015/07/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I have a letter from my bank as well as a statement showing the July 2015 payment was taken from my account twice. Yes, one was returned however, the other was not. Lenderlive has my full July payment and needs to correct that. I'll provide the documents if they'd like to contact me for them. I want my credit corrected as I have never been late or missed a on a payment.
Final Business Response /* (4000, 9, 2015/08/07) */
LenderLive previously responded with regard to your complaint that we applied funds incorrectly and reported you late to the credit bureaus in error. Per that review we provided a chronology of events showing the application of your payments from the boarding of the loan to date. This chronology provided a month over month application of all transactions and payments. We feel that all concerns were adequately addresses and your account reflects as current, paid as agreed with all payments and transactions present and accounted for. We have updated the credit bureaus to reflect no late payments and your credit report should be updated by the credit bureaus after the first of the month. A letter with the prior response attached, will be provided directly to your attention for your review.