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Mid-Island Mortgage Corp.

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Mid-Island Mortgage Corp. Reviews (4)

Review: For the past year I have been paying my mortgage payment plus a extra money on my principle. I started this mortgage with them at an escrow balance of $506.46. Now that a full year has passed, my balance is now $506.45. That is a penny difference. The mortgage company is now demanding a $1777.42 cushion in escrow. This is the equivalent to almost another mortgage payment and a quarter. They are making claims that my HUD was drawn up wrong and should have included this cushion. I have been making payments for 12 months and I am now told this. I would have never accepted this mortgage if I had known this up front. They want $1777.42 in one payment or my mortgage will be $1598.97 which is a $165.29 or 11.5% increase per month. I was paying $100 less per month with Wells Fargo at a higher percentage rate. If I had known this from the beginning, I would never have switched to this company. I called yesterday, June **, 2013, and spoke to a [redacted] who was extremely condescending. This only made me irrate.

Also, my mortgage is due on the first of the month with a 15 day grace period. If you go past the first, you will get phone calls demanding payment even though you are within the 15 days. They then shut your access to pay online down so you have to call them.

I wish I would have check this web-site before working with this customer. I see 9 complaints filed already within the past 2 years.Desired Settlement: I will pay the $1450.85 per month which counts the $699.38 principle and $751.47 new escrow ($9017.65 divided by 12). I will not pay a $1777.42 cushion or $1598.97 per month. I cannot afford it and since this has not been communicated to me in the past 12 months, it is not needed. I would have stayed with Well Fargo had this been told to me.

Also, I think that collections calls before being late 15 days should be stopped!!! I don't know any company that does this especially since there is a 15 day grace period.

Business

Response:

After a review of the escrow account, the following has been confirmed:

1.) The loan in question closed on June **, 2012. At the closing, the title company, Nationwide Title and Escrow Co. picked up $1,318.88 from the proceeds of the mortgage. This amount represented a July *, 2012 tax that was coming due. On June **, 2012, Nationwide Title and Escrow Co. disbursed a check to the tax collector in the amount of $1,318.88. In July 2012, Mid-Island Mortgage Corp. received notification that the July 2012 tax was not paid. Mid-Island Mortgage Corp. disbursed payment to the tax collector in the amount of $1,318.89.

We have contacted the title company, Nationwide Title and Escrow Co. as they were responsible for disbursement of this tax and have been advised by Laurel that they placed a stop payment on the check they issued on June **, 2012 as it had obviously been lost either in the mail or by the tax collector. They also advised us that on August *, 2012, they issued a check to [redacted] in the amount of $1,318.88. This check represented the tax payment that was due in July. As previously stated, Mid-Island Mortgage Corp. made the tax payment from the escrow account. Due to the fact that the title company refunded the monies to [redacted] and [redacted] cashed the check, and Mid- Island Mortgage Corp. actually paid the tax, [redacted]’s escrow account became short in the amount of $1,318.88. The difference between this and the $1,777.42 he is currently short is due to the fact that his insurance has increased. We had to disburse a higher insurance premium as well as accruing a higher amount for next year’s premium. The solution to this would have been for the title company to refund the monies and then for [redacted] to forward them to Mid-Island Mortgage Corp. to replenish his escrow account.

As you can clearly see, the current shortage in [redacted]’s account was in no way an error on the part of Mid-Island Mortgage Corp. and [redacted] is, in fact, in possession of $1,318.88 of the shortage. As was explained to [redacted], at this time he has two options to rectify the shortage.

1.) The homeowner can remit the $1,777.42 shortage. This would result in a new monthly payment of $1,450.85.

2.) As a courtesy, we can spread the shortage over 24 months and change the payment to $1,524.91 effective with the August *, 2013 payment.

Thank you for your attention to this matter. Should you have any questions, please feel free to contact me.

Business

Response:

The amount of 2,283.48 is the required opening balance of the escrow account at the time of the escrow analysis as opposed to the 506.46 balance that is actually in the escrow account. The way that it is calculated is the low point balance is established first and then all other balances are tabulated. The proper way to calculate an aggregate escrow analysis is at any given time during the year the required amount needs to be equal to two months of the monthly escrow payment excluding MIP. The monthly amount of 751.47 includes an FHA MIP of

151.01. If you subtract the 151.01 MIP from the 751.47 monthly payment, the difference would be 600.46. Two times 600.46 equals 1200.92 which is the low point required balance. When the escrow is projected for the year, we need to compare the required escrow balance with the projected escrow balance for the month in which the balance reaches the low point escrow balance. The month in which the required balance equals 1200.92 was March on the attached escrow analysis, the projected escrow balance was -576.50. Therefore, the shortage was

1777.42. As explained in the prior response, if the shortage is paid, the new monthly payment would be 1450.85.

The escrow analysis was completed on 06/**/13. At that time, the first installment of the 2013/2014 tax was not received so we were basing the escrow analysis on last year's tax which was 5275.53 annually. If you would forward a copy of the new tax bill, we can adjust your payment accordingly. As of today, we still have not received the amount to pay for the first quarter tax.

If you have any additional questions or would like to discuss this further, please contact [redacted] at [redacted] and she will be happy to go over any other questions you may have.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

My complaint # [redacted] has not been resolved. I was unable to reach a computer until today. I called the phone number on your e-mail and it said that you were on vacation.

In the last response from Mid-Island Mortgage, they had admitted being wrong regarding my escrow account yet they have not offered any corrections. This is well over a $700.00 dollar mistake on their part and I cannot afford to pay money to a company that admits they have overcharged me.

Please let me know how we can resolve this or give me the opportunity to respond. If you need to contact me, my phone number is ###-###-#### or by e-mail at [redacted].

Thank you.

As first-time homebuyers, my husband and I found ourselves overwhelmed and intimidated by the overall process. A friend recommended we talk to Stephanie at Mid-Island Mortgage and just a few months later we became homeowners -- confident that we made the best decision for our family.

A level of comfort was established from the very first meeting. We were presented with loan options, informed of eligible credits, and walked away able to make educated choices. Finally, we trusted that owning a home was achievable!

We are forever grateful for the guidance and support provided from start to finish.

Review: THIS COMPANY TOOK SO LONG TO PROCESS MY LOAN THAT I AM OUT 3 EXTENSION FEES AND EARNEST MONEY DEPOSIT.Desired Settlement: I WOULD LIKE MY FEES AND DEPOSIT REFUNDED.

Business

Response:

Dear [redacted], Please accept this email correspondence as it pertains to your mortgage application for the [redacted] property in [redacted]. You applied for a mortgage through [redacted] is a mortgage broker. They are responsible for assisting in the completion of the mortgage application as well as processing the mortgage application. [redacted] submitted your loan application to Mid-Island Mortgage Corp. on February **, 2015 for an underwriting decision. The loan application submitted by [redacted] was incomplete and we could not render a decision on it. Notification of the incomplete mortgage application was sent to [redacted]. Once this incomplete application issue was resolved, the secondary issue of the subject property, and the associated amount of repairs required had to be addressed. This was a complex matter with several third party participants involved, all of whom had to identity the specific repair issues, assign real world costs to said repairs and then getthose reports back to us. We cannot and do not hold sway into the turn-around times of these third party entities. [redacted] must submit a complete loan application to Mid-Island Mortgage in order for us to fully evaluate your credit worthiness as well as doing a full assessment of thecollateral (property). Mid-Island Mortgage does not process mortgage applications for [redacted].Please contact your mortgage broker for an alternate solution.Sincerely yours, [redacted]

I applied for my loan around end of february. Belive or not I was able to clouse by the end of murch. Im so happy with this Bank, and im gonna recommend toevery single person I know, peole with who I worket with were : Devid M[redacted] and Tina C[redacted], let'me tell you somthing they were the best.
They were jus like exellent.....??
So I was happy with evrything, I close my loan on time, good interes rate, everything went up on perfect speed.
I had very bed experience with [redacted] and chase. These both banks are the wors banks I ever worked with. They Required so many papper worg, and nothing was done from they side.
....if you wanted to get your loan done just in time I would suggest go for Mild island morgadge corp. But if you are lucky and you gonna have as morgadge broker David M[redacted] than you dont have to worry for anything. This Guy gets thing done very quick.

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Description: MORTGAGE BANKERS

Address: 900 Merchants Concourse, Westbury, New York, United States, 11590

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