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National Cooperative Bank

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National Cooperative Bank Reviews (1)

June 29, 2015
[redacted]
[redacted]
[redacted]
 Dear
[redacted]:
 
National
Cooperative Bank, N.A. (NCB) has received the above referenced complaint
regarding the mortgage loan that you have had with NCB since September 2001.  The complaint...

alleges the following:
 
Mortgage payments have been
applied in a manner selected by the Bank;
A fee is charged to your
account each time you are 30 days or more past due and a [redacted] required
inspection is performed on your unit.
 
In
addition;
You are disputing what you
refer to as a back charge of $1303.00;
You would like a history of how
your payments have been applied;
One of our representatives put
you on hold and the line became disconnected.
 
 
 
 
 
 
 
 
 
First
of all I want to apologize that you were disconnected while on hold.  I am very aware of how frustrating this can
be when attempting to get questions answered or address a problem with an
account.  I do want you to know that our
representative did attempt to call you back but the call back number turned out
to be a hospital and possibly your place of work so we were unable to get back
in touch with you.  Attempts were also
made to contact you through the home number that we had on file but that turned
out to be disconnected.  If you would
please provide us with updated contact information at your earliest convenience
it will help us to avoid misunderstandings like this in the future.
 
In
regard to the handling of your account; we have performed a detailed review of
how your payments have been applied and have found that in all instances your
payments were applied properly.  Our
records show that you have been at least 30 days past due more than 70 times on
this account.  Several times NCB
representatives have had discussion over the phone with you regarding how the
funds were applied or to explain late charges on the account.  In fact, the periodic statements that you
receive each month explain that partial payments received are held in a
separate suspense account until a full payment is received. 
 
Partial
payments are only held in a suspense account when you have a payment due.  For example, if your payment is made on time
and you send additional funds, those funds will be applied to outstanding fees
if there are any, or applied to the principal balance.  In recent history your account has not been current
to the point that additional funds would be placed towards fees, rather there
has been another payment already due. 
Since there is another payment already due when we receive the payment
due from the previous month, the $19.82 that you send as the late fee is
applied to the suspense account.  Our
system is set up to function in this manner in order to minimize the
possibility of additional late charges on our customers.
 
Regarding
the amount of $1303.00 that you are questioning, this total is made up from the
following:
 
Current
month payment due June 1, 2015   $396.36
Previous
month payment due May 1, 2015  $396.36
Required
Inspection Fees                              $237.00
Late
Charges                                    �... /> $273.50
Total
due at time of billing statement            $1,303.22                    
 
 
 
 
 
 
 
 
 
 
Under
the Security Agreement of this loan, NCB has the right to protect and enforce
our interest in the collateral when there has been a default by the borrower
(you), of the agreement.  The agreement
specifies that expenses associated with reasonable acts to protect or enforce
our security interest in the collateral will be the obligation of the
borrower.  The 30 day inspections that
are required by the investor ([redacted]) are performed in protecting and
enforcing the interest in our collateral when you have defaulted (more than 30
days past due) on the loan agreement.
 
I
hope I have addressed all of your concerns in this letter.  In order to assist in your review of the
facts I am providing along with this letter the following documents:
 
1)     A
copy of your Note dated September 7, 2001;
2)     A
copy of your Security Agreement;
3)     A
copy of a recent billing statement;
4)     Your
loan’s transaction history dating back to 2006.
 
Finally,
we do appreciate your business.  I want
to thank you for being a valued customer of NCB.  If you have any additional questions
regarding the servicing of your loan please don’t hesitate to let us know.
 
 
 
Cordially,
 
 
 
 
Don
F[redacted]
Vice
President,
Chief
Regulatory Compliance Officer

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Address: 582 E 36th Ave, Anchorage, Alaska, United States, 99503

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