Note Servicing Center, Inc.

Initial Business Response /* (1000, 5, 2016/03/21) */
Contact Name and Title: *** M*** VP
Contact Phone: XXX-XXX-XXXX EXT ***
Contact Email: ***@noteservicingceenter.com
We understand the frustration over this situationThe Note Servicing Company was contracted by consumer's
lender to service this loan which has been paid offWe are not the Lender or the Custodian of the Deed and have advised the consumer to contact the lender for the deedNote Servicing Center did not receive a Tax Identification Number (TIN) we were advised lender would provideNo telephone voice message has been recorded to dateWill Advise consumer of contact info of lender and my contact information for advice or assistance

03/31/17
I have reviewed the response made by the business in reference to complaint ID [redacted]4, and find that this resolution is satisfactory to me.
I received the refund check today.
I would also like to state that Note Servicing serviced two trust notes from May 2012 through May 2016. Until 2016, there was never a problem and I very satisfied with the service and responsiveness of the staff.
[redacted]

Initial Business Response /* (1000, 5, 2016/06/17) */
The Note Servicing Center (NSC) is a Note Servicing Company which collects from borrowers and distributes payments to Lenders. NSC was authorized by the Consumer to service an existing Note and Trust Deed previously purchased from an Investor...

using her IRA Pension Funds. Servicing began on March 25, 2015 and her first interest payment received from the borrower was sent on May 11, 2015 in the amount of $174.00. In June 2015, just one month later, the note was paid off in full and the funds were wired to the Retirement Fund Administrator FBO the Consumer.
The consumer's telephone call to the NSC Customer Service Department on April 22, 2016 was forwarded to the Director of Operations who began a thorough investigation by tracking the funds to the ultimate destination. Discovery included a clerical error had occurred resulted in June 2015 when wiring the pay-off funds in full to the consumers Administrator, unfortunately a wrong account had been entered. The employee making this error, has since been terminated from NSC. Typically, the IRA Administrators, as part of Due Diligence and Accounting Department check and balance confirms the distribution of funds for their clients prior to deposit to assure funds reach the appropriate investor recipient. In this case the funds were sent to the wrong recipient's account. The recipient of the funds by error has been contacted by the Note Servicing Center Director of Customer Service on three separate occasions requesting they return the funds mistakenly deposited to their account, and send a Letter of Direction to the Administrator to correct the error. To date no affirmative response. Additionally, a request was sent to the Pension Plan Administrator for cooperation and assistance to bring about a resolution in an amicable manner in the mutual best interest of all parties. Their accounting department refuses to speak to us.
The Note Servicing Center has been in touch with the consumer making the complaint and assured her she will not experience a loss of her funds and that, this issue should be settled prior to the end of the month. Meanwhile, the Note Servicing Center will continue the investigation with the intention of having the funds returned from the recipient who received the funds in their account by mistake.
The Note Servicing Center is not holding any funds belonging to the Consumer.
Initial Consumer Rebuttal /* (2000, 11, 2016/06/28) */
First of all l want to say thank you for your assisting me, Note Servicing did in fact give me my money they even gave me most of the interest I should have received for the past 12 months, only shorted me $322. Again thank you.

The details of the complaint are correct, the borrower did payoff the
loan in May of 2016 and there was an overage of $7.14.  I have spoken with the head of operations in our
office and have found the...

gap in our procedures, which allowed for this
oversight.  We have updated our
procedures to close this gap and ensure borrowers receive refunds of any
overages in payoffs within 25 days of receipt of payoff.
We have issued a refund to the borrower in the amount of $7.14 and will
be mail the overage to the borrower’s address on the complaint, which is
different than the address we have on file. 
We have contacted the borrower at the new phone number and let them know
we were going to overnight the refund to them, however they told us it was fine
to mail the refund.