The Money Source Inc.

Review: Was overcharged on mtg payment two months in a row. Taxes were not supposed to be taken out. Borrower is 100%. Disabled marine therefore exempt from property taxes. Was promised initially overcharge would be sent by end of last month. Lender was called numerous times. Last phone call was told money would not be refunded for another 60 days. This is the lenders error. Money should be refunded immediately. We have waited two months already which is more than enough time for a refund. Amount due borrower is approximately 250 dollars. Borrower is on a fixed income and cannot afford to wait any longer. Any assistance would be greatly appreciated.Desired Settlement: Overnight of money due to borrower, my husband, [redacted]

Business

Response:

Dear Valued Customer,Please be advised that The Money Source Inc. does not post responses to this forum as the responses are public and may contain information that is confidential to you. The Money Source Inc. has mailed a response to you to address your concerns. Thank You

We have had horrible experience with this company. We have always paid our mortgage on time and we received a late fee in Dec 2014 stating we had a late fee. We called to see why we had a late fee. They said they had not received payment. We faxed over from our bank statements that fund were taken out of our account and paid to the company. After many more phone calls over the next 5-7 days the issue was resolved. They said it was in the wrong account number. 2 months later same issue, but now they say we have a different loan number which was never spoke of previously and the month before our payment was received. Still after many phone calls over the last 5-7 days NOTHING has been resolved. [redacted] said to call her Saturday after we talked to our bank because they said the money was refunded back to our account. Which it was NOT. Many phone call and voice mails NO RETURN call. Received a new statement and it is the same account number since we started. So I'm not sure how our payments are getting misplaced. And why they seem to never be able to help us. This situation is getting old. IT is affecting our credit score and we HAVE ALWAYS paid on time. This has not been resolved and our payment has not be refunded as told or has not been found.

Review: I have customer service and billing issues. I have called the business over four times to get my payment processed for my home mortgage payment. Every time I call different customer service representatives give me the run around stating my payment is processing. Then I call and they claim my check has been returned which is false I have had this money sitting in my savings account for almost two weeks. I have requested to speak with a manager and I never can get one. Once again today I spoke with Katlin in customer service and of course when requested to speak with Jennifer supervisor she was on the phone. This is ridiculous and I’m reporting them to the veteran’s administration as well since I have a VA Home Loan.Desired Settlement: I want a manager to call me ASAP!

Business

Response:

Dear Valued Borrower, The Money Source Inc. does not post responses to this website as the responses may contain sensitive information. A response has been mailed to your address that we hope addresses your concerns. Thank You

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:I reject the response because they state in the email noted that they will not state anything electronically and that they have mailed a response. For one this is unacceptable because they still never resolved my issue to begin with and they are horrendous at what they due putting peoples lively hoods at stake with no compassion.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

Dear Valued Customer, The response was mailed via [redacted] Priority 2-Day mail with tracking. The tracking information of [redacted] indicated that the letter was delivered. If you did not receive the letter please let us know and we will re-send. Thank You

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:

I have already stated that the response in the letter does not suffice because The Money Source still has not resolved my issue. Sending a letter replicating what I already no makes no sense!

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Review: On Wednesday Nov [redacted] I called to check on status of payment I had made a few days prior and also to ask money source to help me delete the bank account I had on file because the number was incorrect. They put me on hold and promptly deleted my account for me. The next day on Thursday I checked my bank account and discovered Money Source had taken my mortgage payment out twice; which left me with little to no funds in my account. I called them before lunch and spoke with them about the situation. They told me to email a copy of my bank account to their customer care center and they would have the money back in my account as early as 2:00 pm that day. I promptly did so as soon as I hung up the phone. On Friday the money was still not in my account, I patiently waited over the weekend giving them the benefit of the doubt that it might take longer than expected. On Monday November [redacted] the money was still not in my account. I called them and was told that the check was mailed out that day. I got rather upset because this is not what I was told originally. After the customer service representative heard my complaint she told me before she could authorize a wire transfer she had to go back and listen to the recorded phone call to make sure the error was because of money source and not something I did. I was called later that day and told the money would be wired to my account. The money didn't make it into my account both Tuesday the [redacted] or Wednesday the [redacted]. I called them several times during both of those days because I needed the money to go on my thanksgiving trip. The last phone call was on Wednesday at roughly 5:00 pm where I was assured the money would be in my account by 10:pm that night. On Thanksgiving morning the money was not in my account which forced me to cancel my family trip. On Friday the [redacted] I called at 8:30 am to let money source of this situation I have described in this account. They still failed to offer me any type of legitimate explanation for their screw up and did not offer to help me out for the problem they caused to me. I asked on Friday the [redacted] what they would do to compensate me...I was told the managers were in a meeting and weren't available to speak to me. The representative would again not admit fault on their side and said he would get my money right away. I told him I was tired of being lied to and didn't want to hear any more excuses...I told them I wanted their company to be accountable for the financial distress they caused me by not doing what they said. 15 minutes after he hung up the money was in my account. He called right after the money was transferred he called to let me now that money source got me the money and their was nothing further they could do.

This was blatantly irresponsible on the company's end that it took them over a week to refund me my money when the end result was it took one representative 15 mins to do something that almost 15 employees over a week could not do. I felt like I was lied too and intentionally not given the service that the company said they were going to do. This fiasco caused me to cancel a previously planned trip to visit my relative on Thanksgiving and also to cancel a vacation day I had planned at work as well.Desired Settlement: I feel like something should be done to financially compensate me for my troubles. I am not happy with this and I cannot refuse business with this company as they are the ones holding the loan to my property.

Business

Response:

Dear Valued Borrower,Please be advised that we have responded to the specific issues that you raised via a letter sent in the mail. The Money Source Inc. does not post public responses as they could contain confidential borrower information. Thank You

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:

This doesn't even remotely address my concern. My issue previously mentioned has nothing to do with security of account.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

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:

I have not received any mailing from moneysource.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

Dear Valued Customer, The letter was sent via Fed Ex with the following tracking number: [redacted].Thank You

Review: In July 2015 I refinanced my house with The Money Source Inc and the mortgage contracts came with payment stubs regarding sending the payments to [redacted] with a PO Box address. So I honored contract and sent my payment using my online chase bill bay feature and then the Money Source called me stated they have not received the two payment claiming that they are no longer working with the third party company [redacted] after I had already sent two payments. The payment were never applied to my home loan and The money source kept reassuring me over the phone that the matter would be resolved and I would not need to worry. I have sent several emails and called the money source several times with no results now the The money source has informed me that it would be my responsibility [redacted] to return the money to me or forward to the Money Source.

I have proof that Loancare has cashed the two checks amounting to $3,000

and now The money source will not give me credit for those two payments and they are assigning me to collections calling my employer to verify my employment. They are also sending me letters stating they are going to take my home away from me!!!

I have made every other payment on time and prior to this issue I have a history of never being late on my mortgage.

The money source Inc is very unorganized and unprofessional and continues to make promises to resolve the matter but never takes any action nor communicates with the status nor provides any updates.

It was never made clear to me that I would be responsible to recover those payments from the third party they hired to process payments.

I was just told today by Olisa the collections supervisor

I would not do business with either of these companies and [redacted] is the company that got me in this mess in the first place.Desired Settlement: I am seeking my mortgage account be adjusted for the missing $3,000 plus some compensation for the stress this has caused me and my family not the mention the time I have spent trying to fix someone else's mistake

Business

Response:

Dear Borrower,Please accept this response as confirmation that the issues you raised are being actively addressed, and that you will receive a written response via [redacted] mail. TMS does not post responses in this forum as they are viewable by the public, and the response may contain private financial information.

Review: My Mortgage recently switched to The money source back in July and I have never received a statement, every time I call, I get told that they are going to send another copy in the mail or they will email it to me in 24-48 hours. I have even been told that they cannot email the statements so the rep didn't know why I was told I would get the statement by email. I need to refinance my house to lower my mortgage insurance premium. So far, they have cost me over $1000 in extra mortgage insurance. Please help.Desired Settlement: I would like to once and for all get my statement.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Dont ever hook to those offer they have. Especially if from one of their loan agent name MAHISHT C[redacted]. They want to process all paperwok fast without gathering the right information specially your property tax. He will give low property tax qoute so that your monthly mortgages is low and you get the loan. Then once the loan was all done then thats the time you will be having a lot of issue and getting your mortgage rate go high to the cieling.....

Review: The Money Source Inc. is extremely unorganized and unprofessional. After six months of trying to resolve a serious issue, they continue to give me the run-around. At first, I tried to settle this matter politely and thoughtfully but after months and months of being toyed with it is clear that they do not care to resolve this matter. We had bought a home in June 2015 and every step of the process, from closing to our lender being transferred to another lender, has been a complete disaster. The previous owner had delinquent taxes in excess of $2000 that were paid but it had not been adjusted by the tax department at the time of sale. So when our lender got the closing papers ready, these delinquent taxes were still on there and our title company ([redacted]) at time of closing said we were liable for these delinquent taxes. HUH? Yeah no. We refused to be liable for them and were ready to walk out on the deal. [redacted] then wrote up some papers that said the previous owners would be liable so we would have nothing to worry about. We wouldn't have to pay for it. Fast forward 6 months later, and we are still paying for them. Let me remind you that by now, these taxes were paid off 2x by the previous owner. I had to go through hoops to get their money back for them. The tax office said they had no idea there was a surplus and wouldn't have known if I hadn't called to say so. Ok so here we are today, paying them again for the 3rd time. Since [redacted], or our lender didn't take it off our settlement papers, the new lender now "The Money Source" assumed we still owed it. For six months I've been telling calling them and giving them tax document updates from Summit County Fiscal Tax office showing that these taxes are already paid for. [redacted] had also sent them documents to show these taxes were paid. Yet The Money Source keeps telling me that we have to wait until Jan. 2016 until the taxes are adjusted by the county. We bought this house because we wanted to cut down on our bills. We wanted to save on our mortgage bill, and turns out we are paying a couple hundred dollars extra each month, and putting into The Money Source tax escrow on delinquent taxes that were already paid 2x (yes I keep repeating myself because I want it to be crystal clear.) The Money Source has a tax dept. that have the documents showing the previous owner already paid these taxes. There is nothing more they have to wait for. Think of how many mistakes like this are made everyday and how much money is being made on mistakes on taxes that are going into an escrow account. It's just wrong. Also, the second issue is, I want my two late charges refunded from the the Money Source. The first late charge was because The Money Source switched from a 3rd party mortgage collecto[redacted] so it'd be handled by them (The Money Source). They did not have any back up plan to where our funds were going to go when customers would be paying their bill as usual. Any reputable company would have had some kind of automatic payment transferring service that would have collected our payments without disruption. To charge us late fees for your mishandling of the situation is just absurd. The second late fee your company charged me confuses me since my bank records state our mortgage was paid by the deadline. I have bank records to prove that. In closing I would like to say that calling the Money Source for 6 months trying to get this situation resolved has been a calamity. From the start, from the first lender, to the title company ([redacted]) and now to The Money Source where our mortgage was suddenly transferred to, none of them have been helpful in this situation unless I filed complaints or hounded them. It's just wrong on so many levels. It's just sad.Desired Settlement: Refund of our money in the escrow account that are going toward the delinquent taxes that have already been paid for 2x by the previous owner. Adjustment of money due on our taxes due to these taxes being already paid. Did I mention that these taxes delinquent have already been paid? Also my two late fees that were charged on our mortgage payments.

Business

Response:

Dear Valued Customer,Information regarding an escrow analysis has been sent to your home address. Please be advised that The Money Source Inc. does not post specific responses to this forum as it may contain confidential customer information. Thank You

Review: I received a Check from the Money Source on 08/**/2015, it was deposited into my account on the [redacted] of september. This worked out great for me, it was in the amount of 580.00 for an escrow account, I was able to pay some additional bills with that money. Well to my surprise that check was reversed after it had gone into my account, and now I am paying fees or the Money Source putting a stop payment on that check. Not only am I paying those fees to the bank but now I am having to pay a fee to the bank when my mortgage gets returned to me for insufficient funds, and I'm the additional bills I paid. When I spoke to customer service about the issue, they said they sent out the escrow checks in error. How do you make a 600 dollar error is beyond me, but now I has my family of 4 financially strapped, and I don't know what to do.Desired Settlement: I would like a full explanation of why and how this happened, as well as the fees to my bank and additional fees for causing this hardship to my family.

Business

Response:

Dear M[redacted],Upon investigation into the complaint, it is clear this individual borrower is mistaken as to being entitled to these funds. This unintentional error, whereby two checks instead of one were sent to [redacted] (the "borrower"), was not by The Money Source Inc., but rather, our former sub-servicer, [redacted], who was previously servicing the loan. By mistake, [redacted] sent this check to the borrower when they weren't supposed to. The Money Source took over servicing from [redacted] on August [redacted], 2015, but sometime thereafter, [redacted] sent a duplicate check for these same funds to the borrower around the same time The Money Source sent its check for the exact same funds. The borrower received two checks for the same amount, when they should have only received one. This was a simple mistake which at times will occur when servicing rights to loans are transferred from one company to another. [redacted]'* check was, in effect, the incorrect check, but it came to our attention that the borrower cashed this check first. In the interim, and once it was brought to our attention that the funds were already received by the borrower directly from [redacted], we proceeded to stop payment on our check, which became the duplicate check. Borrower was not entitled to double the funds, so that was the reason The Money Source stopped payment on the duplicate check. The amount indicated in this complaint is the same amount on each check, including the duplicate check we sent. Our servicing team contacted [redacted] on more than once occasion to explain this and during our conversation on 9/*/15, even offered to refund any bank fees that may have been assessed. After speaking with him and requesting he provide verification from the bank of the amount of the fees assessed, we advised [redacted] that we would gladly reimburse these fees once the documentation was provided. To date, we have not received this documentation, but remain willing to do so, as originally indicated.Should you need any further information, do not hesitate to contact our General Counsel's office at ###-###-#### or email us. Kindly indicate whether, upon your review of this response, the matter can officially be closed. Thank you.