ComplaintsforGlobal Credit Union Home Loans, LLC
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Complaint Details
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Initial Complaint
11/03/2023
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I am writing you because I feel that the Global Credit Union, NMLS ID #******, is using creative accounting techniques to unfairly increase mortgage loan interest payments from its customers. My original mortgage was with Alaska USA FCU which merged with Global CU. For years, I made monthly mortgage payments that included an additional principle payment to pay down the principle on my mortgage loan and reduce the monthly interest due. In October 2023, I noticed that instead of the additional amount being applied to the loan principle, Global CU applied the extra funds as future monthly payments. This resulted in my monthly interest payments staying elevated because the principle was not being reduced. I contacted Global CU on October 12, 2023 and was told that their computer algorithm automatically applied extra payment amounts towards future monthly payments instead of the loan principle. On October 26, 2023 I requested the bank to specifically code the additional payment amount made in my November mortgage payment as additional principle and received a receipt showing it as additional principle. But but as of November 3, 2023, the additional principle was applied a future monthly payments into ****. When I obtained my mortgage loan in 2009 through Alaska USA FCU, I was told that there was no penalty for an early payoff. By refusing to reduce the loan principle and keeping the monthly interest payment elevated, this becomes a financial penalty for trying to pay off my mortgage early and allows Global CU to reap an unfair financial gain by charging increased monthly interest amounts. While my additional monthly interest amount may not amount to much, if you consider the number of other mortgage interest payments affected by these creative accounting techniques, Global CU is collecting an enormous profit using dubious accounting methods.Business response
11/07/2023
Global Credit Union,appreciates the opportunity to review the circumstances raised by ******************* Due to privacy restrictions of the ********************************** Act, we are unable to respond publicly. Global invites ****************** to contact us directly at ************, to further discuss his concerns. We will also respond to ***************** in writing if our attempts to contact are unsuccessful.Customer response
11/09/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*************************Initial Complaint
07/11/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
While working with *********************** to purchase a rental property, I disclosed to him that my business got an SBA loan and that I could pay it to myself as wages and use that as the down payment for the loan. He said that would work. Now that underwriting has looked at it and said no, he's back peddling and claiming he didn't say that and I'm not entitled to my $3,000 of ******* money back because underwriting denied the loan. He knew it was a loan when I and my friend sat down with him to talk about what we were doing. He said he had no problem doing creative financing with us to make it work. Now he's denying everything.Business response
07/20/2022
A representative with Alaska USA Mortgage Company has been in contact with ************ and has addressed his concerns. While his circumstances will continue to be monitored for closure, at this time, we consider this complaint to be resolved.
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Customer Complaints Summary
2 total complaints in the last 3 years.
1 complaints closed in the last 12 months.