ComplaintsforCIS Financial Services, Inc.

• Initial Complaint

  04/20/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  CIS Financial Services has failed to provide me with an explanation on why they did not pursue the amortization schedule payments per the terms of the loan agreement. I believe they are required by law to accurately disclose and follow the terms of the loan agreement and provide borrowers with an accurate amortization schedule that details the amount of each payment, the interest rate, and the principal balance. I think they intentionally misrepresents or manipulates the amortization schedule and they may be committing fraud or engaging in deceptive practices. This is a violation of various state and federal consumer protection laws, such as the Truth in Lending Act (TILA) and the Consumer Financial Protection Act (CFPA). At this point in my communication with CIS Financial Services, Inc., I only hope to settle this with an explanation whether this is a technical error or an intentional misrepresentation of deceptive practices.

  

  Business response

  04/20/2023

  CIS Financial Services, Inc. has concluded its investigation regarding requested data sent to BBB agencies during the time period of your loan with CIS Financial Services, Inc.
  
  According to the Amortization schedule that is in the loan package and the payment history, we have followed the schedule precisely. In addition, the principal and interest portion of the payment remains the same as it was on the first payment letter.  The only thing that might be possible is you may have not realized that the escrow portion of the payment does not show on the amortization schedule, it only shows the principal and interest portion of the payment. The escrow portion is not included on the schedule because that portion of the payment may fluctuate.

  If you have questions, please feel free to contact me at ***********************
  **********************************

  Sincerely, 

  ******************;
  Compliance Analyst
  PO Box 1906
  ********, ** 35570

  Customer response

  04/21/2023

   
  Complaint: 19955875
  
  I am rejecting this response because:
  I wish to bring to your attention an issue I have identified with my mortgage statement. While going through my amortization schedule, I realized that it did not project the escrow payment fluctuation as expected. However, the mortgage statement precisely indicated that there have not been any changes to the Escrow payment since 2022.
  As per the mortgage statement, a total of $386.21 has been paid toward my escrow, which includes taxes and insurance. However, the ****************** tax office has stated that the recent Escrow payment, which is scheduled for ***** is approximately $754.22. This does not make sense, as there has been no change in my escrow payment, according to my mortgage statement.
  I would like to request your assistance in resolving this discrepancy. I have been a loyal customer of your institution for a long time, and I have always made my payments on time. Therefore, I am confident that we can work together to rectify this issue.
  Please let me know what additional information you need from me to investigate this matter further. I appreciate your prompt attention to this matter and look forward to hearing back from you soon.
  Thank you for your time and consideration.

  
  Sincerely,
  
  ***************************

  

  Business response

  05/03/2023

  For the protection of your financial privacy we will email you the information on this claim. 

  Customer response

  05/09/2023

   
  Complaint: 19955875
  
  I am rejecting this response because :I want a clearer explanation regarding the inconsistencies I have noticed on my amortization schedule and the monthly mortgage statement. Specifically, I have observed discrepancies in the interest portion, principal portion, remaining balance, and resulting LTV.
  As you are aware, an amortization schedule is an important financial document that outlines the repayment schedule for a loan. It provides a breakdown of each payment made, indicating the amount that goes towards the principal and the interest, as well as the resulting balance after each payment.
  However, upon reviewing my amortization schedule, I have noticed that the interest portion, principal portion, remaining balance, and resulting LTV do not match up with the Mortgage statement. This is a cause for concern, as it indicates a potential error in the calculation of my loan repayment schedule.
  I request that you provide me with an explanation as to why these discrepancies exist. I also request that you correct any errors that *** have been made in the calculation of my loan repayment schedule and provide me with an updated amortization schedule.
  As a valued customer of CIS **************************, I trust that you will take this matter seriously and provide me with a prompt response. I look forward to hearing from you soon.
  Thank you for your attention to this matter.
  
  Sincerely,
  
  ***************************

  

  Business response

  05/12/2023

  5-12-2023  We sent a response back to him and advised him that we were responding to him by email. The reasoning was he was needing numbers and we were not wanting to put those on the site. He has emailed me and we have talked since then how can we close this claim.

  *******************

  Customer response

  05/16/2023

   
  Complaint: 19955875
  
  I am rejecting this response because:

  I am writing to express my deep concern and demand an immediate and comprehensive explanation regarding the recent transfer of my mortgage payment to ********, effective 06/02/2023. Additionally, I am troubled by the fact that the dispute on my amortization schedule remains unresolved. As far as I am aware, there has been no authorization or agreement from my end for such a transfer.
  I want to highlight that throughout the duration of my mortgage, I have diligently made all payments on time and have never defaulted on any obligations. Therefore, it comes as a surprise and raises suspicion that my mortgage payment has been transferred without my knowledge or consent. The lack of transparency in this matter is deeply unsettling, and I expect a prompt response to address this issue.
  Furthermore, I have been actively pursuing the resolution of an ongoing dispute regarding the amortization schedule associated with my mortgage. This dispute has remained unsettled, and it is alarming that the transfer of my mortgage payment has taken place while this matter remains unresolved. I firmly believe that it is in the best interest of both parties involved to resolve this dispute promptly and fairly.
  Given the circumstances, I kindly request the following from CIS Financial Services:
      Provide a detailed explanation outlining the reasons for the transfer of my mortgage payment without my authorization.
      Clarify the specific terms and conditions under which my mortgage payment was transferred to ********, including any relevant contractual or legal basis.
      Address the ongoing dispute regarding the amortization schedule associated with my mortgage and provide a clear plan of action to resolve this matter.
      Provide any documentation or evidence supporting the legitimacy and appropriateness of the mortgage payment transfer.
  I trust that CIS Financial will treat this matter with the utmost urgency and seriousness it deserves. Failing to provide a satisfactory explanation within a reasonable timeframe will leave me with no choice but to escalate this issue and seek legal counsel to protect my rights as a homeowner.
  Please note that I expect all future correspondence to be in writing. I would appreciate a written response addressing the concerns raised in this letter within 15 business days from the date of receipt.
  Thank you for your immediate attention to this matter. I look forward to a prompt and satisfactory resolution.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  02/22/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Company fails to apply mortgage payments to account and requires me to call every month tracking money orders, requiring me to take pictures of receipts even after repeating this monthly they still treat me as though I'm the one at fault. I have never been late or missed a single payment yet my credit report reflects 5 months worth of late delinquent payments that they cashed. Everyone prior to my mortgage due date. After repeated calls this issue still is not resolved as I yet again received another letter stating I am delinquent when the money order was cashed on the 8th. My bill is due on the 10th. Which means tomorrow I will spend an hour playing phone tag before they decide to apply the payment to my account. I am a working mother with a disabled child, I do not have time to do unpaid work for a mortgage company whose accounts receivable have one job they fail to do. Enough!

  

  Business response

  03/23/2022

  Business Response /* (1000, 5, 2022/03/01) */ In response to the complaint filed with Attorney General received by our office on February 22, 2022 regarding the application of your mortgage payments, a complete review has been conducted and the following items confirmed. Throughout the complete history of the loan serviced by CIS Financial Services - Three payments were posted erroneously. However, upon discovery of the error, the payments were applied and effective dated for the date actually received. Those payments were dated 2/10/2020, 11/19/2021, and 1/3/2022. These payments were corrected prior to the loan being 30 days past the due dates. All payments were applied either prior to the due date or before the end of the grace period. Only one late charge was assessed on the history - dated 1/26/2022 and was waived on 2/2/2022. At no time was a payment applied to a late fee. All months reported to the credit bureaus were reported as current. At no time was the loan 30 days past due, therefore, negative credit would not have reported. One past due letter has been issued on the loan to be mailed to the property, dated 1/28/2022. Three billing statements mailed in conjunction with the dates posted in item one did reflect two payments due at processing date. The billing statement is not a true past due notice. In reviewing the comment history of the loan, CIS customer service staff noted only five phone conversations between the borrower and CIS that were not related to the misapplied payments. In the three-year period of servicing the loan, that averages making contact three times per year. CIS offers electronic forms of payment as well as mailing checks or money orders. The electronic payments are applied through an automated process, eliminating human error. The recurring automated drafts are at no charge to the borrower. In conclusion, CIS agrees that three of the payments over the life of the loan were posted erroneously and apologize for any inconvenience. However, CIS disagrees with the remaining items included in the complaint. CIS customer service has not been contacted five months in a row with complaints regarding non-posting of the payment. CIS disagrees that negative or derogatory reporting has been submitted to the credit bureaus. Should CIS be provided with the appropriate documentation to support this portion of the complaint, we will be happy to review further. Again, we do apologize for the frustration and inconvenience incurred regarding this matter. Sincerely, Servicing Operations Manager

• Initial Complaint

  08/19/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  For the past several months, I have continuously received calls from this company stating that my mortgage (set up on draft through THEIR system) hasn't been pulling from my account, resulting in late payments. I get a call from an account personnel monthly stating that my payment is late, yet when I ask how to fix the problem or ask for a person from THEIR information systems to call me back, It never happens. I have good credit and hate to see my credit suffer from the errors of this company.

  

  Business response

  11/01/2021

  Business Response /* (1000, 5, 2021/08/20) */ Based on an investigation of this matter, the following information was discovered: Mr. *****'s auto pay started on May 1st which doesn't work with our system due to our file is sent to ACI on the 1st day of the month and it will reject the payment. There have been no late payments to Mr. *****'s account at this time. The auto payment has now been corrected and set up for the 5th of the month to keep this from happening again. CIS Financial Services, Inc. extends apologizes for this happening and not being explained as thorough as it should have been for understanding.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩