ComplaintsforCMC Funding, Inc

• Initial Complaint

  11/15/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have loan number ********** with CMC loan company. For 2 years, they charged me for LP Hazard insurance. It cost about $6,300 (see attached). They did this because they thought I did not have my own home owner insurance. However, I did. I had insurance with USAA. I provided all of the documentation to show that I had USAA insurance. CMC provided me a credit of 4526. However, that means about $2000 is still owed to me. I have spent 4 - 5 hours on the phone talking to 6 or 8 people. No one has been able to help me.

  Business response

  11/21/2023

  Dear **** ** ******,
  
  Specialized Loan Servicing, LLC (“SLS”) is writing in response to a dispute that you filed with the Better Business Bureau (“BBB”) with regard to the servicing of the above-referenced mortgage account. We understand that by filing a dispute with the BBB, you have authorized us to upload a copy of our response to the BBB website. We further understand that you are requesting the BBB to assist you with Lender Placed Insurance (“LPI”) refunds.
  
  SLS records indicate that the enclosed letter generated on June 13, 2022, was sent to the address on file requesting the current hazard insurance policy as we did not have evidence of the policy. On July 15, 2022, the enclosed letter was sent again requesting the insurance policy. This letter also advised we planned on buying insurance for the property as insurance is required. On August 22, 2022, the enclosed letter was sent advising we bought insurance for the property as we did not receive proof of coverage. The enclosed letter generated on April 6, 2023, was sent requesting the current hazard insurance policy as we did not have evidence of the policy. SLS then received the policy information for the insurance effective May 11, 2022, to May 11, 2023, and a policy effective May 11, 2023, to May 11, 2024; as such the insurance we bought was cancelled. We have reviewed the amount billed for the lender placed insurance as well as the amount refunded for the lender placed insurance, and SLS records indicate that all amounts billed to the account for lender placed insurance have been refunded. A breakdown of all LPI charges and refunds is as follows:
  
  Transaction Date Effective Date Transaction Amt Transaction Desc
  06/13/2023 05/28/2022 $4,313.00 Refund: Force placed hazard insurance
  06/09/2023 05/28/2023 $489.34 Refund: Force placed hazard insurance
  06/09/2023 05/28/2022 $213.00 Refund: Force placed hazard insurance
  06/01/2023 06/01/2023 ($489.34) En-mass Payment: Force placed hazard insurance
  04/27/2023 04/27/2023 ($377.13) En-mass Payment: Force placed hazard insurance
  03/27/2023 03/27/2023 ($377.17) En-mass Payment: Force placed hazard insurance
  02/27/2023 02/27/2023 ($377.17) En-mass Payment: Force placed hazard insurance
  01/27/2023 01/27/2023 ($377.17) En-mass Payment: Force placed hazard insurance
  12/27/2022 12/27/2022 ($377.17) En-mass Payment: Force placed hazard insurance
  11/28/2022 11/28/2022 ($377.17) En-mass Payment: Force placed hazard insurance
  10/27/2022 10/27/2022 ($377.17) En-mass Payment: Force placed hazard insurance
  09/27/2022 09/27/2022 ($377.17) En-mass Payment: Force placed hazard insurance
  08/17/2022 08/17/2022 ($1,508.68) En-mass Payment: Force placed hazard insurance
  
  We have enclosed a copy of the SLS account payment history as well as copies of all the above referenced LPI correspondence for your reference.
  
  We have researched the account and our records indicate that the LPI refunds described in your dispute was not in error. We trust that we have responded to your concerns. You have a right to request the documents relied on by SLS in reaching the determinations communicated in this letter by contacting us at the number below, but please note that SLS has already enclosed them for your reference.
  
  If you have any questions regarding this information, please contact Customer Care toll free at *************** Monday through Friday, 6:00 a.m. until 6:00 p.m. MT. We accept calls from relay services. We provide translation services for individuals who indicate a language preference other than English. Se habla español.
  
  Sincerely, 

  Customer response

  11/21/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]

  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.  Thank you for your consideration and explanation of what happened.  

  Regards,

  **** ******

   

• Initial Complaint

  02/15/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On February 14, 2022 I made an online mortage payment through and automatic bank draft for $871.51 to CMC Funding. This pulled from my account correctly. On February 15, 2022 a second unauthorized, unschedualed draft for another $871.51 was pulled again. This overdrafted by bank account resulting in a $35 fee. After contacting CMC Funding customer service they said only could see one payment (both ACH transaction numbers were given) but would return the payment only after 15 days even though they inisiated and unauthorized ACH payment which went through. They said there was nothing else they could do. For the next 15 days I am without any funds because of CMC's mistake they refuse to fix in a timely manner. After speaking to the credit union from which the money pulled, they said that CMC did pull from their end, it was not on the credit unions end.

  Business response

  02/28/2022

  CMC Funding has received your concerns in conjunction with our affiliated subservicer, Specialized Loan Servicing LLC ("SLS"), have drafted the attached response.  We appreciate the opportunity to address your concerns and hope that you find the response and actions taken to be satisfactory.  Thank you.

• Initial Complaint

  10/29/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  CMC funding bought two of my loans from Leaderone Last year. I set up autopay 8/28/2021 one load it went through the other it did not and I only noticed two months later after I open an obscure letter from their loan payment system that does not say anywhere on it the it is CMC funding and I thought it was junk mail. They were defaulting the loan and sending it to foreclosure. My husband quickly may a payment over the phone I tried to get online to reset up autopay it would not let me I called and they said I HAD set up originally right but did not give their system enough time to make the payment on the 1st so they cancelled the whole thing and didn't even allow for October 1st payment? They told me how it was all my fault and I couldn't set up autopay until the next day. I believe they duped me and I never received an email or a phone call, I think this company is deceptive on purposed, they are very disorganized and I felt like they are trying get me to make a mistake so they can take my house

  Business response

  11/08/2021

  Please see the attached review and response from Specialized Loan Servicing LLC, the current servicer of your mortgage.  Thank you.

*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. ↩