Complaints

• Initial Complaint

  09/28/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My experience with this company was terrible. They promised me an interest only loan but when the mortgage was transferred out, they sent it as a P&I payment loan. It took a LOT of effort, to put it mildly, to get the problem resolved, but now it has come to haunt me again even though I paid the loan off in full. While applying for a new mortgage, I've come to learn that the mortgage they set up is now showing as having a loan modification in my history because of the error on their part. I emailed several people from this company to get a letter of explaination regarding the error they made but no one has responded. This is similar to how they behaved initially when they needed to correct THEIR error. It feels like they try to completely ignore clients after closing. Even the mortgage broker I was dealing with became more difficult to reach and has not responded at all to the recent request for help.

  

  Business response

  01/31/2023

  Hello,
  Yes, we can confirm that the borrower was originally slated to close with an Interest Only loan. When the loan was closed, it was inadvertently closed as an amortizing loan. It was not noticed by the settlement agent, loan officer or borrower at the time of closing. The borrower did realize the discrepancy after the fact and brought it to our attention. MCM as a closed loan seller, had already sold the loan and transferred it's servicing rights by the time it was brought to our attention. Once it was brought to our attention, we engaged the servicer of the loan immediately to try and remedy the issue and do right by the consumer. The servicer engaged the borrower directly with instructions on how to remedy the issue, of which the solution was to execute a modification agreement. We were kept in the loop by the servicer as to the progression. The borrower signed the modification agreement and sent it back to the servicer at which point the issue was resolved. We would be more than amenable to assist the consumer with the new mortgage company they are working with. We can jump on a call with them as necessary. They can reach out to me directly. ***********************, Operations Manager ************.

  Customer response

  01/31/2023

   
  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,
  
  ***************

*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. ↩