Equal Home Finance Bureau ALERTS!

Mortgage Payment Processing Can Be Slow

We have noticed reports by various consumer advocacy groups about mortgage payments. In some cases, payments are processed slowly by the lenders. In other cases, coupon books have been sent late when mortgages are sold from one lender to another and consumers miss payments or are late in payments because of it. This allows lenders to charge additional interest on home loans and may do a number of bad things to consumer's credit and home loan costs.

This seems to occur either when a lender simply has bad internal processes or when a mortgage loan is sold to another lender or servicing companies change. Despite complaint after complaint, it may not be feasible to refinance into another lender...that lender may not even be the eventual servicer of the loan anyway. There are things that you can do, though. If they have an automatic withdrawal system from your account, that may work wonders. Other means of paying electronically may be available. Further, don't let a lack of a coupon book dissuade you. Find out your new mortgage number and send the check into the new bank's loan payment address to be sure you get your payments in on time.

Whenever there you receive a letter saying that there is a change in your mortgage lender or servicing company, track down your mortgage like a hawk. Don't assume that they will have the coupon book to you in time. If there's a customer number, call them and make sure you know exactly what's going on and what's expected of your payments. If the person you talk to doesn't sound like they know exactly how things will work, talk to someone else who obviously does. Call as often as you have to to make sure you are doing what needs to be done.

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