Complaint / Review
Vanderbilt Mortgage And Finance
$35 payoff processing fee not disclosed when requesting payoff amount

Vanderbilt Mortgage purchased my mobile home loan from JP Morgan, who purchased it from Bank One.

Bank One and JP Morgan sent me a new statement every month telling me what my payoff was. Vanderbilt did not, so I called for my payoff. They sent it to me in writing and included a $35.00 processing fee. I was not told about that fee when I initially called for the payoff amount.

When I called them, I was told that the fee is charged for processing the title work if you pay off a loan early. They couldn't tell me who it was paid to or why it would be needed. So I concluded that they do that just to recover some of the interest that they would miss. They did tell me that anything under $1,000 isn't charged that fee. I plan on having this paid by the end of the year so I don't have to deal with them any longer. Period.

I wish I had known about their business practices beforehand.