August 9. I have been trying since June 21 to get a payoff from this company for my client who wants to refinance. The client has tried to get information about his payoff date and amount by calling them and by writing, but they would only tell him that "everything is in his note" and would not answer his questions about the payoff penalty expiration date (the wording in the note is ambiguous).
They did not respond at all to his written request for a date for payoff with no penalty, but they did send him a letter telling him that on August 1 his interest rate was going up to over 10%, in this climate of low rates and he with no late payments to them.
They charge $60 for a faxed payoff, and give themselves 5 business days to provide it. What they don't tell you at their FAQ web site or anywhere else is that if you have an early payoff penalty on your loan, they will not provide a payoff statement that does not include the penalty until after the penalty expires.in my client's case the penalty came off August 1, so when the escrow company faxed the payoff request in June and again in late July, asking for an amount due on an August 2 payoff, the client got billed $60 each for statements that still included the penalty.
I have called them and they say their policy is not to give the payoff amount without a penalty until after the date the penalty comes off. This strategy of theirs means they can always continue to collect high interest for at least 5 or 6 days because you cannot obtain a payoff for day 1 after the prepay penalty comes off.
August 2, escrow again faxed a payoff demand. Five business days have come and gone, this time there is no reply at all. August 9, we want to fund on Thursday. Client will go from over 10% with Select Portfolio Servicing to 6.5% with the new lender.
Company President Matt Hollingsworth has said about the name change, "We wanted a name that reflected our new philosophy going forward, our new culture, " but they're as nasty and criminal as ever. I hope everyone in the loan business will boycott this horrible company. They should be put out of business before they can ruin any more financial lives.
0 comments