1st Problem - The sales person told me they could check the mortgage lender's statements to make sure they were correct. I found out later this is not true. About five months after enrolling in Nationwide biweekly association (NBA) my wife and I received a letter that our bank was foreclosing on us! Long story short, the bank had adjusted our escrow payment amount. NBA does not have access to our statements and so our monthly payment did not adjust to the new amount and was short by about $60 per month. Our lender rejected those payments (they don't accept partial payments) and after two months began the foreclosure process. To be clear, NBA was paying the bank, but the bank took a long time to send the payment back and so we had no idea that they were being rejected until the foreclosure notice. After calling my lender, I was able to clear up the matter. An NBA rep actually helped me to do this. To say the least, this was not what I expected would happen when I enlisted the services of NBA given the sales rep's promises.
2nd Problem - I was willing to stick with NBA at this point, but then problems continued. I went over the new numbers with the NBA representative to correct the problem. Despite reviewing them several times, NBA did not make the correct adjustment to my account. I tried emailing the rep several times to make a correction but never got a response or correction. I called and of course nobody was available so I left a call back number (the system repeats it to you so I know it was correct). Still nobody called back for several days. After several more attemtps, I Finally got throught to a person and told them that I no longer wanted to use NBA's services. For the amount of money that they charge for the service they provide, the service is horrible. Not a good value.
As it turns out, my lender has a biweekly payment plan that is absolutely free and it will always be correct even if the escrow amount changes! I'm not sure how NBA will continue exist when they charge an arm and a leg for terrible service and the competition does a great job for free.
My advice would be check with your lender first for a bi-weekly pay plan. Mine takes it directly from my checking account and charges nothing - not even a transaction fee. Next, check with your bank. Most banks these days will make automated payments for you, sometimes for free. Finally, consider just paying an extra amount towards the principle each month.
Hope my bad experience helps you.
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