I have been a licensed Loan officer and Realtor for the past 10 years. I also work as a Acctount Executive for a mortgage company. I april I purchased my first home. My loan was done through a company called MIT. About 2 months after the loan was sold to GMAC mortgage. I only intended to stay in my loan for 6 months and refi. Out.in October when I got ready to refi my house I discovered that GMAC who held the note on my first never reported my mortgage payments to the credit bureaus and the only mortgage that showed up on my credit report was my second mortgage.
I immediately contacted GMAC mortgage to asked them why wasn't my mortgage reported. I was told by a rude customer service rep. That they would report in Nov. I told him that under RESPA guidelines that you have to report to the credit bureaus after holding the note for 60 days and you are in violations of those guidelines and you should have reported in October and because you didn't it has affected my credit score and caused it to drasticlly drop. And this stupid idoit keep saying over and over that we just got your loan in July and the 60 day was in Sept. I then said to him are you some type of stupid idoit and you did not hear what you just said to me. He says yes but we will not report until Nov. I documented the call and drafted a complaint in the form of a legal declaration and sent it off to the Dept of Corporations located in Sacramento.
They accepted my complaint and sent GMAC mortgage letter demanding that they explain why they didn't report my mortgage to the credit bureaus. After GMAC recieved the complaint from the Dept of Corporations they began to harrass me. I got phone calls from them stating that my mortgage was sent to collection. I got charged with fees that they had no explaination for. I also got charged a $122.95 late fee payment on a pay-off demand that was sent to escrow.
I have growing paper trail on them and I have responded to every nasty letter I have recieved from them. They have stressed my out so bad that I was taken to emergency for numbness in my left arm, hand and chest pains. What they didn't realize is that I work for a mortgage so I know how they operate and I am one person that they should not mess with because of the years of experience and knowledge I have in this industry. I have no problem exposing how they operate in court.
I felt that they were trying to force me into staying in a loan that would eventually force me into foreclosure. As of today they have still not reported my loan to the credit bureaus, but they did sell my loan off to another lender to get out from underneath reporting my mortgage and also to punish me by selling my loan knowing that the new lender would have to wait 60 days before it could report my mortgage and delaying me in refinancing my home until Feb. Of next year. I am currently in the process of filing a civil suit against them based on RESPA guidelines violations, gross negligence and intentional infliction of emotional distress.
The best advice that I could give anyone who has had to deal with them is to document everything from who you spoke too and there employee number and respond to all letters you recieve from them. They only way to bring them down is through good paper trailing and reporting them to the Department of Corporations which is like the policing force for mortgage lenders and other mortgage professionals. All mortgages companies operate the same you just have to go after them and expose them through the right channels and chances are you will when. All Mortgage lenders violate RESPA guidelines and the public needs to start turning them in for it. These RESPA guidelines were established to protect the consumers from abusive lenders. Please use them to make these lenders accountable for there abusive practices.
0 comments