Fairbanks bought Olympus Servicing, which serviced my first mortgage. I had sent my december payment to Olympus on Nov 25th. At the same time, I was doing a refi. My refi closed 12/24/02, but the payoff was not processed! I called customer service, and the rep said they `never rec'd the 12/1 payment, but admitted they had experienced a lot of problems with payments not applied.
On 12/26, after the escrow closed, I rec'd a payoff demand sent to MY house, NOT the title company! I did an EZ-Pay so not be be 30 days late.
On 1/2/03, I called the service line, and I still have a full balance! I called my title company, who called fairbanks, and they said I had a prepayment penalty.
Now, here's the good part, I am a wholesale rep for a huge mortgage company that does over a BILLION in loans a month. I did my own loan. There was no prepay penalty on my loan. I gave a copy of my note and truth in lending to title, they forwarded it Fairbanks (Kara Brooks at 512-349-8602), and she told my title officer they would process the payoff as of 1/3/03. I left her a message that she needs to adhere to Department of real Estate Law, and pay my loan off.
Never got a return call.
On 1/6, I opened my mail to find another demand sent to me, not title, showing a prepayment penalty that I do not owe. I called the service line, and was told I STILL have a full balance outstanding, and am due for the 1/1/03 payment, even though they have all the funds.
I am in the mortgage biz, have been since 1975. I understand delays, but I also understand delays simply to collect interest and overcharge. It is illegal!
Anyone know a good class action attorney?
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