Resolving Common Mortgage Issues

Resolving Common Mortgage IssuesA few months ago the Consumer Financial Protection Bureau (CFPB) shed some light on the common frustrations that consumers have with financial companies. With more than 25 percent of borrowers dissatisfied with their mortgage lenders, it’s important to understand how to navigate common mortgage issues. Even more importantly, secure your hard-earned investment with a comprehensive Champaign Home Insurance policy.

#1: The loan officer never received your payment.

Most lenders provide a grace period between 10 and 15 days before imposing a late fee, according to Kiplinger, and some wait a full 30 days before reporting the missed payment to a credit bureau. To prevent paying a penalty, file a formal “error notice” with your lender and ensure they respond within 5 business days to resolve the dispute.

#2: You’ve earned enough equity to cancel private mortgage insurance but don’t hear back from lender.

Give the request a full 30 days before you file a formal complaint with the CFPB. Be sure to follow up with them again via phone call before filing a complaint.

#3: Taxes and insurance costs increased.

While increased premiums and property taxes are a likely culprit of this issue, this may be a result of your lender inaccurately estimating annual expenditures. If the escrow account is short at the end of the year, you may choose to pay the difference in full or over the course of the following year. If there is an excess of funds, you may choose to receive a check for the difference or apply it to your next mortgage payment.

Please contact us at Myers Insurance Group at (855) 534-5707 and we will craft a policy tailored just for you.

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