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#2015 - 05/26/01 05:32 AM RESPA and FCRA
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Okay - here's something from personal experience, and I will let you folks know what develops.

Two years ago, we bought a house with a purchase money first and second. Both loans were sold on the secondary market. The first payment date was approaching and I did not receive a payment notice from the lender on the 2nd. I pulled out my loan docs and used the "temporary" coupon and mailed the first payment 5 days before the due date.

About 4 days later I receied a notice that the loan had been sold and I was directed to make the payment to the new lender. I called my original lender to confirm this, and was told the loan had been sold. I was also told my payment would be forwarded to the new lender. Then, about 10 days later I received the transfer of servicing notice from the old lender. Interesting conflict was, the old lender showed the transfer date as being effective one month LATER than what the new lender showed.

Long story short - the new lender send me a late notice and their collection department contacted me about the "overdue" payment.

Longer story short - I got the situation straighted out and the new lender reversed the late charge. This after sending copies of EVERYTHING to both lenders via Certified Mail.

Now - I just ordered a copy of my credit report - and lo & behold, the "new" lender shows that I was 30 days late for that payment!

So - since this loan was a purchase money second, does the RESPA rule regarding Transfer of Serving apply? I will be contacting the lender on Tuesday about the situation. But I am not sure I can summon the perils of RESPA here.

_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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General Discussion
#2016 - 05/27/01 01:48 PM Re: RESPA and FCRA
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Technically, your 2nd lien loan is exempt from section 3500.21 (Mortgage Servicing Transfers). The definition of "Mortgage Servicing Loan" excludes subordinate liens and HELOC. However, I would not let that stop me. Call them up and explain how this is wrong. Use the words "RESPA" and "Mortgage Servicing Transfer" like you know what you're talking about, and hope that they don't figure it out.
_________________________
David Dickinson
http://www.bankerscompliance.com

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#2017 - 05/27/01 01:58 PM Re: RESPA and FCRA
Anonymous
Unregistered

I had an experience with my nationally known mortgage company re a mistake they made and reported negatively on my credit report. I complained, pointing out how the situation was really their fault they immediately corrected the records and took the ridiculous information off my credit report. (they had billed me incorrectly - I get a statement, no payment coupons - and when they noticed their error, rebilled and reported me 60 days late for 4 months running!)

I have become much more like the customers I am always trying to please and complain. The companies usually correct things without much effort! I'll bet they will take this off your report. They are wrong, Respa aside.


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