Guild Mortgage Company Case Study
Guild Mortgage Company (“Guild”) is in receipt of your correspondence dated August 14, 2016 from the Consumer Financial Protection Bureau (“CFPB”). Guild appreciates the opportunity to review and respond to your concerns.
Your correspondence raised concerns in relation to the processing of the assumption of your loan. You also expressed dissatisfaction with the manner in which your impound account was handled; specifically the late charges that were assessed to the account.
With regards to the Assumption, an individual assuming the FHA loan is required to be credit qualified. Although in your case, there was a transfer upon death, as a new borrower you are still required to credit qualify to take over the loan.
We attempted to mail …show more content…
Payment increased from $1,125.33 to $1,147.02 Annual Tax Increased from $4,445.28 to $1,663.03 Annual Property Insurance Increased from $876.00 to $902.08
5/24/16: Return mail received – statement
5/31/16: Escrow Analysis Short Payment Letter Sent
6/3/16: Son Terry called in inquiring about monthly statements. Requested statements be sent to the Property address. Stated property taxes should be lower. Printed Annual Escrow Analysis and mailed to the Property Address
7/6/16: Payment returned due to short payment
7/8/16: Son Robert called in inquiring about Insurance refund he received in B1 name. He had changed insurance providers and not contacted us. Advised he would have to contact the Insurance carrier to have the check updated to his name instead of deceased
7/11/16: Received payoff request from Chicago Title
7/18/16: Late fee waived ($45.88)
7/26/16: Payoff in the amount of $147,560.79 received
7/29/16: Received returned mail
8/9/16: Check in the amount of $218.94 mailed to mailing address on file from
Your correspondence raised concerns in relation to the processing of the assumption of your loan. You also expressed dissatisfaction with the manner in which your impound account was handled; specifically the late charges that were assessed to the account.
With regards to the Assumption, an individual assuming the FHA loan is required to be credit qualified. Although in your case, there was a transfer upon death, as a new borrower you are still required to credit qualify to take over the loan.
We attempted to mail …show more content…
Payment increased from $1,125.33 to $1,147.02 Annual Tax Increased from $4,445.28 to $1,663.03 Annual Property Insurance Increased from $876.00 to $902.08
5/24/16: Return mail received – statement
5/31/16: Escrow Analysis Short Payment Letter Sent
6/3/16: Son Terry called in inquiring about monthly statements. Requested statements be sent to the Property address. Stated property taxes should be lower. Printed Annual Escrow Analysis and mailed to the Property Address
7/6/16: Payment returned due to short payment
7/8/16: Son Robert called in inquiring about Insurance refund he received in B1 name. He had changed insurance providers and not contacted us. Advised he would have to contact the Insurance carrier to have the check updated to his name instead of deceased
7/11/16: Received payoff request from Chicago Title
7/18/16: Late fee waived ($45.88)
7/26/16: Payoff in the amount of $147,560.79 received
7/29/16: Received returned mail
8/9/16: Check in the amount of $218.94 mailed to mailing address on file from