Nationstar Mortgage / inept payment posting

Sa Sep 27, 2013 Review updated:

Approximately 1 year ago, nationstar took over the mortgage from boa. At the time, I was glad. I wanted nothing to do with boa any longer. A year later, I actually miss them. At least they never misapplied my payments.

For 1 solid year, I have had to contact their customer service people and have the payment applied out of principal and back to monthly payment. I like to pay one month in advance. And in even amounts. But I always send a very clearly written payment stub with exact numbers. Each and every month for the last year, they have taken and applied the full check directly to principle. I've asked who does their posting - is it india? Mexico? China? No one will give me an honest answer.

The last supervisor level 1 - floyd - before he hung up on me - told me it was my fault for not paying the exact and correct amount. I have to ask if he's ever actually seen their payment stubs with the extra words and lines allowing for addition monies to be posted to escrow and principle. But he hung up in frustration.

So one year later, i'm still trying to get someone who knows their system and can give me an honest answer to why they can't get it right.

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  • Co
      Sep 28, 2013

    This is one of the strangest complaints I've read. Why wouldn't you want it applied to the principal? You would knock years off your loan and save thousands of dollars.
    The bank has already calculated the amount you need to keep in escrow. If your escrow account goes over a certain amount, by law the bank would have to send you a check . keeping more money in escrow than needed is like given the bank a free loan.

    0 Votes
  • In
      Jan 11, 2014

    I have the same issue with them. I have to call every month to have them correct payments. If I send a payment coupon and check showing what month the payment is for and it arrives before the payment date they apply it to the principal and I have to call and have it reversed. Now that I've tried to send the payment on the first of the month, the payment appears to be lost in the mail so I have to make a phone payment to avoid penalties and stop payment on my missing check or let it go through and watch them post it to my principal not next month's payment. This is the absolute worst company we have ever dealt with and we're ready to sell our home just to get away from this incompetent company.

    0 Votes
  • He
      May 22, 2015

    I'm so sorry that you had a bad experience with Nation star. Whenever you make an over payment it does go towards either principle or escrow or deferred late fees or suspense.. (For most MTG companies) once they have put the money into suspense after 90 days if not applied towards a full contractual payment they will send it back to you. Most MTG companies don't hold on to funds like a savings. Hope everything is going better for you.

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