LoanCareescrow mismanagement of funds

Review updated:

I have been having issues with LoanCare and their handling of my Escrow account. They sent out 3 annual Hazard insurance payments within a 2 month period. When money was refunded back to them for over payment they did not return the funds back to Escrow. In addition I mail a hand written check to cover another refund for over payment to be applied to Escrow (they did not follow my instruction). The shortages came several months later and then all of the sudden I get a new Monthly amount due to cover Escrow shortages. I turned them in to the State of Oregon 3 times now. I am now waiting for the State to take some form of action. In every case to this date LoanCare writes a sympathetic letter back to the State saying they were just errors and missed opportunities. PLEASE, PLEASE contact your states Financial division and get these idiots stripped of their right to do business. I would have NEVER, EVER opened a loan under them. My loan got sold to them and from that point forward has been a true [censored] show. The people on the phone there know less than me about how things are supposed to work. Even after calling ahead to inform them of Insurance carrier changes month in advance mind you, they still screwed it up. I am now in the process of moving my loan and conventional to avoid this type of mishandling of an Escrow account. An YES, when they first received my loan it took quite awhile for the account to be setup to accept payments. Blows my mind how screwed up this company is and still allowed to conduct business. For sure contemplating a law suit and put these idiots out of business.

Aug 27, 2019
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  • Lo
      Sep 03, 2019

    We'd like the opportunity to turn your experience around. Please contact us by email at [protected], so we can better understand your escrow account situation.

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