Navigating Mortgage Discrepancies

After closing on your home, it's important to continue monitoring your mortgage account. In a previous post, we discussed several reasons your monthly mortgage payment could change over time, including increases in property taxes, homeowners insurance premiums, escrow adjustments, or servicing fees.

While some changes are expected, mistakes can happen. Reviewing your monthly mortgage statement can help you catch errors early and prevent larger issues down the road. If you believe your mortgage servicer has made an error, federal regulations provide options for requesting corrections and additional information.

How to Dispute a Mortgage Servicing Error

Mortgage servicing errors can include:

• Payments that were misapplied or not credited correctly
• Incorrect fees or charges
• Errors in escrow calculations
• Improper foreclosure actions
• Inaccurate account information

If you notice a potential mistake, your first step should be contacting your mortgage servicer using the phone number listed on your monthly statement. However, the Consumer Financial Protection Bureau (CFPB) recommends submitting your dispute in writing to create a documented record of your request.

Your written notice should include:

• Your full legal name
• Your property address
• Your mortgage account number
• A detailed description of the suspected error

Keep in mind that many mortgage servicers have a dedicated mailing address specifically for error resolution and information requests. This address is typically available on your monthly statement or the servicer's website.

What Happens After You Submit Your Request?

Once your mortgage servicer receives your written notice, federal servicing rules generally require them to:

• Acknowledge receipt within five business days
• Investigate and respond within 30 business days
• In certain situations, extend the investigation by up to 15 additional business days if more time is needed

While your request is being reviewed, it's important to continue making your scheduled mortgage payments to help avoid late fees or potential credit reporting issues.

How to Request More Information About Your Mortgage

If you're unsure whether an error has occurred, you have the right to request additional information about your mortgage account.

Submitting your request in writing can help ensure you receive a timely, documented response. Similar response timelines generally apply:

• Written acknowledgment within five business days
• Response within 30 business days
• Possible 15-day extension when permitted

There are certain situations where a servicer may not be required to respond, including:

• Repeated requests for information that has already been provided
• Requests that lack sufficient identifying information
• Requests related to loans that were paid off or transferred more than one year ago

Additional Resources

The Consumer Financial Protection Bureau offers sample letters and additional guidance to help homeowners communicate with their mortgage servicer.

If you're buying a home or have questions about the mortgage process, The Polder Group offers helpful resources on the Loan Process, Loan Terminology, and Frequently Asked Questions to help you stay informed throughout your homeownership journey.

Frequently Asked Questions

Can my mortgage payment change after closing?

Yes. Your payment may increase or decrease due to escrow adjustments for property taxes, homeowners insurance, or other qualifying changes.

What is a mortgage servicer?

A mortgage servicer is the company responsible for collecting your monthly mortgage payments, managing your escrow account, and handling customer service after your loan closes.

Should I continue making payments while disputing an error?

Yes. Unless your servicer specifically instructs otherwise, continue making your regular mortgage payments while your dispute is under review.

Where can I get help if I have mortgage questions?

Whether you're purchasing your first home, refinancing, or simply have questions about your existing mortgage, The Polder Group at CrossCountry Mortgage is here to help.

We're Here Long After Closing

Your relationship with your lender shouldn't end at the closing table. At The Polder Group at CrossCountry Mortgage, we're committed to supporting homeowners throughout the life of their loan.

If you have questions about your mortgage, need guidance on refinancing, or are preparing to purchase another home in Tucson or anywhere in Southern Arizona, our experienced mortgage professionals are ready to help. Contact us today for a no-obligation consultation to discuss your home financing goals.

This article is for educational purposes only and does not constitute financial or mortgage advice. Loan programs, rates, and guidelines may change at any time. All loans are subject to credit approval and underwriting. For guidance tailored to your situation, consult a licensed mortgage professional.