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I earned my degree in mathematics after studying engineering as I worked as an engineer for 40 years.. i began my career in accounting; but was bored needing more intellectual stimulation so I pursued engineering. I also was an adjunct professor, for 15 years, teaching computers at local Wash,DC community colleges. So I am NOT math, computer or financially challenged! I also understand programming, systems and processes. The accounting process is all computerized, these days, so most errors are programmed in and will affect all accounts if there are discrepancies. Please take heed to this message because this appears to be a systemic issue with one bank and if they get away with this probably other banks!

TWO (2) SUGGESTIONS:

1.) When selling a newly approved mortgage to another financial institution. A copy of the sale along with all closing papers sent to the new financial organization needs to also be sent to the homeowner to let the homeowner know exactly what transpired and insure all paperwork is in order.
2.) The newer financial institution should send to the homeowner, an accounting of the escrow with a clear representation that the property taxes and insurance were prepaid for the allotted time period as defined in the settlement papers.

Both of these must occur so that the homeowner can properly verify that the financial institution is following accurate and correct (truthful) accounting practices.

I as a homeowner. I am, extremely, distrustful of this process, now. I am experiencing a financial institution's (a bank) neglect, who bought my mortgage and is not recognizing by denying they received any or the proper settlement papers to finalized their financial transaction when purchasing my mortgage from the mortgage originator. This bank does not deserve to own my mortgage. They are not acting as a reputable bank by denying their responsibility. This seems illogical that a bank would purchase a home mortgage from another mortgage company and not receive the proper paperwork to accomplish their duties as a mortgage companies. This bank, two months after purchasing my mortgage, charged me insurance 50% greater than the prepaid insurance without my permission deducting this off my escrow account. I was sent two notices by this bank for proof of insurance which I contacted my insurance company State Farm (I am a 50 yrs client of State Farm) to sent my insurance information to this bank, twice. The bank denies receiving any information concerning my account other than my three monthly payments. This bank should not be in business. Also, if this bank is so readily denying their responsibility and continue to purchase more mortgage while disregarding homeowner's prepayments. Well this sounds like fraud. I paid approximate $2500 in prepayments. If 100,000 loans were purchased in 2021 with my low mortgage, on the low side this is a quarter of a billion dollars that is up for grabs by this bank - free month skimmed off the top. That is a lot of dough unfaithfully earned. Corruption in our financial organizations is common especially with all this deregulation. My instinct tell me this bank is dirty and is taking advantage of people's ignorance especially in mathematics, computers and finance. They underestimate humans! Humanity should not be taken advantaged of.

I ask Why sell these mortgages, let the originator be responsible? My first mortgage, for almost 20 years with the same company that initiated my loan, worked just fine.. This buying of mortgages caused this confusion which is unnecessary for the homeowner. After 50 years of steady working throughout my life I do not need this crap. I expect everyone to diligently do their job as honestly as possible. Everyone is getting paid to do their jobs. i expect banks and all bank employees to remember they are a 'SERVICE' company, too.

Please contact me if you have the gumption to follow up on this case. I will gladly provide my information to protect the public as all government employees (past and present) so do!