Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage


My mortgage lender, U.S. Bank periodically sends multiple Mortgage Statements for the same loan due date period. These duplicate statements are confusing, especially when I timely pay my monthly balance. The duplicate statement is sent even after U.S. Bank acknowledges receipt of payment! I have mistakenly ( almost ) made double mortgage payments to U.S. Bank. I initially called U.S. Bank customer service and they say there is nothing they can do, it is a government ( RESPA ) requirement that they send out duplicate statements and that U.S. Bank can not change its software. U.S. Bank simply says ” disregard ” the second statement. The duplicate statement is not identified as duplicate and it creates accounting problems when duplicate statements are sent by my mortgage lender.

In a recent call to U.S. Bank regarding another duplicate statement they indicated that it is a Consumer Financial Protection Bureau ” regulation ” that requires U.S. Bank to send out duplicate statements every ” 31 days ” from last communication. Therefore, if I pay my bill timely ( or early when rec ‘d ) and/or the following month is a longer month then ( according to U.S. Bank ) per your CFPB regulation, U.S. Bank says it must send me another statement for the billing period that I already paid and they have received. If this ” 31 day ” rule is truly a CFPB regulation — & gt ; then it is a stupid regulation. If it is a CFPB ( well intended ) regulation,,, it results in a consumer unfriendly outcome when it is applied to my facts and circumstances, hence a stupid regulation. U.S. Bank indicated other customers have complained about this problem! I have also escalated this problem from U.S. Bank Customer Service to U.S. Bank Consumer Advocacy for attention.
So,,, Is this a CFPB, U.S. Bank or other party problem?

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