Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

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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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