They sold the mortgage or they changed who processes it. It was the same bank as my checking. I could log in and pay the mortgage and some other things I do at bill pay time. The mortgage payment would occur instantly.
Now I have to log in to a different website and the payment takes days to process.
It's a ARM. The new processor, or whatever, screwed up the rate and made a rediculously high rate adjustment. The fixed that, but, their information page is incorrect. They have the wrong rate adjust date, It's Feb 1, they think July. They have the correct offset & index The next rate should have been set 45 days prior to the change date. They can look at years of payment history and see that all rate adjust have been on Feb 1. They also show the rate ceiling as 12% and it's supposed to be 11%.
So if nothing is fixed, my low rate will last until July, than it is likely the index will go up and the rate will be higher.
It appears the July rate adj date is an anniversary of the loan origination date.
Thing is, there was a mortgage modification done in 2003 that changed the terms and change date, and I have a copy of the document.
I have not shared it with the bank because one of the terms on the document, is the rate can not be less than 3%. Reality is the rate has actually been adjusted below 3% some years, and is 2.625 right now. Based on what I know it should adjust to 2.75% Feb 1.
So I can prove what I say the terms are supposed to be but it would reveal that the rate has been adjusted below the specified minimum for several years
Now I have to log in to a different website and the payment takes days to process.
It's a ARM. The new processor, or whatever, screwed up the rate and made a rediculously high rate adjustment. The fixed that, but, their information page is incorrect. They have the wrong rate adjust date, It's Feb 1, they think July. They have the correct offset & index The next rate should have been set 45 days prior to the change date. They can look at years of payment history and see that all rate adjust have been on Feb 1. They also show the rate ceiling as 12% and it's supposed to be 11%.
So if nothing is fixed, my low rate will last until July, than it is likely the index will go up and the rate will be higher.
It appears the July rate adj date is an anniversary of the loan origination date.
Thing is, there was a mortgage modification done in 2003 that changed the terms and change date, and I have a copy of the document.
I have not shared it with the bank because one of the terms on the document, is the rate can not be less than 3%. Reality is the rate has actually been adjusted below 3% some years, and is 2.625 right now. Based on what I know it should adjust to 2.75% Feb 1.
So I can prove what I say the terms are supposed to be but it would reveal that the rate has been adjusted below the specified minimum for several years