Complaint / review text:
They also took over my mortgage from BAC, who in February just did a escrow analysis on my escrow account, which my escrow payment went up $3.00 a month. Due to a shortage of $22.68 at which I paid in full. My Monthly payment went from $878.19 to 881.77 to keep my account on track. I receive another escrow Analysis from Carrington on May 26 2015, it shows the escrow transfer from BAC the sum of 801.88, on their analysis with April and May's Escrow total of 532.66. Now brings my total to $1334.54 in escrow then they start the analysis Aug 15 2015 to July 16 2016. They start the escrow with the sum of 1600.87 just one more escrow payment. There should have been two months which should have been $1,867.20. So they are missing either June or July Escrow. Those two payments should be shown on the Analysis statement, then to find out they want to hold a extra $532.00 in my account for one year.
I also found out that they do not pay any interest on the escrow accounts. Well that's when I start checking on Complaints against Carrington Mortgage LLC. Actually they are a debt collection agency. I also found out Legislation passed a bill regarding escrow accounts, that mortgage holders must pay a minimum of 2% interest every 1/4 on escrow accounts. This bill was passed in 1974. We have call Carrington Mortgage LLC several times. The customer service reps are lousy. They go off on their own not listening to the customers explain the problem. We did however get one rep Joe to see our problem and he agreed that we were correct and sent the information back to the Escrow Dept. Joe did call us back to let us know they were working on the missing escrow money. I just call today to check on the progress, didn't get anywhere at all.