Complaint Review: Fairbanks Capital

Before my husband and I refinanced our loan in January 2001, Fairbanks was our mortgagor. Our mortgage was sold to them when Conti Mortgage (whom, by the way, was no better in their business practices) went under.

When we got the payoff statement, it showed massive fees for faxing the payoff statement ($50.00 charge for a peice of paper that goes thru a machine) plus additional escrow charges.

Since we had refinanced in January, it wasn't long afterwards that we received our annual interest statement (to claim with the IRS) along with an account history from Fairbanks. On the history, we saw that Fairbanks was withdrawing from our escrow account for more than the annual taxes and insurance payments. There were withdrawals from our escrow for something called a "corporate disbursement" which didn't make any sense nor have any rhyme or reason in the amount or time increments. One w/d was for a corp. disbursement of $50. Then a couple of months later there would be another w/d for another corp. disb. for $120. Then 5 months later, another one for $150. Then 3 months later, another for $30, then a month after than, another $150, etc. We never could get a clear answer as to what a "corporate disbursement" was, nor why the w/d's came in such odd increments. It was no wonder we didn't have enough in our escrow account to pay our annual tax in 1998 and were forced to provide the balance. Then, upon their escrow analysis, our escrow deposits were increased in 1999 by more than $320 per month to not only make up for the previous year's deficit in the account but the current year's adjustment.

Anyway, once the Title Company over-nighted our payoff check after the refi, it took THREE MONTHS for Fairbanks to post the payoff to our account. They called 2 to 3 times DAILY (this is NOT an exaggeration!) for a month to inform us that our payment was late and that if we didn't remit payment immediately, they would proceed with foreclosure. Fortunately, most of the time they called, we were both at work. But, each time they called while we were home in the evening, we explained that we had refinanced the loan on such & such date and they were sent a payoff check. Each time, we were promised that the information would be put into their computer system and no further calls would be made to us to collect payment... YET, every day, 2 to 3 times, we received calls; those which we answered were demanding payment. We reported them to the FCC for telephone harrassment (they had begun to call on Saturday mornings before 7:30 a.m. and in the evenings, at times, after 10:30 p.m.) They even called my husband's work several times over the course of a week or so, until he told them that if they kept calling him at work, he would get fired, therefore wouldn't be making money and then they wouldn't see another dime from him (even tho he KNEW the loan was paid in full already... he just needed a way to get them from calling his job - which they did, remarkably). The calls at home also diminished to about 3 times a week in the early evening.

Finally, the last call we received was in the 2nd month after the refinance. At this point, my husband is the only one answering the phone because the Fairbanks folks could be pretty rude and obnoxious. This particular time, a young lady called demanding payment. Out of the blue, he asked her if she was wearing panties. She didn't understand, so he repeated his question. She was flabbergasted (to say the least). He asked her if she would remember that he had asked her that question after she hung up and she replied that she would. He then asked her "then why the hell won't you remember after we hang up that you had called me this evening asking for payment on a loan that is already paid in full?" and "Why then, after we hang up, won't you remember that you were supposed to put the @$%!information in your computer system so that other Reps will know not to call here asking for payment on a loan that is paid in full?" "Why can't I get ANY of you people to REMEMBER that we are no longer in business with you, nor will we EVER be again?" "Why can't SOMEONE in your piece of **** company remember to post the F*****G payment that you received 2 months ago?!" (we knew that they had received the payment because we asked the title company to put a trace on the check and it had been cashed and posted to their account within 2 weeks after our refinance). He then slammed the phone back onto the receiver and hoped that would be the end of it.

HOWEVER, the phone rang again within minutes. This time, it was the gal's manager calling to reprimand my husband for his behavior and rude commentary to her worker. He went off on this woman like I have never before heard nor have I since. He slammed the phone down again, after threatening a law suit and calling her a choice name or two and we never heard from Fairbanks again until we received the letter of Lien Release/payment-in-full statement from them about 2 months after.

I don't recommend my husband's behavior AT ALL, but sometimes, you just have to use a BIG "brick" to get a point across to thick-headed folks. Apparently, my husband found just such brick for the occassion (he threw it hard and it seemed to have hit its target, I might add). I just hope to never have to see him deal with a situation in this manner again (he isn't this sort of person normally - it just goes to show the results of pyschologic distress) NOR do I hope to ever get unlucky enough to have our mortgage serviced by Fairbanks again, but if we do, refinancing will not be long to follow!