- Report: #40386
Complaint Review: Fairbanks Capital Corp - Austin Texas
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Fairbanks Capital Corp
9600 Great Trails Dr #200 Austin, 78759 Texas, U.S.A.
Phone:
800-671-0272
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Fairbanks Capital Corp ripoff Refuses to process payoff - Class Action? Austin Texas
Fairbanks bought Olympus Servicing, which serviced my first mortgage. I had sent my december payment to Olympus on Nov 25th. At the same time, I was doing a refi. My refi closed 12/24/02, but the payoff was not processed! I called customer service, and the rep said they `never rec'd the 12/1 payment, but admitted they had experienced a lot of problems with payments not applied.
On 12/26, after the escrow closed, I rec'd a payoff demand sent to MY house, NOT the title company! I did an EZ-Pay so not be be 30 days late.
On 1/2/03, I called the service line, and I still have a full balance! I called my title company, who called fairbanks, and they said I had a prepayment penalty.
Now, here's the good part, I am a wholesale rep for a huge mortgage company that does over a BILLION in loans a month. I did my own loan. There was no prepay penalty on my loan. I gave a copy of my note and truth in lending to title, they forwarded it Fairbanks (Kara Brooks at 512-349-8602), and she told my title officer they would process the payoff as of 1/3/03. I left her a message that she needs to adhere to Department of real Estate Law, and pay my loan off.
Never got a return call.
On 1/6, I opened my mail to find another demand sent to me, not title, showing a prepayment penalty that I do not owe. I called the service line, and was told I STILL have a full balance outstanding, and am due for the 1/1/03 payment, even though they have all the funds.
I am in the mortgage biz, have been since 1975. I understand delays, but I also understand delays simply to collect interest and overcharge. It is illegal!
Anyone know a good class action attorney?
Todd
Brentwood, California
U.S.A.
On 12/26, after the escrow closed, I rec'd a payoff demand sent to MY house, NOT the title company! I did an EZ-Pay so not be be 30 days late.
On 1/2/03, I called the service line, and I still have a full balance! I called my title company, who called fairbanks, and they said I had a prepayment penalty.
Now, here's the good part, I am a wholesale rep for a huge mortgage company that does over a BILLION in loans a month. I did my own loan. There was no prepay penalty on my loan. I gave a copy of my note and truth in lending to title, they forwarded it Fairbanks (Kara Brooks at 512-349-8602), and she told my title officer they would process the payoff as of 1/3/03. I left her a message that she needs to adhere to Department of real Estate Law, and pay my loan off.
Never got a return call.
On 1/6, I opened my mail to find another demand sent to me, not title, showing a prepayment penalty that I do not owe. I called the service line, and was told I STILL have a full balance outstanding, and am due for the 1/1/03 payment, even though they have all the funds.
I am in the mortgage biz, have been since 1975. I understand delays, but I also understand delays simply to collect interest and overcharge. It is illegal!
Anyone know a good class action attorney?
Todd
Brentwood, California
U.S.A.
1 Updates & Rebuttals
Todd
Brentwood,California,
U.S.A.
Fairbanks Still Screwing With Me
#2Author of original report
Thu, January 23, 2003
Well, as of 1/23, Fairbanks hasn't processed the payoff check they rec'd and signed for on 12/26! Still trying to apply the prepayment penalty I had on my 2nd (which HAS acccepted the payoff, and reports a zero balance), to the 1st. I did my own loan (been in biz 25 years). There is no prepay. The docs they faxed me show no prepay, but I have been told "Well, we've decided there is one." And no one who CAN fix the problem, ever calls back. I have been hung up on when I have asked for a supervisor! I even recieved a call at 5:40 AM on 1/18, to verify my home phone number! When I asked the girl if she would verify when my payoff would be applied, she said, "Not my department." and hung up! There isn't a single CSR who hasn't treated me like crap, and when I try to explain that I work for the mortgage company who sold them the loan, that it was an employee loan, and ask them to LOOK at the docs they have in file, they hang up! This morning, I get a letter they now want to increase my H/O insurance! Called the insurance dept, and of course they know nothing about any payoff. Informed them in any event, my insurance covers $186,000 (value of the improvement which is the house) AND has a 20% guaranteed replacement addition to the $186,000, which is well over their requirement. My land value was $100,000, and you can't place insurance on land because dirt doesn't burn. And again, THEY WERE PAID OFF! They will note my file... I have written the Attorney General for Ca. My title company has tried to get a response, my OWN company has talked to their contacts, and it all goes nowhere.
