- Report: #1182278
Complaint Review: Green Tree Loan Servicing - Nationwide
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Author Not Confirmed
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Green Tree Loan Servicing
Nationwide, USA
Phone:
800-643-0202
Web:
www.gtservicing.com
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Green Tree Loan Servicing Refuses to apply principle payments on date of receipt Saint Paul Minnesota
My previous mortgage company sold my loan to Green Tree. I always send an additional principle payment that is received by the mortgage company 5-7 days before my mortgage due date on the 1st. I never had a problem with my previous mortgage company applying my payment properly and upon the date of receipt.
Each month I have to call Green Tree to have my payment applied to principle only, and back-dated. This company refuses to do the right thing. I have been told, "you need to send a request in writing to re-apply the payment, or we will note your account stating that extra payments go to principle only, or we will put in a request to re-apply; this could take up to 10 days."
These folks are knowingly doing this on purpose. They get more interest this way. This is so wrong on many levels.
1 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
Green Tree mortgage servicing
#2Consumer Comment
Sat, October 11, 2014
Yes, Green Tree mortgage servicing has a terrible reputation in the industry. They typically, but not always, service subprime mortgage loans. There are a couple of these types of mortgage servicers that are uncooperative with the application of payments (Ocwen, SPS and a few others). There is a direct and indirect benefit to the servicer for not applying your payments timely or properly. The servicer is paid more money to service a loan that doesn't pay timely by their investors. (Research this, there is quite a bit of information readily available).
REMEDY: You can get away from Green Tree, but you would need to refinance your mortgage with another lender. To protect yourself from the servicing being sold again to Green Tree (or one of the others that improperly process your payments), go to a lender that has portfolio loans. That way the lender you make application with and make your payments to keeps your loan in house. Most importantly, portfolio lenders do not sell off their servicing rights to your loan.
Many portfolio lenders are small regional banks or credit unions or community banks. This will help you in the short run and the long run. Get away from Green Tree as fast as you can do so.
In the meantime, you can also report Green Tree for servicing violations. It is a RESPA violation not to apply the payments you have made timely and appropriately. Send a QWR (Qualified Written Request) to Green Tree first so you have your documentation prior to filing the complaint. Do some research on QWRs and RESPA first so you can follow the specific procedure required by RESPA.
