- Report: #1400252
Complaint Review: Ditech Financial LLC - Fort Washington Pennsylvania
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Ditech Financial LLC
1100 Virginia Drive, Suite 100A Fort Washington, 19034 Pennsylvania, USA
Phone:
267-419-4770
Web:
https://www.ditech.com/
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Ditech Financial, LLC Escrow Misrepresentation in Annual Escrow Disclosure Statement Fort Washington Pennsylvania
Ditech Financial, LLC is a mortgage service collection agency. Part of their mortgage servicing includes providing the mortgagor with a RESPA compliant Annual Escrow Disclure Statement, which is supposed to conform to 12CFR10254.17. Ditech accounting refuses to comply with RESPA 12CFR1024.17 and insists on following their own rogue computing method even though their software will provide the correct information if the accounting department will place the information correctly. Due to Ditech's maverick accounting, the Annual Escrow Disclosure Statement misrepresents the true status of the mortgagee's escrow account and contains blatant basic math errors. Ditech accounting will disburse property bills at their disgression up to 20 days before the Escrow Statement date, which puts the escrow account one month in Deficit. The result is an increased cost to the mortgagor in the next accounting cycle over any usual property bill increases. Complaints to Ditech Customer Service are answered and your complaint will be disregaged. The only solution I have found as a mortgagor is to pay all my property bills directly and send Ditech Financial, LLC Customer Service copies of all the receipts. At least, Ditech accounting knows how to return escrow overages!
2 Updates & Rebuttals
Donald
Augusta,Georgia,
United States
Follow 12CFR1024.17 for Escrow
#2Author of original report
Tue, March 20, 2018
We do not need to depend on Ditech to calculate our monthly escrow amount. There is an Apendix E to 12CFR1024.17 that outlines the accepted method for calculating our mortgage bill accrual for the fiscal year. Ditech is allowed to keep an extra two months of escrow payments in our escrow as a cushion for unknown increases in property bills over the year. This is calculated on last years bills. Since we are notified in advance by our billers what our property bills will be, we can stay ahead in our escrow account so that it will not go below the 2 month payment cushion.
We can send Ditech the extra amount over what was paid last year. Then, we must call Ditech Customer Service to have that extra amount added in to our Escrow Account. Do this after you make your monthly payment to Ditech and after Ditech pays the bill, or else Ditech may send it back to you or hold it as part of next months payment. Ditech wants to keep increasing our escrow accounts above what is needed, because Ditech is allowed to collect interest on our escrow accounts!
Donald
Augusta,Georgia,
United States
Self Paid Property Bills
#3Author of original report
Tue, March 20, 2018
I finally got Ditech Financial, LLC to surrender my property Escrow Account to me before the 80% loan to present balace of my mortgage was reached. Ditech Financial's Escrow Department does not follow 12CFR1024.17 for their calculations, i.e. carry over requirements for the new fiscal year, escrow payout dates according to their Escrow Statement, bill payment in the month stated on the Escrow Statement, etc.
I informed Ditech multitudinous times of their escrow accounting errors, and they finally capitulated to allow me to pay my property bills directly. I informed them that I have my own escrow savings account for that purpose and I will pay my property bills before they get around to it,. So Ditech finally gave up fighting a loosing battle with me after three years, and Ditech tried many times to intimidate me with their fake smoke and mirrors routines.
There is nothing stated in my Security Deed that forbids me to pay my own property bills, and Ditech ended up refunding back to me all the escrow Ditch collected for the fiscal year! Now, I keep my own accounting according to 12CFR1025.17 on a spread sheet so I know exactly how much is needed in my personal escrow account and when I should pay my own property bills!
