Profile: exhaustedinfl
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What's Happening Now
Thanks for your comment, exhaustedinfl, and welcome to Regulation Room. The problems you are having with customer relations managers are exactly what CFPB is trying to prevent. Do you think that the proposed regulations forcing servicers to have an accessible, knowledgeable team of customer service representatives would make the modification process easier for you?
There is a system by which housing counselors can upload documents electronically to many of the major servicers – that, at least, eliminates one source of frustration. GMAC Mortgage has just started allowing homeowners to upload their own docs. See the website: http://www.homeownerconnects.org . Hopefully, this will expand. Having a Single-Point-of-Contact (SPOC) at the servicer is a step in the right direction, but there is still a quick turn-over (think call-center reps) and often a lack of experience and knowledge on their part.
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All of these proposals, rules and regulations are futile if there’s nobody enforcing them. I’ve been working with my mortgage loan servicer for 9 months now trying to get a modification. I’ve had 4 different customer relationship managers and have always gotten voice mail every time I called. Occasionally I would get a call back but usually not. And why do they not accept documents electronically? I have faxed and “fed-exed” my documents numerous times and each time they claim they did not receive them, even though I have fax confirmations and tracked the Fed-ex package to make sure it was delivered. I am completely frustrated with the whole process.
Not unless you have an efficient process to enforce those regulations. What would make it easier would be a requirement that the servicers have a system by which files could be uploaded electronically by the consumer through a secure, log-in to use type site. A site where consumers could see a document check-list and view which documents had been received as well as outstanding documents, due dates, messages, etc. Right now I am at the mercy of the customer relations manager. It’s a “he said-she said” battle because I have sent documents, but they say they didn’t get them. Even though I have fax confirmations and fed-ex tracking numbers that show delivery, I can’t prove what documents were delivered.