Complaint #1508049 submitted on 08/07/2015 relating to State Employee's Credit Union. Complaint relates to Mortgage Conventional adjustable mortgage (ARM) - Loan servicing, payments, escrow account .
Complaint was submitted via Web and sent to the company on Friday 7th August 2015.
I took my initial home loan with the SECU in NC in XXXX for a foreclosed home. In XXXX, I refinanced the loan to keep the rate low, and again bought down the interest rate in XXXX to keep the rate low. This ability to buy down the rate was used as a selling point by the SECU to convince me to obtain this loan through their institution. I was never notified of any changes to the practices of the institution in writing regarding the ability to do this. I inquired about buying down the rate again in XXXX of XXXX as the rate will increase, to which I was told the SECU no longer performs or services these loans as they no longer offer a XXXX year ARM. I asked about options for the loan and was told I would have to go through the entire mortgage process again to make any changes or attempt to modify the rate on my loan. I feel this is a direct attempt to manipulate my loan to obtain a higher interest rate and lead to increased revenue by the company. I was misled and was not notified of the change in advance in any writing by the company.
| Company | State Employee's Credit Union |
| Complaint ID | 1508049 |
| Date Received | 08/07/2015 |
| Product | Mortgage Conventional adjustable mortgage (ARM) |
| Issue | Loan servicing, payments, escrow account |
| State/ZIP Code | NC 286XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company believes complaint relates to a discontinued policy or procedure |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 08/07/2015 |
| Result | Timely Response: Yes, Consumer Disputed: No |
Leave your comments and feedback below.