October 2010 Archives

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Disclaimer: What follows is a rant: It's a waste of your time, and mine...

I really dislike my Mortgage Servicer. After National City was sold to PNC, my mortgage was packaged into some CDO, or CMO, or CLO, or whatever the term is, and the servicing contract was taken up by a company that I feel is frankly incompetent.

Most of my complaints relate to their sheer inability to manage my property tax escrow properly. They began by not paying my property tax the first time it was their responsibility to pay it. Then, they adjusted my escrow payments without taking into account that they had not paid my taxes, which resulted in a big ole check sent to me, and a much smaller monthly payment.

I called them, explained their error, returned the check they sent me, and continued paying the original amount, marking the difference to go into my property tax escrow. This seemed like a simple enough strategy... except that they routinely ignored the instructions to apply the excess payment toward the escrow and instead applied it toward principal. For four consecutive months, I called them to complain and had them fix the allocation before I finally gave up paying extra into my escrow as a lost cause. Now, the other shoe has dropped and they've recalculated my escrow, which means that for the next twelve months, I'll be overpaying into the escrow... so that twelve months from now, they'll realize they overcharged me, cut me a big check, and the cycle will continue.

It's called maths people, learn it!

Venting and backstory aside, we come to the real point of my post. They are required by law to periodically send me a statement about how they are not using my personal information to sell it to third parties for advertising purposes. This is all fine and good, but each month, with my statement comes a whole chunk of advertisements stuffed into the envelope. Isn't this essentially the same thing? They're using my address and personal information to send me direct mail marketing.

I'd forgive them if they were at least as competent as the electric company, which does the same thing... but ComEd at least charges me the correct amount most months.