We moved to a new home recently and worked with a broker to find a loan. She found us 'Carnegie Mortgage' a division of Icon Residential Lenders. At the closing the closing attorney gave us an earful about Carnegie, saying that she didn't know where we found them, but they were one of the worst mortgage companies she'd ever worked with. Apparently they repeatedly screwed up paperwork.
One month after our closing (and 4 days before our first loan payment was due) we've learned that she was right. We still have not received any payment coupons or notices from Carnegie Mortgage. I called them only to be told that our loan had been 'sold' to Dovenmuehle Mortgage. I also found out that the reason we hadn't received any notifications was because Carnegie had listed our old address (the home we sold - not our new home) as our mailing address. I was given a phone number to call at Dovenmuehle. I called and was given a new loan number and told that in order to get the mailing address issue corrected 'Federal Law' required that I put the new address in writing and fax it to them. We did this promptly.
I called back to confirm that they had received the address change. They confirmed that they did. Since the first payment on our mortgage was due in 4 days, I asked for a mailing address and information on who to make the check out to. I was given a mailing address and told to make the check out to Dovenmuehle Mortgage. After doing some research on Dovenmuehle, reading the horror stories about the, and finding out that they begin harassing their mortgage holders for payment BEFORE the grace period is up, I called Dovenmuehle.
The went on the record to say that they did not notify the customers before the grace period. She also said that they didn't own the loan (contrary to what the Carnegie person had told me), but that they serviced the loan. They also contradicted the earlier information and told me to make the check out to Carnegie Mortgage, but mail it to Dovenmuehle. Being more confused I called Carnegie Mortgage. They told me that Dovenmuehle didn't own the loan that they just serviced it. But nonetheless, I was to make the check out to Dovenmuehle, not Carnegie Mortgage.
Wow! Was I confused. Dovenmuehle was giving me conflicting information. And then so was Carnegie. I asked the Carnegie people to have someone from their servicing department call me to confirm this information and to also send me an email. I got a call from the Carnegie Servicing department telling me that she I understood that I was confused about their 'branding'. WHAT! I wasn't confused about anyone's branding. I just wanted to know who to make the d-mn check out to! She was adamant that I make the check out to Carnegie Mortgage but mail it to Dovenmuehle. A subsequent chain of emails were then forwarded to us confirming the same. Then she CONFIRMED that if I didn't pay my mortgage within 10 days of the 15 day grace period, their COLLECTIONS DEPARTMENT will begin calling me. WHAT!!! So, the grace period isn't even up, and their collections departments already begins to call?
I have to ask - who the heck is running this operation and don't they have any shame? Do they not care about quality control? Are they total and complete idiots who have no clue about what is going on and who to properly communicate with their customers?
My husband and I are now scared to death. We're both professionals with excellent credit reports and a solid financial background. Given my crappy 'introduction' to Dovenmuehle and Carnegie, the incompetence they've exhibited thus far before our first payment is even due, as well as the horror stories I've read online, I am really worried that further 'screw-ups' are going to start to happen and our credit will go down the toilet.
My husband and I plan to refinance out of our mortgage into one with our credit union or another LEGITIMATE banking organization as soon as we can. I only wish consumers had more control over who services their mortgage and who is involved in the mortgage process. Now I know - and I urge everyone else to be wary - DO NOT GET A LOAN WITH CARNEGIE OR DOVENMUEHLE. It is not worth the headache, hassle, and anxiety.
-A new PA homeowner.