Report: #1367666

Complaint Review: Caliber Home Loans

  • Submitted: Thu, April 13, 2017
  • Updated: Thu, April 13, 2017
  • Reported By: The Shadow — Boynton Beach Florida USA
  • Caliber Home Loans


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I originally got a mortgage on my home with Heritage Mortgage Banking Corp. in Sept. 2009.  They transferred it to Flagstar Bank in Jan. 2013, without my consent.  Then Flagstar transferred it to Caliber Home Loans in Aug. 2013, again without my consent.  I currently have a mortgage for 15 years, at a fixed rate of 3.00%.  It was for $55,000.  My monthly payment is $825.38, which includes the principal, taxes and insurance.  As of 4-1-2017, my balance was $52,896.35. In April 2017 I made an additional payment of $25,000 towards the principal, expecting my monthly payment to be reduced greatly.  I then got my next statement online, which showed the additional payment, but the monthly payment is not changed at all.  My balance is now approx. $27,500.  On 4-10-2017, when I called to ask why my monthly payment was not reduced, I was transferred to their  "Recast Dept."  I was told that if I want to change the monthly payment of my loan, I have to pay $250 !  There is no mention of this in my closing documents from  Heritage or Flagstar, who was the last bank I dealt with for this loan.  This is nothing but a money grab on the part of Caliber.  I do not have a prepayment penalty on my loan, yet they are creating one by imposing this greedy bank fee.  This would take minutes to do with their software.  They are so lazy, they wouldn't even give me the new amortization payment schedule.  They told me to figure it out myself using online websites !  I filed a complaint with the FTC - The Federal Trade Commision, the government agency responsible for disciplining these mortgage companies.  This useless agency send me an email back telling me to click on a link, which was nothing more than a guide to not being ripped off !  And this is what our tax dollars are paying these useless people in the FTC !  All I can say is do not get a mortgage with Caliber, and if you are transferred to them ( they love assuming other companies mortgages) refuse to accept them.

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#1 Consumer Comment

I feel for you on your loan

AUTHOR: calan - (USA)

Hey I'm sorry for the problem you are having :(

I'm not sure whether you are aware of this or not? But, when you sign a loan agreement on a loan, usually they state that your monthly payment amount is $XXXX.XX

i.e. The payment you make is fixed until the loan is repaid.

So, if you want to reduce your montly outlay, the only way you can do that is actually not going to work as you have already found out.

You have an excellent credit rate, so that's not ever going to be available again, unless we have another "Great Recession" (Yeah right)

What you could have done instead would have been to invest in something that would give you a positive income stream? Like maybe a stock that pays dividends, etc... If you have money available, have it placed into that account monthly.

Then take a portion of your income from that quarterly, and pay down the principal at least. Then when you have finished paying your mortgage off, you'll have the investment you made as well?

Not sure if that helps or not, but it's too late anyway.


I hate the banking industry and what it has done to ruin peoples lives... so I really do feel for you!


sincerely, CA


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#2 Author of original report

A stupid rebuttal from a pro Caliber individual

AUTHOR: - ()

I found your response more sickening than my complaint. It is obvious that you are in the mortgage business, because only someone who is in this business and is profiting from others could write such stupidity.  You are so biased for the mortgage companies, that you really think this is the way to do business.  It is not.  I don't care if all the mortgage companies do this, it's wrong, dead wrong, and a complete rip off to the consumer.  You have the mindset of a lawyer or car salesman - screw the consumer in any way you can.  This site is for normal people getting ripped off, not for pro- business minded people like you.  It's because of people like you that this site and others exists.  So bs someone else's complaint.  

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#3 Consumer Comment

Thanks For The Laughs!!!


 First of all, (and this is the really funny part), the loan is owned by the lender and NOT you. They can sell it to anyone they want whether you like it or not and they don't need to tell you in advance. To tell someone to "not accept it" is hilarious because the borrower has no say in the matter again, because the loan is not owned by them! The selling of loans happens everyday in every county and state of the USA. Looks like you'll need to find some other way to find fault and nit pick, but still, thanks for the laughs!!! To pay a large amount like you did is certainly an unusual thing to do. Rather than assume you knew what would happen as a result of said payment, you should have performed due diligence ahead of time to see what the affect would be and consider other options to accomplish your desires. Oh yes, don't bother saying it, I'll tell you in advance, I don't work for them!

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