Central Mortgage Company

Loan got sold to this place just last month. Go to make a first payment online and they want $ 5 transaction fee. I have had and currently have multiple mortgages on multiple properties and have NEVER encountered a fee to pay online. I sent an email complaining and they told me «Central Mortgage Company (CMC) offers our customers the option of online payments as a courtesy.» and «Our research indicates that the fees assessed by CMC for the various services that we provide generally compare favorably to the fees assessed by other mortgage servicers.» Since when is paying online a courtesy? This is 2016 correct? These are stock qoutes sent out to cover up the way they jack their customers. Straight garbage. If you have the chance (I didn’t) stay away.

My mortgage was just sold to Central Mortgage by Mortgage Masters. I am EXTREMELY DISAPPOINTED in the payment process at Central Mortgage. I have NEVER been charged to pay on line and on time by any mortgage company I’ve dealt with in the past or currently. There is a $ 5.00 fee assessed by Central Mortgage to pay online and on time! Central Mortgage’s auto draft system is inconvenient and antiquated. Although auto draft doesn’t charge a «convenience fee,» I can’t pay extra toward my principal or escrow without 10 days written notice. This is just ludicrous!
I strongly suggest that Central Mortgage look to change this policy. In my view, this $ 5.00 payment fee takes advantage of conscientious individuals who want to pay on line and on time.

I had a primary home mortgage with them for 3 years and rarely dealt with them. Each month I sent my check in with the little coupon slip, and would check my account every once in a while. They only accept checks in the mail as a fee-​free method of payment; online payments or phone payments will incur a $ 5 «convenience charge.» Now that we’re in the 2010’s, not having an online payment method (that’s free) seems pretty archaic. But oh well. I don’t have a huge gripe there.
I refinanced in the last few weeks as rates are lower than my original mortgage. If you’ve refinanced before, you know that closing costs include pro-​rated interest payments, and often the original mortgagor will quote a bigger chunk of interest for cushion, and return to you what were «extra» days of interests. Before I get too technical, because I work in banking myself, I just want to abbreviate and say I was expecting some money back because my official closing was the beginning few days of the month. (And their quote had me paying about a full month of interest.) A few days after the mortgage with Central Mortgage Company was paid off, however, I receive a phone call saying that I actually OWE them more.
That is quite an impossibility as the original bank gives a quoted amount of interest-​owed to the new bank. Lawyers check and re-​check, and there’s no «revisions», if you will, after the legal closing date. Central Mortgage Company told ME – not my lawyer or the new bank handing the paperwork – that I owed $ 27 the first day post-​closing, another $ 27 that day, and that they would keep adding $ 27 every single day indefinitely. Then they asked what credit card I’d like to use to pay. I was pretty shocked and confused, so went to the new bank that paid them off. Long story short, my new bank and lawyers were on the phone with Central Mortgage for 45 minutes trying to figure out why they’re not only not giving me a chunk of money back, but expecting me to pay them as the days went on – AFTER everything was legally settled. In exasperation, my lawyer paid them the $ 50+ interest they demanded out of his own pocket, and had them legally promise this issue was settled and they would stop badgering me.
I think their shady practices of getting this «small change» of 50 bucks to few hundred from customers is too small to be worth auditing by the FDIC or other compliance institutions – and that’s how they’re getting away with it. Boo-​hoo, a customer refinanced and Central Mortgage won’t receive that interest income anymore, so they throw a tantrum like this. This is an abhorrent business practice. And for anyone who had a pleasant experience with them — all I can say is: be on the look out if you ever refinance.
As for those who posted 5 star reviews– shame on you for making a fake review simply because you work for or are affiliated with this illegal operations of a company.

I’m glad I did not see these reviews last year when my mortgage closed and was sold to CMC– I would have been terrified. I am happy to say that I have had no issues, I routinely make my payments online and have NOT been charged anything for making my payments. Sometimes I add a little extra towards the principal and again, NOT been charged anything extra. They have recently updated their website, and it is user friendly.
As another reviewer commented, they are getting the 5 stars for nothing more than doing their job well– I have had no issues and just wanted to let others know this.

So, I found the Unilocal page for these guys as I was looking up the address to mail my tax escrow paperwork, and I was shocked at how low their rating was. I mean, it’s a mortgage company that buys other mortgages, so I wasn’t exactly expecting five stars all over the place, but the experiences that people are talking about I just haven’t had.
All of my interactions with them have been over the phone, with real people, who have been nothing but helpful and pleasant. Sure, their website seems to be stuck in 1997, but that’s not a huge surprise to someone deals with small, local banks.
Anyway, I just felt like I needed to say something about my experiences to at least somewhat balance things out.

It’s really disappointing when you get your mortgage through someone you really like, and before the first payment it’s sold these guys at CMC. The original person I got my mortgage through would have let me set up bi-​weekly payments at no additional charge, CMC charges $ 200 just to set it up, then makes you pay a fee for paying your mortgage. I’m sorry, since when was there a fee for giving you the money that you require me to pay you? I also have tried to set up automatic payments through my local bank in Oshkosh, WI. CMC states that they do not allow account to account transfers and refused to give me their routing number. I’ve even asked for clarification to why they don’t allow this, with nothing in return. This all seems very sketchy and they know they don’t have to give you good customer service because all they do is buy mortgages from other companies. They know they can screw you over because you like having a place to live and you’ll do whatever it takes to help pay off your debt. I might change my review to 2 stars if I ever find CMC to be helpful.

The Worst! Our loan got sold to them a month after closing and we have had nothing but problems since. First off, they will apply your payment that you made 15 days prior to the due date towards the principal than call you 20 days after your due date and ask when you were going to make a payment. This has happened to me the last two months! Then, they returned my monthly payment that I made 15 days prior to the due date. They cashed they check immediately, then they sent me a check back 30day plus afterwards for the same amount stating they wont take partial payments. What partial payment? They must only have brain dead people working here!

First off, you will pay a fee to make additional payments with this company if you pay by phone, mail, or web. AKA any possible method. They charge a $ 5 processing fee for any of these. You can pay additional on each monthly payment without a fee, but if you happen to come into some extra money that you want to put toward your mortgage, look forward to putting $ 5 less of that toward your mortgage and instead toward lining their pockets.
Second, don’t expect to do anything on the phone with them outside of business hours. You will get stuck in endless loops of «the number you pressed is not a valid option»…when you didn’t actually press anything because the 3 options they provide are completely unrelated to why you pressed «other» to talk to them. Really considering a refinance JUST so that I can get rid of this bull$h!t company.

Stay away from these jokers. It really seems like this company is run by a bunch of hicks. They are my mortgage servicer and I recently received a letter from them that I was in danger of defaulting on my mortgage due to delinquent property tax. The amount delinquent $.01. NO LIE! If I could post a copy of the letter I would. I took two phone calls (over 30 minutes total) and and e-​mail for to begrudgingly tell me they updated their tax system to show that I was current. No apology, nothing.
AVOID AT ALL COSTS!

Their automated system is AWFUL! And good luck trying to actually get someone on the phone… there’s not actually an option on their automated system to speak with a person, so you are left guessing which option may require a human.
I spend about 15 minutes on the phone just trying to get to a person. The entire call (once I finally got someone) took less than 2 min).
Other than this complaint, and their crappy website, it so far doesn’t seem like a terrible company.

My husband had just died. I sent three trial payments for a loan mod. They didn’t apply them. At the end of the trial, they increased my balance by $ 17,000, and it has taken 5 years to get my balance back to where it was. $ 150,000…just to get where I started.
That is how they treat widows. May they all rot in jail.

Idiots. My loan was sold to them– I received a letter from the company that sold it to them on ¹²⁄₈. The letter said to send my first payment (due ¹⁄₁) to them. It is ¹²⁄₃₀. The payment is due in 2 days (although not late for 2 more weeks). I still have not received a letter from this company with any loan information. I called, and was given my loan number, but I was informed that the loan was not in the system yet, so payments would not be accepted. The woman on the phone was nice, but not helpful. I can’t believe I am stuck with these fools for the next 30 years.

HORRIBLE! Incompetent and unprofessional people. When you ask someone to call back with the answer — because they surely won’t have it when you call — no one will call you back! No one will return your emails, or calls. They’ve put so much stress on me I’m probably going to have to sue them and I’m NOT kidding you! Absolutely awful and I couldn’t imagine ever choosing them as your mortgage company!!!

What kind of company makes you pay $ 5 for the convenience of paying your bill online? Need I say more? I don’t know of any company that does that … mortgage company or otherwise. I consider that alone a shady business practice.

My mortgage was sold to Central Mortgage a year ago. I have had nothing but positive experiences with their customer service department.
I recently filed a bankruptcy, and my loan (which I am current on) was misdirected to Hardship Assistance. They were very willing to work with me on a hardship plan even though I had never asked for one. My only difficulty was getting a direct number to their bankruptcy department. I’ve spent some time on hold being connected to them. I finally got the direct number from a representative in that department, now that I no longer need one.
I will be monitoring my credit to make sure my reaffirmed loan shows up correctly, but the customer service for this company has been impeccable.
Regarding property taxes, I have had no problem at all. They have paid them twice with no issues. In fact, they even contacted me to let me know my insurance policy was expiring and my insurance company hadn’t yet billed them for the next year.
I am giving them 4 stars instead of 5 because someone made the mistake of miscategorizing my loan in the first place and because of the issues getting that direct phone number, but my experience has been positive overall.
I would urge readers to take the negative posted reviews with a grain of salt, especially given the literacy level of some of these posters. After all, most people are not going to go online to write a review for a mortgage company if they feel like their experience has been positive.

An update to my previous review. It’s been almost a year since my loan was sold to Central. Their track record of not making any mistakes and being available by phone when I need them continues. They have now successfully paid my property taxes without any intervention necessary on my part, and they made it easy when my property insurance bill was sent to me. They gave me an email address to forward the bill, and the funds were dispersed within 2 days.
Again, I’m not writing this because I think Central deserves praise for doing their job (see my previous review), I just don’t want others to be terrified like I was when I saw all of the horrible reviews on them! 5 stars for balance and justice!

Fannie sold my mortgage to this company after closing.
At first, their customer service was great.
Until I received a notice that my escrow account was low about a month ago and they were going to increase my monthly payments to make up the difference after the taxes were reassessed from the property changing hands.
I emailed them to protest this, and they actually replied to me saying that I could send a lump sum payment to keep the monthly payment the same. I did this, they received it 2 days before it was due or my payments would increase. Somehow they didn’t cash it for 4 days and it didn’t count towards keeping my payments the same. I emailed them this stating how my bank said you processed it 2 days before it was due from the cancelled check image but didn’t really deposit it until 2 days after. No reply, but «magically» my account was updated about a week my email and my rate is still higher than it originally was, but I can live with it now as I can’t waste more time trying to contact these morons.
The same thing happened when I emailed them supplemental taxes to pay from escrow a few weeks ago. They were «magically» paid a few days after I emailed them with no reply!
Awesome customer service, Central Mortgage Company, way to not even acknowledge transactions!

Even after getting my loan transferred to Wells Fargo (which is way better by far), I saw that I was charged a few hundred dollars on my escrow refund for some BS line item that wasn’t explained. At this point, I was saving hundreds with my refi to Wells so I just told them to fuck off and left with my business. WORST COMPANY EVER! If your loan ever gets «funded» by Provident Bank, don’t finish the refinance process because your loan is coming to this piece of shit company.

My review will echo every other review of this shady ass company I mailed my mortgage payment well before the due date and yet magically it came on the exact day it was considered late I called to tell them that it was sent out well before the due date and asked if they would consider waving the fee, I explained to the lady that if they didn’t charge a five dollar «convenience» fee to pay online I would just pay online and they would have there payment instantly. She didn’t want to help and actually tried to say she was going to help me but I was rude and now she wasn’t lol.
LIKE EVERYONE ELSE HAS SAID IF YOU SOMEHOW END UP WITH THESE ANIMALS REFINANCE RIGHT AWAY. I WISH I COULD GIVE ZERO STARS

Don’t use this company if you have a choice at ALL! I have never had so many issues as with this company and I have bought and/​or refinanced at least 7 times in the last 10 years.
Setting up any type of payment system with them is a nightmare. first they were going to charge us to make automatic payments. Then when we did mail them the infomatin, they lost our automatic payment information and made it a nightmare as our payment was then late. they also sent information to a «wrong address» which is idiotic as our mortgage address IS our address.
I will NEVER use this company again and am considering refinancing just to get rid of them. (I am keeping my fingers crossed that they sell our loan but quick:))