Starting today, my mortgage has been transferred over to Caliber from Flagstar. So far I have had no issues with Flagstar ..wondering how Caliber is..anyone has any experience with them? So far I have not been enrolled online as Caliber mentioned my papers are still in process of being transferred.
aznshadoboy77 said: Did they transfer the servicing too? My mortgage was transferred / sold twice, and servicing didn't change - the change was relatively transparent to me. Just had an extra tax form to file.
Yes servicing was also transferred. Flagstar said all future loan payment arrangements will be cancelled as of today 7/1.
My mortgage was transferred from Flagstar to Caliber (formerly Vericrest Financial) effective 6/1.
One caution: My "goodbye" letter from Flagstar stated that Vericrest would use the AutoPay info on file with Flagstar to make the 6/1 payment and that I had to set up AutoPay with Vericrest to ensure that subsequent payments were made. Prior to 6/1, I set up AutoPay with Vericrest and confirmed that it would be effective with the 7/1 payment.
Vericrest/Caliber did not draft the 6/1 AutoPay. I was on vacation when it should have happened, so I didn't notice right away. I got a letter from Caliber that my June payment was late. Called them and was told that AutoPay info transferred to them only if I had submitted info to Flagstar via fax/mail. If I signed up for Flagstar's AutoPay online, the information was not transferred. They did initiate an ACH draft that day for the 6/1 payment and did not charge a late for or an ACH fee.
I was told the first 60 days after the file is transferred you will not be charged late fees per federal guidelines. They expect to have snafu's during the transfer. Suggest signing up with their Caliber on line account, so you can check the payments versus calling in. Also if you are making principal payments or any payments different from your normal payment, have Caliber pull the funds from your checking account as you can instruct C. how to apply the payment. . DO NOT send them a check or payment from your checking account and assume they will apply it correctly.
For those who's account got transferred. I finally got a bill in the mail and I created a account online to look at the details. Anyway in the paper bill and online, They do not have a section in there for paying extra on the principal. All they have is other payment.
It seems like caliber home loans does not want you to pay the bill off early.
Okay, I called Caliber Home loans and received an explanation. They are a servicing company until sometime in August, therefore they can't do the same things as banks, since they are not a bank until September or late August. The principal payments can be still made, but by a different method.
Check into the Caliber Home loan website. DO NOT CHECK INTO YOUR account!!! Now hit the following keys: Home:current customer:customer service, bill pay, then the blue print enrollment form, the 4th PARAGRAPH gives you instructions for principal reductions. If this is too hard, just wait until September and it will be a lot easier. But if you are clamoring to make a extra principal payment the above should take care of it.
Very convoluted, but I went through this with them on the phone.
For the first 60 days of the transfer, there will be no late fees. You should call Caliber on their toll free number and give them your current or "old" Flagstar account number and ask for the "new" Caliber number. I sent my first payment in by check to Caliber, certified mail with a letter. Stating my old Flagstar number and the new Caliber number, so there would be no confusion. I also asked for a receipt. The other receipt of course is the cashed check if you have the ability to review the cashed checks in your checking account.
Seems like Flagstar is slowly shrinking itself. I opening up a couple of Flagstar accounts online years ago for sign up bonuses and have used them since. They sold all of the branches in my state, but my account is still with them since it was opened online. Their rates have been good and I have received good auto insurance through their partners. I am wondering if it is time to start looking elsewhere. Since they don't offer a service to deposit via smart phone, we already opened an account with another bank for quick and easy deposit needs (like our FSA checks and other hard checks that we get).
Since they are based in Michigan and it seems that they are slowly withdrawing to Michigan... and things are going so well there economically, it may be time to jump ship... who knows. Any ideas or concerns from others in that regard?
Dus10 said: Since they are based in Michigan and it seems that they are slowly withdrawing to Michigan... and things are going so well there economically, it may be time to jump ship... who knows. Any ideas or concerns from others in that regard?
I did, a few months ago. There was a perfect storm of nonsense back in March/April: 1) They sold my mortgage (to Selene Finance); 2) They cut the interest on my Savings from .45% to .05% (a 90% reduction); and 3) disabled my ATM card for "lack of usage." When I complained on their FB page, they were unresponsive and ended up blocking me.
It's as if they were trying to lose my business. So, I obliged. I would encourage you to do so as well.
Just received a email from Caliber. If you wish to make a principal only payment, since their normal payment coupons do not seem to allow this. Use the following address:
Caliber Home Loan, Inc. Attention: POP P.O. Box 272556 Oaklahoma City, OK 73137 You can confirm the above address by calling Caliber at 800-401-6587. Have your loan number ready to talk to them however.
Caliber seems to be a growing company right now. The mortgage broker from my first house (who was great) just left a fairly large regional bank to manage a new local branch. Other than knowing my old broker is there, I know nothing about them, sorry.
I am a Flagstar customer that was just sold to Caliber. Caliber had issues with two people in my neighborhood. Was not all their (Caliber's) fault. In both cases the homeowners lost employment and income. In both cases the homeowners complained that Caliber was more geared up for foreclosure and methods to protect them than methods to aid the consumer. All that said, there is always two sides to the story. BUT it was enough to make me nervous. I became a customer of Caliber on 04-02-2014 and this is 03-28-2014. I have received nothing from Caliber in the mail. Only the notice from Flagstar. I called Caliber and all I got was lip service. I refinanced to get away from BOA and their dysfunction and I have great concerns that now I have been sold into another large conglomerate that has taken every measure to make sure they are covered but doesn't really look for methods that can benefit their customer. For example, I am making 26 payments a year to Flagstar. It was a program they had that pays your mortgage faster. See nothing about this from Caliber. etc. etc. Plus when you call and finally get through phone jail, their CSR are just warm bodies (CSR bots) that exhibit zero empathy and just seem to want to get you off the phone as quickly as possible.
Okay, let me see if I can explain you are paying payments every other week and being charged extra for this effort. It is another method the bank's earn extra money from you. I would not ever sign up for this. Let me explain, 26 payments a year is equal to 13 full house payments. (you pay every other week, and there is 52 weeks in a year) You are making one extra house payment a year using this method. However you can do the same thing by making your regular payment and adding 10% more. At the end of the year the 10% more for 12 payments is really a extra 1.2 payment for the year. So at the end of the year paying 10% a month more would be the equivalent of 13.2 payments or using your method it calculates to 26.4 payments. There is no service fee for this. So I would not go crazy over talking to Caliber when you can solve this yourself and not pay for the priviledge.
My loan was sold to Caliber from Flagstar. I have called customer service everyday since April 1. I have gotten a different date that the transfer will be completed from each rep. Also the website DOES NOT WORK. I tell them everytime their response "you need to use IE or no Apple products". I work in IT. That has absolutely ZERO to do with the website not working. You can see the web page from www.caliberhomeloans.co HOWEVER www.caliberhomeloans.com doesn't work..period. Nothing you click resolves to another field. How am I suppose to trust a company that can't join this century? Unbelievable and poor customer service thus far.
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