Business ProfileforGlobal Credit Union Home Loans, LLC

I am writing you because I feel that the Global Credit Union, NMLS ID #******, is using creative accounting techniques to unfairly increase mortgage loan interest payments from its customers. My original mortgage was with Alaska USA FCU which merged with Global CU. For years, I made monthly mortgage payments that included an additional principle payment to pay down the principle on my mortgage loan and reduce the monthly interest due. In October 2023, I noticed that instead of the additional amount being applied to the loan principle, Global CU applied the extra funds as future monthly payments. This resulted in my monthly interest payments staying elevated because the principle was not being reduced. I contacted Global CU on October 12, 2023 and was told that their computer algorithm automatically applied extra payment amounts towards future monthly payments instead of the loan principle. On October 26, 2023 I requested the bank to specifically code the additional payment amount made in my November mortgage payment as additional principle and received a receipt showing it as additional principle. But but as of November 3, 2023, the additional principle was applied a future monthly payments into ****. When I obtained my mortgage loan in 2009 through Alaska USA FCU, I was told that there was no penalty for an early payoff. By refusing to reduce the loan principle and keeping the monthly interest payment elevated, this becomes a financial penalty for trying to pay off my mortgage early and allows Global CU to reap an unfair financial gain by charging increased monthly interest amounts. While my additional monthly interest amount may not amount to much, if you consider the number of other mortgage interest payments affected by these creative accounting techniques, Global CU is collecting an enormous profit using dubious accounting methods.