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Consumer Complaints

BBB Accredited Business since 10/27/2000

Iserve Residential Lending Cleveland

Phone: (423) 614-5626Fax: (423) 614-4800

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)
03/28/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
Refinance mortgage company jumped the gun and changed my home owners insurance before completing the loan and will not change it back.

Iserve did not complete the mortgage process but increased my home owners insurance premium and changed the Mortgage Company Payee from ***** ***** to Iserve even though Iserve does not have the loan.

I found out about the premium change via letter and called ****** ********* who informed me of the change.

Because we do not have a loan with Iserve, the insurance should not be paid to them but I cannot get Iserve to correct the insurance issue. My husband has called numerous times over the last 3 weeks and Iserve is not responsive. They say they did not make the request even though I have the fax request from my insurance agent that states the change needs to be made.

One of the reasons I chose this company was because of the rating on BBB.

Desired Settlement
I want my insurance reverted back to the actual mortgage company - ***** ****** and reverted back to the original insured amount. There should be a law against allowing a refinance mortgage company to make changes to home owners insurance without actually being the mortgage holder.

Business Response
The *****'s are angry at the wrong company. When processing a new mortgage loan request, it is standard/customary for the new mortgage company to align both a new quote for an increase in coverage as well as the pending mortgagee change. Yet, these are never realized if a loan does not close, if they have a higher coverage amount/different than the actual one, then their claims are invalid. Our staff has repeatedly called the insurance provider to notify them the loan never closed and they are avoided the revision in change. I will contact them myself today and do what I can. **I will do what it takes to correct, if I cannot get them to lower your coverage/premium back down, I will either find you a better/cheaper provider OR offer to pay the $73/year premium increase for the next 5 years by sending you a check for $365. At least this way you will get the additional $42,900 in coverage for free for the next 5 years while you decide if you want to stay with a company who refuses to change an error made on their own behalf.

Final Consumer Response
**** ****** from Iserve contacted me yesterday and and said that he had corrected the Insurance Issue I complained about.

That was all I had asked for so this complaint has been taken care of.

Thanks to BBB for pushing this issue through to conclusion.

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Mortgages

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BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.