ComplaintsforProsperity Bank

• Initial Complaint

  06/23/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I recently paid off 3 mortgages with Prosperity Bank -loan number ********** -loan number ********** -loan number ********** I am looking for clarification of some information from the loan payment history. 1. Principal and interest amounts fluctuate up and down as the loan is being paid down. There is no clear correlation to number of days in the month. Can you explain why? I can provide examples 2.There are discrepancies between the date payment was delivered to you and what you call a transaction date (I believe that is the date it was applied). I would like to know why that is. I can provide examples 3. Why have I not received any monthly statements for any of these loans?

  Business response

  06/28/2021

  1. The number of days since the last payment will differ from month to month based on the following: a) If the month has 28 days, the interest calculated will be less than in a month that has 31 days because 3 extra days were figured into that month’s calculation, b) Periodic payments have a scheduled due date and the number of days between loan payments (transaction) can also affect the principal and interest calculation since payments are applied to interest before Principal and may be paid before or after the scheduled due date and c) the Bank also may apply any Prepayments or partial Prepayments to the accrued and unpaid interest on the prepayment amount, before applying the prepayment to reduce the principal amount of the note. These various factors can fluctuate the Principal and Interest payments applied to the loans.
  2. Loan payments are posted to the account same day received by the Bank. If for any reason it is not posted the same day, the payment is effective dated into the system as to the date received, which will be reflected in the loan payment history.
  3. Mortgage Loans set up with Coupon Payments do not receive Monthly Statements.
  To address questions in more detail based on each specific loan account and concern, the Bank encourages you to contact our Customer Service Department at 1-***-***-**** or visit the nearest Banking Center for further assistance. 

  Customer response

  07/01/2021

  Complaint: ********
  
  I am rejecting this response because:
  
  Regards,
  
  ******** *****

  1. Specific example for loan nr. ********** - on 12/5/18 interest charged was $165.96, the following month 1/17/19 interest charged was $205.48. Both December and January have 31 days, so where does this difference come from? Also, why is the interest amount charged in January higher compared to December? $39.52 is a substantial difference for this loan (low balance)

  2.Same loan - My bank delivered payment on 10/16/20, your transaction date is 10/19/20. I met with my bank's branch manager who confirmed this. I also have more examples of these discrepancies across all loans, 

  3. I already talked to local people about this and the only answer I received was: "Your got a coupon book" I have had quite a few mortgages with different companies and never seen anything like this. I am not sure what coupon book has to do with no monthly statements and was hoping that maybe you could answer that?

            

  Business response

  07/16/2021

  The Bank contacted the customer directly on July 13, 2021, to ensure the specific examples provided and questions posed by the customer could be explained effectively and in more detail. The Complaint Analyst also provided direct contact information in the event the customer had any additional questions in the future regarding this matter.

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