IBM Lender Business Process Services

My mortgage company (Bank of America) transferred my loan to Seterus/IBM after being with them for 11 years. I have been dissatisfied ever since. After reading all these complaints, it not fair how the mortgage company can get away with this! Does anyone know how to stop this matter?

IBM LBPS / Seterus / QBE took over my mortgage from Chase in October 2010. They sent me a letter in February 2011, stating that they were going to purchase insurance for my house, unless I provided proof that I already had some. I immediately called them and told them not do this, because I already had insurance and sent them the contact information for the insurance provider. After many follow-up phone calls, they finally just went ahead and took $1400 out of my escrow account to buy their own insurance.

After they finally got all the documents that they deemed adequate, they reversed the charges 3 months later. But by then, they had quietly changed my payment amount; and so, one of my automatic payments was under. So I got dinged with a late fee. I called them and explained, but they refused to reimburse it. After another month of phone calls, I finally got my payment amount fixed.

Now this February, it is starting all over again, except this year, my HOA changed insurance providers that cover my town home for "guaranteed replacement cost." My insurance company has sent faxes explaining that this is 100% full coverage, but for whatever reason, Seterus/QBE is saying this is not acceptable. So again, they have purchased their own insurance at my expense. Countless hours on the phone and dozens of faxed documents, and still, no resolution to this.

This is a nightmare! Over the past year, I have had spent more time on the phone with these fraudsters than with my own family. They ignore my requests for escalation and have no incentive to fix this. This is a great scam they have. They get to decide what is acceptable proof of insurance, and if they want to make a sale, they just say that your proof is not adequate or isn't in the correct format. You can't say no, and they just take the money out of your escrow account. It's a fantastic business model.

I don't know how I am going to get my money back. I guess I am going to have to hire a lawyer. I am refinancing as soon as I can, and I pray to God that I don't end up with these thieves again.

Having lost everything last year, including our home, I needed the interest statement from IBM PS (now some new name) to file my tax return. When I called, they said tough they don't have to send out that tax document for up to three years, following a foreclosure. Now, I have to worry about tracking them down to get the document. I can't do any tax planning, because of an interest statement that will account for one year of my current wages. Yes, I am pissed. If you have a mortgage that is being serviced by these **, move it to a local bank, that is not going to sell the servicing.

LBPS took over our loan in January of 2010 from Chase. This has been a nightmare and we are truly ready to just "walk away" from our home that we love! They truly are a deceptive, greedy, unlawful company. I am sick and tired of them stealing my money, ruining my credit, and making promises that they never intended upon. They seem to employ scatterbrain people that lose important paper work and blame Chase (previous loan) for every mistake they have made. We have made many attempts to get help from them. However, they just don't give a **. I'm done. I'm not letting them steal from me anymore.

Every year since Seterus, Inc. has taken over my loan, their system automatically sends me a letter about my hazard insurance policy. Every year, they allege that it is insufficient and claim 1.) they never receive a proper updated certificate of insurance and then later verify by taking a little extra step that it is proper and after numerous phone calls back and forth; (2) that their system automatically sends those letters when my insurance company sends updates as to insurance for my personal property, meanwhile, proof of my hazard policy exists in their system.

It is seriously frustrating because it results in lender placed insurance could be resolved by taking a small step on their part and reading. It wastes so much of time. For three months each year, I get a letter about my hazard policy each week all because they claim their system just automatically sends letters. Of course, I have to call each time to make sure I am on top of the matter and that the letter is indeed not true.

Our mortgage was with Citi and then sold to IBM / Seterus and we've had nothing but condescending, high-handed treatment ever since. We always pay on time or early and are paying a little bit extra each month to reduce the principal.

Now, we see that the extra principal we pay is being held until the next month in the category "Suspense". Seterus is not applying the extra amount to reduce the principal until the following month. When I called, I was told this was an error in their computer program and they're working on it. I was also told that they have the legal right to do what they want with extra money unless you specifically ask that it be applied to reduce the principal and you date and sign the paper, sending your payment in to a different address.

So if you like to pay online, you can't guarantee your wishes will be followed. I do not trust them to not "lose" my payment and then trigger a whole cascade of woe like I've been reading about on this site, so I will continue paying online until I can finally find a way to get out of their clutches.

They are the worst company I've ever had to deal with in 50 years! This seems highly suspicious to me, if not downright dishonest. I don't know who to complain to but want to warn other customers of this practice.

When attempting to make a mortgage payment over the phone yesterday, the representative stated he could not accept my payment. When asked why, he replied that he could not discuss my account without my attorneys consent. When I threatened to contact my state's attorney general's office, he told me that the last 3 months mortgage payments were held in suspense and that the mortgage was in the process of foreclosure. I have bank statements, and Western Union receipts reflecting my monthly payments.

They claim I am 3 months behind in my payments, I beg to differ. I have fought feverishly with this company in regards to discussing my loan, requesting monthly statements and resolution to this matter without the additional expense of an attorney, to no avail. Account statements that reflect a difference of 7052.21 between what my bank statements reflect and what they have applied to my principal, interest and taxes. Asked what happened to the 7052.21, they refused to talk to me. I will be filing a complaint with the Indiana Attorney Generals office, the Comptroller of Currency, the Federal Trade Commission, the BBB as well as a law suit against LBPS/Seturus.

IBM has taken over a customer's property over a year ago. Our customer is an active military and has been deployed twice during which time, two offers on his home have been processed for short sale. The first buyer walked away after no answer from IBM. We are still waiting on a 5-month offer due to the fact that IBM will not give us a full counter. It does not reflect whether it is a net offer or if IBM will pay back association fees. This, in total, is the 6th short sale offer in 3 years. As the market declines, their counters have risen from $50,000 to $65,000 on a two-bedroom condo.

Please note, all this with a title company and attorney.

I owned my home for 8.5 years. LBPS bought my mortgage from Chase in July 2010. There was a flood in my 2-storey town-home on March 19,2011. I've been trying to have less than $10,000.00 disbursed to cover the repairs since approximately April, 2011. They have refused to disburse funds due to mortgage payments being delinquent.

I began working out a payment plan that began in May 2011. By October 1, 2011, I brought my mortgage current and was advised there was no amount delinquent. I was also advised by Mr. Chris ** that I should contact the "property loss" department and notify them the loan was current and the insurance funds that were paid to me can now be released. I asked Mr. Plymouth to check this information with a supervisor because I've been lied to and deceived by his company. He placed me on hold and came back on the line saying that this information was true and correct. This company has directly used deception and misinformation to gain from homeowners, me in many ways.

When I contacted the loss department on October 7, 2011, I was informed they would not release the insurance funds to repair my home, simply trickle them down as they had said months ago when my mortgage payments were behind. The staff at LBPS aka Seterus are trained to lie and provide misinformation whenever possible. They are definitely operating on fraudulent and unfair business tactics.

My loan was sold to LBPS late last year and immediately, I started to have issues where there were none when Citi owned my mortgage. The problem I am currently dealing with is that an LBPS, now Seterus, rep gave me instructions and an amount to send in to remove PMI insurance from my loan. After I did this and called to have it removed, my request was met by rudeness and I was told that they would not remove the PMI. I immediately stopped paying my monthly payments and wrote demanding a written explanation of their actions and a refund of the over 30K that was coerced from me.

Nearly two months later, I have finally received a letter from Seterus which states that since I have now been delinquent in my payments that they will not remove PMI no matter what I give them. Amazing! I am trying to give this company enough money to right an underwater mortgage and go back to paying an interest rate nearly twice the average for new loans and they are fighting me all the way. In my opinion, companies like this represent a very real danger to our economy. Do your due diligence with regard to LBPS - Seterus. Get everything in writing! This is a hostile company and is neither your friend nor your partner.

These are repeated customer service issues. Soon after LBPS acquired my mortgage, the harassing phone calls began. When they called on Labor Day and asked me when can they expect my payment, I explained to them the concept of a federal holiday that delays the US Mail. I contacted the area Better Business Bureau [alaskaoregonwesternwashington.bbb.org]. The phone calls stopped.

So, I have escalated this to the local BBB. I need a loan pay-off amount. According to comments on pissedconsumer.com, LBPS has many issues with all aspects of mortgage service. Others have mentioned the inability to obtain a payoff amount

My loan was with CitiMortgage but they transferred it to IBM LBPS effective Novemeber 2010. I have been requesting IBM LBPS to cancel the escrow account from my loan since I have already paid my property tax and home owners insurance--which I have been doing right from the start when I bought my property in1993. But the company keeps on collecting escrow from me, crediting part of my monthly mortgage payment and $200 additional principal to the escrow account. This made me appear that I am delinquent in my payment, charging me penalty fee for that when the truth is, I send them my monthly payment days before the due date, which they always cash on the second day after I mailed it.

I sent them copies of the checks I issued to pay my property tax with, as well as a copy of the escrow account disclosure statement of CitiMortgage to their Escrow, Property Tax, Insurance, and Correspondence Departments for dispute, but nothing happened. I always receive a letter from them stating that the issue is under investigation and they'll be sending me a written explanation of the result within 60 business days which never happened. My penalty charges keeps on piling up because of the delay. I even sent a letter to Mr. Gregory **, their President and CEO, but my letter was thrown to anybody who answers inquiries and, as usual, I received the same 60 business days answer.

On the 62nd business day (2/23/2011), I called them up again and I was able to speak with Ms. Rebecca ** informing her that Los Angeles assessors office had already sent to their Beaverton office a refund check. She asked me questions while looking at the documents, which I sent them and in less than an hour, she was able to figure out that I really should not have that escrow account. She told me that once they receive the check, she can have the escrow account be deleted.

I called them up again on 2/25/2011 to find out if they already received the check and a customer representative by the name of Michelle ** transferred my call to their Beaverton office. Ms. Jacqueline ** answered the phone and put me on hold while she was looking for the check refunded on 2/11/2011. She asked me to call her again the following Monday, 2/28/2011, giving me her direct line but I received no calls from her after leaving four messages the whole day. As of this writing, I haven't heard from her yet--after two messages that I left.

I already filed complaints to Office of the Comptroller of the Currency (OCC), Federal Trade Commission (FTC), Consumer Protection Agency, and the Dept. Of Corporations here in Los Angeles, but none of these agencies were able to help me. Do we homeowners really have to deal with this fate and let IBM LBPS continue with what they are doing? Who can help us? I just wish all their victims will be able to contact one another to file a class lawsuit against IBM LBPS. Please include me when you do.

My mortgage was sold to IBM LBPS from Chase last year. Yes, the transfer was very poorly handled. Since I took a 10% pay cut, I requested a review for a loan modification in October. What a big mistake! The machine that they are automatically takes over. They immediately established an escrow account, which I did not have prior. This, in turn, automatically increases your mortgage even though my insurance and taxes were paid. The loan modification was promptly rejected because my loan to income ratio was not within the government regulations.

On January 4th, I called to have the escrow removed. No can do! I had to write a formal request and fax it in, which I did. In the meantime, I have maintained making my monthly house payment without the escrow. My account has now been turned over to collections and I am receiving harassing phone calls every five days for being behind in payment, which I am not! When you call them, they are very understanding and nice; however, apparently, the escrow department has 60 days to determine your destiny.

In the meantime, the charges keep piling on and the calls keep coming. So, yesterday, I found out that they decided to pay my winter taxes for me, even though I already paid them! When I called to find why on earth would they do such a thing, knowing that my escrow is up for removal, their response was that they acted within the government requirements. They further went on to inform me that it is my responsibility to have the county return the funds to them! To further add insult to the injury, they suggested that I pay all the escrow fees and the late charges to ensure that it is not reported to the credit agencies as a bad debt.

I came home from work today to find a nice letter from IBM-LBPS, reminding me that I'm behind in my escrow payment for which they have kindly attached a $63 late charge. Oh, and by the way, there was a nicely worded little warning in the last sentence stating that they hope I submit to their strong arm tactics; otherwise, they will have to report the neglected payment to the credit agencies. Nice, huh? For 13 years that I've owned this house, I have never been late or missed a payment, yet this is ** that we, consumers, have to deal with.

I have been dealing with the IBM lender for the past year, since they took over my loan from Aurora Loan Services. Since I lost my job, I have been trying to do a modification of my 30-year fixed home loan from 7.90% to about 4.75%, and they put me on a 4-month forbearance program.

I think this is a scam they are running, since it is such a pain and a difficult process to finish. Every rep is trained to give you conflicting information which complicates and delays the process further. They lose documents and intentionally delay the process so that whatever documents you had submitted expire in 90 days, and you have to start the whole process from square one! This is stupid and what is killing America! If there is a class action lawsuit, I wanna be in it.

I have called customer service several times to request a paper statement for my loan. They tell me that they are working on it but another month goes by and I still don't have it. Luckily, I pay online and hopefully, my payments are calculated. This is the worst company to deal with and they have horrible customer service. Why my loan was sold from Chase is terrible because I had zero issues with Chase. The wait time for the customer service department is at least ten minutes before you can talk to a live person. Bad, bad service.

My home loan from Chase Mortgage Company was transferred to IBM Lender Business Process Services, effective on Oct. 1, 2010. Through Chase Mortgage Company, we had been on a trial modification and began making final modification payments on Sept. 1, 2010. We received notification of the transfer from Chase prior to the transfer date, but we did not receive any communication from LBPS until mid-October. I had to call LBPS to find out what to do about making payments on Oct. 1, because we had received no information from them at this point.

They sent out a letter after I phoned them. It was dated Oct. 11, 2010. Once the transfer was made to this company, they claimed they could no longer honor the modified loan and reverted back to the original loan. They said we were in default and began foreclosing on our home. When I called to find out why we had received foreclosure papers, the CSR told me that they were no longer honoring any of the modifications that were transferred to them and that they had put all modifications on hold. When I asked what this meant, I was told that they were no longer processing any modifications at this time and that we were not allowed to make any payments, because of the foreclosure status. We were then told we needed to file for a new modification with LBPS.

We did this, and on Jan. 12, 2011, we received a phone call that they had approved our modification and our new payments would be $953/mo which is more than our original loan payments ever were! Our original loan payments were $901.25/mo, trial modification payments were $568.57/mo, and modified loan payments were $645.46/mo.

I would like to file a complaint against the IBM Lender Business Process Services, Inc. Since our loan was transferred to LBPS, we have had difficulties getting our payment applied properly. On October 13, we were notified by LBPS that our payment was late. Our payment is $2200 due on the 1st of each month. On Sept 15, LBPS cashed a check for $1200. On Sept 29, LBPS cashed a check for $1200. Upon review, LBPS indicated that this amount was applied to our principal. The representative Keisha ******* claimed to have corrected this and that she had noted our account so that the payments would be applied correctly. Again in November, we received a notice from LBPS that we had not paid.

Upon investigation, LBPS determined that the $1200 cashed on 10/19 and $1200 cashed on 11/2 was applied to our principal and not credited to our payment. They claimed to have fixed this and that future payments would be correct. In December, we received a call that indicated that some funds from our escrow were frozen to make our missed payments. Upon review, LBPS determined that the payments on 11/17 and 11/30 were made to principal and not applied to the payment. I requested a fully detailed statement to prove that the payments were applied correctly.

The statement I received did not show application of the payments at the proper time period. Instead, the principal payment and interest payments were not credited to our account until our call to correct this issue on 12/6 regardless of when the payment was actually received by LBPS. We pay in installments to reduce the amount of interest and total payments made. Per our contract, we should suffer no charges or consequences by making these pre-payments. I would like to have a thorough review of this business as they are charging us additional interest and fees as well as hurting our credit due to their mishandling of funds. I appreciate your prompt handling of this complaint.

I started the HAMP loan modification process with IBM LBPS in July 2010. In the 4+ months since, I have received incorrect or misleading information that has delayed the processing of my HAMP application. I believe this has been intentional. In addition, LBPS has recently admitted to charging me unnecessary fees, which they cannot confirm were disclosed to me, and they are unable to provide a time frame or when I will receive a refund. In the meantime, they are requiring me to continue paying these fees. A summary of my calls with LBPS follows:

Call on 9/13/2010: Lynn asked me to fax all HAMP documents to **. Call on 9/21/2010: Greg ** confirmed that Lynn provided an incorrect fax number. He asked me to fax HAMP documents to ** or **, which I did (to the latter number). Mr. ** told me it would take 45 day for LBPS to review my application.

Call on 10/29/2010: John ** informed me that my HAMP application was denied because I did not submit proof of income. However, after reviewing my documents, Mr. ** confirmed that LBPS had received proof of income as a part of my HAMP application on 9/21/2010. Mr. ** relayed that he would alert the loan officer assigned to my case and asked me to call back in one week.

Call on 11/11/2010: Zachary ** confirmed that Mr. ** did not alert my case officer. He then transferred me to loan officer Moses **, who confirmed that my income had, in fact, been verified on 10/2/2010. Mr. ** informed me that I did not meet the HAMP requirement of $200 monthly disposable income. He then told me that I was eligible for the LBPS loan modification program and that I should apply to it. I informed Mr. ** of a recent promotion/salary increase (effective 10/1/2010) and asked if this would impact my eligibility for the HAMP program. Mr. ** asked me to forward proof of my salary increase (which I did, on 11/12/2010). I asked if I should also forward recent pay stubs; Mr. ** told me this would not be necessary.

Call on 11/22/2010: Karen ** informed me that my loan application could not be processed because I did not provide recent pay stubs. I faxed these on 11/24/2010. In addition, Ms. ** informed me that as of Oct. 1, 2010, LBPS was assessing a $1771.03 annual fee because I had not provided proof of home insurance coverage. Upon further inquiry, Ms. ** confirmed that LBPS had received a copy of my valid and current home insurance declarations page on 9/21/2010. She then outlined a complicated process for me to appeal the $1771.03 assessment and told me that I would not be able to speak with anyone about this appeal. She told me that I should continue paying the assessment; otherwise, I could be faced with late fees and other consequences.

I believe LBPS is intentionally delaying the HAMP process so that I will, instead, take advantage of their internal loan modification program.

I am being forced to pay a $1771.03 assessment that even LBPS confirms is unnecessary.

I was initially with Chase Bank and was in the process of a loan modification with them when they informed me that my mortgage had been sold to IBM-LBPS. I would like to state that I also shared all of the same behavior that others have indicated on here with Chase. I think their objective is to have homeowners fall into foreclosure. Chase failed to even give me credit that I paid over 45,000 to them in extra payments to get my loan paid off earlier. The reason I was asking for a loan modification is I had been downsized and have not been able to find a job like I had before. I am working, but not bringing in the funds that I did. I was so happy to have had a home of my own and was happy that I could pay my bills and have money left over.

But now it's next to impossible to find the jobs that were out there in the late 2000. When I was working with Chase, I was 4 months into sending them documents and getting the run-around. When I was transferred to LBPS, Chase said the process would continue and all should be fine well after being transferred. I received a letter from Chase that I was denied the home modification. (This was probably a day after they told me that all looked good) Since I have been with LBPS, the same behavior and shenanigan that Chase was doing is going on with them.

They request that I send the same documents over to them because they say that the form was filled out incorrectly or I put too many years on the IRS tax form where the IRS will not honor the request of getting my tax history to them. I never speak to the same person when I call this place. When I asked how I would know if they received the documents, they tell me I need to call back and check. When I called back, I get different answers and different requests for additional information even after I have been told "that all information is in". Calling these representatives and getting a new person each time that seems to have no clue of where things stand, or just putting me on hold for a long time where I need to eventually hang up because I have been on hold for so long my phone needs to be re-charged.

These banks are playing games with the American people and someone has to intervene. I think they are hoping to take our homes and making a profit especially if they see that equity may be in the home. I am not current on my mortgage because I have been waiting for the revise plan but I don't ever think I will get the revision as IBM is stalling and pulling the same stunts that Chase did. I really believe that all of the banks are now reading from the same script with people and have been trained to do what they are doing. Enough is enough. I have a question?

Is anyone doing anything with these complaints or information? I am so frustrated and sick of the sub-par and disrespect that banks are showing to us. People, we have to do something now to let the banks know that if it wasn't for hard working people like us, they would not be where they are today. So Chase Bank and IBM Lender Business Process Service, get back to the basics and respect the customers and stop this practice of stealing people's homes and treating them so poorly.

I think the real problem with IBM LBPS is they really seem to be making life really difficult for those of us who optioned to maintain business relationship with Equity Accelerator. I assumed, foolishly, that the merger would be a fluid process and there would be no disruption to the processing of my mortgage. LBPS did not issue intuitive instructions to make this ill-fated transaction as smooth as possible, especially for the Equity Accelerator customers. In fact, the first correspondences sent from LBPS confirmed their dysfunction. They didn't even have a website or online processing ready until several months after the merger. LBPS was unaware of my current business relationship with Equity Accelerator, making this an even greater challenge, asking for double payment or placing adverse credit postings. In the past two months, LBPS has posted adverse credit postings with Experion, Equifax, Transunion, and Innovis.

When I have confronted LBPS with the dissatisfaction of destroying a credit history I have taken my entire adult life to build, they have remained cold and calculating with their dialog. Needless to say, LBPS' indifference to my situation, which is absolutely a direct result of their ineptitude with mortgage processing, has compelled me to seek legal council. IBM should have done a better job in informing me of any problems prior to the credit reporting deadline--this, indeed, shows true neglect by IBM to perform customer-oriented service or to troubleshoot forthcoming issues. Prior to business with IBM, all aspects of my mortgage payment process were smooth and regular. Thus, it can be reasonably assumed that IBM is the primary reason for any dysfunction or disruption in my mortgage payment process. In fact, from an outsiders perspective, it appears that IBM has made it a difficult process for many Equity Accelerator customers to conduct normal business.

After reading some of these frustrations, I feel the only way to reach LBPS is by banding together for a class-action lawsuit against their mismanagement and processing dysfunctions. These LBPS hiccups can cause much stress and credit burden. What can be done to compile relative complaints and press LBPS to rectify negative / adverse credit posting that have resulted from their mus-communications with Equity Accelerator, MetLife, and we the hardworking and honest consumer?

IBM is a mortgage payment processor. They did not purchase my loan from JP Morgan Chase. They only process payments effective 10/1/10. They are telling me that if I do not pay them by the fifth of each month, I will have to pay them an additional $5 fee. This is not part of the terms of my orig loan docs with JP Morgan Chase. I cannot pay my mortgage by the fifth of each month and need to pay it by the 15th which is allowable in my orig loan docs.

In August 2010, my JP Morgan Chase Mortgage loan was transferred to Lender Business Process Services (LBPS). On the County records, it shows a recorded assignment to Fannie Mae. In the past, I always paid Chase within the month it was due so it was technically late but not past thirty days and I would pay the late charge. It's never been thirty days late and I am also not substantially upside down in my mortgage and if so, a minimum amount. I am not sure why Chase assigned me to this new lender.

Anyway, on September 27th 2010, I received a letter from LBPS referring to my loan number and my September 2010 payment. The second line of the letter stated: "Your loan is delinquent and in default. The entire balance may be subject to demand or payment on full." I paid my September payment with late charge on September 30th 2010.

My problem is that they are threatening me that they can call my loan due and demand payment in full for the entire mortgage balance. I don't think this is true and their collection tactics border on criminal. They are trying to intimidate and scare borrowers. Is there no hope because they work for Fannie Mae (the government)?

I am intimidated and feared that I may get a letter in the mail that I have thirty days to pay them the balance of my entire mortgage balance, to wit, $146,000.

My complaint is in regards to the servicer of my loan. My loan was with MetLife Home Loans, and in May 2010, I was advised that the servicing of my loan would be transferred to IBM LBPS and that the payments would be accepted by them and that no change in my loan would occur. And now, this company sends me a letter stating that for the September 2010 payment, I would be paying the escrow for taxes and insurance in my mortgage payment which has never been included in my payment.

My mortgage note is for principal and interest only. So now, my payment would increase from $1450.00 to $2125.00. I sent them a letter, requesting for the escrow to be closed. And every time I called there, I talked to a different person who told me something different. I called this past Saturday (8/28/10), and I spoke to a rep.

She said the letter I sent was not received and that I would need to fax the request. She also said that it can take up to 20 days for an answer. So today, 8/30/10, I faxed the request with a copy of my mortgage note, hoping they can resolve this before my payment due date. By this company changing my monthly payment by $675.00 more a month, they will be causing an economic hardship.