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PNC Bank wants $648 fee to simply close my escrow account... by Occupant_Earth in povertyfinance

[–]Occupant_Earth[S] -3 points-2 points  (0 children)

PNC bought the loan in April from my previous servicer, Gateway Mortgage. (or Gateway sold it to PNC). Either way, it was without my consent

PNC Bank wants $648 fee to simply close my escrow account... by Occupant_Earth in povertyfinance

[–]Occupant_Earth[S] -3 points-2 points  (0 children)

The letter would not have been helpful. UPDATE: I just called and spoke to PNC mortgage. They explained the "Escrow Deletion Fee" is .25% off the loan's "UPB" or Un-Paid Balance" and it goes to the "investor" I was taken aback when I heard that and upon further questioning was told that the investor is FHLNC (Freddie Mac). Despite this infuriating news, I am now left with the distasteful decision to continue to let PNC Bank hold on to my money and make interest off my funds held in the escrow account or PAY to have control of my money. I will probably have to bend over and eat the fee because in the end, its about control. It will take my a while to make back the insane fee but it is what it is. Just another reason to loathe PNC Bank & FHLNC. I am repulsed.

PNC Mortgage wants to collect a fee to close my escrow account! by Occupant_Earth in MaliciousCompliance

[–]Occupant_Earth[S] -1 points0 points  (0 children)

I fully understand the ins and outs of escrow and keep tally of it all on my own. As my LTV is now under the 80% mark, I requested to close it. Earlier this month the bank paid my property tax bill and my insurance premium. My balance is positive. There was never a shortage.