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Vanderbilt Mortgage and Finance

Vanderbilt Mortgage and Finance currently services over $5 billion on mortgage and has recently become part of Clayton Homes – a leading home builder.  Currently Vanderbbilt Mortgage services over 160,000 home owners, operates in 33 states, and emplyoes close to 7,000 people.

With a name like Vanderbilt you would assume a strong history, but there have been more than 163 complaints to the Better Business Bureau (BBB).

Loans Funded by Vanderbilt Mortgage and Finance

One example is summed up by this quote “We have had problems with Vanderbilt since February 2000. This is when they began charging us fraudulent interest rates. In 2004 I reported my suspicions about Vanderbilt to the Federal Trade Commission.” The problem was resolved with the mortgage company after the client called the federal trade commission. This is not the only complaint.

Another client had their mortgage provider switch them to Vanderbilt and this was the result,
“I bought my mobile home and land package in 1997 with Associates Housing Mortgage. Recently I have learned that Associates sold the mortgage to Vanderbilt Mortgage company. Since than, everything has went down hill. I get harassing phone calls from Vanderbilt both at home and at work stating that I don’t have insurance and therefore I will be required to pay the back insurance all the way back to when Associates had the loan, about 10 years worth. I got the mortgage with Associates for 85,000 and when I last call Associates to see what the balance of the loan was they told me it was 73,000. Vanderbilt call me the other day and stated with all the back payments in insurance and late fees going all the way back with Associates, that all of that will be added to my mortgage bringing my mortgage back up to 85,000. So I have paid on this home for 10 years and still owe the same amount as when I began.”

A similar story here, “Vanderbilt won’t refinance. Won’t let others assume loan. Threatening repossession after 21 days late payment Servicing loans for Tammac Corporation”

And again, “Bombardier sold the account to Vanderbilt in August. Payments were held and not adjusted. An extra balance payment of $150.00 was put into overage and no adjustment has been made, the company claimed that their 3 month error only warranted a $0.78 difference. Sent a sticky asking if we wanted a credit. This is totally incorrect at 13.5%. Their favorite tactic is to deny me access to the account which requires they selectively lose the power of attorney letter on file. We requested a pay out in December for mortgage at 5-6%. They refused to send a payment history in January along with the Tax Information. I threatened to make a claim to the Texas Commission of Better Business Bureau. Team Leader called me back and volunteered to drop the interest rate to 10%. Paper work was sent out but when sent back they denied the signature saying it did not look like the original signature signed four years previously.”