Complaints

This profile includes complaints for Norcom Mortgage & Insurance's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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Norcom Mortgage & Insurance has 13 locations, listed below.

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  Norcom Mortgage & Insurance

  38 Security Dr Avon, CT 06001-4226

• 

  Norcom Mortgage & Insurance

  731 Main St Ste 101 Monroe, CT 06468-2872

• 

  Norcom Mortgage & Insurance

  4 Main St New Milford, CT 06776-2802

• 

  Norcom Mortgage & Insurance

  86 Obtuse Rd S Brookfield, CT 06804-3131

• 

  Norcom Mortgage & Insurance

  1221 New Haven Rd Naugatuck, CT 06770-5072

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:05/14/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had a mortgage with Norcom which was moved to another lender around 2021. I have been with my current lender for more than three years. I learned that Norcom put a late payment on my credit report even though my mortgage was not with them! They put a late payment on my credit report recording January 2024 while my mortgage was not with them for years!
  
  When I asked, they said there was a late back in 2021 that was not recorded, yet they placed it on my credit report for this year!

  Business Response

  Date: 05/28/2024

  Good afternoon,

  Thank you for reaching out to us regarding this error. We have filed a correction removing the January 2024 delinquency report, and reporting the correct date of your May 2021 delinquency. This should appear on your credit report within a couple of days. 

  If you have any other questions or concerns, please call ###-###-#### for direct assistance. 

  Thank you,

  Norcom Mortgage

  Customer Answer

  Date: 06/05/2024

  Thank you. The original complaint was fixed but did turn around and change the dates from January 2024 to May 2024 therefore, the problem is not been resolved. I’m feel like I’m being retaliated against and this is against the law I hope we can get this issue resolved. This is affecting my credit. Thank you 

  Business Response

  Date: 06/05/2024

  Good morning, 

  The reported delinquency was corrected from originally being reported as January 2024 to the correct date of May 2021. Please see attached confirmation of the delinquency that was reported. Because there was a late payment in May 2021, we are unable to remove this reported delinquency. If you have any further questions, please reach out to Mike at ###-###-####. 

  Thank you,
  

  Mike

• Initial Complaint

  Date:11/20/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We closed on a construction loan with Norcom in May 2022 with a rate of 5.5% during construction and 5.1% once construction is completed and the loan is converted to a permanent loan. This is evidenced in our promissory note. In early September, I reached out to our servicer to get information on final procedures, and at that time I was informed that our interest rate had “expired” and we would have to refinance using market rates. I went back and forth several times with a loan officer and Norcom’s attorney who are asserting that because we did not complete the construction within a year of the closing, we are in “default” and they have accelerated the loan. I was never notified when our rate “expired” and we were placed in “default”. I was only informed because I reached out to the servicer to inquire about final steps. It’s also my understanding that our loan was only just sent to their legal department for “default” after my conversations with the loan officer and attorney, and not when they are claiming it “expired”. I was told that once we receive the certificate of occupancy, I will receive a letter in the mail indicating that I will have 30 days to pay off the loan completely or refinance. We received a letter from Norcom's collections attorney prior to obtaining the CO stating that we have 30 days to pay off the mortgage or they will commence a foreclosure action.
  
  Our original loan officer was evidently not knowledgeable in the construction loan space and gave us false and misleading information. She never communicated that we had one year to finish the construction or we would lose our interest rate. Upon closing, I discovered that Norcom never even added me to the loan, only my husband, and our basic information including my husband’s social and our mailing address were incorrect despite being correct on our closing documents.

  Business Response

  Date: 12/04/2023

  Mr. and Mrs. ****** loan has been accelerated due to a default stemming from their Construction Loan Agreement. 

  At the time of closing, the borrowers executed a Residential
  Construction Loan Agreement, Note, Construction/Permanent Loan Addendum to
  Note, Open End Mortgage Deed, and a Construction/Permanent Loan Rider to
  Security Instrument. By executing these documents, the borrowers agreed to
  “comply with the covenants and conditions of the Loan Agreement,” and further
  agreed that “[u]pon the failure of Borrower to keep and perform all the
  covenants, conditions and agreements of the Loan Agreement, the Principal and
  all interest and other charges provided for in the Loan Documents and secured
  hereby shall, at the option of the Lender, and subject to any right of Borrower
  to cure Borrower’s default, become immediately due and payable in full.”
  Paragraph 4 of the Construction/Permanent Loan Rider to Security Instrument
  provides as follows:
  
  "4. Breach by Borrower. In case of
  breach by Borrower of the covenants and conditions of the Loan Agreement,
  subject to any right of Borrower to cure Borrower’s default, Lender at Lender’s
  option, with or without entry upon the Property (a) may invoke any of the
  rights or remedies provided in the Loan Agreement, (b) may accelerate the sums
  secured by this Security Instrument and invoke any of the remedies provided in
  this Security Instrument, or (c) may do both. Lender’s failure to exercise any
  of the rights and remedies at any one time shall not constitute a waiver by
  Lender of its right to exercise that right or remedy, or any other right or
  remedy, in the future."
  
  The Residential Construction Loan Agreement obligated the
  borrowers to complete construction on the Subject Property by the Construction
  Completion Date, defined as May 13, 2023.  The Residential Construction
  Loan Agreement clearly stated that all construction must be complete by the
  Construction Completion Date, and specifically advised the borrowers of
  Lender’s options, each at Lender’s sole discretion, in the event that all work
  was not completed to Lender’s Satisfaction by the Construction Completion Date.
  These options are laid out in Paragraph 11 of the Residential Construction Loan
  Agreement, which states as follows:
  
  "11.         
  Delayed Completion.
  
  (a)         
  The construction of the Improvements and all conditions for the final
  disbursement of the Loan Proceeds must be fully completed to our satisfaction
  no later than the Completion Date. If all the work has not been completed, or
  any conditions for the final disbursement of the Loan Proceeds have not been
  satisfied and accepted by us by the Completion Date, we shall have the right to
  exercise either of the following remedies, as we shall choose in our sole and
  absolute discretion:
  •            
  declare an Event of Default and exercise all of the rights reserved to us in
  the Loan Documents to act in case of an Event of Default, including without
  limitation acceleration of the Loan balance and foreclosure; or
  •            
  extend the time for construction, in which case you agree to pay the costs,
  fees and expenses associated with such extension, including modification fees,
  extension fees, document preparation fees, courier fees, recording fees, title
  insurance costs, and all other costs incurred or required to effectuate and
  extension of the Construction period.
  
  (b)         
  You understand and agree that we shall have no obligation to permit more time
  for construction. The time you select for the completion of the Improvements is
  up to you, and failure to fully complete all construction and meet all required
  conditions within the time you choose shall be an Event of Default. Any
  extension that is agreed to by us shall be at our sole discretion."
  
  The borrowers were advised that based on the above language,
  their loan was in default for failure to complete construction by the
  Completion Date. They were offered an opportunity to refinance into a new loan,
  which would provide additional time to complete construction to avoid
  acceleration of their loan, and declined. After the borrowers declined to
  refinance their loan, the borrowers were given notice of Norcom’s intent to
  foreclose on the property based on the above described default. After the borrowers
  received notice of Norcom’s intention to foreclose, Mrs. **** reached out and
  requested an extension of time before Norcom initiated foreclosure proceedings
  in order to allow them to refinance their loan with another lender. Although
  Norcom as under no obligation to provide such an extension, Norcom agreed to
  provide the borrower with a total of 60 days from the date that the notice was
  received. 

  Mrs. **** was always on the legal loan documents. There was, however, an error when boarding the file to Norcom's sub-servicer that resulted in her name being left off of the account. This was brought to Norcom's attention by Mrs. **** on 11/22/22. It was promptly investigated and corrected. Norcom's head of servicing wrote to Mrs. **** the following day to advise her that the issue had been resolved.