Complaints

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:11/25/2024

  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.

  Inefficient

  

  Business Response

  Date: 12/04/2024

  We are writing in response to a dispute that you filed with the Better Business Bureau (“BBB”) with regard to the servicing of the above-referenced mortgage loan. We understand that by filing a dispute with the BBB, you have authorized us to upload a copy of our response to the BBB website. We further understand that you are requesting the BBB to assist you with the numerous collections calls you receive from Shellpoint.
  
  The due date for this account is the 1st day of each month. If a payment is not received in full by the 1st day of the month, the account will be past due. If a payment is not received in full by the end of 15 days after the due date, a late charge may be assessed. The grace period refers solely to the date in which late fees may be assessed and has no bearing on when the account is considered past due or when collection activity may begin.
  
  When a payment is not received in full by the due date, attempts are made to contact the customer in order to prevent the account from further delinquency. Collection communications are placed solely for the purpose of determining payment intentions when the customer fails to pay as agreed. If the customer has agreed to make a payment, collection communications may continue if a payment is not received by the promised date.
  
  Per the enclosed loan history statement, a late charge of $9.20 was assessed to the loan on November 17, 2024, as the monthly payment was yet to be satisfied.
  
  On November 20, 2024, you explained to a representative the payment due November 1, 2024, had been placed in the mail on October 27, 2024. It was explained we did not have records of the payment being received and were provided with the different payment options Shellpoint has to offer. 
  
  An outbound collection call was placed on November 22, 2024, as Shellpoint was yet to receive the mailed payment.
  
  On November 26, 2024, you submitted a one-time over the phone payment of $952.28 for the November 1, 2024, monthly payment.
  
  Shellpoint offers a free recurring ACH payment option. Your monthly payments can be automatically drafted from your checking or savings account either monthly, bi-weekly, or semi-monthly. Proof of payment will appear on your bank statement. Automatic drafting will remain in effect until you notify us in writing that you wish to cancel this service. An ACH Draft Authorization has been mailed separately. To take advantage of this service, please complete the ACH Draft Authorization form, attach your voided check, and return it to our office.
  
  You may also enroll in the monthly recurring ACH payment plan through your online account on our web portal at www.shellpointmtg.com.
  One-time payments made on our web portal at www.shellpointmtg.com, via our pay-by-phone option through our Interactive Voice Recognition (“IVR”) system, or by speaking with a live representative from our Customer Service Department at 800-365-7107  are free of charge.
  
  Additionally, many online banking services allow you to transfer funds electronically. If Shellpoint is unavailable for electronic transfer through your bank, you may still electronically schedule a payment using your bank’s online BillPay service and they will mail a check on your behalf. Payments by mail or through your bank should be addressed to:
  
  Shellpoint Mortgage Servicing
  P.O. Box 650840
  Dallas, TX 75265-0840
  
  As of the date of this correspondence, the loan is past due for the December 1, 2024, monthly payment of $952.28.
  

• Initial Complaint

  Date:11/01/2024

  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.

  Shellpoint refuses to work with their Veteran customers. Our veterans affairs technician has been telling us for two months now that we qualify for the new **** program since we cannot afford the $5 less a month payment Shellpoint is offering for a modification. Ridiculous. Shellpoint is refusing to talk about the **** program. They act like they know nothing about it and don’t care that a veteran family could go into foreclosure, as **** will allow us to keep our home. They are legally supposed to be offering this program to veterans by October 1st 2024.

  

  Business Response

  Date: 11/08/2024

  Dear ****** ****** ******:
  
  This letter is in response to the Better Business Bureau (“BBB”) correspondence received by Shellpoint Mortgage Servicing ("Shellpoint") on November 1, 2024. We understand that by filing a dispute with the BBB, you have authorized us to upload a copy of our response to the BBB website. We further understand that you are requesting assistance with loss mitigation.
  Shellpoint takes its customer service and consumer protection obligations seriously and have dedicated staff to identify and resolve your concerns.
  
  Shellpoint is currently collaborating with the **** ********** ** ******** ******* (“”) to offer the ******** ******* ********* ******** ******* (“VASP”) as a potential option to homeowners in the near future. We are working closely with the ** to understand how this program can best benefit our veteran customers and offer new opportunities for loan servicing. While we are actively involved in the planning and preparation for its roll-out, we want to be transparent that this program is not yet available at this time. We understand that you may be interested in learning more or exploring this option, and once the program becomes available, you may apply for it at that time.
  
  Our records show that the enclosed modification offer dated September 17, 2024 was sent to your mailing address. The offer requires you to complete a trial period plan as a prerequisite to a loan modification. During the trial period, the homeowner demonstrates the ability to resume making monthly payments at the modified amount. Shellpoint is required to review your eligibility for a modification in accordance with the applicable program guidelines as well as base your eligibility on an assessment of your financial situation and several other factors. Therefore, modification terms are non-negotiable and cannot deviate from the investor’s terms.
  
  To successfully complete the trial period, you must make three (3) trial payments of $ each, due November 1, 2024, December 1, 2024, and January 1, 2025. After successfully completing the trial period, Shellpoint will prepare the final modification agreement which will require your signature. Once the fully executed documents have been returned to our office, we will complete the modification, and the loan will be brought current. If you have questions regarding the modification offer or wish to discuss other potential options, please contact our Loss Mitigation Department at (***) ***-**** for further assistance.
  As of the date of this communication, the loan is due for the July 1, 2024 through November 1, 2024 contractual payments.
  Although Shellpoint apologizes for any inconvenience regarding this matter, we have been unable to determine that any error has occurred. You have the right to request documentation supporting our determination, but please note those documents are enclosed for reference.
  We appreciate your business and the opportunity to review this matter for you. For any additional inquiries or assistance, please visit our website at www.shellpointmtg.com. Alternatively, feel free to contact us directly at 1-800-365-7107 for further assistance. You can also find helpful information on our Frequently Asked Questions page. Simply log in to your account on our website, click on Help, and choose FAQs from the drop-down menu for quick access to answers to common questions.
  Si usted no entiende el contenido de esta carta, por favor contacte a uno de nuestros representantes que hablan español al número 1-800-365-7107.
  
  Sincerely,
  
  Jihan J*****
  Compliance Department
  Shellpoint Mortgage Servicing

• Initial Complaint

  Date:10/23/2024

  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.

  My loan was transferred to shellpoint from sls. I had around 1 year left of 10 of interest only payments then 5 years repayment phase at 0%. Shellpoint changed it immediately to 5 years at 9.25% and caused me to miss last months payment of almost $900 because I wasnt expecting this mistake on their part. Now they have changed the entire loan to 30 years at 9.25% without my consent. They sent a letter saying my situation is complex and will take time to resolve. Meanwhile im getting threatening letters to pay the fraudulent amounts! The phone reps are clueless. I want my loan corrected to the original sls terms and all my overdue payments canceled and start over with the right amount.

  

  Business Response

  Date: 11/11/2024

  We are writing in response to a dispute that you filed with the Better Business Bureau (“BBB”) and with the Consumer Financial Protection Bureau (“****”) with regard to the servicing of the above-referenced mortgage loan. We understand that by filing a dispute with these agencies, you have authorized us to upload a copy of our response to their websites. We further understand that you are requesting assistance with the terms of your loan.
  
  Per the enclosed loan agreement, the loan originated on August 24, 2006. The borrowing period ended on August 24, 2016, and the repayment period began on August 25, 2016.  
  
  In June 2016, while the loan was serviced by Specialized Loan Servicing, the loan was modified, the repayment period was extended by 174 months and the interest rate remained the same.
  
  Please note neither of the agreements state the interest rate would be reduced to 0.00% during the repayment period.
  
  On May 1, 2024, Shellpoint’s parent company acquired Specialized Loan Servicing (“SLS”), your prior mortgage servicer, and subsequently merged SLS into Shellpoint.
  
  Due to an error at boarding, an inaccurate total amount due was provided in the September 2024, monthly billing statement. On October 16, 2024, the September 20, 2024 monthly payment was updated to $425.37.
  
  Per the enclosed loan history statement, on October 30, 2024, you submitted a payment of $864.45 for the September 20, 2024, and October 20, 2024, monthly payments. A late charge of $25.00 assessed for the September 20, 2024, monthly payment was waived, and the funds were applied as a partial payment.  
  
  As of the date of this correspondence, the loan is next due for the November 20, 2024, monthly payment of $407.78.
  
  Please accept our sincere apologies for any inconvenience this may have caused. Please know that Shellpoint takes its customer service obligations very seriously and your concerns have been brought to the attention of the appropriate people within our organization.

• Initial Complaint

  Date:10/04/2024

  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.

  This company is falsely posting a loan to my credit report. I have made very little to no progress trying to correct their error by contacting them, so here I am.

  

  Business Response

  Date: 10/14/2024

  Dear ***** *****:
  
  This letter is in response to correspondence received from the Better Business Bureau (“BBB”) on October 3, 2024, regarding the above referenced property. Please know that we take our customer service and consumer protection obligations seriously and have dedicated staff to identify and resolve your concerns.
  
  We have received the same or similar dispute regarding the servicing of your mortgage account from the ******** ********* ********** ****** (“****”). Please be advised that Shellpoint will be responding to this inquiry with our response to your **** dispute, according to our standard business practices.
  
  We appreciate your business and the opportunity to review this matter for you. For any additional inquiries or assistance, please visit our website at www.shellpointmtg.com. Alternatively, feel free to contact us directly at 1-800-365-7107 for further assistance. You can also find helpful information on our Frequently Asked Questions page. Simply log in to your account on our website, click on Help, and choose FAQs from the drop-down menu for quick access to answers to common questions.
  
  Sincerely,
  
  Jason M*****
  
  Compliance Department Shellpoint Mortgage Servicing

  Customer Answer

  Date: 10/15/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. 
  
  The business made no effort to contact me back directly. The false loan has now been removed from my credit report because I disputed it through the credit agency. I have no confidence this would have been done by working exclusively with the business, it required additional agencies to be involved. I would not use or recommend this business. I see no way I will be compensating for the large amount of time it took me to correct their error and I view their efforts as speed bumps in the correction of the error. 
  

  I’m not sure what they want me to say. Do they want me to say they did the right thing because I spent time filing with other agencies to force them to do the right thing? The right thing would have been to correct the issue when I notified them directly.
  
  Regards,
  
  ***** *****

  

  Business Response

  Date: 11/11/2024

  Dear ***** *****:
  
  This letter is in response to the Better Business Bureau (“BBB”) correspondence received by Shellpoint Mortgage Servicing ("Shellpoint") on October 21, 2024, regarding the above referenced property. Please know that we take our customer service and consumer protection obligations seriously and have dedicated staff to identify and resolve your concerns.
  
  Our records indicate that the account previously transferred to ********** ******* ***** *******, *** as of October 1, 2023. Enclosed is a copy of the Notice of Servicing Transfer dated September 13, 2024.
  
  On July 31, 2024 the account was reported to the credit reporting bureaus as closed with a zero balance. No further credit reporting is scheduled for the account. Shellpoint will not agree to compensation in exchange for the resolution of this dispute.
  
  Please accept our sincere apology for any inconvenience caused by this error. Shellpoint takes its customer service obligations very seriously, and your concerns have been brought to the attention of the appropriate people within our organization.
  
  We appreciate your business and the opportunity to review this matter for you. For any additional inquiries or assistance, please visit our website at www.shellpointmtg.com. Alternatively, feel free to contact us directly at 1-800-365-7107 for further assistance. You can also find helpful information on our Frequently Asked Questions page. Simply log in to your account on our website, click on Help, and choose FAQs from the drop-down menu for quick access to answers to common questions.
  
  Sincerely,
  
  Jason M*****
  
  Compliance Department
  
  Shellpoint Mortgage Servicing Enclosure: Notice of Servicing Transfer CC: Better Business Bureau

• Initial Complaint

  Date:07/16/2024

  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 receive a letter in May 9 2024 that my mortgage was going to go down to $1908.97 previous it was $2509.59 for several months they did an escort analysis they had time to change it, I went to the app to pay my mortgage. They have not been changed. I wanted to the app.07/09/2024 to pay it again, they still have not changed it. I got into the 15 to make a payment for they hit me with a late fee. I feel that I shouldn’t have to pay that late fee due today negligent I’m reaching out to you to resolve this issue so I wouldn’t have to pay this late fee. They still have not changed it and it been five days since I notify them over five days so they have time to pay a late fee $30 late fee due to the negligent

  

  Business Response

  Date: 07/19/2024

  Dear ****** ** *****:
  
  This letter is in response to the Better Business Bureau (“BBB”) correspondence received by Shellpoint Mortgage Servicing ("Shellpoint") on July 10, 2024 and correspondences received on July 3, 2024 regarding the above referenced property. 
  
  Please know that we take our customer service and consumer protection obligations seriously and have dedicated staff to identify and resolve your concerns.
  
  In your correspondence, you state that you received a letter on May 9, 2024 stating your mortgage payment would decrease from $2,509.59 to $1,908.97. You state the change was not reflected in the app when you attempted to pay on July 9, 2024 and again on July 15, 2024 resulting in a late fee being assessed. You are requesting to have the late fee assessed waived.
  
  Our research has determined the online account was accurately showing the monthly payment to be $1,908.97 with a total amount due of $1,938.97. Included in the total amount due was $30.00 in late charges.  These were accessed due to the February 1, 2024 and March 1, 2024 payments being received after the grace period expired.
  Your payments are due on the first day of each month, and you are allotted a fifteen (15) day grace period before a late charge is assessed.  Your monthly payments must be received by the fifteenth of the month to avoid a late charge.  
  
  As a one-time courtesy, the two late charges accessed for the February and March 2024 were waived on July 15, 2024. The July 1, 2024 contractual monthly payment was not received until July 17, 2024; therefore, a late charge of $15.00 was accessed to the account.
  
  
  As of the date of this letter, loan is due for the August 1, 2024, contractual monthly payment in the amount of $1,908.97.
  
  Shellpoint strives to ensure courteous and expeditious handling of any servicing issues which may arise during the time that your loan is serviced with us. Please understand that we handle all borrower comments and concerns with the utmost consideration. We regret to hear you were unsatisfied with the servicing of your account.
  
  We have researched your account and our records indicate that the monthly payment amount show in the online account as described in your dispute was not in error. We trust that we have responded to your concerns.  You have a right to request the documents relied on by Shellpoint in reaching the determinations communicated in this letter by contacting us at the number below.
  
  We appreciate your business and the opportunity to review this matter for you. For any additional inquiries or assistance, please contact Customer Service at ************* Monday through Friday from 8:00 AM to 5:00 PM CT. You can also find helpful information on our Frequently Asked Questions (“FAQs”) page on our website at *********************. From the Help menu, choose FAQs from the drop-down menu for quick access to answers to common questions.

• Initial Complaint

  Date:07/11/2024

  Type:Customer Service 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.

  They do not answer the phone or respond to emails!!!!

  

  Business Response

  Date: 07/19/2024

  Dear ******* *****:
  
  This letter is in response to the Better Business Bureau (“BBB”) correspondence received by Shellpoint Mortgage Servicing ("Shellpoint") on July 11, 2024 regarding the above referenced property. 
  
  Please know that we take our customer service and consumer protection obligations seriously and have dedicated staff to identify and resolve your concerns.
  
  In your correspondence, you state that Shellpoint does not answer the phone or respond to emails.
  
  We apologize for the experience you had attempting to reach us by phone. We are experiencing extremely high call volume and appreciate your patience.
  
  Upon research of the issue, we are unable to determine if there were any interruptions to our phones at the time your call was placed. Your correspondence did not provide essential information to review in detail. Please provide us with the dates and times of the calls made and emails sent as well as the numbers and email addresses for further investigation.
  
  Shellpoint can confirm that we received correspondence from you through our web portal on July 10, 2024, and responded the same day.
  
  We appreciate your business and the opportunity to review this matter for you. For any additional inquiries or assistance, please contact Customer Service at ************, Monday through Friday from 8:00 AM to 5:00 PM CT. You can also find helpful information on our Frequently Asked Questions (“FAQs”) page on our website at *********************. From the Help menu, choose FAQs from the drop-down menu for quick access to answers to common questions.

• Initial Complaint

  Date:06/25/2024

  Type:Order 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.

  My parents died and my brothers and I are their heirs. We filed affidavits in Virginia — Real Estate Affidavit and Small Estate Affidavit. Shellpoint Mortgage is refusing to discuss the mortgage or options related to the mortgage. They requested documentation in order make me authorized to speak about the loan. I sent the paperwork as requested. Then I was told it needed to be sent to another email address. I sent that. Then I was told it needed to be faxed. I did that. Tomorrow it will have been a week since I sent in the paperwork and they still say I am not authorized. I am authorized according to the state of Virginia. I don’t understand how it is ethical to not speak with me about this loan that is past due for a payment. We are trying to figure out our options and cannot figure anything out until we get information from shellpoint.

  Customer Answer

  Date: 06/26/2024

  I’m happy to provide additional information regarding my complaint. 

  
  

  My father died on 9/27/23. Shellpoint says he was the only person on the loan. My mother was living in the house and received a chapter 13 bankruptcy and paid the mortgage according to the terms of the ruling. She died on 3/13/23. Once she died, we called Shellpoint to find out next steps. That phone call was unproductive.  We then waited 6 weeks for an appointment with an estate lawyer. That lawyer told us to do nothing. We got a 2nd opinion and from there contacted the probate clerk and Shellpoint. On 6/3/24, via phone call (see screenshot), I was told to email the probate paperwork (as soon as we get it), death certificate, and Photo ID. On 6/18, I sent an email requesting the correct email address to which I should send the  documents (see screenshot). The response directed to me to an email address and I sent the paperwork (see screenshot). I gave a couple days for them to process the paperwork and called on 6/20 (see screenshot). I was told I needed to send the information to another email address. I did that (see screenshot). I called on Friday 6/21 and was told they couldn’t receive the documents via email; I needed to fax them in. I did that. The fax number I was given was not the same number on their website. I sent the paperwork to both. (I will find the receipts for those faxes and send them to you.) I called yesterday 6/24 (see screenshot) and was told I am not an authorized user. I asked them how long it would take to process the information they had in their possession for almost a week and was given no answer. Just “you’re not an authorized user.”  It’s almost as if they are trying to avoid talking with me in order to foreclose without giving us any options? It is so confusing and it is frustrating to be dealing with this incompetence(?) intentional runaround (?) while also grieving the loss of both of my parents. Every single phone call with them has started with them saying “this is a recorded line.” They have it documented that I was given conflicting information each phone call. 

  
  

  I will attach copies of their death certificates. I already submitted the real estate affidavit when I filed the complaint.

  I can also submit a shellpoint bill addressed to my late father,  Charles McDaniel. 

  
  

  I will send this now and go locate the fax receipts and then send them along to you as well. 

  
  

  Thank you for your time, 

  
  

  ******** ****** 

  ************

  

  Business Response

  Date: 07/09/2024

  In your correspondence, you state that your parents passed away and you and your brothers are the heirs of the property. You have filed a Real Estate Affidavit and Small Estate Affidavit in the state of Virginia. You have provided the documentation to Shellpoint; however, the company will not discuss the account with you. You have sent the documentation to the company via email, fax and the company still does not show you as authorized. You are attempting to figure out what options are available for this loan.
  
  Upon the receipt of the correspondence regarding the authorization issue, we have reviewed the documentation you provided to the CFPB and the BBB to add you as the Successor in Interest (“SII”) and authorized on the loan. As a result, we have updated our records to show you as the confirmed SII and authorized on the loan.
  
  As of the date of this communication, your principal balance is $114,671.40. Please note, this amount does not include any interest, fees, debits, credits that may have accrued to date. Because you have been added as authorized, you will be able to receive monthly statements and other information regarding the loan.
  
  The loan is currently contractually due for the March 1, 2022 installment and all subsequent monthly installments. Because of the loan’s default status, the account has been referred to foreclosure proceedings as of December 2, 2019, and the foreclosure sale date has been scheduled to occur on September 11, 2024. To inquire as to what options may be available to resolve the loan’s default status, please contact our Loss Mitigation Department at ************. Enclosed for your review is a copy of the loss mitigation package sent to the mailing address on file with documentation to complete to seek loss mitigation assistance.
  
  Finally, our records show, we previously received documentation from ******* ******** and ****** ********, requesting to be added as authorized. After further review, it has been determined to be able to add the above mentioned third parties as confirmed SII and authorized, Shellpoint will require copies of each individual’s photo identification to be able to speak to them regarding the loan.
  
  As of the date of this letter, the loan is contractually due for the March 1, 2022 through July 1, 2024 monthly installments totaling $18,589.74. 

• Initial Complaint

  Date:06/10/2024

  Type:Product 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.

  Before my loan was sold to Shellpoint Mortgage in Dec 2023, I had requested an escrow analysis and refund with the prior company since my escrow was overfunded. Shellpoint was supposed to honor that and did not. They said they will do it in Feb 2024. When I called in Feb, they said they will do it in May. This is Jun 2024, and they have still not done it. Their policy says they should have done in February. I have called them over 15 times, and every time their customer support tells lies and keeps pushing it. I have an excess over $14,000 in my escrow account which I demand asap with a 6% interest. I also want them to exclude tax and insurance from my escrow as I can pay these myself, given their history. Thanks

  

  Business Response

  Date: 06/20/2024

  Dear ******** ********** *********:
  
  This letter is in response to the Better Business Bureau (“BBB”) complaint received on June 10, 2024 and correspondence received in our office on May 26, 2024, and June 8, 2024 regarding the subject property.
  
  Please know that Shellpoint Mortgage Servicing takes its customer service and consumer protection obligations seriously and has dedicated staff to identify, resolve, and permanently correct operational deficiencies.  
  
  Your complaint states prior to the service transfer of your loan, you requested an updated escrow analysis due to an overfunded escrow account. You state your request has been delayed by Shellpoint from February 2024 through June 2024 and your request remains unresolved. You are requesting to have the excess $14,000.00 refunded to you. Additionally, you are requesting to have the escrow account closed as you wish to pay your taxes and insurance yourself.
  
  Please be advised, a request to have an updated escrow analysis was originally made on March 15, 2024. However, on April 4, 2024, the request was denied as the loan was a fairly new loan. Please keep in mind the loan originated in August 2023; therefore, we need to ensure all yearly bills are correct. A second request was made May 16, 2024, to have an updated escrow analysis completed. On June 11, 2024, the updated analysis was generated and found an escrow surplus of $8,585.43 which was sent on June 11, 2024.
  
  According to the escrow analysis completed on June 11, 2024, the monthly payment is $3,784.77, effective with the July 1, 2024. The escrow account is analyzed by taking into account the total amount of the anticipated payments from escrow over the next 12-month period and spreading them over 12 months to determine the “base” escrow amount. The anticipated disbursements are typically based of the previous year’s disbursements and were calculated as follows:
  
  Anticipated Escrow Disbursements:
  
  County Taxes: $12,411.73
  Hazard Insurance: $1,886.04
  
  Total Anticipated Escrow Disbursements: $14,297.77
  
  Base Escrow Payment Calculation: $14,297.77 / 12 = $1,191.48
  
  The required starting escrow balance at the time of the analysis was $9,531.85, and the actual escrow balance at that time was $18,117.28; therefore, the escrow surplus of $8,585.43 was determined.
  
  Regarding your escrow removal request, we have forwarded this over to our Escrow Department for review. Once the review is complete, you will be advised under a separate cover of our decision.
  
  Shellpoint respectfully declines your request for compensation.
  
  As of the date of this letter, the loan is contractually due for the July 1, 2024 installment of $3,784.77.
  
  Please accept our sincere apologies for any inconvenience regarding generating an updated escrow analysis and sending your escrow surplus. Please know that Shellpoint takes its customer service obligations very seriously and your concerns have been brought to the attention of the appropriate people within our organization.
  
  For any additional inquiries or assistance, please visit our website at www.shellpointmtg.com. Once logged in, navigate to the Help icon at the top right corner and select Contact Us from the drop-down menu. Here, you can submit your questions and concerns, as well as upload any relevant documents. You can also find helpful information on our Frequently Asked Questions (“FAQs”) page. From the Help menu, choose FAQs from the drop-down menu for quick access to answers to common questions. Alternatively, you may also contact me directly at ************************ or by phone at ************, ext. ****, Monday through Friday from 8:00 am to 5:00 pm ET. You may also contact Customer Service at ************. 

• Initial Complaint

  Date:06/07/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore 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.

  This company (Newrez) took over in some fashion of Specialized Loan Services (SLS) my loan servicer. They have made it impossible to get to SLS website (forcing a transfer to Newrez site) and made it impossible to make a payment online. When forced to create new login information, I wound up re-logging in several times only to find I could do nothing. The crux of the problem is their contact information is useless when trying to make sure my account is current or get answers on this transition. Contact information consists ONLY of an 800 number which is completely automated, even when asking for a human contact! I'm pretty sure if my payment doesn't process at the first of the month (because I can't set up payment online) they will charge me late fees and probably report to credit bureaus late/no payment. Bottom line, this business ought to make sure they have it together before making a transition to a new system. This is being handled poorly and there is no feedback mechanism to alert them to the nasty customer service they are providing.

  

  Business Response

  Date: 06/26/2024

  Your complaint states since the transfer of your loan servicing you have had difficulty making your mortgage payment online. You feel that if you are unable to make your payment online by the 1st of the month you will be charged late fees and reported to the credit bureaus as late.
  
  Newrez LLC dba Shellpoint Mortgage Servicing (“Shellpoint”) mailed an informational letter to you on May 2, 2024, explaining the transition of your loan servicing from the Specialized Loan Servicing (“SLS”) brand to the Shellpoint brand. As explained, your loan number remains the same, as do the terms of your loan. Because there are changes being made by SLS and Shellpoint, certain information may not be readily available during the first few days of the migration.  However, please know that when a loan is within the initial 60-day transition period, Shellpoint will not assess any late fees nor report late payments to the Consumer Reporting Agencies (“CRAs”), as it may take up to 60 days to migrate all payments and/or documents.
  
  As of the date of this correspondence, the loan is next due for the July 1, 2024, installment for $611.63.
  
  For any additional inquiries or assistance, please visit our website at **************. Once logged in, navigate to the Help icon at the top right corner and select Contact Us from the drop-down menu. Here, you can submit your questions and concerns, as well as upload any relevant documents. You can also find helpful information on our Frequently Asked Questions (“FAQs”) page. From the Help menu, choose FAQs from the drop-down menu for quick access to answers to common questions. Alternatively, you may also contact me directly at *************************** or by phone at ************, Monday through Friday from 8:00 am to 5:00 pm CT. You may also contact Customer Service at *************

  Customer Answer

  Date: 06/27/2024

  Better Business Bureau,
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. I have been able to set up payment online, which was the gist of my concern.
  
  Regards,
  
  ***** **********

• Initial Complaint

  Date:03/20/2024

  Type:Service or Repair 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.

  My 10/1 Arm for an investment property had its first readjustment. The loan was locked for 10yrs at 3.89%. In anticipation of the adjustment, I confirmed with NewRez, more than once, that my loan terms were such that the most my loan could adjust, up or down, was 2% at one time. Thus, my new rate would be 5.89%, after the initial 10 years, which ended at the end of 2/24. I also confirmed that I could pay down principal right up until 2/28/24, the last day before the adjustment, thus lowering my payment. I began paying down principal at the end of 2023, and by the end of February -- before the 28th -- I paid the loan down to a principal just under $80,000. I was told by NewRez that my new payment would be in the mid-500s on a rate of 5.89%. But since March 1st, they now say I'm on a 7.75% rate and my payment is $1,063. This is incorrect. I have called repeatedly but no one I have spoken to, including a supervisor, has ANY knowledge of anything pertaining to my loan or why the numbers say what they say. I have been told that someone would be getting back to me within 30 days, which is TOTALLY unacceptable, and not to mention I have zero confidence in whoever is going to contact me then. I have filed a complaint with the Financial Protection Bureau as well. This is a terrible company, in my experience dealing with them. I'm in the fortunate position of being able to pay off the remains balance of the loan; I would rather carry the debt, but the incompetence at NewRez is making me reconsider. It's very annoying. I literally just want them to correct my account.

  

  Business Response

  Date: 03/26/2024

  Your complaint states the Adjustable-Rate Mortgage (“ARM”) was locked at an interest rate of 3.89% for the first 10 years of the loan. Prior to the interest adjusting, you confirmed with Newrez the loan could not adjust for more than 2.00%. You also confirmed that is paid down the principal before February 28, 2024, the loan would adjust to about $500.00, with a 5.89% interest rate. Newrez is now stating your rate is 7.75% and the installments are $1,063.00, which is incorrect. Additionally, payments are based on a $132,000.00 principal balance, yet our balance is less than $80,000.00. You believe Newrez is practicing predatory lending. You are requesting for Newrez to provide you with the terms of your loan, for the rate to be adjusted to 5.89% and for the payments to be adjusted based on the $80,000.00 principal balance.
  
  Per the enclosed Fixed/Adjustable-Rate Note, the loan originated on February 18, 2024, with Quicken Loan, Inc with a 3.875% interest rate. The rate was to remain a fixed rate for the first ten years of the loan, and the first-rate adjustment would be effective March 1, 2024.
  
  Under Section D – Limits on the Interest Rate Changes: the interest you would be required to pay at the first Change Date would not be greater than 8.875% or less than 2.250%. Thereafter, your adjustable interest rate would never increase or decrease by more than 2.00%.
  
  The interest rate was calculated by taking a published "index rate" and adding a certain number of percentage points, called the "margin." Under your loan agreement, your index rate is the Refinitiv USD IBOR Consumer Cash Fallback 12-Month, which at the time of the calculation was 5.47106% and your margin was 2.25%. The index rate plus margin were rounded to the nearest 0.125%:
  
  5.47106% + 2.25% = 7.72106%. Rounded to the nearest .125% = 7.75%
  
  The Refinitiv USD IBOR Consumer Cash Fallback 12-Month index is published Daily in *****************************************************************************************
  
  We can confirm we receive principal payments in the amount of $10,000.00, $20,000.00, $9,618.48 $12,000.00 on February 7, 2024, February 12, 2024, February 15, 2024 and February 27, 2024, respectfully. Each principal payment decreased the principal balance to $80,000.00 by the last principal payment received on February 27, 2024. However, the new amount calculations took place on January 22, 2024. In order to have used the decreased principal balance to calculate the new principal and interest payments, the principal payments should have been submitted before January 22, 2024. At the time the calculations were made, our system calculated a principal balance of $130,773.85 based om the current unpaid principal balance and payments due before the change.
  
  Per the ARM Change Notice mailed on August 9, 2023, by ********, the estimated interest rate effective April 1, 2024, would be 8.25000%. Per the September 3, 2023, ARM Change Notice mailed by Newrez, the estimated interest rate effective April 1, 2024, would also be 8.25%. Per the January 22, 2024, Subsequent Interest Rate Adjustment Notice, the new interest rate effective April 1, 2024, was 7.75%.
  
  On March 21, 2024, Newrez received funds in the amount of $40,342.50 and the loan was paid in full.  
  
  Per your correspondence, you mentioned predatory lending practices. As the servicer, Newrez does not have knowledge of the loan closing or any other aspects of the loan unrelated to the servicing. Newrez respectfully advises that any further investigation regarding these claims be directed to the original lender or closing agent.
  
  As of March 21, 2024, the loan is paid in full.
  
  Although Newrez apologizes for any inconvenience, we have been unable to determine that an error occurred after investigating your dispute. You have the right to request documentation supporting our determination.