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: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.

• Initial Complaint

  Date:03/04/2024

  Type:Billing 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.

  Our mortgage was sold to New Rez on August 8, 2023. There was money in our escrow account to pay the real estate tax for the 2nd half of 2023. It was not paid by New Rez. We received a delinquent notice from our city tax department. We immediately notified New Rez but weeks have gone by and the tax is still not paid. I have called, faxed, sent online messages and live chatted, and still cannot get the issue resolved. There will now be penalties assessed and our account with the city is showing past due payments.

  Customer Answer

  Date: 03/05/2024

  Good morning,

  
  

  I received notice today that the company resolved my issue that I had made this complaint about (#********).  

  
  

  Thank you for your assistance,

  
  

  ***** ****

• Initial Complaint

  Date:03/04/2024

  Type:Billing 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.

  My mortgage loan for my condo was transferred from Caliber to NewRez in October 2023. In the letter of transfer, they assured us that we did not have to take any action except to set up a login for the NewRez account. Two months after the transfer, I received threatening mail stating that NewRez didn't have any HOA hazard insurance information and that I needed to submit it ASAP or else they would add lender-placed insurance to my account. I sent them the required documents on time, but they still added lender-placed insurance to my account, and on February 8, 2024 they opened an escrow account to pay for that insurance. I've called them twice about that error and both times they said they would remove the escrow account and return the funds debited from my account for the lender-placed insurance. In addition to the phone calls, I sent them this request in writing and let them know that I pay my insurance premiums separately from my mortgage account and that they were paid in full. To date, they still have not removed the escrow account from my mortgage account. I'd like them to refund the money they debited from my account for the lender-placed insurance and then close the escrow account.

  

  Business Response

  Date: 03/14/2024

  In review of the complaint, Newrez can confirm, we
  previously addressed your concerns via our response dated February 13, 2024. To
  ensure your concerns are addressed the below information is provided.  
  
  The loan was
  transferred to Newrez on or about October 1, 2023, from ******* **** ***** ************ as mentioned in your complaint. The transfer of the servicing of
  the loan does not affect the terms and conditions, other than those related to
  the servicing of the loan.
  
  Pursuant to the
  terms of insurance requirements on the mortgage security instrument, for as
  long as the property is financed, it must be insured. Section 5 of the enclosed
  mortgage security instrument advises it is the homeowner’s responsibility to
  provide proof of insurance when requested. Since your property is a condo and
  your loan closed after January 1, 2012, you are required to provide both proof
  of your HOA master hazard insurance coverage and unit owner’s (“HO6”) coverage
  for your property. Since insurance is required for your property, we will
  maintain insurance on the property by purchasing an LPI policy when proof of
  your insurance policies has not been received.
  
  When active or
  sufficient proof of insurance is not available, Newrez is required to send the notices
  requesting proof of insurance out no less than 45 days prior to purchasing
  insurance for a property. If needed a second notice is sent out 30 days
  later, advising once again of the intent to purchase insurance if proof of
  coverage is not received. This letter provides the homeowner with an additional
  15 days to provide the needed proof of insurance before a LPI policy is
  purchased on your behalf. 
  
  Please note, when
  the servicing of a loan is transferred, it may take up to 60 days for all the
  loan information to be transferred from the prior servicer. When your loan was
  transferred, we did not receive all of the required hazard insurance
  information from your prior servicer. Therefore, on December 7, 2023, after the
  60-day transfer period, we sent our first notice requesting proof of HOA hazard
  insurance and HO6 coverage. Because no acceptable proof of insurance coverage
  was received showing your HOA and HO6 insurance coverage, a second and final
  notice was sent on January 8, 2024 and on January 24, 2024, an LPI policy was
  purchased.
  
  After the
  receipt of the required HOA and HO6 insurance coverage, the LPI was cancelled
  on February 7, 2024, effective as of December 10, 2024. Accordingly, the LPI
  was refunded on February 26, 2024, for the amount of $196.35, which was the
  full amount paid for the LPI initially at the time it was purchased.
  
  Records show,
  an escrow analysis was completed on February 26, 2024, which was completed
  prior to the receipt of the LPI refund, adjusting the monthly payment from
  $469.48 to $472.73 effective April 1, 2024. Nonetheless, a new escrow analysis
  was completed on February 28, 2024 which closed the escrow account and
  returning the payment to $469.48 consisting only the principal and interest
  payment. Enclosed for your review is the most recent analysis conducted.
  
  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.

  Customer Answer

  Date: 03/15/2024

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

  However, this has been a long and grueling process in which I was treated very poorly by NewRez customer service. I have never defaulted on a loan and have always provided the necessary documentation. The first letter I received about this from NewRez was so poorly written that I thought it was a scam mail. Then it wasn't clear that they needed both the HOA insurance and my personal homeowner's insurance. By the time they realized their error in adding lender-placed insurance to my account, it took them at least a month to remove it and fix the status of my account. I received numerous letters and emails from them that overlapped and contradicted each other. This is the worst mortgage company I've ever had to work with, and I can see from the complaints of other NewRez clients that they think so too. This never should have happened in the first place. Clearly NewRez did not communicate well with ******* in securing the insurance information of thousands of people whose loans were transferred. They preferred to blame their clients instead of following up with ******* to get the required documentation. No insurance policy connected to my condo was ever inactive or expired as they claimed. In all of my years of refinancing, I've never had to resubmit insurance information; it's always transferred over. NewRez says there was no error on their part, but this whole debacle was an error from the start. Thank you, BBB, for helping to resolve this issue. For all the trouble NewRez has caused, I would like a statement in writing from them that they will NEVER open an escrow account on my loan again.
  
  
  
  Regards,
  
  
  
  ***** ******
  

• Initial Complaint

  Date:03/04/2024

  Type:Billing 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.

  As a 100% disabled military veteran, I am exempt from real property taxes on my home, effective March 13, 2022. I've been trying to work with my mortgage company, NewRez, for the past year to have them stop charging me these taxes, including recouping overpayment of taxes from March 13, 2022, until the present date. While the City of Chesapeake has reimbursed me a portion of the overpaid taxes, they have sent the remaining reimbursement/overpayment amount to NewRez for them to disperse back to me.
  
  Despite countless conversations, contacts, and attempts, NewRez has yet to return the remaining overpayments to me. While I understand that an escrow analysis needs to be conducted, I have waited several months for it to be completed. I called them again on February 23, 2024, and there has not been any progress, only that an analysis must be conducted.
  
  Lastly, even though the City of Chesapeake, VA, exempts me from paying real property taxes, NewRez is still charging me on my monthly mortgage bill with real property taxes that I no longer have to pay since March 13, 2022.
  
  Any assistance you can provide me would be greatly appreciated.

  

  Business Response

  Date: 03/27/2024

  Dear ******* ** *****:
  
  This letter is in response to the Better Business Bureau
  (“BBB”) complaint received on March 4, 2024 regarding the subject
  property. Newrez LLC d/b/a Shellpoint Mortgage Servicing is currently the
  owner of the account number ending in ****. Newrez LLC (“Newrez”) began
  servicing the loan on behalf of the owner referenced above on or about November
  2, 2022. 
  
  Please know that Newrez LLC takes its customer service and
  consumer protection obligations seriously and has dedicated staff to identify,
  resolve, and permanently correct operational deficiencies.  
  
  Your complaint states you are a 100% disabled military
  veteran and became exempt from real property taxes on your home as of March 13,
  2022. You have been trying to get Newrez to stop paying your county taxes and
  to reimburse overpayments. You have waited several months for an escrow
  analysis to be completed, with no progress and are continued to be charged on
  your monthly mortgage bill. You are requesting a refund for the tax payments.
  
  Upon review, Newrez received three tax refunds in the
  amounts of $1,633.17 each and one tax refund in the amount of $1,762.96 on
  January 3, 2024. Additionally, we received a tax refund in the amount of
  $1,762.96 on March 1, 2024.
  
  After receiving the most recent refund, the tax line on
  your account has been updated to reflect your tax exemption. On March 26, 2024,
  an analysis was completed to reflect the tax exemption and refunds. According
  to the escrow analysis the monthly installment updated from $2,270.87 to
  $1,704.05 effective with the April 1, 2024 installment. Additionally, the
  analysis determined a surplus in the amount of $9,252.26 which was issued on
  the same day via check number *******.
  
  The escrow analysis and surplus will be mailed to you under
  a separate cover.
  
  As of the date of this communication, the loan is due for
  the April 1, 2024 installment in the amount of $1,704.05.
  
  Please accept our sincere apologies for any inconvenience
  regarding the delay in completing an updated escrow analysis. Please know that
  Newrez 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.newrez.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 *************

  

  Business Response

  Date: 03/27/2024

  Dear ******* ** *****:
  
  This letter is in response to the Better Business Bureau
  (“BBB”) complaint received on March 4, 2024 regarding the subject
  property. Newrez LLC d/b/a Shellpoint Mortgage Servicing is currently the
  owner of the account number ending in ****. Newrez LLC (“Newrez”) began
  servicing the loan on behalf of the owner referenced above on or about November
  2, 2022. 
  
  Please know that Newrez LLC takes its customer service and
  consumer protection obligations seriously and has dedicated staff to identify,
  resolve, and permanently correct operational deficiencies.  
  
  Your complaint states you are a 100% disabled military
  veteran and became exempt from real property taxes on your home as of March 13,
  2022. You have been trying to get Newrez to stop paying your county taxes and
  to reimburse overpayments. You have waited several months for an escrow
  analysis to be completed, with no progress and are continued to be charged on
  your monthly mortgage bill. You are requesting a refund for the tax payments.
  
  Upon review, Newrez received three tax refunds in the
  amounts of $1,633.17 each and one tax refund in the amount of $1,762.96 on
  January 3, 2024. Additionally, we received a tax refund in the amount of
  $1,762.96 on March 1, 2024.
  
  After receiving the most recent refund, the tax line on
  your account has been updated to reflect your tax exemption. On March 26, 2024,
  an analysis was completed to reflect the tax exemption and refunds. According
  to the escrow analysis the monthly installment updated from $2,270.87 to
  $1,704.05 effective with the April 1, 2024 installment. Additionally, the
  analysis determined a surplus in the amount of $9,252.26 which was issued on
  the same day via check number *******.
  
  The escrow analysis and surplus will be mailed to you under
  a separate cover.
  
  As of the date of this communication, the loan is due for
  the April 1, 2024 installment in the amount of $1,704.05.
  
  Please accept our sincere apologies for any inconvenience
  regarding the delay in completing an updated escrow analysis. Please know that
  Newrez 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.newrez.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 *************

  Customer Answer

  Date: 03/30/2024

  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. 
  
  
  
  Regards,
  
  
  
  ******* *****

  Customer Answer

  Date: 03/30/2024

  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. 
  
  
  
  Regards,
  
  
  
  ******* *****

• Initial Complaint

  Date:03/01/2024

  Type:Delivery 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.

  Like most mortgage companies, NewRez LLC requires property insurance settlement checks to be made payable to them in order to escrow and release initial and progress payments. NewRez provided a procedure letter explaining that I could expect an initial disbursement from these funds within 7-10 business days although it has been 30 days and I still have not received a disbursement much less an explanation of when I will receive one. My account number and other identification is in the attached NewRez letter. Below is an outline of my actions and contact with the company:
  
  On 1/14/24 - I mailed a packet of documentation and a check from Chubb Insurance in the amount of $256,388.97. The packet was delivered on 1/16/24.
  
  On 2/05/24 - I made phone contact with "BR"(individual's initials), Escalation Specialist Loss Draft Department. She was very pleasant and acknowledged my packet was received on 1/19/24 and that she would make inquiry concerning the delay. (see attachment for "BR" company contact information)
  
  On 2/9/24 - I received an email from "BR" stating the initial disbursement still has not been processed.
  On 2/15/24 - I received an email from "BR" again stating that the initial disbursement has not been made and that she would once again send an email to management.
  
  As of today 2/16/24 - It has been 30 days since NewRez received the insurance proceeds and documentation. I have yet to receive the initial disbursement or a call from management that I previously requested explaining the hold-up. Lacking any meaningful response from NewRez, I am wondering if the company is in financial difficulty or if their management is purposely delaying disbursement while using this large cash balance to their advantage while leaving me unable to provide the roofing and other contractors an initial payment to cover the necessary supplies to start repairs to our home.

  

  Business Response

  Date: 03/15/2024

  Your complaint states on January 14, 2024, you mailed
  Newrez an insurance claim check for $256,388.97. The check was received by
  Newrez on January 16, 2024. On February 5, 2024, the Loss Draft Department
  confirmed they had received the check and on February 9, 2024, you were
  informed the first disbursement was still being processed. The same update was
  provided on February 16, 2024. As of March 1, 2024, you have yet to receive the
  first draw from your insurance claim funds. You are requesting Newrez disburse
  the initial draw of $85,454.00.
  
  Although Newrez is the servicer of your account, we must comply with the
  rules set by the investor on your loan. In addition, the repairs you
  make to your house must comply with applicable government codes and regulations
  governing residential repair or reconstruction. This includes building codes,
  zoning codes, work permits, and inspections.
  
  For claims over $40,000.00, to protect the investor’s
  interest in the property, certain documentation and inspection are needed for
  insurance claim funds to be released. This is done to ensure the repairs needed
  on a property are completed and the home is returned to its pre-loss condition.
  
  It is extremely important that Newrez receive all items
  listed below to process the initial draw for your claim. Newrez will do its
  part to ensure the claim process moves as quickly and smoothly as possible,
  however we will not be able to release any funds until the required documents
  are received and complete.  Please allow
  7-10 business days for the initial draw once the completed documents are
  received:
  
  Claim check with back signed by all parties other than Newrez LLC.
  The complete/fully itemized adjustor’s report issued by your insurance company.
  Signed and accepted contractor’s proposal.
  Newrez Loss Draft Claim Form (please complete page 4 and return to us).
  Contractors signed and completed W9 (if your loan is delinquent)
  
  On January 3, 2024, you informed our Loss Draft
  Department you had received a claim check from your insurance carrier for
  $256,388.97. You were instructed to mail the endorsed check, adjusters report
  and contractors’ agreement. On this same day, during a second call, you
  informed our Loss Draft Department you were wanted to pay off the loan and had
  the difference from the payoff and the claim funds issued to you. A payoff
  quote was requested.
  
  The claim check was received January 22, 2024 and sent
  for deposit on January 23, 2024.
  
  On January 29, 2024, you informed our Loss Draft
  Department you no longer wanted to pay off the loan and decided to start repairs
  on the property. You were informed to allow the documents to be reviewed and to
  initiate the draw process.
  
  The funds were placed in a restricted escrow account on
  February 8, 2024. A request to release $84,608.36 was submitted on February 9,
  2024, and on February 19, 2024, your initial draw check was mailed to the
  address on file. Per the *** tracking number, ****************** the check was
  received February 20, 2024.
  
  In order to release additional funds, a signed waiver of
  lien and 95 percent repair completion will be required.
  
  For any questions or concerns you may have regarding your
  loss draft funds, please contact our Loss Draft Department at ***** *********
  
  As of the date of this correspondence, the loan is past
  due for the March 1, 2024 installment of $1,737.81.
  
  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.
  

  

  Business Response

  Date: 03/15/2024

  Your complaint states on January 14, 2024, you mailed
  Newrez an insurance claim check for $256,388.97. The check was received by
  Newrez on January 16, 2024. On February 5, 2024, the Loss Draft Department
  confirmed they had received the check and on February 9, 2024, you were
  informed the first disbursement was still being processed. The same update was
  provided on February 16, 2024. As of March 1, 2024, you have yet to receive the
  first draw from your insurance claim funds. You are requesting Newrez disburse
  the initial draw of $85,454.00.
  
  Although Newrez is the servicer of your account, we must comply with the
  rules set by the investor on your loan. In addition, the repairs you
  make to your house must comply with applicable government codes and regulations
  governing residential repair or reconstruction. This includes building codes,
  zoning codes, work permits, and inspections.
  
  For claims over $40,000.00, to protect the investor’s
  interest in the property, certain documentation and inspection are needed for
  insurance claim funds to be released. This is done to ensure the repairs needed
  on a property are completed and the home is returned to its pre-loss condition.
  
  It is extremely important that Newrez receive all items
  listed below to process the initial draw for your claim. Newrez will do its
  part to ensure the claim process moves as quickly and smoothly as possible,
  however we will not be able to release any funds until the required documents
  are received and complete.  Please allow
  7-10 business days for the initial draw once the completed documents are
  received:
  
  Claim check with back signed by all parties other than Newrez LLC.
  The complete/fully itemized adjustor’s report issued by your insurance company.
  Signed and accepted contractor’s proposal.
  Newrez Loss Draft Claim Form (please complete page 4 and return to us).
  Contractors signed and completed W9 (if your loan is delinquent)
  
  On January 3, 2024, you informed our Loss Draft
  Department you had received a claim check from your insurance carrier for
  $256,388.97. You were instructed to mail the endorsed check, adjusters report
  and contractors’ agreement. On this same day, during a second call, you
  informed our Loss Draft Department you were wanted to pay off the loan and had
  the difference from the payoff and the claim funds issued to you. A payoff
  quote was requested.
  
  The claim check was received January 22, 2024 and sent
  for deposit on January 23, 2024.
  
  On January 29, 2024, you informed our Loss Draft
  Department you no longer wanted to pay off the loan and decided to start repairs
  on the property. You were informed to allow the documents to be reviewed and to
  initiate the draw process.
  
  The funds were placed in a restricted escrow account on
  February 8, 2024. A request to release $84,608.36 was submitted on February 9,
  2024, and on February 19, 2024, your initial draw check was mailed to the
  address on file. Per the *** tracking number, ****************** the check was
  received February 20, 2024.
  
  In order to release additional funds, a signed waiver of
  lien and 95 percent repair completion will be required.
  
  For any questions or concerns you may have regarding your
  loss draft funds, please contact our Loss Draft Department at ***** *********
  
  As of the date of this correspondence, the loan is past
  due for the March 1, 2024 installment of $1,737.81.
  
  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.
  

  

  Business Response

  Date: 03/29/2024

  Your complaint states although
  you have received the initial claims disbursement, the information provided in
  the prior response contains several inaccuracies. You never requested for the
  funds to be applied to the payoff of the loan. You only inquired if the funds
  could be used to pay off the loan or if any remaining fund would be applied to
  the mortgage or refunded to you. Per the **** tracking number, Newrez received
  the claim check and packet on January 16, 2024, yet Newrez states they didn’t
  receive it until January 22, 2024. The response also stated the loan was past
  due for the March 15, 2024, installment, which is incorrect.
  
  Our records indicate you spoke with a supervisor from our
  Loss Draft Department on January 3, 2024, and were provided with the below
  options on how the claim funds could be utilized:
  
  Paying off the loan and receiving the remaining funds back in order to repair the home.
  Repair the home and have the remaining funds released once an inspection at 95% completion was received.
  Inform your insurance carrier you were not repairing the home. 
  
  During the call you were informed to endorse and mail the
  claim check in addition to the adjusters’ report and contractor’s proposal. The
  claim draw process was also provided during the call. The same information was
  provided to you on January 8, 2024.
  
  Based on the January 3, 2024, conversation, a payoff
  quote was requested on January 23, 2024.
  
  On January 29, 2024, you informed our Loss Draft
  Department you were not wanting to pay off the loan, and you were going to
  start the repair process and requested for the initial draw to be released. You
  were advised your claim processor would be informed that you were going to
  repair the home and to allow time for the documents to be reviewed and for the
  initial draw to be requested and sent out.
  
  On February 5, 2024, the claim funds in the amount of
  $256,388.97 were placed in a restricted escrow account. Please note, due to the
  amount of the claim, Newrez had to ensure the funds cleared before the initial
  draw took place.
  
  Once the funds cleared, on February 9, 2024, a request
  for your initial draw was submitted and on February 19, 2024, funds in the
  amount of $84,608.36 were mailed to the address on file.
  
  As previously explained, in order to release the
  remaining funds, a signed waiver of lien and 95% repair completion is required.
  
  For any additional questions or concerns you may have
  regarding the status of your claim or in order to schedule a progress property
  inspection, please contact our Loss Draft Department at ***** *********
  
  We apologize for the incorrect due date provided in our
  prior response. We can confirm the March 1, 2024, installment was satisfied on
  March 13, 2024.
  
  As of the date of this correspondence the loan is next
  due for the April 1, 2024, installment for $1,737.81.
  
  Please
  accept our sincere apologies for any inconvenience this may have caused. Please
  know that Newrez takes its customer service obligations very seriously and your concerns have
  been brought to the attention of the appropriate people within our organization

  

  Business Response

  Date: 03/29/2024

  Your complaint states although
  you have received the initial claims disbursement, the information provided in
  the prior response contains several inaccuracies. You never requested for the
  funds to be applied to the payoff of the loan. You only inquired if the funds
  could be used to pay off the loan or if any remaining fund would be applied to
  the mortgage or refunded to you. Per the **** tracking number, Newrez received
  the claim check and packet on January 16, 2024, yet Newrez states they didn’t
  receive it until January 22, 2024. The response also stated the loan was past
  due for the March 15, 2024, installment, which is incorrect.
  
  Our records indicate you spoke with a supervisor from our
  Loss Draft Department on January 3, 2024, and were provided with the below
  options on how the claim funds could be utilized:
  
  Paying off the loan and receiving the remaining funds back in order to repair the home.
  Repair the home and have the remaining funds released once an inspection at 95% completion was received.
  Inform your insurance carrier you were not repairing the home. 
  
  During the call you were informed to endorse and mail the
  claim check in addition to the adjusters’ report and contractor’s proposal. The
  claim draw process was also provided during the call. The same information was
  provided to you on January 8, 2024.
  
  Based on the January 3, 2024, conversation, a payoff
  quote was requested on January 23, 2024.
  
  On January 29, 2024, you informed our Loss Draft
  Department you were not wanting to pay off the loan, and you were going to
  start the repair process and requested for the initial draw to be released. You
  were advised your claim processor would be informed that you were going to
  repair the home and to allow time for the documents to be reviewed and for the
  initial draw to be requested and sent out.
  
  On February 5, 2024, the claim funds in the amount of
  $256,388.97 were placed in a restricted escrow account. Please note, due to the
  amount of the claim, Newrez had to ensure the funds cleared before the initial
  draw took place.
  
  Once the funds cleared, on February 9, 2024, a request
  for your initial draw was submitted and on February 19, 2024, funds in the
  amount of $84,608.36 were mailed to the address on file.
  
  As previously explained, in order to release the
  remaining funds, a signed waiver of lien and 95% repair completion is required.
  
  For any additional questions or concerns you may have
  regarding the status of your claim or in order to schedule a progress property
  inspection, please contact our Loss Draft Department at ***** *********
  
  We apologize for the incorrect due date provided in our
  prior response. We can confirm the March 1, 2024, installment was satisfied on
  March 13, 2024.
  
  As of the date of this correspondence the loan is next
  due for the April 1, 2024, installment for $1,737.81.
  
  Please
  accept our sincere apologies for any inconvenience this may have caused. Please
  know that Newrez takes its customer service obligations very seriously and your concerns have
  been brought to the attention of the appropriate people within our organization

  Customer Answer

  Date: 04/03/2024

  Better Business Bureau,
  I have reviewed the response made by the business in reference to complaint ID ******** and although I will accept it as closure of this case I remain disappointed and concerned that the NewRez reviewing representative continues to miss the point that in the packet of required forms was the insurance check, the required forms and a LETTER FROM ME (previously submitted) making it CRYSTAL CLEAR that I was requesting an initial draw to fund the start of home repairs. That packet was delivered on January 16th  (per **** tracking previously submitted) and opened by the company a few days later. So the bottom line is that NewRez had clear written instructions from me on January 16th and after receiving such, it took 35 days to receive the first disbursement check. To clarify my point of view and their mistakes, I wish to reply to the misleading statements in their last response.
  
  NewRez writes of my call of January 29th  - I called because the initial disbursement was taking longer than expected. The representative said I had requested a payoff to which I replied that I never requested such (as can be verified by reviewing call recordings). In any event, my cover letter delivered on January 16th stated very clearly that I was requesting an initial draw to repair the storm damage to my home. Yet, it was February 20th that I received the first disbursement.
  
  NewRez writes of needing time to be sure the insurance check cleared. They received it on the January 16 and wrote of depositing it 20 days later on February 5 and then waiting another 4 days for the check to clear. This 24 day process of a $256,388.97 check is concerning for a company handling such a large financial transaction.
  
  I hope that I don't receive additional poor turn around time unintentionally or otherwise when I make the final draw from my escrowed funds.
  
  Regards,
  ***** * ******

  Customer Answer

  Date: 04/03/2024

  Better Business Bureau,
  I have reviewed the response made by the business in reference to complaint ID ******** and although I will accept it as closure of this case I remain disappointed and concerned that the NewRez reviewing representative continues to miss the point that in the packet of required forms was the insurance check, the required forms and a LETTER FROM ME (previously submitted) making it CRYSTAL CLEAR that I was requesting an initial draw to fund the start of home repairs. That packet was delivered on January 16th  (per **** tracking previously submitted) and opened by the company a few days later. So the bottom line is that NewRez had clear written instructions from me on January 16th and after receiving such, it took 35 days to receive the first disbursement check. To clarify my point of view and their mistakes, I wish to reply to the misleading statements in their last response.
  
  NewRez writes of my call of January 29th  - I called because the initial disbursement was taking longer than expected. The representative said I had requested a payoff to which I replied that I never requested such (as can be verified by reviewing call recordings). In any event, my cover letter delivered on January 16th stated very clearly that I was requesting an initial draw to repair the storm damage to my home. Yet, it was February 20th that I received the first disbursement.
  
  NewRez writes of needing time to be sure the insurance check cleared. They received it on the January 16 and wrote of depositing it 20 days later on February 5 and then waiting another 4 days for the check to clear. This 24 day process of a $256,388.97 check is concerning for a company handling such a large financial transaction.
  
  I hope that I don't receive additional poor turn around time unintentionally or otherwise when I make the final draw from my escrowed funds.
  
  Regards,
  ***** * ******

• Initial Complaint

  Date:02/28/2024

  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.

  On October 1st, 2023 we had a person hit the side of our home. We have made numerous calls explaining this to them and our insurance adjuster explained the situation. The first demanded a open claim from wind damage, even though we both have told them several times this is to someone's negligence. We have spoken to at least 4 different people, giving 4 different responses.
  In 3 1/2 weeks ago they received half of the money forward repairs. We have had to make numerous phone calls telling them we will lose our on the contractor. Because they state we were one month behind at the time of accident, they released $27,000 out of that money on the 2/26/24.
  We were told a manager would call to discuss possibly of more funds being released. That never happened. So now the contractor backed out due to low funds.
  They have the money and we have no house. The house is condemned. We have 1 more months before we are homeless, paying a mortgage note on a house that we can't utilize. The insurance is sending another $75,000 and we still do not have any repairs started.
  I plan to utilize all course of action, so my family has a place to live. This was not our fault. Why are we being punished and thrown in the street.

  

  Business Response

  Date: 03/06/2024

  Your complaint states due to your home sustaining damages,
  your insurance carrier issued you a claim check. Shellpoint opened a wind
  damage claim, but the home was hit by a car. About three weeks ago you mailed
  Shellpoint the claim check and it took several calls to have $27,000.00
  released to you. Due to Shellpoint delaying the release of the funds, you lost
  your contractor. Shellpoint has the remaining funds, and your carrier is in the
  process of issuing you a second check for $75,000.00. You are requesting Shellpoint
  issue the claim funds to you in order to complete the repairs.
  
  Although Shellpoint is the servicer of your account, we must comply with the
  rules set by the investor of your loan. In addition, the repairs you
  make to your house must comply with applicable government codes and regulations
  governing residential repair or reconstruction. This includes building codes,
  zoning codes, work permits, and inspections.
  
  For claims over $40,000.00, to protect the investor’s
  interest in the property, certain documentation and inspections are needed for
  insurance claim funds to be released. This is done to ensure the repairs needed
  on a property are completed and the home is returned to its pre-loss condition.
  
  Shellpoint will only pay for
  repairs that have been completed. In addition, all checks will be made payable
  to you and the contractor. Additional funds will be released based on the
  percentage of work completed. The work completion may be verified with an
  inspection of the property and the following items may be required each time a
  draw is requested:
  
  inspection verifying percentage of work complete.
  waiver of lien or sworn statement from the contractor.
  
  On January 30, 2024, you informed our Loss Draft
  Department the home sustained damages and had received a claim check for
  $75,634.06. It was explained the claim would be monitored and you were
  instructed to send in the endorsed check, adjusters report, and signed
  contractors’ proposal. We show no records of our Loss Draft Department indicating
  the claim would be opened under wind damage.
  
  On February 13, 2024, Shellpoint received a claim check
  of $75,635.06. On this same day, our Loss Draft Department requested a copy of
  the adjusters’ report from your insurance company and also informed you via
  email that the signed contractors’ proposal was still missing. This same
  information was also provided over the phone on February 14, 2024.
  
  On February 21, 2024, it was explained by our Loss Draft
  Department, the status of the claim was determined by the status of the loan
  and at the time of the loss, October 1, 2023, the loan was past due for the
  August 1, 2023, installment. The funds were placed in a restricted escrow
  account and would be disbursed as repairs are completed. It was also explained
  that in order to release the remaining funds, a signed waived of lien and an
  inspection showing repairs were 95% complete was required. Enclosed is a copy
  of the claim packet which also outlines the claim procedure.
  
  For additional questions or concerns you may have
  regarding the status of your claim, please contact our Loss Draft Department at ***** *********
  
  As of the date of this correspondence, the loan is past
  due for the February 1, 2024, and March 1, 2024, installments for $591.78 each
  installment.
  
  Although Shellpoint 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.