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:02/01/2024

  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.

  On February 1, 2023, ******* **** ***** auto drafted my account in the amount 0f $3,420.53 for my mortgage payment. Apparently, my account was transferred to Newrez on February 2, 2023 in which there was a second attempt to charge me again for the month of February 2023. There were insufficient funds. I only recently discovered there was a $20.00 non sufficient funds (NSF) added to my bill. I tried to call multiple times to resolve the situation. I don't feel I need to eat the cost of an NSF when it was their error. I've been told a couple of versions from reps I've spoken to on the phone of what "may" have happened, but at the end of they day they tried to collect two payments for one month which resulted in the NSF.
  I'm in the process of sending notice to Newrez, January 25, 2024, along with my bank statement and the NSF notice from my bank to show them the error was on them and not me. I am reporting to BBB, because now I'm irritated with the time and effort I've had to exert for them to do right by their error (hours spent on the phone, going to the post office, etc). This is a horrible business practice. Would it have been easier to just pay the NSF? Absolutely, but it isn't the right thing to do.
  I'm naming Newrez as the company in question, because I was told Caliber and Newrez fall under the same company and their the ones who billing this NSF to my account.

  

  Business Response

  Date: 02/09/2024

  Dear ***** ** *********:
  
  This letter is in response to the Consumer Financial
  Protection Bureau (“CFPB”) complaint received on February 1, 2024, the Better
  Business Bureau (“BBB”) complaint received on February 1, 2024, and correspondence
  received on February 2, 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 February 2, 2023. 
  
  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 the prior servicer, ******* **** ***** ***********, drafted your bank account on February 1, 2023, in the amount
  of $3,420.53. The loan was transferred to Newrez on February 2, 2023, and a
  second attempt to draft the payment was made causing a non-sufficient funds (“NSF”)
  fee of $20.00. You contacted Newrez to dispute this because it was a Newrez error
  but have not received a response. You want the NSF fee removed and an apology.
  
  In review of our records, you set
  up a recurring Automated Clearing House (“ACH”) draft with the prior servicer,
  Caliber, on their website on January 2, 2023, and the first draft would occur
  on February 1, 2023. This payment was drafted by Caliber and posted on the loan
  on February 1, 2023.
  
  On February 1,
  2023, you called the prior servicer and made a payment with a representative
  and these funds were forwarded to Newrez on February 3, 2023, which posted to
  the loan on February 8, 2023. Caliber received notification from your financial
  institution that the payment made with the representative was returned as
  insufficient funds; therefore, Caliber notified Newrez of the returned payment
  and Newrez reversed the payment on February 13, 2023. As a result, the NSF fee
  of $20.00 was assessed on the loan. Our research determined the NSF fee of
  $20.00 is valid and will not be removed from the loan.
  
  As of the date of this
  correspondence, the loan is due for the March 1, 2024 installment of $3,420.53.
  
  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 that no error has occurred in the servicing of the
  loan.
  
  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 contact me
  at ***** ******** Monday through Friday from 7:00 a.m. to 4:00 p.m. (PST). You
  may also contact our Customer Service department at ***** *********
  
  Sincerely,
  ******* ******
  Compliance Department
  Newrez LLC
  
  Enclosure: Loan
  History Statement
  
  cc: Consumer Financial Protection Bureau
  
       Better Business
  Bureau

  Customer Answer

  Date: 02/14/2024

  Good morning,

  
  

  Ms. ****** with Newrez reached out to me this morning. She said they were going to waive the NSF fee to resolve the issue. It should reflect in my next statement. We'll see. 

  
  

  I appreciate your assistance in this matter.

  
  

  Respectfully,

  ***** ********* 

• Initial Complaint

  Date:01/23/2024

  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.

  Lender placed insurance was put on my account due to a problem with documentation provided showing insurance coverage. After speaking with the insurance dept. I was able to get this removed however was told that the adjustment would not be completed until a reassessment was done to calculate payments. This results in me paying approx $705.27 over what I have previously been billed and NewRez refuses to adjust prior to me needing to pay this without incurring a delinquency. I am paid in full as of 1/17/2024 which was also the most recent date of speaking with NewRez insurance and customer support departments.

  

  Business Response

  Date: 02/02/2024

  Pursuant to the
  terms of insurance requirements on the mortgage security instrument, for as
  long as the property is financed, it must be insured. 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 homeowner’s association (“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.
  
  Newrez is required to send this notice out
  no less than 45 days prior to a servicer purchasing insurance for a property. If
  needed a second warning notice is sent out 30 days later, advising the customer
  once again of the intent to purchase insurance if proof of coverage is not
  received. This letter provides the customer with an additional fifteen days to
  provide the needed proof of insurance before the purchase is made.
  
  Per the review
  completed, Newrez issued two warning notices on June 26, 2023 and July 26, 2023,
  requesting proof of HOA master hazard insurance coverage. Because proof of the
  HOA policy was not received, we proceeded to purchase an LPI policy on August
  11, 2023, in which confirmation was sent on the same day. The LPI policy became
  effective June 18, 2023 through June 18, 2024.  Enclosed are copies of the LPI warning notices
  and LPI Binder sent.
  
  Due to the
  addition of the LPI, a new escrow analysis was completed on November 2, 2023,
  which adjusted the monthly payment from $1,585.06 to $2,290.33 effective
  January 1, 2024. The analysis calculated an escrow shortage of $5,716.07, which
  was spread over a period of 60 months at a cost of $95.27. A shortage occurs
  when the projected balance is less than the required balance.
  
  During the
  month of December 2023, there was a change in the premium amount of the LPI. As
  a result of the change, the escrow account was refunded the amount of $1,103.57
  effective December 8, 2023, from the amount previously charged of $2,298.38.   As a result of the LPI refund, a new escrow
  analysis was completed on December 16, 2023, which adjusted the monthly payment
  from $2,290.33 to $1,973.09 effective February 1, 2024. The analysis completed
  calculated an escrow shortage of $1,857.17, and spread the shortage over a
  period of twelve months at a cost of $154.76 per month.
  
  On January 8,
  2023, you contacted our offices regarding the removal of the LPI, during the
  telephone conversation with the service representative it was explained that in
  order to remove the LPI we would need a copy of the HOA policy confirming
  active coverage. Once the documentation was received, then we would be able to
  complete a new escrow analysis to adjust the monthly payment to reflect the
  removal of the LPI.
  
  The required
  HOA documentation was received on January 18, 2024, and was processed by our
  Insurance Department on that day.  A
  request was then submitted to refund the LPI charged to the loan on January 19,
  2024. Records show, two LPI refunds were issued, the first refund was deposited
  in the escrow account on January 19, 2023, for the amount of $577.30, while the
  second refund was deposited in the escrow account on January 23, 2024, for the
  amount of $201.34.
  
  After the
  receipt of each refund, a new escrow analysis was completed on January 26,
  2024. The analysis adjusted the monthly payment from $1,973.09 to $1,658.41
  effective February 1, 2024. The analysis calculated an escrow shortage of
  $479.01, which was spread over a period of twelve months at a cost of $39.92.
  Enclosed for your review is a copy of the analyses completed for this loan.
  
  Please note
  that a shortage occurs when the projected balance is less than the required
  balance. The escrow account is short in meeting the cushion requirement at the
  lowest point in the projected analysis. The servicer may add an amount to
  maintain a cushion no greater than one-sixth of the estimated total annual
  payments from the escrow account.
  
  Newrez is not
  able to overfund the escrow account, we are allowed to collect only sufficient
  funds to pay the escrow items, and a cushion of one-sixth of the total escrow
  amount. As noted on your escrow analysis, paying the shortage does not
  guarantee that your payment will remain the same as it was previously. 
  

• Initial Complaint

  Date:01/23/2024

  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.

  The Shellpoint Mortgage company escrow analysis is wrong.
  They are saying that I was negative 6,496.53 in escrow.
  However, today this changed to another amount (4600.00). So according to their math, they are saying that I did not make any escrow payments last year at all. My homeowners insurance was $4,753.58 and taxes were $1743.58. The total being $6,496.53.
  When reviewing this information I have found that they did not show escrow payments to my account as I was making payments. Please see attached Escrow Analysis January 2024.pdf.
  
  I average 3-6 months ahead on all of my mortgage payments generally making monthly plus payments. Those payments include a portion that goes to escrow for each payment automatically. Please see attached Mortgage Payment History.pdf.
  
  They have added this negative balance to my current mortgage payment changing my monthly escrow to $1083.12. This literally means that I will be paying 12,997.44 a year in escrow.
  As of January 13, 2024, (according to my account ledger) my escrow balance is a positive $872.19. This is after my October 2023 taxes were paid in the amount of $1743.58. Yet they say I am negative as of January in the amount of 4600 plus. Please see the attached Mortgage Payment History.pdf.
  My homeowners insurance has yet to be determined as the insurance company non-renewed my homeowners insurance.
  I have been on the phone with the mortgage company and each time I have to go over this again and again. They finally see what I am talking about and promise to have it reviewed. Next time I call? I get to start all over again because no one did anything the first time. Just telling me whatever I want to hear just to get me off the phone.
  My house payment went from $754.00 to $1,547.80 due to their mistake.
  Apparently, I am not going to get anywhere with them.

  

  Business Response

  Date: 02/01/2024

  Dear ***** *** ******
  
  This letter is in response to the Consumer Financial
  Protection Bureau complaint received on January 22, 2024 and the Better
  Business Bureau complaint received on January 23, 2024 regarding the subject
  property.  ********** ******* **** ******** FSB, not its individual
  capacity but solely as Owner Trustee for ***** ************** Trust 2022-3 is
  currently the owner of the account number ending in ****.  Shellpoint
  Mortgage Servicing (“Shellpoint”) began servicing the loan on the behalf of the
  owner referenced above on or about March 1, 2022. 
  
  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 Shellpoint is stating the escrow
  balance is incorrect with a negative balance of $6,496.53 but was then changed
  to a lower amount. We are stating you have not made any escrow payments last
  year. You reviewed the loan and we have not applied payments toward the escrow
  account though you are paid ahead. This escrow shortage has increased the
  contractual payment and you have tried to speak with a representative for
  assistance to no avail. You want this issue corrected.
  
  
  
  Our records
  indicate NewRez maintains an escrow account on your behalf for taxes and
  insurance. The loan executed on January 28, 2021 and the enclosed initial
  escrow account disclosure, show the property taxes were $3,342.96 and the
  homeowner’s insurance was $1,595.04. Any potential adjustments due to increases
  or decreases with your taxes and insurance may affect your monthly escrow
  payment amount. If your escrow payment increases, your monthly payment will
  also increase. If the escrow payment decreases, your mortgage payment will
  decrease. Please keep in the mind, the escrow balance never stays the same due
  to the payments made into the escrow account and the disbursements coming out.
  
  The loan was
  service transferred to Shellpoint on or about March 1, 2022, with a positive
  escrow balance of $2,732.03, as indicated in the enclosed Loan History
  Statement. Annual escrow statements are completed to adjust for any increases
  or decreases in your property taxes or insurance premiums, which may result in
  your escrow payment increasing or decreasing the contractual payment. Any
  overages calculated in the escrow account exceeding $50.00 are refunded to you.
  On the other hande, a shortage occurs when the anticipated balance is less than
  the required balance. NewRez is not able to overfund the escrow account; we are
  allowed to collect only sufficient funds to pay the escrow items, and a cushion
  of one-sixth of the total escrow amount. The escrow account is short in meeting
  the cushion requirement at the lowest point in the projected analysis.
  
  The escrow
  balance was positive from the acquisition of the loan to February 3, 2023, when
  we received a homeowner insurance renewal policy for $4,753.00. This payment
  was disbursed to ******** ********* ******** Due to the significant
  disbursement of insurance compared to prior years, this caused the negative
  escrow balance and the escrow payment amount needed to be adjustmed, as explained
  in the escrow analysis sent on January 15, 2024. For further information,
  please contact your insurance company.
  
  Based on the
  documentation provided in your complaint, the history shows escrow payments are
  being made towards the escrow account with each payment. This is shown in the
  enclosedLoan History Statement. The prior payment of $754.07, shows that $289.39
  of that was being applied towards the escrow account. Effective April 1, 2024,
  the current payment of $1,547.80, shows that $1,083.12 of that is posted
  towards the escrow account. Each payment towards the escrow account reduces the
  negative balance until a disbursement is made for the homeowner insurance
  policy and/or property taxes.
  
  To reduce the
  contractual payment closer to your prior payment, there are three options-
  
  You
  can request Shellpoint to spread the escrow shortage over a longer period
  of time to reduce the contractual payment.
  You
  can pay extra towards the escrow shortage additional each month, or one
  payment of $6, 570.58 for the total escrow shortage. Then request an
  escrow analysis to adjust the escrow and contractual payment.
  
  You can pay online on the website, calling our Customer
  Service department or mailing a check with the payment coupon instructions.
  
  Please note, you
  can change insurance companies at any time.If you decide to change companies
  mid-term, please provide a copy of the new insurance company and Shellpoint can
  disburse the premium and update your escrow account. If you receive a refund
  from the prior insurance company, please send the refund to the escrow account by
  making an escrow only payment, to reduce the escrow shortage and we can
  complete an analysis using the new insurance premium.
  
  Please be advised
  that the homeowners insurance with ******** ********* ******* will expire on
  February 9, 2024 and we have not received a copy of the renewal policy. We are
  attempting to obtain the renewal policy but have not received it. This
  information must be provided in writing and can be faxed to our Insurance
  Department at ************ or emailed to *************************. You may
  also submit your insurance policy online at
  ********************************************, or mail it to the following
  address:
  
  Shellpoint Mortgage Servicing
  ISAOA / ATIMA
  **** *** ****
  ***** ** **********
  
  You have the right to request documentation supporting our
  determination that no error has occurred in the servicing of the loan.
  
  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
  contact me at ***** ******** Monday through Friday from 7:00 a.m. to 4:00 p.m.
  (PST). You may also contact our Customer Service department at (**** ********.
  
  Sincerely,
  
  Grysell F*****
  Compliance Department
  Shellpoint
  Mortgage Servicing
  
  Enclosures:
  Escrow Analyses, Escrow Disclosure, Loan History Statement
  
  cc: Consumer
  Financial Protection Bureau
        Via CFPB portal
        Better Business Bureau
        Via
  BBB portal 

  Customer Answer

  Date: 02/02/2024

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

• Initial Complaint

  Date:01/18/2024

  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.

  09/26/23 sent $1500 electronically to shellpointe. In November 2023 I entered into a claim with them on back payments in bringing my account current. I had 634.04 in unapplied monies from the 1500 sent prior. In entering into the claim, I was told by the representative the 634.04 would remain in unapplied until there was enough there for a full payment. The claim brought my account to current and new payment in Jan 24 would be 916. Shellpoint took the 634.04 from unapplied and did god knows what with it and now I have to come up with an extra 634.04 in order to make this months payments. I was called the first week of Jan by a rep asking about payment and I asked him about the unapplied and he said he was not seeing anything and opened a ticket. I never heard from anyone, until I called them today. I spoke with Mr. *******, who transferred me to Mr. ********, who transferred me to Ms. ********* was never ever informed that the 634.04 would be applied to anything regarding my loan but, rather told it would remain in unapplied until the remainder was sent over and then it would be applied to the months payment.

  

  Business Response

  Date: 01/27/2024

  In review of your complaint, Shellpoint can confirm we
  previously addressed your concerns regarding how the amount of $634.04
  previously in unapplied were utilized as part of the partial claim process
  during a telephone conversation with one of our Loss Mitigation Supervisors on
  January 17, 2024. To clarify your concerns, the below information is provided.
  
  Records show,
  on November 18, 2023, you spoke to your Single Point of Contact (“SPOC”),
  Fatima J****, who explained that from you September 28, 2023 of $1,500.00, $882.98
  was applied toward the June 1, 2023 monthly installment and the remainder of
  $617.02 was placed in unapplied. This increased the unapplied balance to
  $634.04. During the telephone conversation, the SPOC agreed the funds would remain
  in unapplied, and explained how the SAPC would be applied to the loan; however,
  this information was incorrect.
  
  Please be
  advised, when the SAPC was calculated, the amount approved by the ******* * ***** *********** ******* of $4,959.81, took into consideration the unapplied balance
  of $634.04 to bring the loan current. Please know, the amount needed to bring
  the loan to a current status, and ensure the escrow account was not short, was
  $5,593.85. When your request was submitted for the ****, the system took into consideration
  the unapplied balance; hence, the application submitted for the partial claim
  deducted $634.04 from the past due amount, which is why the partial claim was
  approved for $4,959.81. Below is a breakdown of how the amount of $5,593.85 was
  calculated.
  
  Six
  principal and interest payments of $553.67 each, totaling $3,322.02
  Escrow
  payments totaling $2,271.83
  
  Please keep in
  mind, at the time the partial claim was completed, the loan was past due for
  the July 1, 2023 through November 1, 2023 monthly installments of $882.98 each,
  and the escrow account was negative $895.63. The partial claim was intended to
  advance the loan’s due date through January 1, 2024, without an escrow
  deficiency. Because the loan reflected an unapplied funds balance of $634.04,
  the amount needed from HUD was only $4,959.81, which is the amount received
  from HUD.
  
  In conclusion,
  we are unable to comply with your request to apply the amount of $634.04 to a
  monthly installment, as the funds were utilized as part of the approval process
  for the partial claim.
  
  If you are experiencing financial difficulties,
  as expressed in your most recent conversation on January 17, 2024, with
  our Loss Mitigation Department, please contact our offices for additional
  assistance at ***** ********* 

• Initial Complaint

  Date:01/05/2024

  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.

  My mortgage was recently transferred to Shellpoint mortgage. My first payment was due on the 1st, but I’m having trouble setting up my account on their website. I tried calling the number listed on the website multiple times over the last week, but all I get is several beeps then the call is dropped. There is no email provided anywhere, so I have no way of getting in touch with a customer service rep. I need a way to talk to someone who works for the company before I pay because I have no idea if this is a scam. Please provide a method of contacting Shellpoint so I can set up my account.

  

  Business Response

  Date: 01/12/2024

  Your complaint states the loan was recently service transferred to
  Shellpoint and you have encountered issues with Shellpoint’s website. You have
  attempted to contact Shellpoint on several occasions, but you have had issues
  reaching a representative. You are requesting a Shellpoint representative
  assist you setting up your online account so you can make your payment.
  
  Records
  indicate the loan was service transferred to Shellpoint on or about December 4,
  2023 and was next due for the January 1, 2024 installment.
  
  On
  January 5, 2024, you spoke with a customer service representative who assisted
  you with enrolling the loan through our online portal. You confirmed you enrolled
  the loan through our website and would be submitting a payment online. The representative
  provided the phone number to our Commercial Loan Department of ***** ******** for future assistance with your loan. On this same day, an online payment of
  $5,258.68 was received and applied as the January 1, 2024 installment.
  
  On January 10,
  2024, we were notified a payment of $5,258.68 was returned non-sufficient funds
  (“NSF”) by your financial institution with the reason no account/unable to
  locate account, and the loan became past due for the January 1, 2024
  installment.
  
  Shellpoint
  offers a free recurring Automated Clearing House (“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.
  
  Otherwise, you
  may enroll in the monthly recurring ACH payment plan through your online
  account on our web portal at **********************
  
  One-time
  payments made on our web portal at *********************,
  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 ************  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
  **** *** ******
  ******* ** **********
  
  As of the date
  of this correspondence, the loan is past due for the January 1, 2024
  installment for $5,258.68.
  
  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.

• Initial Complaint

  Date:01/05/2024

  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 mortgage was purchased by Newrez recently, they requested my homeowners insurance policy information and I provided them the information on august 10th 2023, found out they had me coded as a condo, which I am not, we live in a townhouse, and have had the same type of insurance policy since the beginning of our loan, throughout November we requested them to code as a townhouse but to no avail, they insisted that we were a priority but nothing was done to change our status , called December 7th they said nothing had been done yet, but we were still a priority, since then they have started billing us for another insurance policy for a condo in the amount of 287.28 in escrow , they have refused to look at this for some reason, the insurance charges are in my escrow, which was zero before they purchased the different policy, I would like to see if they can code me as a homeowner policy like it is supposed to be and reverse the 287.28 and additional payments they possibly can in the future. We have called so many times and no luck, this has caused us so much stress we are at our wits end

  

  Business Response

  Date: 01/12/2024

  Your complaint states the loan was
  recently service transferred to Newrez. Shortly after, Newrez requested
  evidence of insurance which you provided on August 10, 2023. Newrez has the
  property listed as a condominium, when the property is actually a townhouse.
  You have requested for the property to be updated to reflect it is a townhouse,
  but the change has not been made. Since then, a lender placed insurance (“LPI”)
  policy has been purchased and added to your installments. You are requesting the
  property be listed as a townhouse, the LPI to be cancelled and refunded and your
  installment amount be adjusted.
  
  
  Pursuant to the terms of
  insurance requirements on the loan contract, for as long as the property is
  financed, it must be adequately insured. 
  If Newrez lacks the required evidence of insurance, it is required to
  send a notice out no less than 45 days prior to purchasing insurance for a
  property. If needed, a second warning notice is sent out 30 days later,
  advising the homeowner once again of the intent to purchase insurance if proof
  of coverage is not received. This letter provides the insurance coverage
  information as well as the cost and provides the customer with an additional 15
  days to provide the needed proof of insurance before the purchase is made.
  
  In addition to providing proof of your Homeowners
  Association insurance coverage, if your loan was closed after January 1, 2012,
  you are required to obtain Unit Owners (“HO6”) coverage for your property. This
  may also be required if your Homeowners Association policy does not include
  coverage for Betterments and Improvements. This ensures any modifications or
  improvements done to your property are covered under the insurance policy.
  
  Per the enclosed Recorded Mortgage (Condominium Rider)
  and appraisal report, the property is identified as a condominium. The property
  will remain listed as a condominium unless proved otherwise
  
  When a mortgage loan is secured by property in which the
  property type is a condominium, both a Master Condo Hazard/Homeowners
  Association (“MCH/HOA”) policy and an HO6 policy, are required. The MCH/HOA
  policy provides all of the “walls-out” coverage, such as grounds maintenance,
  shared areas, pools, etc., while the HO6 policy provides “walls-in” coverage,
  which is a policy for the individual property. Some MCH policies include both
  the “walls-in” and the “walls-out” where an H06 policy is not required.
  Typically, Shellpoint will request evidence of HO6 insurance coverage for loans
  in which the property is a condominium or townhome and the loan was originated
  after January 1, 2012.
  
  Notices requesting evidence of your MCH/HOA policy were
  mailed on October 11, 2023, and November 10, 2023. By November 27, 2023, we had
  yet to receive evidence of your MCH/HOA policy and an HOA LPI policy was
  purchased effective October 4, 2023 through October 4, 2024, for $1,723.68.
  
  Due to the HOA LPI, an escrow account was established for
  the HOA LPI. Per the escrow analysis completed on December 27, 2023, there was
  an escrow shortage of $861.84, spread to be collected in 60 months and your
  installments increased from $472.91 to $630.91, effective with the February 1,
  2024 installment.
  
  On January 1, 2024, it was confirmed your HOA carried an HOA
  and a request was submitted for proof of the HOA policy.
  
  To cancel the HOA LPI, please provide evidence of your
  MCH/HOA policy effective October 4, 2023 through October 4, 2024. This information
  must be provided in writing and can be faxed to our Insurance Department at
  ************ or emailed to *************************. You may also submit your insurance policy
  online at ********************************************, or mail it to the following address:
  
  Newrez
  I**** * *****
  **** *** ****
  ***** ** **********
  
  As of the date of this correspondence, the loan is next
  due for the February 1, 2024 installment for $630.91.
  
  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.

• Initial Complaint

  Date:01/05/2024

  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.

  In the month of September, we mailed our claim check we received from our insurance for damages we sustained to our home, to our loan company, Newrez LLC to have a representative sign. The contractor had finished the repairs and requested to be paid. We were initially instructed this would take 8-10 business days for review and to be sent back. After 10 days, I called and was made aware of some supporting documents they require in order to prove the contractor did the work. (A contractor's agreement and waiver of lien). We provided these and were assured it would only be another 8-10 business days. I called 2-3 times over the next two weeks to follow up with absolutely no updates. After 3 weeks of me calling, I was informed an inspection needed to be performed on the home to ensure the work was actually completed. (The inspection was completed the same week but the report not submitted until the 21st of November.) We were then informed the documents that were requested originally had some mistakes and needed amended. I was informed this about a week later on the 3rd of December. Those documents were corrected and resubmitted. I spent the next few weeks calling to follow up (I called at least twice a week and would be on hold for hours on end trying to get a solution) about the status of the check but was left with no answers. Finally, on the 21st of December, I was informed that the Contractors agreement that was submitted did not have a letter head on the top so it would need to be resubmitted. This was an issue they made a note of on my account back on the 4th of December but I was not told of this issue until the 21st. I reached out to my Contractor and got the documents fixed again and resubmitted within an hour. The 'Supervisor' instructed me on the 21st they purchased an overnight shipping label and the check would be shipped out within 24-48 hours. It is now the 27th and I am being told another 8-10 business days from today.

  

  Business Response

  Date: 01/11/2024

  
  Dear **** ******** **** and ******** ****** ****:
  
  This letter is in response to the Better Business Bureau
  complaint received on January 5, 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
  the 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 mailed an insurance claim check
  in September 2023 to Newrez for endorsement. The contractor finished the
  repairs and requested payment for their services. You were advised eight to ten
  business days for review and return of funds, however, after ten days you were informed
  that contractor’s agreement and waiver of lien were needed. After submitting
  the documents, you were informed an inspection was required. The inspection was
  completed the same day but not submitted to Newrez until November 21, 2023.
  Subsequently, documents needed corrections and resubmission causing additional
  delays. You spoke with a supervisor who advised they were overnighting the
  payment on December 21, 2023, but you have yet to receive the check. You want
  the funds disbursed to pay the contractor.
  
  We appreciate the opportunity to address your concerns. Our
  records indicate Newrez received a property claim package with a check for
  $23,761.88 on August 21, 2023. In response, we sent the enclosed property claim
  procedure packet to the email on file. The packet provides instructions and
  procedures regarding an insurance claim.
  
  On August 24, 2023, you contacted the insurance department
  for the status of the claim and the representative advised it was received and
  it will be a six-eight business day processing time for the check to be endorsed
  and mailed. The check was endorsed and mailed on September 8, 2023, via United
  States Postal Service tracking number **** **** **** **** **** **. This claim
  was closed.
  
  On November 9, 2023, you called to inquire about the claim
  status and were advised we needed a signed contractor’s proposal, waiver of
  lien, and inspection report showing the status of completion of the repairs
  before we could disburse the remaining funds. The property claim procedure
  packet, as stated above, provides the instructions and procedures of an
  insurance claim contingent on the amount of the claim. If additional funds are
  received that make total claim more than $40,000.00, the claim requires
  additional monitoring and documentation of the claim to verify the repairs are
  completed per the investor’s requirements. You were advised that the timeframe to
  receive the check is dependent on our receipt of the requested information for
  review.
  
  Per the enclosed Loan History Statement (LHS), the
  insurance check of $25,756.64 was received on November 10, 2023, and held in a
  restricted escrow account. On November 21, 2023, the inspection was received, showing
  the repairs completed at 100%, but we advised you that day that a signed on the
  same day the signed contractor’s proposal and waiver of lien were still
  outstanding. The waiver of lien was received on December 4, 2023, and the
  signed contractor’s proposal was received on December 21, 2023. The funds were
  submitted for release, and you were informed that the check would arrive in
  eight to ten business days. The final funds were released on December 28, 2023,
  and the check for $25,756.64 was mailed January 3, 2024, via UPS tracking
  number ******************.
  
  While there may be delays due to the holidays, our records show
  Newrez processed the insurance claims funds in a timely manner in compliance
  with the requirements of the loan contract and the investor’s requirements,
  which were provided to you in the property claim procedure packet.
  
  You have the right to request documentation supporting our
  determination that no error has occurred in the servicing of the loan.
  
  Should you have further questions, you may reach us through
  our Contact Us page by accessing our website, ************** and logging into
  your account. Go to the Help icon at the top right and click on Contact Us from
  the drop down. You can submit your email from there and upload any supporting
  documents. Alternatively, you may contact me at ***** ******** Monday
  through Friday from 7:00 a.m. to 4:00 p.m. (PST). You may also contact our
  Customer Service department at ***** *********
  
  Sincerely,
  
  Grysell F*****
  Compliance Department
  Newrez LLC
  
  Enclosures:
  Loan History Statement, Property Claim Procedure Packet
  
  cc: Better
  Business Bureau
        Via
  BBB portal 

  Customer Answer

  Date: 01/18/2024

   I've tried reaching out to the company as well but no reply. Below is my response to what the company "reported" happened. Their info is incorrect. 

  
  

  Yes, we submitted the waiver of lein AS WELL AS the contractors agreement on December 4th. It was noted on our file that on December 6th by the proctor that the Contractors agreement we submitted needed the business letter head on it. BUT, we were not notified of this issue UNTIL the 21st of December. I corrected the error with the contractors agreement the same day and submitted it. I was on hold off and on for the next 3 business days for roughly 3 hours each time trying to convince someone to even mail the check. So no, this was not a misunderstanding. It was a failure and lack of communication by the Loss Draft Department. We have received the check finally. But, that department should not be able to do this to people. It is unprofessional and just wrong.

  
  

  
  

  Thank you for your time.

• Initial Complaint

  Date:01/05/2024

  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.

  We have an insurance claim, all of our checks are going to Newrez mortgage company. They are holding our money, not allowing us to pay our contractors with our insurance money our insurance company has released. They have lied to us saying the check was in the mail. They have put us on hold for hours to wait us out. We have been hung up on without talking to anyone after being on hold for over an hour. They say they will call us, they never have. They are either completely incompetent- or actual crooks. I don’t know which one. From the talk of peoples extreme dissatisfaction with Newrez, I feel a class action be a- brewing. Good luck if you are an unfortunate soul and got their mortgage sold to them like we did. They need a kick in the pants to remind them of what doing the right and ethical thing is for a customer.

  

  Business Response

  Date: 01/15/2024

  In review of
  the complaint, the loan was transferred to our offices on September 1, 2023 by
  ********, which is a sub-servicer for Newrez, yet we are not the same company. Additionally,
  we are unable to validate your claims of having difficulties while attempting
  to speak to our representatives regarding the insurance claims, as we have no
  records of receiving any calls from you.
  
  Please be aware,
  Newrez has not received any loss draft checks for this loan since the loan was
  transferred to our offices. We do not show that any loss draft funds were
  transferred to us from the prior servicer. Therefore, we encourage you to
  contact your hazard insurance carrier and inquire if the loss draft checks were
  sent to the loan’s prior servicer.
  
  Although Newrez is the servicer of your account, we must comply with the
  rules set by the investor on your loan with respect to any loss draft funds
  that we do receive, to ensure that the funds are used properly to protect the
  security for the 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 of
  $40,000.00 or less, if the loan was current at the time of the loss, we will
  require the claim check and the adjustor’s report from the insurance company.
  Upon receipt of these documents, the claim check will be endorsed and mailed
  back to the you. However, please note, the claim is evaluated based off the
  Adjustor’s Report (“AR”) that is requested. If the check received is under
  $40,000.00, but the AR indicates the loss amount is greater than that, or the
  check is received and the loan is found to be delinquent on the date of the
  loss indicated on the AR, then the check will be deposited rather than being
  released.  To avoid having to send it
  back to the borrower to endorse and be mailed again to us, we ask borrowers to
  sign first.
  
  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. If you need assistance or
  have any questions regarding continuing the repairs on your property, please
  contact our Loss Draft Services Department at *************
  
  It is extremely
  important that Newrez receive all requested
  documentation in a timely manner for us to process your claim and issue
  additional funds need to continue with repairs. We will do its part to ensure
  the claim process moves as quickly and smoothly as possible, but we will not be
  able to release any funds until the required documents are received and
  complete.
  
  Please note, we 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.
  
  Please note that the claim funds cannot be used to bring the
  loan current. However, in the case of a total loss, Newrez reserves the right to use the
  claim funds to pay off the loan.
  
  We will monitor the repairs process via property inspections
  to verify the repairs are being completed according to the contract and in
  compliance with the local building codes. Inspections to monitor the repair
  process are to be completed when at least 50% of the repairs are completed and
  when the repairs are completed. To arrange for an inspection, please contact
  our Insurance Department at ***** ********* Monday - Friday, 8:30 am to 6:00 pm
  ET.
  
  Upon completion of the repairs, we will also require your
  contractor complete the waiver of liens form. This form is required to ensure
  that your property remains free of any liens. Please note, without this form, Newrez cannot release the final
  draw.
  
  For additional assistance regarding the loss draft process,
  please contact our Loss Draft Department at ************, fax number
  *************, by email at ********************* or by mail at
  
  
  Newrez, LLC
  Loss Draft Department
  ** *** ****
  ***** ** **********
  
  You may also send correspondence via overnight mail to the
  department at
  
  Newrez, LLC
  Loss Draft Department
  *** ***** ****** ***** ***
  ***** ** **********
  
  

• Initial Complaint

  Date:01/05/2024

  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.

  Newrez has held onto my insurance money from loss claims due to a house fire resulting in my contractors putting a lien on my house! For months they said they didn’t have my money. Then they said I had to provide this information. When I provided them with it they would tell me I needed something else. It has been 5 months of them dodging me. They never call me back. These people are holding 5 times the amount of money that I currently owe them.

  

  Business Response

  Date: 01/17/2024

  For insurance 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 are completed and the home is
  returned to its pre-loss condition. 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.
  
  It is extremely
  important that Newrez receive
  all requested documentation in a timely manner to process your claim and issue
  additional funds to continue with repairs, if needed. We will do our part to
  ensure the claim process moves as quickly and smoothly as possible, but we are
  not able to release any funds until the required documents are received and
  complete.
  
  Please refer to
  Section 5, Property Insurance, of the enclosed Mortgage, signed by you at
  closing, which explains that the lender, in this case the servicer of the loan,
  reserves the right to hold the insurance proceeds until confirming the repairs
  are completed appropriately. Further the servicer reserves the right to hold
  the funds until the servicer ensures all repairs are satisfactory. Please
  understand, certain documentation such as the waiver of liens are required to
  be submitted to ensure the lender/servicer’s security is not lessened.
  
  Although Newrez
  apologizes the loss draft process may not be to your satisfaction, we are
  required to ensure all terms are applied when dealing with loss draft claim, to
  ensure the investor’s interest is not lessened as stipulated in the loan’s
  security instrument.
  
   According to loan records, Newrez obtained loss draft
  funds totaling $98,218.46 on October 13, 2023, which were transferred to our
  offices from the prior loan servicer, Mr. ******.
  
  Upon the review
  of the file, it has been determined that Newrez has been waiting for the
  required documents – a valid, signed, and accepted contractor’s proposal and a
  waiver of lien – before funds could be released. The contractor’s proposal
  previously received was not valid because it was not signed.
  
  An inspection
  of the property was ordered on November 1, 2023. However, although the property
  inspection was ordered and the results were received, the missing documentation
  referenced above continued to delay our release of the funds. This was
  explained to you during your call with one of the Loss Draft Department’s
  leadership members on December 27, 2023. During the same telephone
  conversation, a request was submitted to inquire if an exception could be
  granted to release the funds without the waiver of lien, as you stated that you
  sent the contractor’s proposal via email.
  
  Records show,
  on January 5, 2024, the Loss Draft management team approved an exception to
  release the loss draft funds totaling $98,218.46 based on the inspection
  results showing all the repairs were at 100% completed. The loss draft check
  was sent on January 9, 2024. Enclosed for your review is a copy of the loan’s
  payment history reflecting the loss draft funds being released.
  
  Please
  understand, per the enclosed security instrument, Section 5, Property
  Insurance, the lender has the right to hold such insurance proceeds until the
  lender/ servicer can inspect the property to ensure the work/repairs have been
  completed accordingly. It also states the lender/servicer may disburse the
  proceeds in a single payment or in a series of progressive payment, as the work
  is completed. Enclosed for your review is a copy of the security instrument.
  
  Regarding your
  request for Newrez to pay interest toward the loss draft funds, please know, we
  respectfully decline your request as all proper steps were taken, and the
  request to release the funds without all the required documentation was granted
  as an exception to the business rule. 

  

  Business Response

  Date: 01/27/2024

  Newrez would
  like to clarify that the loss draft funds totaling $98,218.46, were not in a
  different department after the loan was transferred on August 1, 2023. Per the
  review conducted, our Loss Draft Department confirmed, the insurance claim
  funds were transferred by Mr. ******; however, the department was unable to
  locate the funds as they were in a different system. Because the funds were not
  deposited in the correct system, our Loss Draft Department was unable to locate
  them on September 7, 2023.
  
  The Loss Draft
  Department was able to locate the funds on October 13, 2023, and a request to
  have the funds placed in the restricted escrow account associated with the loan.
  After locating the funds, our Loss Draft Department reviewed the documentation
  you submitted and it was determined that we continued to need the contractor’s
  proposal, as the one submitted was unsigned and not acceptable. This
  information was also explained in our response dated January 17, 2024.
  
  Regarding the
  property inspection timeline, Newrez would like to apologize for providing the
  incorrect timeline for the inspection of the property, as the results were received
  on November 1, 2023. Although the inspection was received on November 1, 2023, Newrez
  continued to need the signed and accepted contractor’s proposal and the waiver
  of lien, which you had not provided by November 15, 2023.
  
  Our leadership
  team requested an exception to have the loss draft funds released to you
  without providing the documentation requested. This was requested as you
  expressed that the contractor would not provide a waiver of lien and threaten
  to place a lien against the property as the repairs were completed and payment
  was still needed. As a result, on January 5, 2024, the Loss Draft Department
  management team approved the exception, solely based on the inspection results
  showing the repairs were at 100% completed. The loss draft check was sent on
  January 9, 2024. According to tracking number 1Z1EE7191394000139, the loss
  draft check was delivered on January 12, 2024.
  
  Please
  understand, per the enclosed security instrument, Section 5, Property
  Insurance, the lender has the right to hold such insurance proceeds until the
  lender/ servicer can inspect the property to ensure the work/repairs have been
  completed accordingly. It also states the lender/servicer may disburse the
  proceeds in a single payment or in a series of progressive payment, as the work
  is completed. Enclosed for your review is a copy of the security instrument.
  
  Regarding your
  request for Newrez to pay interest toward the loss draft funds, please know, we
  respectfully decline your request as all proper steps were taken, and the
  request to release the funds without all the required documentation was granted
  as an exception to the business rule.
  
  As of the date
  of this letter, the loan is next due for the February 1, 2024 monthly
  installment of $1,479.35, and property inspection fees totaling $60.00.
  
  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: 01/29/2024

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID 21083952, and have determined that this does not resolve my complaint. 
   
  
  Regards,
  
  
  
  ****** ***************

   

  Even though Newrez states they did not make any mistakes, they admitted in their letter that they did indeed make 2 errors.  The first one " the funds were not deposited in the correct system, our Loss Draft Department was unable to locate them on September 7, 2023.  The Loss Draft Department was able to locate the funds on October 13, 2023..."  My previous mortgage company sent the funds, Newrez kept saying they didn't, when in fact Newrez MISPLACED the funds and there fore couldn't find them.  Nor did they let me know until I called them AGAIN.  Mistake #1 consisted of 2 months where I could have been sent my money because my house had been completed in the summer.  

  Mistake #2 concerns the inspection.  They admit they made an error.  I could have received the money months sooner considering they sent the money to me based upon the 100% completion of the rebuild.  

  Their combined mistakes 100% caused my contractors to put a LIEN on my house.  They admit they did the 2 above mistakes.  This in itself proves I could have had my money MONTHS sooner where I could have been making interest, or paying my contractors.  Either way, I now have lawyer fees and county fees to rectify the lien being placed on my home.  This is the fault of Newrez.

  Thank you, ****** ***************

• Initial Complaint

  Date:01/01/2024

  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.

  On December 15th, *** Title wired a mortage payoff payment to Shellpoint Mortgage. They seem to have lost the funds. I've received several different excuses for why the payment has not been made against the loan, the most recent being that "the wire was rejected due to insufficient funds." That isn't a thing. It's a wire. From a title company. It's been 14 days since they received the funds and they keep investigating the issue and escalating my call but no one is getting back to me to solve this problem. Every day that goes by I'm accruing more and more debt on this loan due to interest, etc. This whole situation is unbelievable. And their staff are giving ME attitude about bothering them.

  

  Business Response

  Date: 01/10/2024

  Dear ******* * *******
  
  This letter is in response to Better Business Bureau
  complaint received on December 29, 2023 regarding the subject property. Newrez
  LLC d/b/a Shellpoint Mortgage Servicing is currently the owner of the account
  number ending in ****. Shellpoint Mortgage Servicing (“Shellpoint”) began
  servicing the loan on the behalf of the owner referenced above on or about
  November 2, 2022. 
  
  Please know that Shellpoint takes its customer service and
  consumer protection obligations very seriously and has significant staff
  dedicated to its compliance related functions in order to identify, resolve,
  and permanently correct operational deficiencies and improve upon consumer
  concerns.
  
  Your complaint states on December 15, 2023, CLA Title wired
  a mortgage payoff in the amount of $450,610.59 to Shellpoint that was never
  applied towards your account. You state you have contacted Shellpoint’s Customer
  Service Department and received several different excuses why the payment has not
  been applied towards your loan, including that the wire was rejected. You note
  that every day the payoff is delayed you are charged more in interest. You are
  requesting the payment be applied and your loan be paid in full.
  
  Please accept our sincere apology if you have received any confusing
  information in prior contacts regarding why the payoff funds in the amount of
  $450,610.59 were not applied to payoff your loan.
  
  Upon review, on December 6, 2023, a payoff quote with a
  good through date of December 15, 2023, and total payoff amount of $450,142.67
  was generated and sent. On December 11, 2023, the amount of $2,801.33 was sent
  to Anne Arundel County for taxes.
  
  On December 15, 2023, a payment of $450,610.59 was received,
  however, the payment was rejected and returned as the payoff amount received
  was short $2,377.72. Please note, the payoff quote instructs you to call the
  number listed on the quote to obtain updated figures prior to remitting funds,
  as they are subject to change without notice. Our records do not show receiving
  any calls from you or CLA Title prior to receiving the wire.
  
  On December 18, 2023, due to the tax disbursement, Shellpoint
  generated an updated payoff quote, with a good through date of December 18,
  2023 and total payoff amount of $453,044.27.
  
  On December 29, 2023, Shellpoint spoke with you and ****** ****** of CLA Title, and explained the initial wire was rejected because the tax
  disbursement on December 11, 2023 created a shortage, which you understood and
  stated the shortage would be sent the same day.  
  
  Please be aware, this loan utilizes actuarial interest.
  Actuarial interest is earned and paid in arrears; therefore, the interest owed
  will be for thirty (30) days regardless of when the monthly payment is
  received. If you make a payment prior to the due date, you will pay thirty (30)
  days of interest for the prior month's accrual. Likewise, if you make a payment
  after the due date, you will also pay thirty (30) days of interest for the
  prior month's accrual. When paying the loan in full, interest will be assessed
  on a daily basis from the last monthly payment received until the day the
  payoff is received.
  
  On December 30, 2023, a payment in the amount of
  $453,372.80 was received and applied as a payoff. As of the date of this
  letter, your loan has been paid in full.
  
  Although Shellpoint apologizes for any inconvenience, we
  have determined that no error has occurred. You have the right to request
  documentation supporting our determination.
  
  Should you have further questions, you may reach us through
  our Contact Us page by accessing our website, ********************* and logging
  into your account. Go to the Help icon at the top right and click on Contact Us
  from the drop down. You can submit your email from there and upload any
  supporting documents. Alternatively, you may contact me directly at
  ************, ext. 4079 or via email at ************************. You may also contact our Customer Service department at
  ************.

  Customer Answer

  Date: 01/11/2024

  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. 
  
  
  
  NewRez/Shellpoint should accept fault. It took me over two weeks and a dozen calls for someone at Shellpoint to figure that out. That's abhorrent. Every time I called I got a different (incorrect) answer of what the issue was and a promise to call back/escalate etc and no one, NOT ONCE, mentioned this tax payment (which CLA Title had already made - you did not need to make it.) I never even heard back. One of your less helpful representatives tried to get me to wait into January for a response and that would have been yet another month of payments. He also suggested I should stop calling so much and that "he did everything he could" and was "sorry that wasn't good enough for me." We should both be thanking CLA Title. Without them pushing (we had to call twice Friday because your first rep abandoned the call), and insisting on speaking to a supervisor, (who said this was plain as day and anyone should've been able to figure it out) I'm not convinced this ever would have been solved. It seems the average employee at Shellpoint has no idea what they're doing.
  

  
  
  Regards,
  
  
  
  ******* ******

  

  Business Response

  Date: 01/19/2024

  Dear ******* ** *******
  
  This letter is in response to the Better Business Bureau rebuttal
  complaint received January 11, 2024 regarding the subject property. Newrez LLC
  d/b/a Shellpoint Mortgage Servicing was the owner of the account number ending
  in ****. Shellpoint Mortgage Servicing (“Shellpoint”) serviced the loan on
  the behalf of the owner referenced above on or about November 2, 2022 to
  December 30, 2023. 
  
  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 rebuttal complaint states Shellpoint should accept fault
  due to the several different excuses you received of why your payoff payment
  had not been applied towards your loan. You also expressed your dissatisfaction
  with the customer service you received and that you were never advised of the
  tax payment made.
  
  Upon review of your correspondence, Shellpoint’s records
  indicate we have already received a previous correspondence on January 5, 2024
  that is the same or similar, which we have already responded to on January 10,
  2024. Since your additional correspondence did not provide any new or
  additional information for us to form the basis for a new investigation, our
  response remains the same.
  
  Shellpoint does not condone unprofessional communication with
  consumers, as it is our goal to adhere to all state and federal laws and
  regulations concerning the servicing of loans. We apologize for any
  inconvenience you may have experienced regarding the servicing of this
  loan. 
  
  In our previous correspondence, Shellpoint apologized if you have received any confusing information in prior contacts
  regarding why the payoff funds in the amount of $450,610.59 were not applied to
  pay off your loan. Our previous response also stated the payoff quote instructs
  you to call the number listed on the quote to obtain updated figures prior to
  remitting funds, as they are subject to change without notice.
  
  In addition, on all payoff quotes, the next tax due date is
  listed on the quote. Please note, Shellpoint pays all escrowed items 1one to
  four weeks prior to the due date to ensure payments are received on time. As
  such, your tax payment was disbursed on December 11, 2023, in the amount of
  $2,801.33 to Anne Arundel County.
  
  As of December 30, 2023, the loan has been paid in full.
  
  You have the right to request documentation supporting our
  determination that no error has occurred in the servicing of the loan.
  
  Should you have further questions, you may contact me
  directly at ************, ext. **** or via email at ************************. You may also contact our Customer Service department at *************