Date Received: 2022-09-06
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: I am contacting you regarding subject account erroneous credit reporting. I am demanding an immediate removal of this reporting from my credit reports as it is hindering my purchase of a home SHELLPOINT MORTGAGE XXXX XXXX XXXX XXXX XXXX, XXXX, SC XXXX ( XXXX ) XXXX XXXX XXXX XXXX XXXX Mail code XXXX XXXX XXXX XXXX XXXX XXXX, LA XXXX XXXX XXXX ) XXXX The home at XXXX XXXX XXXX XXXX XXXX XXXX XXXX MS XXXX was included in Bankruptcy XXXX XXXX XXXX of Mississippi filed XX/XX/XXXX and discharged XX/XX/XXXX. The Order of Discharge and list of creditors which includes XXXX XXXX is attached to this email. Shellpoint purchased this property from XXXX XXXX after the discharge of the Bankruptcy and proceeded to threaten me with foreclosure. I never acknowledged the validity of this account. It is unlawful to foreclose on property that has been included in a bankruptcy. .Apparently, this is a typical business practice of Shellpoint since there are so many lawsuits against them. Shellpoint sold the house and made a profit of over {$100000.00}. Again, I demanding immediate removal of the reporting of this account and any late payments and foreclosure from my credit reports. I
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MS
Zip: 39503
Submitted Via: Web
Date Sent: 2022-09-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-06
Issue: Trouble during payment process
Subissue:
Consumer Complaint: NEWREZ dba SHELLPOINT MORTGAGE SERVICING 5 YEARS .... Shellpoint has failed to service my installment mortgage in accordance to the terms of my note and ARM disclosure. Their response to rate changes, up or down, has been inconsistent. Their communication sketchy at best. ( see excerpts below ). Sloppy customer service is a kind description. History : On XX/XX/XXXX I entered into a contract with XXXX Mortgage. XXXX was in XXXX position on my property. In order to secure priority, they offered me an unconventional mortgage. My home was underwater. XXXX % mortgage plus 40 year amortization. Win/win. I read the note, mortgage and the disclosure. I knew and XXXX knew the terms. From XX/XX/XXXX to XX/XX/XXXX NEVER was there an issue with payments, interest, rate adjustment or recasting the payment with current data. Never did their recast involve padding the principal balance, never did they blatantly deflect XXXX delay responding to minor issues. ********************************************************************************** EXCERPTS FROM NOTE : Payment notification per Note and ARM Disclosure. " ... ..Each anniversary of the first payment due date is called a Payment Change Date. For each Payment Change Date we will determine the amount of the monthly payment that would be large enough to repay the Principal Balance and interest on the Principal Balance in full by the final payment date. We will use the interest rate in effect on the date shown in the notice of payment change ... to make this calculation. The interest rate will continue to adjust between Payment Change Dates as describe in the section called Interest Rate on page 1. Because the interest rate can change each month and the payment changes annually, it is possible that the regular monthly payment will not pay all the interest that accrues on the Principal Balance. If the interest rate changes after the last Payment Change date and before the final payment will be adjusted so that the Principal Balance and interest you owe will be paid in full. We will give you at least 25 days ( but no more than 120 days ) notice of any change in the payment. The interest rate in effect on date 120 days before the final payment due ( as originally scheduled or as rescheduled due to any extension of the final due date we agree to ) will be the rate we charge after that date. '' ****************************************************** FROM ARM DISCLOSURE : " HOW YOUR PAYMENT CAN CHANGE : Your monthly payment may increase or decrease substantially, each year, based on the changes in your interest rate. You will be notified in writing at least 25, but not more than 120, days before the due date of the payment at a new level .... You will be notified once each, year, during which interest rate adjustment, but no payment adjustment, have been made to your loan. These notices will contain information about the index rate, interest rates, payment amount, and loan balance .... '' ************************************************************** EXCERPTS FROM SHELLPOINT COMMUNICATIONS : XX/XX/XXXX. XXXX from SMS " ... you signed a variable interest rate Note ... .therefore, the payment amount varies daily, but the change is calculated monthly overall ... .. the enclosed Adjustable Rate Mortgage Disclosure state that, " 'because your interest rate can change monthly but your payment changes annually, it is possible that your regular payment will not pay all of the interest that is owed and accrued on your loan balance ' '' This is why there were no funds applied to the principal balance for XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX installments. " **** " Regarding the interest rate change and posting of funds to your loan, please advised that according to the terms of your Note ...., the U.S. Prime Rate changes each XXXX. Therefore, .... you were advised of this change... .acknowledged that the interest rate could change in XXXX of each year.. '' " ... Please be advised, barring any unusual circumstances, escrow analyses are performed once a year, and this is the only communication you will receive regarding changes to month payment amount. " ***** ****The interest was adjusted and balance applied to the principal XXXX XXXX changes are not annual... Note specifically calls for a recast of principal and interest annually, with a 25 day, minimum, notice. misinformation was repeated again in their response dated XXXX. " Shellpoint is not required to notify you of an interest change on the loan, because, as you have state, the change is tied to the XXXX XXXX rate, which changes annually, ( every XXXX ). .... You will be notified approximately sixty ( XXXX ) days in advance regarding any payment changes due to escrow. '' XX/XX/XXXX from SMS " ... .Upon receipt of the loan, it underwent a thorough audit. When the audit was completed, a change date of XX/XX/XXXX was entered. After reviewing your rebuttal, a request was made to recalculate the loan for the payment due on XX/XX/XXXX. It will also be recalculated in XX/XX/XXXX, and every XXXX thereafter. '' ******SMS did not adjust until XX/XX/XXXX... XX/XX/XXXX " ... Unfortunately, because it was to be a manual change to the loan, and not a routine system change, the change was not made. '' XX/XX/XXXX from SMS " ... .Upon receipt of the loan, it underwent a thorough audit. When the audit was completed, a change date of XX/XX/XXXX was entered. After reviewing your rebuttal, a request was made to recalculate the loan for the payment due on XX/XX/XXXX. It will also be recalculated in XX/XX/XXXX, and every XXXX thereafter. '' ******SMS did not adjust until XX/XX/XXXX... XX/XX/XXXX " ... Unfortunately, because it was to be a manual change to the loan, and not a routine system change, the change was not made. '' Once the matter was brought to our attention, we immediately updated the principal and interest payment for XX/XX/XXXX. This response is notifying you twenty-five ( XXXX ) days ' in advance, as stated in your Note ..... Regarding the credit reporting, ... ... we were unaware of the bankruptcy on the loan until XX/XX/XXXX. '' ******Notification did not follow format contained in the ARM disclosure. XXXX fromSMS " Your loan is currently, or has been previously, involved in a bankruptcy action ... .. '' XX/XX/XXXX " ... .Furthermore, to make the payment change effective XX/XX/XXXX rather than XX/XX/XXXX. .... ... .Furthermore, Shellpoint has updated our system to insure all payment change notices are provided 25 days in advance. '' ********Payment was deducted XX/XX/XXXX without proper notice. loan balance .... '' ********************************************************************************************** Complaint : Shellpoint Mortgage Servicing 's lack of compliance to the terms of my contract. XXXX After repeated request by me : ... .Upon receipt of the loan, it underwent a thorough audit. When the audit was completed, a change date of XX/XX/XXXX was entered. After reviewing your rebuttal, a request was made to recalculate the loan for the payment due on XX/XX/XXXX. It will also be recalculated in XX/XX/XXXX, and every XXXX thereafter. '' ******SMS did not adjust until XX/XX/XXXX... XX/XX/XXXX " ... Unfortunately, because it was to be a manual change to the loan, and not a routine system change, the change was not made. '' Once the matter was brought to our attention, we immediately updated the principal and interest payment for XX/XX/XXXX. This response is notifying you twenty-five ( XXXX ) days ' in advance, as stated in your Note ..... XXXX full months after anticipated change date. This was the only time the principal amount matched the payment history. XXXX notice dated XX/XX/XXXX received XX/XX/XXXX Principal used for the next payment {$600.00} above the pay history balance. Change date payment XX/XX/XXXX... XXXX days???? padded principal. XXXX notice dated, XX/XX/XXXX mailed XX/XX/XXXX received XX/XX/XXXX Principal used for next payment {$750.00} above pay history balance. Prime rate changed XX/XX/XXXX down XXXX -- - per Note ... XXXX must be current as of notice date. Change date payment XX/XX/XXXX... XXXX days???? padded principal. XXXX notice dated XX/XX/XXXX received XX/XX/XXXX Principal used for next payment {$450.00} above pay history balance. Change date payment XX/XX/XXXX... XXXX days???? padded principal. XX/XX/XXXX from SMS " ..when the letter was reviewed and sent on XX/XX/XXXX the amount listed is a projected principal balance ... .loan has a daily accrual of interest, which may cause the difference between the projected unpaid principal balance ( UPB ) used in the letter and the actual UPB at the time of the change. '' Not only did they pad the balance but the ignored the XXXX and XXXX payment on account. My CONTRACT requires CURRENT RATE AND CURRENT PRINCIPAL AT THE TIME OF NOTICE XXXX notice dated XX/XX/XXXX received XX/XX/XXXX Principal used for next payment {$440.00} above pay history balance. technically because the rate did not change - no notice had to be issued. HOWEVER, by padding the principal the payment did not reflect ANY of the principal paid over the year. The recast resulted in a reduction of only {$0.00} in the payment. Overall reduction should have been {$2.00} not {$0.00}. XXXX notice dated XX/XX/XXXX mailed XX/XX/XXXX received XX/XX/XXXX Principal used for next payment {$610.00} above pay history balance. The website has been updated with the revised payment, BUT the statement mailed to me has not. I did work with the BBB to resolve other issue, the original complaint was closed BECAUSE SMS responded with this fluff ... .with no intention of " IMPROVEMENT '' Company public response Company believes complaint represents an opportunity for improvement to better serve consumers ' Company public response Company believes complaint is the result of an isolated error Company response to consumer Closed with explanation Company public response Company believes it acted appropriately as authorized by contract or law Company public response Company believes complaint represents an opportunity for improvement to better serve consumers ********************************************************** question XXXX ruling below : does this only apply to Modified loans or to all contracts created by the company who transferred the loan???? Honor previous loan modification agreements : If the borrower has a loan modification agreement, XXXX must honor it under the terms of the company that transferred the loan. In XX/XX/XXXX, the CFPB released new rules on mortgage servicing that will apply to every mortgage servicer.
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers
State: MN
Zip: 55025
Submitted Via: Web
Date Sent: 2022-09-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-07
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have called NewRez LLC numerous times in regards to a credit dispute of a missed payment. The first inbound phone call, XX/XX/2022, call ended with a NewRez employee that incorrectly entered my account information for an ACH transfer causing a payment to not go through and become late. The second phone call XX/XX/2022 from NewRez to collect again ( due to the first ACH wire transfer not going through ) failed because they again used the incorrect account information entered by the first employee. The XXXX key on the original employees keyboard was not registering and the error was not caught by her or the second employee The account number was missing both XXXX. I was told that XXXX XXXX would listen to the recording, remove the late payment fee and wipe the credit score report. This never happened, the email was never responded to and I was left with impacted credit and late fees. From this point on all contacts were initiated by me, hours of my time spent waiting on hold only to get a different story after each phone call. They weren't even sure what month was actually late at that point. I have now paid 2 late fees and suffered a credit drop impacting my ability to do business. The communication from NewRez is non existent and phone calls usually end with the employee telling me to log in to their website and self service my loan. I have now requested a paperless account numerous times both over the phone and on the companies website due to our mail being un-reliable. It has never gone through, this entire situation could have been avoided if my requests for email servicing would have been taken seriously.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85326
Submitted Via: Web
Date Sent: 2022-09-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-05
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: This is not a duplicate nor is this complaint being filed by a third party, I am filing this complaint myself. Please see this complaint is processed to the letter of the law. When I reviewed my credit report, I discovered that some of the information was erroneous. The 3 credit bureaus must validate this account in line with Sections 609 ( a ) ( 1 ) ( A ) and 611 ( a ) ( 1 ) ( A ). It is not authorized to fail to validate this reporting account as unverified information without providing any proof within the period allowed by law. The account need to investigate and correct from erroneous reporting in my file are listed on my credit report : XXXX XXXX XXXX XXXX XXXX XX/XX/15 Balance : {$270000.00}
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 93638
Submitted Via: Web
Date Sent: 2022-09-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I HAVE ALL OF MY BANK STATEMENTS SHOWING THE PAYMENTS THAT I HAVE BEEN DILIGENTLY PAYING, ESPECIALLY THE EXTRA PAYMENTS ON THE PRINCIPAL AND IVE FILED COMPLAINTS SEVERAL TIMES AND INSTEAD OF CORRECTING THE PROBLEM THEY DO THE OPPOSITE AND TAKE MORE MONEY AND ADD IT TO MY PRINCIPAL AND I BELIEVE THAT THEY ARE PURPOSELY DOING THIS BECAUSE THEY CAN!!! I WOULD LOVE IT IF SOMEONE COULD HELP ME FOR I AM FRUSTERATED AND VERY CONCERNED I AM FAR FROM BEING RICH!! THANK YOU XX/XX/XXXX XXXX XX/XX/XXXX {$1500.00} XX/XX/XXXX Escrow Only Payment {$00.00} {$00.00} {$1500.00} THEY ARE REVERSING ; MY PAYMENTS AND THEN JUST TAKING THE MONEY OFF MY PRINCIPAL AND THEN THE MONEY JUST DISAPEARS .... .SHELL POINT MORTGAGE COMPANY DBA NEW REZ XX/XX/XXXX {$3200.00} XX/XX/XXXX Escrow Only Payment {$00.00} {$00.00} {$3200.00}
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33952
Submitted Via: Web
Date Sent: 2022-09-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This complaint is being submitted on behalf of the mortgage borrower by his authorized housing advocate. The attached Qualified Written Request ( QWR ) dated XX/XX/XXXX was mailed to Shellpoint Mortgage Servicing, a division of Newrez ( Shellpoint ), on my behalf. Shellpoint did not acknowledge receiving the QWR within five ( 5 ) business days nor did it provide a response within thirty ( 30 ) business days. The total dismissal of the QWR is a clear violation of the Real Estate Settlement Procedures Act ( RESPA ) 1024.36 Requests for information. The second attached QWR dated XX/XX/XXXX was mailed to Shellpoint via certified mail. The U.S.P.S. tracking number XXXX confirms it was delivered on Tuesday, XX/XX/XXXX at XXXXXXXX XXXX. Shellpoint sent me an acknowledgement correspondence on XXXX, XXXX, XXXX. Shellpoint has not provided a response to the QWR, again failing to comply with RESPA 1024.36 Requests for information. My housing advocate had a separate case where Shellpoint also failed to respond to that clients QWR. This potential pattern of practice is concerning.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2022-09-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-03
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: when i talked to a agent a shellpoint they told me my late payments would not be reported why i wait on XXXXXXXX XXXX relief to approve or deny me but i see that was a lie they reported me late today score went down XXXX XXXX smh
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 238XX
Submitted Via: Web
Date Sent: 2022-09-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-01
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Upon getting notice that our Mortgage was now being serviced by NewRez aka Shellpoint Mortgage, we noticed that they had our address incorrect on our welcome packet. The letter was dated XX/XX/XXXX. Just less than a month after moving into our new condo. It is a little scary that our own mortgage company does not know our address. Our next correspondence was to ask us to change the address on our insurance policy to the incorrect one they had listed. That blew me away because it was more than just a typo. If I had had my insurance agent listed unit # XXXX versus XXXX like they wanted me to, it would impact Newrez negatively if they ever had to file a claim. However, mistakes happen and humans transpose numbers. I know I do. The customer service representative told me to just disregard the letter and I felt fine doing so. I wish I had held on to that letter now. I did not realize that it was going to continue like this. On XX/XX/XXXX NewRez sent a letter ( Newrez sent it to the wrong address ) stating that our flood policy was about to expire. Our master policy actually expired before the mortage and we had to bring an updated copy to our closing. Still, I sent both policies ( flood and XXXX ) to New Rez via website dashboard and document portal. We received another letter telling us that the insurance amount was insufficient and they needed {$250000.00} per unit. I re-sent, emailed, faxed, uploaded our policies to the portal again showing that our master policy has {>= $1,000,000}. If you divide that by the XXXX units, it is {$250000.00}. As always, I was told to disregard the letter and I was assured our payment was the same, so there was nothing to worry about. I truly thought everything had been corrected on my account by that point. I had definitely spent enough time working with Newrez to get everything correct. At that point, our mortgage was set to auto-pay. We thought our mortgage was on auto-pilot as it should be. We had absolutely no clue that they had truly force place flood insurance on us. On XX/XX/XXXX, we received a letter showing us that lender placed insurance was being charged to us. As a result, we had a negative escrow balance and our mortgage would be increasing by about {$500.00} per month. We had to pull all the paperwork out and call again. I came to realize that Newrez ( for wahtever reason ) is unable to request the COI for us. I contacted my property manager and asked for the XXXX COI. Unfortunately, the insurance company made a mistake this time and did not show the full amount of flood insurance. I contacted them myself to get everything fixed and emailed, faxed, uploaded the insurance information again. That was done today, so they have not had time to review it. Where we stand now is that we just made our XX/XX/XXXX payment for {$2000.00} versus the {$1800.00} that is should be. An agent did seem to help us last time by ordering an escrow work up to detect any mistakes or overpayment. She let me know that it might not be done in time for our XXXX payment. She said she escalated it. That was XXXX and she was more helpful than any of the previous Newrez agents at least. However, I don't feel comfotable relying on her help soley because of history. The fact that our payment has changed, but not to the original amount is concerning to me. At the very least, I have contacted NewRez by phone on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. This is not counting the times that I reached out via their " contact us '' section of the website and begged for a supervisor to contact me. I have tried every avenue possible. Each time taking away time from my own schedule, not getting my lunch break, etc. to fix my mortgage.I have saved most of the paperwork from Newrez. There was a letter or two that I threw away in the beginning because I never anticipated this type of problem. Plus, I am not sure if we received everything when they had our address wrong. I know there was a delay in receiving the ones we did get. I have begun to keep a record of every contact whether it be a phone call or a letter. This has been really confusing for me. It is hard for me to tell what is accurate and what is not. Newrez has been wrong every time except this last time ( the insurance company needed to correct their mistake this past time, but it was such an easy and quick fix ). I do not understand why someone in the Newrez insurance department did not reach out to the agency and do exactly what I did to fix the situation. They are the professionals. It feels weird that I am having to teach myself al lthis to keep from being overcharged. This all has gone far beyond a simple mistake. It borders on harassment. It is an awful feeling to pay your mortgage on time, keep your insurance policies up to date and still feel like you are in jeopardy of losing your home constantly. I am not trying to be difficult at all. I am just tired of the constant barrage of letters from my mortgage company and trying to decipher which ones I should actually pay attention to. At this point, I not only pay attention to all of them, I have been forced to learn so much on my own because I can't realy on accurate information from Newrez. It is not just the annoyance of the wrong address, being wrong about my insurance, etc. I am being overcharged by this company with no end in sight. How do I protect myself from this?
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33141
Submitted Via: Web
Date Sent: 2022-09-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-01
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I paid my mortgage with Shellpoint Mortgage via a wire sent on XX/XX/2022. The mortgage has still not been released with the county, and I have not received my note showing that it is paid in full.
Company Response: Company believes the complaint provided an opportunity to answer consumer's questions
State: OH
Zip: 434XX
Submitted Via: Web
Date Sent: 2022-09-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-09-01
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am writing because my beloved home is being foreclosed. For 20 years I was a loyal customer of XXXX XXXX XXXXXXXX. I had not only a mortgage account with XXXX XXXX XXXXXXXX but my personal and business accounts as well as multiple lines of credit. During this time I had never been late on a payment and my credit rating was good. The mortgage was on my personal home As happens in life, issues and illnesses occurred. After being diagnosed with XXXX, before the onset the pandemic, I advised XXXX XXXX XXXXXXXX that I was facing some financial struggles. At this point I had still been making my payments. I did so until XX/XX/20. As a XXXX single woman undergoing regular XXXXXXXX XXXX I began to fall behind. I communicated with XXXX XXXX XXXXXXXX and we discussed a loan modification. I was told that someone would reach out to me. Over the course of several months I called multiple times, each time I spoke with someone different and was never able to get any information regarding the status of my application. I was even given a Dedicated Customer Relationship Manager ( CRM ), her name was XXXX XXXX ( Letter attached ). I was never able to reach this person. XXXX went on and I was unable to make my payments. XXXX XXXX XXXXXXXX sent me letter after letter stating that I was being considered for a loan modification but I was never able to get through to anybody. I was then informed that the company Shellpoint now owned my loan and they informed me that XXXX XXXX XXXXXXXX had provided no paperwork or information regarding my XXXX XXXX. I am presently in foreclosure and I need some guidance to stop this process immediately. I am attaching documentation from XXXX XXXX XXXXXXXX and Shellpoint. Please let me know what other information you would need from me. I would like to file a complaint against XXXX XXXX XXXXXXXX and Shellpoint at this point.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85013
Submitted Via: Web
Date Sent: 2022-09-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A