Date Received: 2022-03-10
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I mailed a QWR and a debt validation letter to Shellpoint and they will not respond. XX/XX/XXXX They acknowledged receiving a loan modification package from me. On or about XX/XX/XXXX I received a phone call from an agent of Shellpoint. he also acknowledge receiving the package and told me I was approved for 2 different modification 1 WITH A BALLOON PAYMENT and 1 without a balloon payment but it was {$9700.00} plus. i ask him to send both and he said he could only send one with the balloon requested He told me they he was send me a loan modification out but instead i received foreclosure letter from there lawyer.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30038
Submitted Via: Web
Date Sent: 2022-03-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-09
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Hi Like many Americans I was in the forbearance program with my mortgage company. At the time I was dealing with XXXX XXXX XXXX. Previous to COVID, I had never missed a payment or even been late a single time in 16 years. My credit was well over XXXX. This changed when forbearance ended and XXXX XXXX XXXX started using 'Shellpoint Mortgage Servicing ' to service their loans. I spoke with them and was assured of a smooth transition. I setup autopay as it had been setup for many years before then. But their bank failed to pull the payment. I was made aware of the issue FOUR DAYS after this would have needed to be processed and IMMEDIATELY rectified the situation. I made any due payments. However, even with providing proof that I was on their autopay plan AND appealing to them directly, from an attorney, and directly to credit reporting agencies, they STILL have yet to take the 'late payment ' off my credit report as promised. This has DESTROYED my credit and disabled me from refinancing my loan from the high 6.5 % rate they stuck me with. I went on tour for work after autopay was setup in XXXX and only learned of the problem on XX/XX/XXXX. Please help ASAP. thank you! - XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91601
Submitted Via: Web
Date Sent: 2022-03-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-09
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX of XXXX I called and asked why my balance was over {$13000.00} when I only had 15 or 16 payments remaining on my mortgage and was told they did not know but that I would have to pay the balance. After months of calls in XXXX of XXXX I sat down with all my paperwork and found the problems. I purchased my home XX/XX/XXXX and the contract stated the amount financed was {$40000.00}. But as I was looking for the problem the amount that they financed was {$43000.00}. I had paid {$3200.00} to get my interest rate lowered and someone charged it back to the balance. Then I realized that the interest rate was charged at 15.09 % and it should have been 13.75 %. I send a dispute to Shellpoint and received a letter stating that they were going to credit my mortage XXXX plus XXXX for interest. I have sent another dispute about the interest. XXXX 15.09 % interest for 20 years is {$6200.00} not {$2400.00}. So, the amount credited should have been XXXX plus {$6200.00} = {$9500.00}. Also, the interest charged on the XXXX was {$87000.00} it should have been {$78000.00} so i was overcharged {$9500.00}. So by my calculating I should have been credited {$19000.00}. During the 20 years I had deferred 5 payments. My payments should have been {$490.00} but I paid XXXX. So I paid {$39.00} every month that should have gone to the principal. This should make a huge difference. If they want to go back I have 90 % of all my statements from XX/XX/XXXX to present. Not to mention the amount that I have paid on the principal only. One of the Supervisors advised me that they had found Mutiple accounts that were done the same way I am not worried about the other accounts only mine and my Home is to be paid off XX/XX/XXXX. I have been spoken too badly one of the representatives was XXXX XXXX and he screamed at me and told me that I would have to pay the balance that was showing by Shellpoint, another told me not to call back that was is XXXX of XXXX.
Company Response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
State: AL
Zip: 362XX
Submitted Via: Web
Date Sent: 2022-03-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-08
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Shellpoint Mortgage Servicing, after a CARES Act, COVID-related forbearance, tried to get me to enter into a modification without providing me with information about the fact that my credit score would be ruined, and they reported me late on the forbearance amount without my written approval ( i.e., I never agreed to the modification ), and when I realized the XXXX point drop in my credit score occurred, I asked to have the amount on forbearance deferred, which should not result in an impact on my credit score. That deferment has been completed. During the entire process I have tried to explain this to XXXX through the dispute process, and with Shellpoint, to at least 7 people who all refuse to listen, and simply refer me to XXXX, claiming it is their problem. XXXX tells me it is the mortgage company 's issue, since they reported the modification and that resulted in the point drop. I am very frustrated that this has ruined my credit, which was approx. 125 point higher, and consistently in the very good to excellent category for the past 20 years, until this situation caused by Shellpoint occurred. Shellpoint Mortgage Servicing has also changed from XXXX, to NewRez, to Shellpoint and had many impediments to communicating with me, and vice versa for the past 2 years, exacerbating the situation. One of the specialists that I have worked with, XXXX XXXX, at Shellpoint confided with me that my situation is not atypical, and Shellpoint as a company is customarily doing the same thing to many of their customers, i.e., tricking them into accepting a modification and then condemning them to a dramatically damaged credit rating, which prevents them from seeking another loan from one of their banking competitors. This unfair business practice is a violation of the intent of the CARES Act, which was to allow relief to borrowers during the Global Pandemic, allowing them to reinitiate their payments after the emergency had passed, without detrimental affects on their credit rating, etc. I know I am speaking on behalf of hundreds, if not thousands of borrowers with Shellpoint who once had good credit, and are now stuck with this treacherous and predatory lender. I would like the CFPB to share this complaint with others so that they may avoid this lender, their deceptive practices, and indeed know that they have recourse with the CFPB 's protections and actions. Thank you for your help!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: HI
Zip: 967XX
Submitted Via: Web
Date Sent: 2022-03-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-08
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: On XX/XX/XXXX I began the process of refinancing with XXXX XXXX, XX/XX/XXXX, I signed documents and on XX/XX/XXXX, and appraisal was ordered and cost was quoted be {$500.00} but was charged {$550.00}. XX/XX/XXXX, I re3ceived an email that my loan was approved. On XX/XX/XXXX I was told it was a conditional approval. On XX/XX/XXXX, I asked for an update as well on XX/XX/XXXX with no response. XX/XX/XXXX I was told the loan is going through its normal process. I was told, by phone, NOT to pay my mortgage that we will close by XX/XX/XXXX. I did not pay XXXX mortgage at that time. XX/XX/XXXX I received an answer that all looks good. XX/XX/XXXX my loan is still under review. XX/XX/XXXX and XXXX, XXXX asking for update since it is passed the XX/XX/XXXX closing date. Received a message on XXXX XXXX that the loan was on track to close. XX/XX/XXXX, still under review and our loan was sold to another company. XX/XX/XXXX I was asked to pay XXXX mortgage and get a new payoff. from the new company. Payoff was received on XX/XX/XXXX. XX/XX/XXXX I checked on the status. XX/XX/XXXX, I asked for an update. XX/XX/XXXX. XXXX stated loan was in final review. XX/XX/XXXX, was told they were hoping to close in the next few days. XX/XX/XXXX, waiting to hear from underwriter. XX/XX/XXXX, asked for up date and I was told a different authorization was needed. Unsure what that meant and was not given an answer. They took care of the new authorization on that date. XX/XX/XXXX, asked for another update. Got an email to pay XX/XX/XXXX to mortgage, I paid and asked for another payoff letter. XX/XX/XXXX another payoff was sent. XX/XX/XXXX, Update requested. XX/XX/XXXX received a new loan processor. XX/XX/XXXX was told new lender needs another authorization for credit check and payoff since this paper work is over 60 days. I signed the authorization. XX/XX/XXXX, asked for update. On XX/XX/XXXX I was told my loan was denied due to late payments. Please note on page 2 of the attachment is the email stating our loan was approved.
Company Response:
State: CA
Zip: 92119
Submitted Via: Web
Date Sent: 2022-03-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-08
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Shellpoint Mortgage Servicing is servicing my home mortgage account. I was in a forebearance plan from XX/XX/XXXX, until XX/XX/XXXX due to covid. My forebearance plan was set to end on XX/XX/XXXX, and I reached out to end the forebearance prior to XX/XX/XXXX. They offered to set me up with a Standalone partial claim and sent me a letter ( attached ) stating that my next payment was not due until XX/XX/XXXX if I accepted. I returned the executed agreement to them by XX/XX/XXXX per the agreement. Recently, I checked my credit and it had dropped by almost 100 points. I immediately reached out to Shellpoint and submitted an internal complaint. I received the letter dated XX/XX/XXXX that contradicted the standalone agreement that I had executed with them that clearly states when the next payment is due. I tried to contact the company again and explain and they gave me a generic email to send my issue to but that went unanswered. I was not able to speak with a supervisor, manager, or even somebody in the department that would handle this issue. I am hoping this avenue may work better.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: SC
Zip: 29466
Submitted Via: Web
Date Sent: 2022-03-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-07
Issue: Trouble during payment process
Subissue:
Consumer Complaint: During covid i selected to utilize the forbearance option on my mortgage. once the forbearance period ended, I was given three options to satisfy my outstanding balance plus getting back to my normal monthly payment schedule. Thinking it would be in my best interest to modify the loan to include the outstanding balance i selected the loan modification option. once selected i followed the trial payment schedule to a T. 120 days later the mortgage servicer Shellpoint was ready to modify my loan. 24 hour prior to signing the loan modification documentation i was notified that my credit report was hit by shellpoint with a over 120 day late payment on my mortgage. I contacted Shellpoint and they agreed i have been making my monthly trial payments and that payment is going towards my monthly mortgage payment. I have requested documentation from shellpoint that states by selecting the loan modification option it will adversely effect my credit report. No such documentation is available or has been provided. I asked how to fix this and they didn't have any suggestion but to file a complaint. why would XXXX XXXX or XXXX XXXX every provide options that would so negatively impact the end consumer. I have never in my life missed a schedule mortgage payments. My credit went from a XXXX to a XXXX over night.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75229
Submitted Via: Web
Date Sent: 2022-03-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-05
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX XXXX XXXX took advantage of our perfect credit history and sold our loan off within 39 days after closing to what we have experienced to be a fraudulent incompetent servicer called Shellpoint Mortgage which I guess is owned by XXXX XXXX. We have tried to get support many times as they barely answer their phones, they lie about receiving simple documents such as auto pay for our loan, and never response to related fax or emails. This is disturbing as we own many houses and never had issues with normal banks but these two XXXX XXXX operations are trying it seems to force issues for home owners by not communicating now over 90 days to take auto payments perhaps attempting to force great credit worth experienced home buyers to be late so they can collect late fees. Unfortunately thats how this experience had been with XXXX XXXX now the servicer they passed us off too, shell point mortgage. Further they send threatening letters claiming our documented home insurance that we needed to close the loan with XXXX XXXX wasnt on File. We repeatedly called and sent emails to the requested communication emails with proof as did our insurance agent. Still no confirmation this was received to rectify their misappropriation of our documents they XXXX mortgage who sold us to this servicer should have organized and not harassed us by mail. They can mail stuff but cant respond when we many times to try to get them documents again to rectify their negligence. They werent even taking our information to set up an online account initially when we were transferred to shellpoint until a few days into our first Month under their contract ti service our loan. We couldnt get our new account information. Terrible fraud being perpetuated and negligence. We must investigate the process
Company Response: Company believes the complaint is the result of a misunderstanding
State: AZ
Zip: 85254
Submitted Via: Web
Date Sent: 2022-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-05
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: On XX/XX/XXXX my home was damaged in the Texas winter storm so severely, I had to be displaced. I contacted XXXX XXXX informing them of this and requested to be placed in a Forebearance while I awaited on insurance to give me the repair fees and began to repair my home so that it could be livable. I was told that my forbearance would be for 4 months and would not be reported on my credit report as delinquent. In XX/XX/XXXX, while staying at a hotel as I awaited repairs for my home, I caught XXXX and XXXX. I became severely ill and could not finalize repairs in my home or go to work. I contacted XXXX XXXX and requested my forbearance be extended due to COVID. I was told my forbearance would be extended for another 6 months under the CARES act. In XXXX of XXXX, I received noticed that my mortgage was transferred to Shellpoint Mortgage. I assumed that my forbearance was transferred over from XXXX XXXX. In XX/XX/XXXX, I received notification that Shellpoint Mortgage had involuntarily placed me in a 40 year mortgage loan modification, adding nearly 15 more years to my mortgage maturity date. I notified my lost mitigation manager that I did not want to be in a loan modification because I was planning to resolve my debt in full by XX/XX/XXXX. I also explained to my lost mitigation manager that I was in a forbearance until XX/XX/XXXX and needed extra time in forbearance, but I was definitely going to pay my previous debt in full. In XX/XX/XXXX, after being denied a bid bond for a job project, I checked my credit report and noticed Shellpoint Mortgage had reported all the months of my forbearance as delinquent after I was told they would not report them delinquent. I contacted my lost mitigation manager regarding this inaccuracy and she stated there was an error in the system. She stated I needed to contact a seperate division of Shellpoint Mortgage informing them of this and that I had several months left on my forbearance. A check was mailed in the amount of {$12000.00} to Shellpoint Mortgage shortly after that call. I notified the division within Shellpoint Mortgage that I did not want to participate in their involuntarily loan modification, I was in a forbearance so my credit should not have been affected and was being inaccurately reported as delinquent to the credit bureas and that my loan amount would be paid up to date before the end of my forbearance. In XX/XX/XXXX, I received notice from Shellpoint mortgage that they were not going to correct the inaccurate information reported on my credit report because their records did not indicate my forbearance through XX/XX/XXXX. Shellpoint did not update my mortgage reflecting the payments they had received for my mortgage. Because Shellpoint has decided to punish me for not accepting their involuntarily loan modification and honor my previous forbearance with my previous loan services, my credit score has decreased nearly 100 points making it nearly impossible to obtain a loan to finish repairing my severely damaged home caused by a natural disaster and obtain bid bonds to support my business so that I can get out of financial hardship caused by the Texas winter storm and COVID. Shellpoints refusal to honor my forbearance with XXXX XXXX has prolonged my home displacement and repairs in which their inaccurate credit reporting has made obtaining a loan for home repairs very difficult to achieve.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 77494
Submitted Via: Web
Date Sent: 2022-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-03-05
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: About 18 months ago I saw a drop in my credit score. I identified a negative entry for Shellpoint Mortgage. Up until then, I had never heard of them before. This had never showed up on any previous credit reports going back decades. I then discovered this was the mortgage that my ex-wife is responsible for, her home in Virginia. Now she has decided not to pay this on time or at all. I talked to Shellpoint several times trying to get answers about this. The only thing that I found out was that it is a 50 year mortgage. Every time I asked to see the originated documents on this 50 year mortgage I was told that they are investigating it. First, the mortgage is in the name XXXX. This is not my legal name. My name is XXXX. I also go by XXXX to avoid the jokes, but never XXXX. Secondly, why have I not seen this before last year? The impact on my credit score has been devastating. I filled complaints with the CFPB to no avail. Now I realize that Shellpoint Mortgage is trying to strong arm me into paying this mortgage by holding my credit score hostage. Why else would it suddenly show up in my credit report after almost 3 decades? The are trying to force me to pay something that isn't my responsibility. Clearly, they are dealing directly with my ex-wife as this account is secured by a password I do not know, and see me as the cash-cow. I have never received any tax benefits from this home, and have never had any contact with them prior to this showing up on my credit report. This is clearly a fraud being perpetuated by Shellpoint being aided by the big three credit rating agencies. I will not yield to their extortion, especially when this 50 year mortgage is blatant predatory lending. Because of the time this has unknowingly existed, I am unable to sue for this immoral and illegal lending practice.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WI
Zip: 53219
Submitted Via: Web
Date Sent: 2022-03-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A