Date Received: 2021-06-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Prior to my loan being sold from XXXX mortgage to NewRez mortgage, I agreed with XXXX to take the loan out of escrow. Somehow the fact that my loan was not escrowed was not communicated or acknowledged by NewRez. As a result, at year-end 2020, I paid my property taxes and then NewRez came behind me and paid again. They then reflected a negative escrow balance and indicated that I owed them for the property taxes they paid. After 6 months we are still working with the municipalities to try to get NewRez refunded. This latent escrow issue has hindered my ability to refinance in the current favorable interest rate environment causing me personal financial damage in the form of higher interest expense than I would be incurring if I were able to refinance.
Company Response: Company believes complaint is the result of an isolated error
State: TX
Zip: 75287
Submitted Via: Web
Date Sent: 2021-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-17
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: On Thursday, XX/XX/XXXX, I spoke with XXXX XXXX, my direct point of contact at Shellpoint that services my deceased mothers mortgage loan. XXXX employed a well rehearsed sequence of aggressive predatory loan strategies to get me to sign a new loan, which he deceivingly called loan modification, that has as primary target not to help me but to rob me of most if not all of my property equity. His offer imposed unfair and abusive loan terms on me, including high interest rates and terms that strip me of equity. I requested a deferment for the 12 month forbearance that ends XX/XX/XXXX. XXXX refused the deferment, in his exact words I will put my foot down, I will not give you a deferment. ( on a recorded phone call ) XXXX XXXX 's first step of this unfair and deceptive predatory lending strategy was to deny forbearance deferment in order to offer me a loan assumption but not by itself, only conditional with acceptance of a disguised loan modification, which in reality was a new 40 year loan with predatory loan terms. XXXX refused to check the history of the loan and the fact that I told him that I was offered and processed a deferment prematurely in XXXX of XXXX, which following a former CFPB complaint was reversed because, among other things, their representative failed to tell me that I can only do deferment one time for the life of the loan according to the XXXX XXXX guidelines of this loanit was more convenient for Shellpoint to defer 3 months of forbearance rather than 12 months, so that I get stuck with more debt that can not be deferred ( please see attached letter from Shellpoint which confirms the fact they processed a deferment for me that was reversed ) My mother passed away on XX/XX/XXXX, and her death certificate, my executor documents, and the property transfer ownership docs, among other, were transmitted to Shellpoint immediately, several times, by email and fax ( see uploaded attached docs ). These were requested again by Shellpoint and retransmitted to Shellpoint several times it appears Shellpoint is disorganized and misplaces documents from their customers ; I can not be responsible for their internal errors. But I do have emails proof that these docs were in fact emailed to Shellpoint several times at the same emails or fax nrs ( see attached email docs ) During my conversation with XXXX XXXX in XX/XX/XXXX, when I requested the last 3 months of forbearance, he mentioned that I should call him mid XXXX so he can process a deferment for me for the 12 months of forbearance with his superiors approval then in XX/XX/XXXX, few days ago, he said he will not do a deferment for me, and will not discuss this with his superiors because it will not be approved ; curiously and suspiciously it was approved and processed in XX/XX/XXXX, 3 months after my mothers death, was again suggested by XXXX XXXX in XX/XX/XXXX, but just before the end of the 12 month forbearance, it was denied (?! ) XXXX didnt say anything to me in XXXX that he will not be able to process the deferment, just another secretive predatory Shellpoint strategy to take advantage of their customer so that there are less options for the customer close to the forbearance term end/deadline. I told XXXX XXXX dont see why he cant do the loan assumption separate and only as a condition with my signing an adverse predatory loan I told XXXX there is a federal law, the federal XXXX XXXX depository institutions act of XXXX, which says that heirs can assume the loan of they want, without any conditions I told this to XXXX coworkers, and to his supervisor XXXX XXXX, but was ignored XXXX ignored this, and so where his coworkers and supervisor I spoke with, all of them stating they can only do loan assumption for me with a new 40 year loan (?! ) Loan modification implies keeping the same loan balance, stretching it over more years and lowering the interest to make it more affordable to the borrower. Instead, XXXX insisted he can only offer me a new loan, which bears all the predatory lending characteristics ; not only doesnt maintain the actual balance of the loan but triples it so that I lose to Shellpoint most or all equity in the property. I emailed XXXX asking clarification and more detailed calculation of the 40 year loan he offered me but he failed to respond, its been about a week now Current loan has a balance of {$81000.00},. XXXX XXXX XXXXnterest and matures in XXXX, with monthly payment of {$560.00} this means that in 14 years ( 168 months ) when it matures, it will reach a balance of approximately {$94000.00} The new predatory loan, which XXXX calls deceptively loan modification has the following predatory loan terms : Much much longer 40 year term ( 480 months ) matures in XXXX Higher interest rate : XXXX XXXX Monthly payments : {$480.00} 488 x 480 months = {$230000.00} XXXX?! ) Compare this with the current loan and how deceiving is the new Shellpoint loan modification conditional with the loan assumption
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92123
Submitted Via: Web
Date Sent: 2021-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Took a {$40000.00} second mortgage out to consoldate bills in XXXX. It was AN ACTUARY loan at 10.5 %. I faithfully paid {$430.00} everymonth two months shy of 15 Years. I rteceived written notification that may laon would mature on XXXX and I had an outstanding balance of {$39000.00} How could that be possible? I have paid almost {$77000.00} on a {$40000.00} loan. I looked as the Mortage Servicing Site and saw they raised the initial loan amount to {$47000.00}, which is false. They only applied my payments to the interest only and didn't credit the principal. I believe that this loan should only have a {$7000.00} balloon payment and was aware of that when we signed it. When I called to talk to someone they said they do not take phonr calls and only do it over the computer and it would take 30 days and then they would ask for 14 more days if they couldn't settle the matter. This loan originated with XXXX XXXX and was taken over by GreenTree and then XXXX XXXX and we can see how much trouble they got into. in XXXX they just sent me a loan modificatrion contract, which I did not ask for and held up my payments until a government agency intervened and they sent me an appology letter and corrected my " late '' payments. Obviously they want me to keep paying this loan, because the customer service person said that if they find I do own the {$39000.00} they have financing options! I more then paid for it, with the {$7000.00} balloon payment always at the end. They miss appropriated my monthly payments and put it towards interest instead of toward the principal. Can you please help me of direct me to the agency that handles FRAUDULENT Mortgages? The Servicing Company is XXXX now, but I thinkl XXXX XXXX started the fraud.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 11010
Submitted Via: Web
Date Sent: 2021-06-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-16
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: In XXXX, we obtained a loan in the approximate amount of {$260000.00} through XXXX XXXX XXXX secured by our principal residence at XXXX XXXX XXXX XXXX, XXXX XXXX, CA. From loan inception until sometime in XXXX, the loan was serviced by XXXX XXXX. We set up auto-pay through XXXX XXXX XXXX paying : {$2200.00} ( principal and interest of {$170000.00}, plus {$500.00} additional principal ), then in XXXX, {$2500.00} ( principal and interest of {$170000.00}, plus {$700.00} additional principal ), then in XX/XX/XXXX, {$3000.00} ( principal and interest of {$170000.00}, plus {$1200.00} additional principal ). In XXXX, NewRez took over as the loan servicer. Instead of applying the additional as principal pay-down, NewRez applied the additional principal payments towards future loan payments due. In XX/XX/XXXX, I noted the next payment was not due until XX/XX/XXXX. I immediately contacted NewRez explained the situation and was assured it would be handled. Email dated XX/XX/XXXX from NewRez attached. Unfortunately, it was not handled. NewRez did not auto pay itself for XXXX. XXXX XXXX has a credit score service that allows members to check your credit scores periodically. Our credit score went from XXXX in XXXX and XXXX in XXXX to XXXX in XXXX. It has taken us our entire working lives to build a XXXX XXXX of XXXX. According to the credit report, there is only one reason for the credit score to a fallen XXXX points. I have contacted NewRez on two occasions. On each occasion the NewRez representative acknowledged the error and advise that it would correct the information to the credit reporting agencies. NewRez has done nothing in terms of submitting any information to the credit reporting agencies.
Company Response: Company believes complaint is the result of an isolated error
State: CA
Zip: 95032
Submitted Via: Web
Date Sent: 2021-06-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-16
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I was interested in knowing what the closing costs would be if I refinanced my existing mortgage with NewRez. They have been emailing me constantly encouraging me to do so. In the process, I was encouraged to apply with no obligation to find out the closing costs. Midway through the application process, an agent called, and asked some questions, and said he would run a credit check and encouraged me to complete the application. I decided not to complete the application at that point, and have asked him to close it out, but now i am getting radio silence. Have called several times, sent several emails. All i get is auto-responses telling me to complete the application. I tried calling the main number and they said i have to speak with him. But i can't reach him and he is not responding to voice messages or emails. And it seems there is no way in this online application to cancel it. This seems like predatory practices to me.
Company Response:
State: NY
Zip: 11791
Submitted Via: Web
Date Sent: 2021-06-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: We have made every mortgage payment, without fail, on time, during our mortgage. We have missed no payments, no payments have been tardy. In addition to our regular payments, we have made two additional payments -- {$1100.00} on XX/XX/XXXX and {$1700.00} on XX/XX/XXXX. The {$1100.00} XXXX payment was to reimburse ( pay back ) XXXX XXXX for an escrow they improperly attached to our mortgage. XXXX subsequently removed and closed the escrow in XX/XX/XXXX. NewRez however continued to collect for escrow, even though the escrow was closed. , Subsequently, even though we and our attorney sent dozens of letters, faxes, emails, official complaint letters -- NewRez completely ignored everything, in violation of CFPB rules which state we are due answers or relief within 30 days. The XXXX {$1700.00} payment was " paid under protest '' to keep NewRez from foreclosing on our home because the original XXXX payment was not credited correctly to our account and NewRez continued to collect for escrow -- by improperly taking now-closed escrow payments from our regular mortgage payments and reclassifying them as partial payments and charging penalties and fees. I have made two previous complaints to this Consumer Financial Protection Bureau, CFPB complaint XXXX in XX/XX/XXXX and CFPB complaint XXXX in XX/XX/XXXX -- NewRez still has not corrected this problem. In an XX/XX/XXXX response to our XX/XX/XXXX CFPB complaint, NewRez said this : " Your complaint states that an escrow account was established in error by your previous server XXXX XXXX ( XXXX ) in XXXX. XXXX paid your homeowners premium. When you discovered this error, you repaid XXXX for the funds paid in error for your insurance premium. The escrow should have been removed, but the payment was not applied correctly, and XXXX never removed the escrow from your loan. This caused each payment made since XX/XX/XXXX when this error occurred to be misapplied. You are requesting NewRez correctly apply all the funds since XX/XX/XXXX. All penalties and interest should be removed, and any partial payments resulting from the escrow added in error should be applied as esc row payments. The escrow should be removed. '' " ... All payments made since XX/XX/XXXX have been reversed and reapplied to your loan. However, BECAUSE THE the XX/XX/XXXX ESCROW BALANCE HAD ALREADY BEEN DISPURSED TO YOU ( italics mine ), a remaining balance is owed to satisfy the XX/XX/XXXX installment. '' Please note that we previously RETURNED to NewRez all " unapplied dispursments '' ( escrow balances ) paid to us in error because those funds were supposed to be applied to our regular mortgage payments, not disbursed to us. With a letter explaining why these amounts needed to applied to our regular mortgage payments -- we repaid NewRez/Shellpoint dispursement check # XXXX for {$85.00}, check # XXXX for {$790.00} and check # XXXX for {$1000.00}. On XX/XX/XXXX, NewRez again sent documents saying our mortgage was past due ( bear in mind, we have NEVER missed a payment ) with another threat of foreclosure. I appreciate that NewRez finally has removed the escrow from our loan, but ... We still have not received back the {$1700.00} we paid under protest on XX/XX/XXXX to prevent foreclosure because of NewRez totally ignoring six months of letters and complaints NewRez to fix this thing.
Company Response:
State: CA
Zip: 95405
Submitted Via: Web
Date Sent: 2021-06-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: In XX/XX/XXXX, Shellpoint Mortgage Servicing became my new mortgage provider. When I notified them, they stated I had not made payments since XX/XX/XXXX. After conversations back and forth, I decided in XX/XX/XXXX, to write a letter and attach {$5800.00} of receipts. Still, Shellpoint Mortgage Servicing DID NOT want to apply these receipts to my account. Shellpoint wanted me to repay what I already paid. Why should I? What happened to the money that I had paid to them? Finally, in XX/XX/XXXX, I was placed into Foreclosure, after I forced them to apply the payments. I have received letters stating they can help with several options, such as refinancing, deferment, reinstatement, repayment plan, etc. Each time I inquired about these options, I was told the OPTION I had was reinstatement ( pay 1 payment and catch up the entire amount ). Please note I would have preferred a prepayment plan to catch up the payments in several months, but I WAS DENIED IN TAKING ADVANTAGE OF THIS OPTION. 1 ) Currently, I would like for you to inquire about this with Shellpoint Mortgage Servicing for it appears to be unethical and illegal ; 2 ) Do you know if the government will extend Forbearance? 3 ) I read in an article, is you are in Forbearance, interest, taxes, etc. are not to be applied. These Fees are added each month to my payments!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 304XX
Submitted Via: Web
Date Sent: 2021-06-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: We recently refinanced our original home mortgage, which had been transferred to NewRez, LLC from XXXX Mortgage. The refinancing transaction was with NewRez, which was servicing our existing loan at the time. The refinancing transaction was protracted, troubling, and troublesome in a number of respects that warrant further comment. However, the loan closed in or about XX/XX/XXXX, resulting in our current conventional mortgage loan ( Loan No. XXXX ). In connection with the origination of our current loan, an appraisal of our property at XXXX XXXX XXXX, XXXX, New Jersey, was obtained through an appraiser approved by NewRez. The appraisal, a copy of which is enclosed, reflected a value at origination of {$160000.00}. According to our XX/XX/XXXX Mortgage Statement, a copy of which is also enclosed, the principal balance of our loan prior to the XX/XX/XXXX payment was {$130000.00}. Therefore, our loan to value ratio from the inception of the current loan was less than eighty percent ( 80 % ) and no P.M.I. should have been required. Nevertheless, our payment history and mortgage statements reflects the following P.M.I. insurance disbursements from our escrow account : {$11.00} on XX/XX/XXXX, {$11.00} on XX/XX/XXXX, and {$14.00} on XX/XX/XXXX. To add to our confusion, on XX/XX/XXXX, NewRez wrote to us, in pertinent part, as follows : Dear Borrower, Under applicable federal or state law, you currently meet all requirements to terminate the Private Mortgage Insurance ( PMI ) for the referenced property. PMI is no longer a requirement for your loan, and you are no longer responsible for the premiums, payments, or fees associated with PMI. An escrow analysis will be completed within approximately thirty ( 30 ) days of cancellation to determine the new payment amount due. A copy of this correspondence is also enclosed. Nevertheless, notwithstanding XXXX written representations, a premium disbursement was drawn on our escrow account thereafter ( on XX/XX/XXXX ) in the amount of {$14.00}, which had increased over prior disbursements. The charge was reflected on our XX/XX/XXXX Mortgage Statement, which is also enclosed. We contacted NewRez by telephone both before and after the XX/XX/XXXX P.M.I. disbursement was processed in an effort to resolve the matter and be sure that no further P.M.I. would be withdrawn, but have yet to receive confirmation that P.M.I. has, in fact, been removed from our loan.
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers
State: NJ
Zip: 08057
Submitted Via: Web
Date Sent: 2021-07-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My mortgage loan was transferred to Shellpoint Mortgage Servicing from XXXX mortgage servicing in XX/XX/XXXX. Prior to my loan being with XXXX it was with XXXX XXXX XXXX. Whenever I made any extra payment on my loan, regardless of if there were late fees or any other outstanding fees due, i was always told by both XXXX and XXXX agents that the extra I paid would go into a suspense account. I always had fees owed with both XXXX and XXXX and they never subverted my extra payment into fees. On XX/XX/XXXX I contacted Shellpoint to ask questions about my escrow and during the call I asked what amount did i have in suspense. I knew there should have been an amount there because for the past several months we had paid over our mortgage payment. To my surprise and astonishment the Shellpoint agent informed me i had XXXX dollars in my suspense. I asked her where did the money go. She told me Shellpoint had been taking my extra payments and instead of applying them towards suspense as my extra payments have always been applied - shellpoint had been paying off late fees with my extra payments. I never agreed to this. I never consented to this. I was never informed of this. When my loan transferred from XXXX to Shellpoint my servicing agreement should have stayed the same in regards to how my payments were being applied. I was only informed that the company handling the loan servicing would change. There should have been no other changes. This is a breach of contract. This constitutes a misapplication of my mortgage payments. The late fees and all other fees, as XXXX and XXXX had both explained to me would come due and owing when the loan is paid out. They were never taken directly from my mortgage payments. I had come to rely on the suspense account to help me weather financial difficulties. Also, per new mortgage servicing guidelines adopted by the CFPB in XXXX - any extra payments made on the loan would be applied towards the suspense account. So Shellpoint Mortgage is wrong to take my extra payments and subvert them into fees instead of suspense. I demand my extra payments, from the time my loan was transferred or before if applicable, be returned to the suspense account. I also request to be provided with my full servicing agreement which bears MY SIGNATURE. In other words my ORIGINAL servicing agreement and all others that BEAR MY SIGNATURE.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75240
Submitted Via: Web
Date Sent: 2021-06-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-06-14
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I applied for the loan XX/XX/2020 and they have lied about property I owned, not updated my pay off amount that I pay monthly for the past six months to adjust the loan amount, not given me access to my account on line because I cant remember the user name or password, wanted to have me resign documents when the charges were wrong and I paid the appraisers, re ran my credit report doe no reason, said I was in the hawk report to drag it out. I never signed the new loan papers and they just sent me a letter with charges and a new loan that should have closed in XXXX. I have emails and emails of proof about trying to contact and asking for paperwork I had already submitted to draw the out so they still make the interest and when I would have saved five years off of my loan it would be more like four. I didnt sign the new loan documents the lady came to my house and I have a witness to prove it. I told them no that I would find another company.
Company Response:
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-06-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A