Date Received: 2019-08-14
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I have requested several times that the PMI be removed from my loan and always formally denied even though after completing renovations my home has appraised way over the 80 % of the loan. I have even received letters from the bank in which I have ( see attached ) the loan with stating my home is worth {$510000.00} and my loan balance is {$300000.00} well under the {$410000.00} limit. I have paid off more than 3 mortgages, have an over 800 credit score, and well over XXXX in savings, and do not see why I am paying over {$200.00} a month in PMI. I am not a risk, and even if I was this mortgage is insured by the government so do not see why an additional PMI payment was ever needed. I want the PMI removed from my loan and a refund of the PMI I have already had to lay out in order not to be delinquent with my mortgage. I knew I would be doing major renovations so that is why I did not put down 10 to 20 % down. No where on my loan documents does this say the PMI can never be removed. I want this off my loan. I asked to be shown where I was told this would never be able to come off my loan? I was not given any disclosure and there is no mention of it in my mortgage. I was also informed that stated in the by-laws a request can be made from my mortgage company ( NewRez LLC ) on my behalf to FHA to eliminate the PMI. I feel this fee is very unfair. I have a very low mortgage compared to the value of my home ( {$510000.00} ) and I am willing to get an appraisal to prove this, I have an over 800 FICO score, in the past I have paid off multiple mortgages, I have been employed full time for several years, I never had a late payment on anything!!! I told my mortgage company ... '' Please, I am requesting some customer service. Please put an inquiry to FHA to eliminate this PMI from my loan. '' Also I asked if I have an option to pay down the existing loan of {$320000.00} to an 80 % value {$260000.00} with a payment toward my principal of {$40000.00} which would recast the loan in hopes to eliminate this PMI. They have no proof this was explained to me before hand. I asked them to produce something that was signed and they couldn't. I also asked for a compromise since they can not. Why won't they ask FHA on my behalf to reconsider? Would appreciate any assistance you can give. I feel this is a very unfair practice and PMI should be eliminated across the board and money should be given back to not only me but all mortgagors.
Company Response: Company believes the complaint is the result of a misunderstanding
State: NY
Zip: 11717
Submitted Via: Web
Date Sent: 2019-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I called Shellpoint mortgage ( new rez ) at XXXX XXXX XXXX about removing my PMI since I have been in my home for the last 18 years and have paid into PMI previously and it was removed after 11 years, they refused. My home value and loan amount is well within the required percentage to qualify to have the PMI removed. I had to refinance to put the same home in my name alone per the divorce decree instead of both names. My name was on the original loan, its the same address, I have now had the current mortgage since XX/XX/2016 and have not had any late payments in the last 12 months. Actually I have only been late once in the last 4 plus years. I feel that it is unfair that I pay the PMI again for the same house for another 11 years because of a refinance was required. My home value is $ XXXX and the amount of my loan is now XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AL
Zip: 351XX
Submitted Via: Web
Date Sent: 2019-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: In XXXX XXXX, I called mortgage servicer New Rez to inquire about removing the PMI from our mortgage. The rep that I spoke to at that point said that we didn't need to do an appraisal or anything and she would submit the request and it would be removed. I knew that was wrong so called back in a few days and was told yes in fact there would need to be an appraisal and that the previous rep no longer works there. Anyway, we finally decided to go through with the process in XX/XX/XXXX, and were informed that since the our mortgage is with XXXX, we can just do a BPO instead of a full appraisal. We sent in the check for $XXXX with the memo line note as instructed for the BPO payment. The check was cashed on XX/XX/XXXX. It was applied incorrectly to a principal payment - we noticed that when we received our monthly statement - even though there was the note (as instructed) that the $150 check was for a BPO payment. I called on XX/XX/XXXX and was assured that the payment had been reversed and it was sent to the correct department for the BPO to be ordered and that someone should be in contact with me to schedule. No one called to schedule, so I called again on XX/XX/XXXX and was told they would "escalate" the issue and make sure someone gets in touch. Called again XXXX and was told the 2 people I spoke to on XX/XX/XXXX and XX/XX/XXXX in fact did nothing, but this time she would "make sure" that it was done correctly and someone would call within 3-5 business days to schedule an appointment for the BPO. Few more days went by, I called again on XX/XX/XXXX and received the same message; they can "submit a request and escalate the issue". On XXXX, the rep advised me to allow until the following Wednesday XX/XX/XXXX to allow for some processing time. I called today XX/XX/XXXX and still no updates. The "customer service" reps are not at all helpful - all of the actual work is done by the "loan servicing" dept who only correspond by email or fax. Multiple times I've asked for a supervisor and been told they are all in a "meeting" and they could call me back (they didn't), From the terrible wrong information at the beginning, to the check being misapplied, to the lack of any sort of helpful updates or information, this has been a total and utter disaster of a process.
Company Response: Company believes complaint is the result of an isolated error
State: MN
Zip: 553XX
Submitted Via: Web
Date Sent: 2019-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I received a letter from XXXX XXXX dated XX/XX/2019, that my mortgage loan was being sold to NewRez ( Shellpoint ). I made my XXXX payment to the original mortgage company. By the end of XXXX, I had not received any information from NewRez. I called the number on the XXXX XXXX letter and was told that I should receive the packet next week, and to not worry about the payment because it was a new loan transfer. I received the packet from New Rez on XX/XX/2019. The letter was dated XX/XX/2019. It was late Saturday, so I planned on mailing the payment on Monday, XX/XX/2019, which I did. On XX/XX/2019, I began received calls from Shellpoint, stating that this was attempt to collect a debt. They called again today XX/XX/2019. I have left three messages for Supervisor XXXX XXXX, but have not received a call back. The company didn't even get the information out to me before the first of the month, yet they have collection agents calling and harassing people who aren't even technically late. I want to pay with a check so I have a receipt ; and in addition after reading the complaints on the XXXX website, I don't want to pay them over the telephone. What a way to welcome new customers. There are many complaints with the XXXX XXXX XXXX about this company and something has to be done about this level of harassment being unduly placed on consumers.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85308
Submitted Via: Web
Date Sent: 2019-08-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-13
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I was granted a loan modification but could not afford the new, modified payment, I have entered into the short sale program with Shellpoint and submitted a fully executed offer today, the XX/XX/XXXX. My sale date is in three days and I am imploring you to postpone it so that I may liquidate my home and move on. Shellpoint will retain much more money this way and it will spare me the tragedy of being foreclosed upon. My agent will get you anything you need and is the one who has saved me from being foreclosed upon, to date. I am fully on board to sell and just need a bit more time to allow you to process the short sale file.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91767
Submitted Via: Web
Date Sent: 2019-08-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: In XX/XX/XXXX I reinstated my loan, and I noticed in XX/XX/XXXX., that I was over charged an excessive amount after the reinstatement. I notified Shellpoint, however nothing was done about it. In fact they attempted to state that the fees was due to legal fees. I advised them once I reinstated the loan I paid the legal fees. Now it happened once again, and this makes the third time that this has happened to me. I reinstated the loan, paid XX/XX/XXXX a head of time, and they still hit me with more legal fees after I paid the reinstatement fees. Each time I call to make the payment, and they will tell me that they could not take the payment, because they have to get the legal fees. Then they don't call back with the amount. I have to call them back a couple of weeks after, then they will allow me to pay to reinstate the loan. After I pay to reinstate the loan they advise me that there are additional legal fees, which the the one I paid was good for thirty days. they are taking my money and not applying it to my loan
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30263
Submitted Via: Web
Date Sent: 2019-08-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My mortgage was recently taken over by NewRez/Shellpoint from XXXX, effective XX/XX/XXXX. My XX/XX/XXXX auto payment was collected by XXXX and sen to NewRez without a problem ( that I know of. ) On XX/XX/XXXX I called NewRez as I was concerned that my monthly payment had not drafted out of my account as it was supposed to. I also went online to check the status of the auto payments. The amount showing was not what I had set with XXXX, it was for the minimum due on the mortgage and escrow account. The rep told me that he would delete the recurring payment information so that I may update it with the amount I preferred to pay. I asked if the minimum amount was going to draft anyway, to which is stated no, but to check in a couple of days to be sure. I then proceeded to update my preferred auto payment amount and the site read that the change would be effective XX/XX/XXXX. I planned to wait on making the XX/XX/XXXX payment until I made sure that it did not draft out of my bank automatically. Next time I check, the original payment had been drafted out of my bank on XX/XX/XXXX and a second draft for my updated amount was done on XX/XX/XXXX, resulting in NSF when other payments I had made tried to clear. I have contacted NewRez 3 more times trying to get my money refunded and have provided the proof of the double draft. One rep told me ( XX/XX/XXXX ) that it would take 24-48 hours for the funds to be returned and when I called again on XX/XX/XXXX to check the status, the timeframe changed to 10-15 business days. On top of all of this, my account does not reflect the 2 payments collected in XX/XX/XXXX ; it only has ever reflected the payment from XX/XX/XXXX. No one could answer where my other payment was. Had it credited for XXXX, this would not be such a big deal, but money was taken from my bank without authorization and did not reflect a credit with NewRez. This, in my opinion, amounts to wire fraud and based other other consumer complaints I have read on XXXX is a rampant problem with this lender/servicer.
Company Response: Company believes complaint is the result of an isolated error
State: TX
Zip: 785XX
Submitted Via: Web
Date Sent: 2019-08-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My mortgage was purchased by NewRez in XX/XX/2019. After receiving their introductory email, I set up an online account requesting that all communication-even statements-be sent electronically. To this day, I have not received one mortgage statement from them. I have contacted them to complain, voicing my concern that they are doing so intentionally so as to collect late fees from their consumers. Despite my complaints, they have not corrected this. I do get marketing emails from them, so I know they have the correct email. This may be a IT error on their part, but I don't know why it has not been addressed yet. As an educated consumer, I continue to make my payments on time. I don't know if this could be true of other consumers, which raises concerns that NewRez may be trying to take advantage of these consumers. I am considering re-financing with a different lender, because I think their policies ( or at best their inability to fix errors ) is concerning.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OH
Zip: 452XX
Submitted Via: Web
Date Sent: 2019-08-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-11
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XX/XX/XXXX, my loan servicing transferred from XXXX XXXX to New Penn Financial, who subsequently changed their name to New Rez. I do not/have not had an escrow account to pay my taxes or insurance. New Penn/New Rez failed to inform/notify my homeowners insurance company of the servicing transfer ( this had never happened previously in the 15 years I have been in my home ). In mid XXXX, I received a notification that I had no homeowners insurance and I was going to have insurance force placed on my account. I called New Rez, advised them I absolutely had valid/active homeowners insurance. They requested I have my insurance company fax the deck page, which I did. New Rez confirmed they received my deck page and the policy was appropriate. In XXXX, I received my statement and noticed that there was an escrow amount that I " owed. '' On XX/XX/XXXX, I called New Rez and they claimed that the information that they received from my insurance company showed my policy began on XX/XX/XXXX so I needed force-placed insurance from XX/XX/XXXX - XX/XX/XXXX. That, of course, makes no sense as my policy has renewed on the same day for many years. NOTE - I am specifically requesting from New Rez the evidence they received that shows my policy began on XX/XX/XXXX as I believe they made an error that was never corrected. In any event, on XX/XX/XXXX, I downloaded a .pdf of my deck page and emailed it directly to XXXX XXXX at New Rez . The deck page showed my policy number, property address, and policy term which was clearly XX/XX/XXXX - XX/XX/XXXX. I considered the matter closed at this time. In early XXXX ( I was out of the country for the last 2 weeks of XXXX ), I reviewed my monthly statement from New Rez which STILL showed the force placed amount. Again, I called New Rez on XX/XX/XXXX and happened to speak to Mr. XXXX again. I asked why I had a force placed amount on my account as I had provided evidence that I have a valid preferred policy in place. Mr. XXXX advised that the deck page I had sent didn't have my name on it ( I provided what was available by my insurance company on their website ). I asked why New Rez believed they had a reasonable basis to force place insurance when the deck page I provided had my policy number and property address which was the same as what my Insurance company had provided. Mr. XXXX didn't appear to understand the 1024.37 ( b ) reasonable basis requirement that I had failed to comply with the term of my mortgage agreement to maintain appropriate homeowners insurance. Mr. XXXX refused to answer my request to provide the reasonable basis they were relying on to force place insurance - only stating the deck page I provided didn't have my name. I asked if the property address and policy number on the document I provided matched the information ( which of course it does ) provided by my insurance company. Mr. XXXX refused to respond to my question. Extremely frustrated, I called my insurance company and, on XX/XX/XXXX @ XXXX PST my full policy which included my name, the effective date of the policy ( which clearly shows a policy effective date of XX/XX/XXXX ). I was copied on the email. Today, I looked at my online account at New Rez and they STILL applied an amount to escrow for a incorrect force placed insurance policy that violates 1024.37. All throughout this process, New Rez never once made a call to my Insurance Company in any effort to try and obtain clarification. All throughout this process, New Rez never once made a call to me to try correct the issue, even though I was clearly attempting to do so.
Company Response: Company believes complaint is the result of an isolated error
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-08-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-08-10
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: This is the second complaint Ive done, and the the first complaint Shellpoint Claims to not recognize me as a customer ( This complaint lists someone the company does not recognize as their customer or their customers authorized representative. ) complaint ID # XXXX SUBMITTED ON XX/XX/XXXX PRODUCT Mortgage ISSUE Struggling to pay mortgage They were sold my mortgage by another company and I have not had the opportunity to verify any information for accuracy, the loan was originally started in XXXX by XXXX XXXX loans, then XXXX XXXX XXXX, and has continued to have gotten sold and Shellpoint has foreclosed it. Its obvious they practice doing this because they have tons on complaints ; I will continue making complaints until I am heard. ShellPoint LLC is company that should not be in business
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: 48601
Submitted Via: Web
Date Sent: 2019-08-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A