Product: Mortgage

I am writing to file a formal complaint against XXXX XXXX serviced by Shellpoint Mortgage regarding a significant increase in our monthly payment and the lack of transparency and assistance provided by their customer service representatives. 

My wife and I obtained a HELOC loan with XXXX XXXX on XX/XX/XXXX, in the amount of {$46000.00}, with an interest rate of 12.75 % and a XXXX term. For almost two years, we have been diligently making monthly payments of {$670.00}, as agreed upon which now brings us into questioning our entire loan agreement with this company. 

On XXXX XXXX and XX/XX/XXXX, we received letters from XXXX XXXX stating that our loan is now being serviced by Shellpoint Mortgage. To our surprise, when we logged into our portal on XX/XX/XXXX, we discovered that our monthly payment had increased to {$870.00}. Despite navigating through the portal, we were unable to find any information explaining the sudden increase. 

Concerned about this unexpected change, we contacted Shellpoint Mortgage on XX/XX/XXXX. The customer service agent assured us that someone would follow up with us on XX/XX/XXXX. Unfortunately, no one reached out to us as promised. We took the initiative to follow up on XX/XX/XXXX, only to be informed that our complaint from XX/XX/XXXX, had not been investigated. They assured us that someone would call us back on XX/XX/XXXX. 

In an attempt to gain clarity, I reached out to NewRez, whose XXXX is Shellpoint Mortgage ( NMLS # XXXX ), and spoke to XXXX. Based on our loan information, he informed us that our payment at the beginning of our loan term should have only been $ 450 monthly. This revelation shocked us, as it not only revealed an increase in our payment but also highlighted that we have been overpaying for almost two years. Regrettably, XXXX was unable to provide further information and transferred me back to Shellpoint Mortgage. 

Speaking to yet another customer service representative, I lodged another complaint. However, she was unable to provide clear details regarding the reasons behind the payment increase or the correct amount we should be paying according to the terms of our loan. I also informed her that our portal did not display our most recent statement, and she emailed a copy to my wife 's email address, which we never received. 

My wife and I are extremely frustrated with this situation. We have experienced poor customer service and believe that Shellpoint Mortgage needs to thoroughly investigate why our payment has increased and determine the correct amount we should be paying based on the terms of our loan. The lack of transparency and the discrepancies in our payment amount raise suspicions and demand a serious investigation. 

In light of the aforementioned issues, I kindly request that the Consumer Financial Protection Bureau intervene and take appropriate action against XXXX XXXX and Shellpoint Mortgage. We believe that they have violated consumer rights by failing to provide clear information, not addressing our concerns promptly, and subjecting us to erroneous payment terms. 

Enclosed with this complaint, please find supporting documents, including copies of our loan agreement which states we have a fixed rate, and the letters from XXXX XXXX informing us of the servicing transfer. 

I appreciate your attention to this matter and look forward to a prompt resolution. Please do not hesitate to contact me if you require any further information or clarification. 

Thank you for your assistance.