Product: Mortgage

XXXX ) I have been attempting to recast my loan for two months. 
Around XX/XX/XXXX, I called NewRez, the servicer my loan was sold to, and received inadequate information. 
On XX/XX/XXXX, I contacted my mortgage broker, who reached out to their NewRez contact. My mortgage broker was able to provide me with this information on the recast : Newrez Recast Requirements The mortgage recast process allows a customer to make a lump sum payment on the unpaid principal balance to reduce the monthly mortgage payment. 

Below you can learn more on the recast process! 


Eligibility The following loan products are not eligible for a recast : Federal Housing Administration ( FHA ) Loans Veterans Affairs ( VA ) Loans Government National Mortgage Association ( GNMA ) Loans Bond Loans Jumbo Loans Requirements The recast fee is {$250.00} and will be subject to state guidelines. 

The fee must be paid upfront. 

The required curtailment is {$5000.00}. 

The loan must be current. 

Recast may not commence within 60 days of origination.

Recast must be requested within 60 days of the principal reduction.

Recast requests are limited to one per 12 months.

Signed recast agreement by the customer.

Process 1. Contact Newrez Customer Service at XXXX to request the mortgage recast. 

XXXX. The loan will be reviewed for eligibility. Once eligibility is confirmed, a Recast letter outlining the process and a Recast authorization form are mailed to the customer. 

XXXX. A principal reduction payment of {$5000.00} or greater must be made. 

a. This can be made via bank wire, by check, or through Newrez 's website. Please see below for additional payment instructions. 

XXXX. The fee is {$250.00} and will be subject to state guidelines. The fee must be paid upfront. 

Once Newrez has received the signed Recast authorization form, the principal reduction payment, and the {$250.00} Recast fee payment, the new principal and interest payment will be finalized, and a confirmation letter will be sent to the customer. 

According to my mortgage broker 's NewRez contact, NewRez had my contact information, my mortgage information, my eligibility, and was going to issue me a letter per the process described above. I received this information on XX/XX/XXXX. I never received further contact from NewRez. 

On XX/XX/XXXX or XXXX, I called NewRez again. Each of these phone calls take XXXX minutes due to hold time, navigating to get a live person, etc. 
On XX/XX/XXXX or XXXX, the NewRez representative gave me inaccurate inforamation. 
They told me to just make a payment over the phone, and it would be taken care of. 
They did not check my eligibility, they did not provide anything that would lead me to believe the payment wouldn't just be counted against principal. So I did not make a payment, but asked them to issue me the recast letter per their written instructions that had been provided to my mortgage broker. It is now XX/XX/XXXX, I am two months in, and have no information from NewRez to move forward on recasting my loan. 

XXXX ) On XX/XX/XXXX, I received an email from NewRez indicating a dramatic increase in escrow payments due to homeowner insurance rate increases. I called my insurance broker, and then attempted to call NewRez on several occassions because the information they sent to me didn't make sense : They were suggesting I make an annual payment spaced out over 48 months. That doesn't make sense to me, because insurance payments are annual, next year there will be another high annual payment. 
When I called, the NewRez rep on the phone could not answer my questions. 
I reached out over email. I conveyed this request for information to NewRez on XX/XX/XXXX. 
I reached out again via email on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. I never got through to the rep, and really just want to know how an annual payment can be spread over 4 years.