Product: Mortgage

I closed on a home with XXXX in XX/XX/year>. I had a house fire in XX/XX/year> which was a total loss. XXXX covered the loss at $ XXXX, while the mortgage balance is around $ XXXX. In the midst of the loss draft process, XXXX was sold my loan to Shellpoint who then transferred servicing from XXXX to NewRez. This delayed action on my claim for several weeks until NewRez was able to procure all of my loan docs and receive the insurance check from the other XXXX/NewRez loss draft office ( I mailed the insurance check to the first loss draft dept with SLS ). The correct XXXXXXXX/NewRez cashed the $ XXXX insurance check at the end of XX/XX/year> but has yet to disburse any funds to me to begin the rebuild of my home as of XXXX XX/XX/year>. Meanwhile I have continued to make mortgage payments of over $ XXXX on time each month. 

I was contacted by the NewRez loss draft department ( referred to as XXXX ) on XXXX XXXX and provided all documents requested, including XXXX 's documentation that the home was a total loss with the amount covered. I was told the overage would be disbursed to me within XXXX business days. I called in on XXXX XXXX and was told I needed to submit the XXXX documentation and I did so again explaining that the 'itemized worksheet ' they were seeking is not available because it is a total loss. I re-submitted the same XXXX information again, including the adjuster 's information. I was also asked for building plans and a contractor 's estimate. I told him that these items cost money which is supposed to be paid from the insurance check. I further explained I had recently paid {$7500.00} to an architect to begin the process and was told to submit the invoice to have it reimbursed. I then stated contractor 's estimates would not be available until building plans were finished and would require funds from the insurance check to be paid to a contractor. I was told the overage check of ~ $ XXXX would be disbursed. 

I called again on the morning of XXXX XXXX and was told the very same information concerning the insurance adjuster 's worksheet, building plans, and contractor 's estimate. I again re-iterated that I had received none of the insurance funds and demanded that at minimum the overage check of $ XXXX be sent to me. I was then told the Processing dept would need to speak to my XXXX adjuster concerning the itemized worksheet. I texted my XXXX who then told me he had spoken to XXXXNewRez the first week of XXXX and provided all the information they sought. I then called back in to XXXXNwewRez to speak to a supervisor and advised XXXX that it was unacceptable that I continue to be given the runaround. He then told me per their policy my first disbursement would be the greater of $ XXXX, $ XXXX, or XXXX % of the check amount ( $ XXXX ). XXXX told me that the processing office was awaiting my overage amount ( despite my repeated statements of the mortgage amount ) from the mortgage company. I then received an email on the afternoon of XXXX XXXX from the Processing Dept requesting building plans and contractors estimate. I again responded with the same information and provided the first draft of the architects plans. I have not received a response from XXXXNewRez to date. 

As a victim of a catastrophic event, it is unacceptable that I have had to spend at least XXXX hour on every attempt to contact XXXX/NewRez by phone. At minimum, the overage check of $ XXXX has been illegally withheld by XXXXNewRez while they earn interest on the funds and I continue to pay mortgage interest on a home that no longer exists. There are numerous complaints on Shellpoint/NewRezs loss draft departmentXXXX XXXX and it is clear they are unorganized and unable to properly oversee the loss draft process. I lodged a complaint with Shellpoint regarding XXXX practices, but was told by the rep there was nothing they could do to resolve the issue and deal directly with XXXX. While I agree they have a financial interest in the mortgage balance of $ XXXX and should hold those funds through the construction process, they are not entitled to withhold the overage amount of $ XXXX. This has been a ridiculous process on the part of XXXX and if it continues, I will opt to have the insurance funds pay off the mortgage balance and pursue a construction with a company other than Shellpoint.