Consumer complaint received 2021-03-16
Company: Shellpoint Partners, LLC
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX, NewRez, our mortgage lender sent us an escrow analysis that showed that our homeowner 's insurance/hazard insurance had been paid in XXXX to our insurance provider, XXXX Member 's Insurance. Our insurance policy was set to renew on XX/XX/XXXX and NewRez had the new policy and the correct remit-to address from our insurance carrier, as this was NOT a new policy/new carrier for us. 

On XX/XX/XXXX, we received a letter dated XX/XX/XXXX from NewRez that our hazard insurance policy had expired and they did not have evidence that we had obtained new coverage. The letter indicated that they, NewRez, would be forced to obtain insurance for us. 
On XX/XX/XXXX, I contacted our insurance provider who then contacted NewRez and found that the payment for our policy had been sent to an incorrect address, although NewRez had the correct address because it was included in both the previous ( XXXX ) and upcoming ( XXXX ) policy information. 
During that XX/XX/XXXX conversation, NewRez assured XXXX that they would overnight a check to the correct remit-to address for our hazard insurance renewal period XXXX. 
On XX/XX/XXXX I contacted XXXX to see if the check from NewRez had been received and found that it had NOT yet been received. XXXX again tried to contact NewRez to determine the whereabouts of the check and after several calls from XXXX to NewRez ( during one call XXXX was hung up on and during another they were on hold for more than 35 minutes ) XXXX  was told that the second check for our hazard insurance had also been sent to the incorrect address. 

NewRez ' primary business is debt collection. They branched out into the mortgage industry and purchased our loan in XX/XX/XXXX from DiTech. As soon as the loan was purchased, we were notified that our payment was increasing and back-up of the calculation was provided. Upon examining the calculation, I found that when NewRez calculated our escrow for the XXXX period, they added the cost of our hazard insurance TWICE for the period and the result would be that our escrow would be over-charged for the period XXXX. I called them in XX/XX/XXXX and reviewed the calculation with them and they assured me it was correct ( and that they knew what they were doing ) even though it was clear to me that it was not. On XXXX XXXX they had to issue us a check for {$1200.00}, the over-paid escrow due to the insurance inclusion at twice the rate. Of course, no interest was remitted to us and included in the refund amount. 

I don't think that NewRez belongs in the mortgage industry. I am not confident that our escrowed amounts will be remitted properly for either real estate taxes or for insurance. Their customer service is deplorable. They drag their feet if they owe a consumer or another business any amount. As a XXXX, I expect mortgage companies and other lenders to have a certain level of professionalism which NewRez sorely lacks.

Company public response: Company believes complaint is the result of an isolated error
Company response to consumer: Closed with explanation