Consumer complaint received 2024-02-02
Company: Shellpoint Partners, LLC
State: MI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Private mortgage insurance (PMI)

Complaint:
We purchased a new home in XXXX of XXXX and paid XXXX XXXX XXXX monthly up until our loan was purchased by New Rez late last year. Prior to the loan being sold, in XX/XX/XXXX, we reached out to XXXX  several times to inquire about canceling our XXXX, since we were qualified to do so. 

We went back and forth with them to get the process started but there always seemed to be a delay getting to the right person there. Finally, we learned from them that our loan was about to be sold and we were told they were unable to start the XXXX Cancelation process until the loan was moved. So, this past of the process delayed things until XXXX. Once the loan was officially sold, when we inquired about restarting the XXXX cancellation process, we were told by New Rez several times that it was still in the process of being moved and to call back. Finally, we were told for the first time that the PMI process could not be started for 60 days after the loan was moved. 

Neither XXXX nor New Rez told us that we had to wait 60 days after the loan was moved until after it was too late. In XXXX, as soon as the 60 days was up, I called to start the XXXX process. We were sent a form which we completed and mailed in with a check for {$190.00} to pay for the appraisal. The check was cashed and we were sent confirmation that it had been paiod. We were also told the process could take several weeks. When were never heard back after several weeks, I called in again and was told that nothing was being done as they were waiting for us to send in the completed form! I explained to them that the form was completed and signed by both me and my wife and then mailed in using the same envelope as the check they received and cashed. 

My wife and I both remember signing the form and enclosing it in the envelope with the check. We had been anxiously awaiting this step in the process for 4 months so the fact that they accused us of forgetting to put the form in with the check is 100 % not possible! 

I asked them why they had not contacted us to tell us to resubmit the form and they said that it was our responsibility to follow up. We did follow up and were told things were in process so that is just another example of them giving us the wrong information and delaying things further. Finally, they sent us a new form which we sent in electronically. We were told that it could take up to 14 days to schedule the appraiser to come out to our house. After the appraiser came out to our house and we completed the online form through his process, we were told it could take another two weeks to be completed. 

We have still not been contacted after 4 weeks. Throughout this process, we have done everything we have been asked to do and have continually been lied to and told things that caused further delays. At no point did we cause the delay. Meanwhile, we have paid an additional 6 months of our XXXX  on top of the {$190.00} we paid to have it canceled. 

These dalay tactics have put the extra cost to us at over {$800.00}.

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