Consumer complaint received 2022-03-30
Company: Shellpoint Partners, LLC
State: UT
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Loan # XXXX Our loan was transferred to Shellpoint Mortgage Servicing in XX/XX/XXXX. They had provided us with a new Escrow statement at which time we noticed that our escrow payment remained the exact same to we had already paid for the previous 12 months. All the years we had been paying our PMI, it had decreased each and every year we received our escrow statement until Shellpoint Mortgage Servicing took over. We contacted Shellpoint regarding this matter and their reply was that the monthly PMI was based upon our Amortization Schedule and the amount was correct. Shellpoint did NOT provide the Amortization Schedule that they have in our records to show evidence of such claim. I then contacted XXXX, the company that our PMI payments are sent to, and XXXX XXXX replied on XX/XX/XXXX with " The PMI should not go up unless the Amortized balance went up for any reason. Because the contract is between XXXX and your lender, I am limited at what information I can provide to you. ". We tried to fight the matter with no avail since we did not know we had the original Amortization Schedule in our safety deposit box at the time of our first complaint. We continued to pay the same amount for 2 years. 

Fast forward to XXXX, XXXX. I was cleaning out our safety deposit box and found the " original Amortization Schedule '' for the current loan that Shellpoint Mortgage services. According to our original documents, our current PMI monthly payment from XX/XX/XXXX - XX/XX/XXXX should be {$120.00} and NOT {$130.00} which they claim is correct. On XX/XX/XXXX, I sent an online message to dispute their claim and provided them with the original Amortization Schedule documentation we have in our records. Shellpoint mortgage replied back on XX/XX/XXXX with an answer that did NOT even answer our question. Their reply referred to the rules to be eligibile to cancel PMI and how to go about the process which was NOT related nor did it answer our question. 

On XX/XX/XXXX I sent another online message to Shellpoint asking for a competent person to carefully review our question and the documents we provided. XX/XX/XXXX Shellpoint Mortgage replied back again noting that the PMI is based upon the Amortization Schedule and the {$130.00} is correct. They also included a copy of our payment history which has nothing to do with nor does it prove the accuracy of what they are telling us. On XX/XX/XXXX I sent a third and final message regarding the matter with the original Amortization Schedule. We also requested that they reply with their copy of the original Amortization Schedule proving contrary to the documents we have in our records that we received at the time of the closing of our loan. Shellpoint Mortgage replied back with info on who is elegible for PMI cancellation which AGAIN DOES NOT answer our question. We have proven our case with our documentation but Shellpoint Mortgage refuses to reply with an answer that proves otherwise with any supporting documentation of their claims.

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