Consumer complaint received 2020-10-02
Company: Shellpoint Partners, LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
NewRez Mortgage Timeline Loans : XXXX XXXX XXXX XXXX o Loan Amount : {$130000.00} o Rate : 4.25 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : XX/XX/XXXX o Appraisal cost : {$650.00} XXXX XXXX XXXX XXXX XXXX XXXX Loan Amount : {$420000.00} o Rate : 3.375 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : N/A XXXX XXXX XXXX XXXX XXXX o Loan Amount : {$110000.00} o Rate : 4.25 % o Rate Lock Expire:XX/XX/2020 o Appraisal Ordered : XX/XX/XXXX o Appraisal cost : {$650.00} XXXX XXXX XXXX XXXX XXXX o Loan Amount : {$100000.00} o Rate : 4.25 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : XX/XX/XXXX o Appraisal cost : {$650.00} XXXX XXXX XXXX XXXX o Loan Amount : {$86000.00} o Rate : 4.25 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : XX/XX/XXXX o Appraisal cost : {$650.00} XXXX XXXX XXXX XXXX XXXX o Loan Amount : {$100000.00} o Rate : 3.99 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : n/a XXXX XXXX XXXX XXXX Ct o Loan Amount : {$110000.00} o Rate : 3.99 % o Rate Lock Expire : XX/XX/XXXX o Appraisal Ordered : n/a XXXX XXXX Sugar XXXX XXXX o Loan Amount : {$130000.00} o Rate : 3.99 % o Rate Lock Expire:XXXX o Appraisal Ordered : n/a Timeline XX/XX/XXXX Refi Request sent Email from XXXX : Contact info provided Email to XXXX : Contained a bunch of files to get the application started XX/XX/XXXX XXXX XXXX XX/XX/XXXX o Sign Initial Disclosure Documents XXXX XXXX XX/XX/XXXX o Ackwnoledge New Debt Awareness o Borrower Authorization Completed XXXX XXXX XXXX XXXX XXXX o Signed Initial CD Documents Email to XXXX checking on status of the file Email from XXXX saying that she should be ready to review the file around 5 Email to XXXX saying that the time would work Generic email from NewRez to access portal Email to XXXX asking why both loans have the same address on them Email from XXXX to clarify that the loan address is in the subject property Email to XXXX saying that is says both for the loan information. Clarified my mailing address. 
Email from XXXX responding that she will make sure to correct the mailing address Email from XXXX asking if I have ever taken equity out on any of the properties Email to XXXX responding no to previous question Phone call with XXXX to review the file that evening XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXXo Sign Initial Disclosure Documents Email from XXXX explaining the points XXXX to XXXX saying that I would pay the 1.75 points  Email from XXXX asking if I wanted all 3 properties to be the same. 
Email to XXXX saying that yes I would like all to be the same. 
Email to XXXX letting her know that the City and State were incorrect for the XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX o Sign Disclosure Documents o Borrower Authorization Completed XXXX XXXX XXXX XXXX XXXX o Sign Disclosure Documents o Borrower Authorization Completed XXXX XXXX XXXX XXXX XX/XX/XXXXo Sign Disclosure Documents o Borrower Authorization Completed XXXX XXXX XXXX XXXX XXXX o Signed Redisclosure Documents Email to XXXX asking about status. Asked about pulling money out of XXXX to cover closing costs. 
Email from XXXX responding about XXXX Email to XXXX letting her know we would like to pull out max cash. 
Email from XXXX about points on XXXX Email to XXXX about points on XXXX Email from XXXX requesting Pay Stubs, taxes, etc Email to XXXX providing info requested Email to XXXX providing IDs XX/XX/XXXX XXXX XXXX XXXX XXXX o New Debt Awareness Acknowledged XXXX XXXX XXXX XXXX XXXX o New Debt Awareness Acknwledged XXXX XXXX XXXX XXXX XX/XX/XXXXo Sign Redisclosure Documents XXXX XXXX XX/XX/XXXX o Sign Redisclosure Documents XXXX XXXX XXXX XXXX XXXX o New Debt Awarenenss Acknowledged Email to XXXX checking in Email from XXXX letting me know appraisals are {$650.00} each and could she call me to get a CC number Email to XXXX letting her know she could. 
XXXX called for CC info. Card was charged {$1900.00} for appraisals XX/XX/XXXX XXXX XXXX XXXX XXXX o Sign Redisclosure Documents Email to XXXX checking in and asking for a time frame XX/XX/XXXX Email from XXXX XXXX asking for info on the insurance. XXXX copied Email to XXXX responding that my agent would provide. XXXX and XXXX XXXX copied Email from XXXX to the group responding with requested info. 
XX/XX/XXXX Email to XXXX asking about rates that had been dropped by the Fed Email from XXXX stating that we were still below market on the rates except the primary residence. 
Email to XXXX letting her know that I have had two other lenders reach out to me Email from XXXX saying that she understood and that times were crazy. Was confident that they could figure something out on primary residence XX/XX/XXXX Email to XXXX asking if she had heard anything back. 
Email from XXXX saying that she could get 3.25 % with .75 points Email to XXXX saying that this sounded good. 

XX/XX/XXXX XXXX XXXX XXXX XXXX  o Sign Redisclosure Documents XX/XX/XXXX XXXX XXXX XXXX XXXX XX/XX/XXXXo Sign Redisclosure Documents XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX o Completed App signed and dated by borrowers and Loan Officer o Employment income completed by both borrowers o Financial statement completed o Paid off debts recorded and excluded from XXXX Email from XXXX letting me know that XXXX appraised for $ XXXX and asking what I wanted to do. 
Email to XXXX asking what the cash out rate was. 
Email from XXXX stating cash out rate was still XXXX $ Email to XXXX stating that I would like cash out then. 
Email from XXXX stating that all was good and that the underwriter would review all 5 files today. 


XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX o Completed App signed and dated by borrowers and Loan Officer o Employment income completed by both borrowers o Financial  statement completed o Paid off debts recorded and excluded from XXXX XXXX XXXX XXXX XXXX XX/XX/XXXXo Completed App signed and dated by borrowers and Loan Officer o Employment income completed by both borrowers o Financial statement completed o Paid off debts recorded and excluded from XXXX XXXX XXXX XX/XX/XXXXo Completed App signed and dated by borrowers and Loan Officer o Employment income completed by both borrowers o Financial statement completed o Paid off debts recorded and excluded from XXXX XX/XX/XXXX Email to XXXX stating that I had received a letter stating that XXXX was incomplete and that I needed to submit everything again. 
XX/XX/XXXX Email from XXXX XXXX stating that Loan XXXX had been conditionally approved. In the body he stated that it included all 5 loans. Wanted to close the week of XX/XX/XXXX if not sooner. 
XX/XX/XXXX Email from XXXX stating that XXXX needed a mold inspection Email to XXXX stating that I didnt even know who to schedule that with. 
Email to XXXX letting him know to drop the XXXX application. 
XX/XX/XXXX. XXXX Email to XXXX letting him know that I had not heard anything more. 
Received more documents to sign for XXXX Email to XXXX asking what the documents were for if I had asked XXXX to be dropped XX/XX/XXXX Email from XXXX stating that the XXXX file had not been withdrawn. She would remind the underwriter that it should be withdrawn Email to XXXX stating that I had not heard anything further about closing even though it was already supposed to happen. Received no response XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX o Signed Initial CD Documents XXXX XXXX XXXX XXXX XX/XX/XXXXo Signed Initial CD Documents XXXX XXXX XX/XX/XXXXo Signed Initial CD Documents XXXX XXXX XXXX XXXX XXXX o Signed Initial CD Documents XX/XX/XXXX Email to XXXX checking in again No response XX/XX/XXXX Email to XXXX checking in and asking for status. 
XX/XX/XXXX Email from XXXX saying that he has pretty much wrapped it all up and was getting it over to the underwriters. Asked for confirmation on address for XXXX property Email to  XXXX confirming the address for XXXX. 
Email from XXXX asking for more insurance policies Email to  XXXX and XXXX ( insurance agent ) requesting XXXX provide this info. 
Email from XXXX providing this info. 
XX/XX/XXXX Email from XXXX asking for a copy of the release of Lien for 2nd Mortgate on XXXX XXXX XXXX Email to XXXX providing the requested release of Lien. 
Email from XXXX saying that he provided release of lien to title company Email to XXXX asking where the title company was. 
XX/XX/XXXX Email from XXXX asking about financing on the other properties that are owned by the LLC. 
Email to XXXX letting her know that there is financing on the other properties but that financing is to the LLC, not to me and my wife personally. 
Email from XXXX asking for statements on the other properties XXXX to XXXX letting her know that I dont get statements as they are financed by my father. 
Email from XXXX asking if I have copies of the promissory notes XXXX to XXXX asking if a letter from the lender would suffice. No deadline given. 
XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX Signed Redisclosed Documents XX/XX/XXXX Received Letter of Denial on Sugar Tree and asked XXXX why I got this. 
XX/XX/XXXX Promissory notes provided to XXXX XX/XX/XXXX Email from XXXX asking about approval to access the XXXX docs sent to her Email to XXXX letting her know I had my Father approve access XXXX XXXX Email to XXXX checking in No Response XX/XX/XXXX Email to XXXX checking in again. 
XX/XX/XXXX XXXX XXXX XXXX XXXX o Borrower Authorization Completed o Sign Initial Disclosure XXXX XXXX XXXX XXXX XXXX o Borrower Authorization Completed o  Sign Initial Disclosure XXXX XXXX XXXX XXXX XXXX o Borrower Authorization Completed o Sign Initial Disclosure Email to XXXX letting her know I was confused as to why I had sent two emails with no response and was now getting new paperwork to fill out. 
Email from XXXX letting me know that the 3 rental properties were denied because I did not get the notes in time. She let me know she was setting up new files for them and the new rate would be 3.99 % XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX o Sign Redisclosure XX/XX/XXXX Emails to XXXX again providing check stubs. 
XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX o Sign  Redisclosure XX/XX/XXXX Email from XXXX asking for W2s Email to XXXX provind W2s XX/XX/XXXX XXXX XXXX XXXX XXXX o Sign Redisclosure XXXX XXXX XXXX XXXX Ct o Sign Redisclosure XXXX XXXX XXXX XXXX XXXX o Sign Initial Disclosure XX/XX/XXXX Email to XXXX checking in No Response XXXX XXXX Email from XXXX XXXX letting me know that our file was still in processing Email to XXXX asking if she had all of the loans XX/XX/XXXX Email from XXXX XXXX stating that we had been conditionally approved by the underwriters asking for more documentation Email to XXXX stating that I could easily get all of that except the properties financed by my parent as the payment was direct deposited from my job. Asked if I could get as statement that it was all current from my parents. 
XX/XX/XXXX Email from XXXX letting me know that the investment properties could not be financed even though they are held by the LLC because I signed the promissory notes. 
Email to XXXX letting her know that I was not pleased by this. Asked when we could close on the personal loan XX/XX/XXXX Email from XXXX asking again for W2 Email to XXXX and XXXX provind this document. 
XXXX XXXX XXXX XXXX XXXX Signed Processing Documents XX/XX/XXXX Email to XXXX providing the XXXX file that my parents use to track the loans I have with them Email from XXXX saying that everything was with the LO XXXX XXXX XXXX XXXX XXXX Signed Redsiclosed CD Documents XX/XX/XXXX Email to XXXX checking in Email from XXXX saying she sent them another email. 
XX/XX/XXXX Email to XXXX asking for status update XX/XX/XXXX Email from XXXX requesting w2 again for my wife Email to XXXX providing this info. 
XXXX XXXX XXXX XXXX XXXX Signed Processing Documents XX/XX/XXXX Email to XXXX asking again for an update XX/XX/XXXX Email to XXXX, XXXX and XXXX asking for another update Email from XXXX letting me know that she was still processing my file. Let me know she had requested info from the lenders and had not gotten them. 
XX/XX/XXXX Email from XXXX asking for a demand letter for payoff of all properties financed with a bank as well as a 12 month payment history. 
Email to XXXX asking if we needed this for each property or just the one we are refinancing. 
XX/XX/XXXX Email to XXXX asking if she needed something official from the bank or could I get it from the website XX/XX/XXXX Email to XXXX with the payoff statement for XXXX XXXX, payment histories on all accounts and let her know that the other XXXX banks would fax the payoff statements directly to her. 
XX/XX/XXXX Email to XXXX asking if there had been any movement. 
XX/XX/XXXX Email to XXXX asking if what I had sent was acceptable. 
XX/XX/XXXX Email from XXXX stating that she didnt have the payoff quotes Email to XXXX letting her know that they should have been faxed already and if we could get a better interest rate due to all of the delays Email from XXXX letting me know that she found them and that she would ask about the rate Email to XXXX asking if we were all good now and when could we close. 
XX/XX/XXXX Email to XXXX following up. 
NewRez pulled my credit report XX/XX/XXXX Email to XXXX following up. 
XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX Signed Redsiclosed CD Documents XX/XX/XXXX Email from XXXX asking for updated paystubs Email to XXXX letting her know that I had been furloughed due to Covid and that I would send my wifes when I get home. 
Email to XXXX providing my wifes paystubs. 
XXXX XXXX XXXX XXXX XXXX o Borrower Authorization Completed XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX Signed Redsiclosed CD Documents XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX Signed Redsiclosed CD Documents XX/XX/XXXX Email to XXXX asking for an update Email to XXXX asking for and update Email from XXXX letting me know that we were having issues because I have been furloughed and that she was sorry and knew we shouldnt even be in this position Email to XXXX letting her know that I agreed we shouldnt be in this position and that I was very unhappy that we were. Asked for a copy of the payoff notices that were faxed to her. 
XX/XX/XXXX Email to XXXX asking for a response and a copy of the payoff notices. 
XX/XX/XXXX Email to XXXX and XXXX asking for action on my request for XXXX XXXX XXXX and confirmation that my loan application was denied. 
Email from XXXX responding with the payoff amount for XXXX XXXX XXXX and confirming that my loan application had been cancelled, which is not what I asked to be done. 

In conclusion : With the exception of one request, all of my responses for information were provided in a timely manner. The only delayed response was the promissory notes that I had to source from my traveling Father. At no time, was I told that this was super urgent or given a deadline. 

My loans for the investment properties were wrongfully denied because I had signed the promissory note that put the loan on the LLC and was secured by each property. As my wife and I are the only members of the LLC, one of us had to be the signer. The design of a LLC makes it so that the members are not liable for the obligations of the LLC and therefore, those loans should not be attributed to me and my wife and should be counted towards the LLC and not towards our loan count. Even if the loans did count, why would all fo the loans be denied and not just the ones that would have put us over the 10 loan cap? 

The amount of time for this whole process was unacceptable and the lack of response at times from your team was out of line. Standing behind something like Covid19 for the length of time is not acceptable. 

From my stand point, I feel that I am owed for the following items : {$650.00} Appraisal on XXXX XXXX  {$650.00} Appraisal on XXXX XXXX {$650.00} Appraisal on XXXX XXXX Fee for requesting Payoff Quote on XXXX XXXX XXXX Fee for requesting Payoff Quote on XXXX Fee for requesting Payoff Quote on On the XXXX Property, I acknowledge that I would have backed out of the loan process due to the mold and am not seeking reimbursement on this.

Company response to consumer: Closed with explanation