Consumer complaint received 2019-07-02
Company: Shellpoint Partners, LLC
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I contacted NewRez/Shellpoint in XX/XX/2019 to order a reappraisal of my home so that I could pay down the principal to an LTV of 80 % or whatever value was required to remove PMI. After many repeat efforts and phone calls to gain visibility into their process ( i.e. what is the next step, when can I expect it to occur ) I eventually got them to send an appraiser of their choosing to my property in XXXX XXXX, MA. The appraiser and I coordinated. I paid his fee and he performed his appraisal on XX/XX/XXXX. He told me that he submitted the appraisal to Shellpoint/NewRez the same day as access to my property. I called NewRez/Shellpoint and they said I should get a letter in the mail in 7-10 business days. After about 3 weeks I received nothing, so I called NewRez/Shellpoint and as usual the person I spoke with on the phone had absolutely no ability to field my call. I asked to speak with a supervisor and she told me that the " case '' was closed as they had not received the appraisal report. I told her that I have a text from the appraiser saying it was submitted on XX/XX/XXXX, and already paid him. She told me she would re-open the request and that I should hear something in 7-10 business days. 2 weeks later after hearing nothing ( which I had come to expect ) and getting nothing in the mail, I called again and the woman who assisted me ( finally someone competent ) told me to reach out to the appraiser again and provided me the fax and email information for the appraiser to re-send the information to. I texted the appraiser this information, and the associate from Shellpoint/NewRez put in a request with her PMI department to look into the issue and reach out to the appraiser. I have called between 10-15 times or more to simply get my home re-appraised. 

It should not be this difficult to pay down my debt so that I can stop wasting money on PMI. It should also not take 5 months to fulfill this request. Beyond that, NewRez/Shellpoint appears to have a policy of delaying any request for as long as possible. I asked the competent associate I spoke with about when I can expect to hear back about the escalated case to the PMI department ... she said I might get an email in 7-10 business days ( every associate has said this of every request I've made since XXXX and they never reach out, except for once I got a letter for initiation of re-appraisal after 45 business days. 45! That is 9 weeks to process a simple request. ) but then said I should probably just call back in 2 weeks because she knew as well as I did that they never, ever actually take initiative to make anything easy on a mortgager such as reach out. 

So I am currently begging the appraiser that  NewRez/Shellpoint selected ( whom they have leverage over since they provide him business. I have no leverage and he already has my money from performing the appraisal ) to re-send the information that he's told me he already sent a month ago. This feels like the company is intentionally resisting allowing me to pay down my loan to remove PMI. This is an unfair practice that keeps a hard-working, frugal person from keeping his hard-earned money away from a massive mortgage machine that does all it can to siphon wealth from it's " customers, '' little by little. Their management should be absolutely ashamed, and an investigation should be launched in to just how much associates are trained to prevent anything that would save a consumer some money.

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