Consumer complaint received 2018-09-18
Company: Shellpoint Partners, LLC
State: SC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My mortgage account principal balance is incorrect and I am unable to obtain an accurate pay off statement. I have a sale pending on my home for XX/XX/XXXX and need this issue corrected before the pending sale date. 

XXXX XXXX XXXX is the current Servicer and has been the Master Servicer of my mortgage. Per a legal settlement between XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) and XXXX XXXX XXXX ( XXXX ), my loan was briefly serviced by Shellpoint ( Subservicer ). Per requirements in the XXXX v. XXXX settlement, XXXX transferred my loan servicing to Shellpoint in XX/XX/XXXX and it was transferred back to the Master Servicer, XXXX XXXX XXXX, in XX/XX/XXXX. During the time the loan was serviced by Shellpoint, Court ordered adjustments were required to be made to my account. I was instructed to address the court required adjustments with Shellpoint, which I did in several ways including filing a complaint through the CFPB ( see file 1. CFPB Complaint XX/XX/XXXX ). 

To address the Court order and CFPB complaint, Shellpoint : On XX/XX/XXXX verbally responded to my CFPB compliant by stating they would follow the court order to a T. 
In a response letter dated XX/XX/XXXX to the CFPB, Shellpoint stated We received the court order indicating a decision by the court in XX/XX/XXXX., and as of the date of this response, Shellpoint has completed the necessary adjustments to your account. Shellpoint continues in the CFPB response, As you know, Shellpoint recently spoke with you on XX/XX/XXXX, regarding the adjustments being made to your account. As referenced in your complaint, the court required amounts due prior to XX/XX/XXXX, be forgiven. ( see file 1. CFPB Complaint XXXX, pages 9 and 10 ) Shellpoint sent to me a letter dated XX/XX/XXXX stating the account balance is {$490000.00} ( see file 2. SPT BAL Letter ). 
Shellpoint updated my credit report to reflect the new principal balance ( see file 5. Credit Reports ). 
In XX/XX/XXXX, my Shellpoint on-line account was updated with the adjusted balance ( see files 8. XXXX Loan Detail, 9. XXXX XXXX History, and 10. XXXX XXXX History 2 ) ; and I began receiving mailed monthly mortgage statements from Shellpoint with this principal balance amount ( see file 7.  XXXX XXXX XXXX ). 

I responded to the Shellpoint CFPB response that I didnt believe all adjustments were made to my account as required by the court order and as stated by Shellpoint ( see 1. CFPB Complaint XXXX, pages 3-5 ). That if the adjustments were made in accordance with the court order, the principal balance should have been approximately {$360000.00}. However, despite the Court order adjustments requiring an even lower principal balance, the XXXX CFPB response, principal balance letter dated XX/XX/XXXX, subsequent credit report corrections, and mailed Shellpoint statements show that some required XXXX ordered adjustments were made and my principal balance on XX/XX/XXXX was {$490000.00}. 

I continued to receive Shellpoint mailed paper statements with the lower balance for well over a year ; through XXXX. However, to further complicate my account, when the servicing of my account transferred back to XXXX in XX/XX/XXXX, I subsequently began receiving BOA mailed statements with a higher principal balance of approximately {$580000.00} ( see file 12.  XXXX Paper STMT ). However, the on-line BOA account information showed a lower principal balance of {$470000.00} XXXX see file 11. XXXX Online Stmt XXXX. In XXXX I filed a CFPB complaint with BOA and was told to address the issue with Shellpoint ( see file 17. BOA CFPB XXXX Response ). I subsequently attempted to address this issue with you and have been unsuccessful ( see file " 13. Shellpoint Complaint '' ). 

The current servicer ( XXXX XXXX XXXX ) states they utilized account information provided by XXXX when loan servicing transferred from XXXX XXXX XXXX to Shellpoint ( see file 17. BOA CFPB XXXX Response Letter '' ). Based upon a response to me from XXXX XXXX XXXX, in XX/XX/XXXX XXXX directly prior to transferring the servicing to XXXX XXXX XXXX ) Shellpoint modified my account and this principal balance information was supplied to XXXX XXXX XXXX when servicing transferred. I was not aware or provided any information on a modification or adjustment to my account that occurred in XX/XX/XXXX. All of my documentation ( previously supplied to you in a request last year ) supports a different, lower principal balance. It appears XXXX inappropriately adjusted my account and subsequently failed to accurately transfer servicing information to the current servicer, XXXX XXXX XXXX. 

At this time, I have provided all supporting documentation to XXXX and Shellpoint including the XXXX Shellpoint CFPB response, Shellpoint XX/XX/XXXX balance letter, and Shellpoint statements showing the balance as of XX/XX/XXXX was {$490000.00}. I have not received mailed paper statements from BOA in a year. The last correspondence from XXXX received in XX/XX/XXXX indicates my loan had a principal balance of {$580000.00} on XX/XX/XXXX. However, today when I access the on-line BOA site, my account currently shows a {$470000.00} balance ( see files 18. XXXX Online Current Balance 1 and 19. XXXX Online Current Balance 2 ). At the maximum, my principal balance should be no more than {$470000.00} which is the Shellpoint Court adjusted balance from XX/XX/XXXX, minus payments made since XX/XX/XXXX. 

My home is under contract to close on XX/XX/XXXX and I can not obtain an accurate pay-off statement as the last pay-off I received from BOA was incorrect and overstated. I need to obtain an accurate pay-off statement on or before XX/XX/XXXX that includes the Court ordered adjustments referenced by XXXX in a letter to the CFPB and as stated in the additional supporting documentation. Please provide any required account corrections to XXXX so this can be accomplished. As a reference, I also submitted a current CFPB complaint to BOA ( see file 20.  XXXX Home Loans XXXX CFPB Complaint '' ). 

I have sought the advice of legal counsel and will formally retain such counsel if needed as I no longer have time to spare with a closing pending for XX/XX/XXXX. If this issue can not be remedied with a pay-off statement principal balance in agreement with the BOA on-line provided amount of {$470000.00} on or before XX/XX/XXXX, I am requesting the below documentation : The servicing file showing a history of all entries made to my account from the XXXX origination to present including a schedule of transactions debited and credited to the account, and any principal balance calculations ; Servicing logs including oral communications ( recorded and written ) and notes for my account from the XXXX origination to present ; All information supplied to XXXX XXXX XXXX when the account was returned to them for servicing in XX/XX/XXXX ; and XXXX XXXX XXXX , XXXX XXXX XXXX XXXX XXXX and  Shellpoint servicing agreements and requirements, and legal settlements which have affected how my account has been serviced.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation