Consumer complaint received 2018-03-01
Company: Shellpoint Partners, LLC
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Phone Conversation between XXXX XXXX of Shellpoint and us Date : XX/XX/XXXX at XXXX XXXX During the phone call we asked the same two questions as stated below. At XXXX XXXX said we had not provided the survey they requested so they could not answer our questions. We mentioned to XXXX XXXX, that the cost for the survey and required town/county/state process would be approximately {$14000.00}. We said we just wanted an answer to the two questions, without having to spend {$14000.00} for something that might not happen. 

XXXX XXXX said a Partial Release would not require a new loan on our part. We requested something in writing and XXXX XXXX said she could not do that until the survey and appraisal was complete. She then suggested we secure another loan. We responded with we have a 2 % loan now, why should we secure another loan at a 3.25 4.0 % rate. 


From : XXXX <XXXX> Date : XX/XX/XXXX at XXXX XXXX Good morning, The borrower needs to indicate which acreage and improvements will remain after the taking and that his remaining property will have legal access to the road and utilities. 

The first part of the appraisal assignment will be for the entire 10 acres and all existing improvements. 

The second part of the appraisal assignment will be for the real estate ( land and improvements ) remaining after a portion is transferred. The appraiser will need a survey showing the remaining land and the locations of the improvements. The drawing is not sufficient. 

The attached site map references Access limited by XXXX Planning Dept. We and the appraiser will need verification that access to the subject site is permanent and legal. 

XXXX, I assume that this is to determine whether the remaining collateral is sufficient security for the loan. Please explain this to him. The value of the front 2.5 acres is likely higher ( due to its road frontage ) than the rear 2.5 acres. 

Please advise as to how we may assist, thanks. 

The subject property is on an island in a rural area and a quick appraisal is unlikely. We need to move forward with obtaining the information and the survey so we can get an appraisal ordered. 

Please advise me, thank you. 

Let me know if I may assist, thanks. 


To : XXXX <XXXX> Date : XX/XX/XXXX at XXXX XXXX We have been in conversations with XXXX XXXX of Shellpoint Mortgage Servicing in regard to the Partial Release ; Survey ; Appraisal etc. While that process is ongoing XXXX and I have a couple of questions. 

Will XXXX XXXX / Shellpoint Mortgage Servicing release the 2.5 areas as collateral without requiring a new loan after the lot is split and gifted from XXXX and me? 

If the appraisal does not come in high enough for the gift, can the XXXX purchase 2.5 acres to offset the XXXX loan? 

Thanks, XXXX, XXXX, XXXX, and XXXX From : " XXXX, XXXX '' <XXXXm> Date : XX/XX/XXXX at XXXX XXXX XXXX XXXX : Thank you for contacting XXXX XXXX. I have been asked to address your concerns and appreciate the opportunity to do so. 

XXXX XXXX appears to be the " Trustee '' for a " Trust '' that has a beneficial interest in the Deed of Trust and Note for your property, for which Shellpoint is the mortgage servicer. 

The Mortgage Servicer is the party to the Trust that has the authority and responsibility to make decisions and take actions regarding individual properties in the Trust. The trustee has no authority or responsibility to review and or approve or disapprove of these decisions and actions. Please note that the " Trust '' holds the beneficial interest in the property, not the trustee, or XXXX XXXX in its individual capacity. 

Shellpoint Mortgage is the proper party to answer your questions, however I would be happy to assist in obtaining a contact at Shellpoint should you need one. 

I have included a brochure that further explains the roles of the servicer and trustee that I hope you find helpful. 

Regards, XXXX XXXX - Vice President To : XXXX Date : XX/XX/XXXX at XXXX XXXX We are gifting our daughter and her family ( XXXX and XXXX XXXX ) 2.5 acres of our 10-acre property. They will be building a custom home on the gifted acreage. 

We have been in conversations with XXXX XXXX of Shellpoint Mortgage Servicing in regard to the Partial Release ; Survey ; Appraisal etc. While that process is ongoing XXXX and I have a couple of questions. 

Will XXXX XXXX / Shellpoint Mortgage Servicing release the 2.5 areas as collateral without requiring a new loan after the lot is split and gifted from XXXX and me? 

If the appraisal does not come in high enough for the gift, can the XXXX purchase 2.5 acres to offset the XXXX loan? 

Thanks, XXXX, XXXX, XXXX, and XXXX

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