Consumer complaint received 2020-05-12
Company: Shellpoint Partners, LLC
State: UT
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
We have been trying to fix our Property Mortgage Insurance payment since XXXX, XXXX with Shellpoint. Shellpoint took over the servicing our loan in XXXX, XXXX and when they did, they increased our Property Mortgage Insurance ( PMI ) monthly payment from our escrow account WITHOUT notice or a new escrow statement. When we finally received our escrow statement, that also had the INCREASED amount. We contacted them several times asking for an explanation of this increase when during all of the 10 years we have been paying down our mortgage, it has ALWAYS decreased. I even went as far as to contact XXXX XXXX to find out what our monthly payment should be. Unfortunately, they could not provide that information since we do not hold the contract with them. The XXXX XXXX rep was able to tell me that our PMI should DECREASE since our amortization schedule decreases unless there is something like a refinance that could change the amortization schedule. We have not refinanced on our home since XXXX nor have we done anything to our mortgage terms that would affect our amortization schedule to cause this change. We filed a complaint with CFPB on XX/XX/XXXX regarding this matter and requesting that we receive a new escrow analysis. The resolution from our prior complaint by Shellpoint was that they dropped the increased amount back down to what we had been paying from XXXX, XXXX - XXXX, XXXX and provided us with a new escrow analysis. HOWEVER, they still have not provided an explanation as to why the payment is NOT reduced for XXXX, XXXX - XXXX, XXXX. We will be paying the EXACT same amount for 2 years now. WHY? We sent an email on XX/XX/XXXX, XX/XX/XXXX, and on XX/XX/XXXX ( see file " 1_Shellpoint Escalations Email Attempts ... '' ). The emails also included very detailed attachments ( see files " A_Shellpoint Still Questionable .... '', " B_Shellpoint_Loan_History .... '', " C_Bauer_PMI_Payment .... '', and " D_Shellpoint_Loan_History ... '' ). Shellpoint sent an auto reply acknowledging receipt of all 3 emails but we had not heard anything until we received 2 acknowledgment letters on XX/XX/XXXX and a request for an extension on XX/XX/XXXX ( see file " 2_Shellpoint Automatic reply .... '', " 3_Shellpoint_Mailed_Response_Ackowledgement Letters '' and " 4_USPS informed Delivery Daily Digest .... '' ). Our PMI should decrease like it has since our refinance in XXXX. Our amortization schedule has decreased. Even according to Shellpoints own payment history they have sent to us several times shows that our PMI monthly payment has DECREASED each and every year except for this year from XXXX, XXXX - XXXX, XXXX where we are paying the EXACT same amount that we had paid from XXXX, XXXX - XXXX, XXXX. Shellpoint has acknowledged receipt of our inquiries but they continue to delay with any sort of answer. This is NOT a complicated matter and their is NO reason that the investigation should be taking almost 3 months to figure out.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation