Consumer complaint received 2019-09-19
Company: Shellpoint Partners, LLC
State: OH
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
My wife and I signed the closing paperwork to refinance this loan on XXXX XX/XX/2019. On XXXX XX/XX/2019 my wife made the XXXX payment of {$3300.00} in error. My wife called NewRez LLC ( herein referred to as NewRez ) on XXXX XX/XX/2019 and asked about the refund process. She let them know that the loan was about to be payed off and that she made the next month 's payment in error. She was given incorrect information, specifically " not to worry about it '' because they will just refund the payment through an overage check. I called NewRez, shortly there after on XXXX XX/XX/2019. I let them know that we would like a refund for the payment made in error, because it still hasn't reached the due date and the loan was about to be payed off completely ( which the company should have been aware of, because they had already processed a payoff quote ; our refinancing of this loan had already been closed on ). I also mentioned that we wanted a refund because this loan was in the process of being payed off and if we did not receive a refund we would essentially be paying interest on a loan that doesn't exist. I was transferred to another section where I was told : in order to receive a refund I needed to send an e-mail, with the account number in the title, to XXXX  explaining that the payment was made in error, that I would like a refund, and I needed to show proof that the payment had left our bank account for theirs. My wife sent NewRez an e-mail on XXXX XX/XX/2019 with the account number in the title, stating that she made a payment of {$3300.00} in error and would like a refund. She also provided proof that the money had been transferred from our account to NewRez. I called NewRez on XXXX XX/XX/2019 to follow up about the refund. I was transferred to the loan servicing department where I was incorrectly told that the refund was processing and that it would be sent out with the escrow refund later in the month. 

On XXXX XX/XX/2019 my wife received a statement from NewRez saying that they posted the {$3300.00} payment, made by my wife, to the XXXX XX/XX/2019 installment and {$1.00} to their Convenience Fee. It stated that they received a wired payment on XXXX XX/XX/2019 in the amount of {$470000.00} and {$470000.00} was posted to the payoff of the loan and {$50.00} to the Release Fee. It also stated that on XXXX XX/XX/2019 NewRez issued an escrow refund in the amount of {$4000.00} and an overage refund of {$2400.00} ; and " upon investigation of your dispute, NewRez has been unable to determine that an error occurred. '' My wife called NewRez on XXXX XX/XX/2019 and was told that they already issued their refund, and an email will need to be sent to XXXX for further clarification of our issue, and that no other communication could be accommodated about this issue over the phone. I called NewRez later that evening, XXXX XX/XX/2019, and asked to speak with the loan servicing department. The individual I spoke with looked up the account while I was on hold, then came back and essentially re-read their XXXX XX/XX/2019 statement to me. I re-iterated that we asked for a refund over a payment made in error, and they did not refund that amount and instead posted it toward a loan that was in the process of being payed off. Noting that it seemed like they just wanted to get an extra month of interest from us, which at the very least seems like an unethical practice. Especially when the customer went out of their way several times to remedy the situation correctly. I was told that the department I needed to speak with was already closed, and that she would let them know that we " disputed '' their determination.

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