Consumer complaint received 2020-03-03
Company: Shellpoint Partners, LLC
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My loan is owned by XXXX XXXX, but now serviced by New Rez. Until summer XXXX my loan was serviced by XXXX XXXX. Home prices in our area are significantly higher than when we purchased over 2 years ago. As I was preparing to file the paperwork to request to drop PMI with XXXX, my loan servicer was switched to New Rez. I figured that I would need to get New Rezs version of the paperwork to drop PMI. Getting the paperwork took a considerable amount of time and energy, but I finally got the forms I needed to file to request to drop PMI with a BPO. 


I filled out my paperwork and signed my check for the BPO around XX/XX/XXXX. From what I have been told the check was received around XX/XX/XXXX. According to my bank the check was cashed on XX/XX/XXXX. I filled out the New Rez paperwork as instructed, physically attached the check to the paperwork, and wrote BPO on the memo line of the check. 


On XX/XX/XXXX I was concerned that I had not heard anything about the result of the BPO, so I emailed New Rez requesting and update. On XX/XX/XXXX almost two weeks later I called, because I still had not gotten a response to the email. I was informed by New Rez that my request to drop PMI was miss handled on the New Rez Side. They told me that the check had been put towards principal and not a BPO. They agreed that what happen was not right and were going to expedite a request for a BPO. 


On XX/XX/XXXX I received a phone call from a Broker contracted by XXXX XXXX who was contracted by New Rez to complete the BPO. In that phone call I asked some general questions about how comparable properties would be selected. The Broker stated that he had many years of experience in my area and that land size is one of the biggest driving factors. 


After receiving a denial to drop PMI, I requested a copy of his BPO for my records. On XX/XX/XXXX I received the copy of the BPO. To my surprise I notice that the Broker used 3 sales with land size ranging from 2.89 acres to 10.01 acres and three listings one with 40 acres, one with 5 acres, and one with 3.57 acres. I have a 35 acre property and none of the comparable properties received any adjustment for land size. That same day I emailed the Broker to ask why he said land size was one of the biggest driving factors, but made no adjustment for it. He stated that the form he was provided with did not allow for adjustments. He stated that it did not seem reasonable to have a form without room for adjustments. He said it is up to New Rez to assume the value added by the larger land size. He then stated that he thought I should appeal the result. 


I was a was confused about why the form did not allow for adjustments that the Broker stated should be there. On XX/XX/XXXX I called XXXX XXXX to seek clarification. XXXX XXXX stated that there was a way to make adjustments, and the Broker was mistaken and must not have understood that. They stated that they could help the Broker with where on the form to make those adjustments, but only if New Rez would request in writing to have the mistake corrected. I then called New Rez and requested that  they send a request to XXXX XXXX to have the mistake corrected. Per New Rezs direction, I sent that request in by email on XX/XX/XXXX. On XX/XX/XXXX I received a form letter which ignored the XX/XX/XXXX email and stated I could provide more comparable sales if I didnt like the ones provided in the BPO. I called and sought clarification from New Rez. I was told to send in a copy of the email conversation with the Broker that  showed what he stated before. I then sent that email in. 


On XX/XX/XXXX I had not received any response to the information sent in. I called New Rez and was informed that they had printed a letter the day before. I was read the letter over the phone. The letter again ignored the mistake by the Broker and stated that I did not meet the qualifications based on LTV.

I have been patient. I requested New Rezs version of paperwork. I have correctly filled out the New Rez paperwork request to drop PMI. I have provided the paperwork that was requested. New Rez has failed to treat me fairly. I am now out of pocket months worth of PMI payments. New Rez mishandled my BPO payment and now refuses to address the issue of a mistake by the Broker. It seems as though New Rez will do anything and everything to keep from dropping PMI on my loan. I am at my wits end and feel that I have no other option, but to file this complaint.

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