Consumer complaint received 2021-11-08
Company: Shellpoint Partners, LLC
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This complaint is to report and seek solutions to the dispute between NewRez XXXX Shellpoint Mortgage Servicing and myself on the interest calculation of the mortgage at the time of sale closing of my property. 

Due to the impact of Covid on the rental market I applied for forbearance on my loan with Shellpoint which took effect on XX/XX/XXXX, and later on I had to sell the property on XX/XX/XXXX. The time it was on forbearance was XXXX months and XXXX  days, or roughly XXXX months. 

On the closing disclosure document the interest stated by Shellpoint was {$9200.00}, higher than my estimate of {$8400.00} ( $ XXXXmonthly interest at the start of forbearance X XXXX = {$8300.00} ). Starting from XX/XX/XXXX, about a week before the closing date I had contacted ShellPoint by phone and email numerous times trying to get a clarification regarding the method of computation, however I couldnt get a straight answer -- I was bounced between representative to representative, asked to wait until someone came back from vacation, or given obviously wrong answers on the calculation of interest, such as without taking into account of compounding of interest, etc., the most common answer was " that's what the computer generated. '' XXXX representatives who bothered to go through the calculation agreed that there was a discrepancy and escalated the issue. However I still didn't get an answer even when the closing date came and went. After days of calls and emails finally I was told that I had to file a dispute on their webportal for the case to be reviewed, which I did promptly. From then on to avoid getting different answers from different representatives I decided to communicate only with the point of contact of my loan, XXXX XXXX, through email. ( A record of our email communication is presented here. ) A month after the issue arose, on XX/XX/XXXX I finally received a response from the Compliance Department stating that the forbearance lasted XXXX months and XXXX days, which was incorrect. I contacted XXXX again to clarify the duration of the forbearance. On XX/XX/XXXX I got her answer saying that the interest was calculated arrears. I went back to the initial loan document at the time of refinancing, the document shows that the interest during the gap between the old loan and new loan was paid at the time of refinancing, so the explanation of interest going arrear for a XXXX doesn't make sense. I sent XXXX the document XXXX  and so far I haven't heard a resolution or explanation. Meanwhile, as I tried to review the letter from Compliance again, I realized that letter was retracted from their web portal. 

I continued to check in with XXXX on a XXXX basis after I submitted the refinance document showing the proof of interest payment at the start of the loan, her answer has always been I havent heard anything back. This back-and-forth lasted for over another XXXX and I realized this is going nowhere. Although XXXX said this case has been escalated, enough time has passed to show that it will ever be resolved because it seems to be ShellPoints strategy to procrastinate the cases not in their favor until the customers give up on getting a resolution or answer. 

The complaint is on XXXX areas : 1 ) The customer service is incompetent on answering technical questions. Over the past XXXX months, I have received many inconsistent answers regarding my questions. 2 ) The Compliance is unable or unwilling to resolve issues not in their favor. The loan documents were probably not reviewed before they put out a resolution letter on the webportal on XX/XX/XXXX, and retracting that letter after I pointed out the discrepancy between the letter and the initial loan document was inappropriate. 

As a borrower, I have the right to obtain accurate information regarding the method of loan interest computation and explanations when discrepancies occur. ShellPoint has not complied with their obligations as a mortgage servicer to provide accurate information in a timely manner and has not shown any intention of doing so. To make customers go through extraordinary lengths to the point of resignation when it comes to issues against them has violated the code of honesty, integrity, and fairness in business practice. After exhaustive interactions with them to no avail I have realized that as an individual customer I am at a disadvantage to get this issue resolved and I have to turn to CFPB for further investigation. 

Please find the email communication with XXXX in XXXX of the files identified by dates in the attachment. Due to the format of the email server they are nestled in reverse order with the newest first. Please also find the refinance document, the closing disclosure and the monthly statements at the beginning and the end of the forbearance plan. Unfortunately I didn't download the letter from Compliance department on XX/XX/XXXX from their borrower 's webportal, that letter was withdrawn and not available anymore. But the content can be inferred from the emails between XXXX and me at that time. 

I appreciate your assistance!

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