Consumer complaint received 2021-12-31
Company: Shellpoint Partners, LLC
State: NV
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
XXXX XXXX XXXX XXXX XXXX # /account # XXXX -- -Formal Complaint filed on NewRez website. Although their website states you can upload documents, when you attach a PDF, it does not submit. Same PDF as attached to this complaint. 
XXXX Requested information on making large principal payment from NewRez. On XX/XX/XXXX NewRez issued letter stating Due to the complex nature of the matter, NewRez respectfully requests additional time to respond fully to your inquiry. They never followed with any other correspondence regarding the matter. 
XX/XX/XXXX made payment {$610.00} Statement says {$170.00} paid to Interest and {$440.00} paid to principle. Principle balance after payment is {$60000.00}. Interest rate is 3.375 %. 15yr term, No escrow holding. 
XX/XX/XXXX went on website to make large PPL payment. Made payment of {$610.00} of which {$160.00} was applied to interest and {$440.00} was applied to principal even through only 23 days transpired between the XXXX payment and the XX/XX/XXXX payments. The interest accrued for those 23 days calculates to {$130.00}. Also, on XX/XX/XXXX I followed immediately with another payment of {$19000.00} principal only payment ( for a total of {$20000.00} paid that day ). XX/XX/XXXX paid monthly payment of {$610.00} of which {$110.00} was applied to interest and {$500.00} was applied to principal. ( Only 9 days of interest accrued from the XX/XX/XXXX payments which calculates to {$26.00}. NewRez has overcharged for interest and needs to reapply to interest and principal. NewRez charged {$280.00} in interest for the period when the actual interest that accrued is {$150.00} I telephoned NewRez on XX/XX/XXXX, explained the math and asked them to correct the issue. It appears someone tried to do something on XX/XX/XXXX based on the activity shown on their website, however it did not correct the misapplication of interest and principal. ( Note : I received a letter from them dated XX/XX/XXXX, in which they state, We are working to gather the requested information and will forward it as soon as possible. I never got another response from them. ) Seeing the activity on my account from XX/XX/XXXX I followed up with another phone call to them on XX/XX/XXXX and spoke to a service rep named XXXX ( seemingly a Tier 2 Supervisor ). During the phone call She advised that she filed a complaint with NewRez on my behalf regarding the mistake and would get the issue resolved. She further advised that I would be sent amortization with the corrected information. As of XX/XX/XXXX they have not corrected the issue, nor have I received any further communications from NewRez. The information on the website does not show that the error has been corrected. 
New Rez needs to correct the principal and interest allocation to the loan for the XX/XX/XXXX payment, the XX/XX/XXXX payment and this would reduce the principle by the {$120.00} ( amount of interest they overcharged as of XXXX ), thus each payment since that have overcharged for interest and also needs corrected. 
Along with this complaint on NewRezs website I will also be filing a complaint with CFPB as NewRez not only misapplied the payments and failed to correct it after two complaints by me, and they neglected to follow through with their own verbal commitments that were made to me in the phone conversation.

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