Consumer complaint received 2020-06-25
Company: Shellpoint Partners, LLC
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Reason for perusing refinance : I received a refinance summary from NewRez by mail for a FHA Streamline refinance for the balance I owned on my house {>= $1,000,000}. ( NewRez current financial company ) Monthly payment of 2.875 %, for a remaining term of 26 year, 3 Months. 

Background : When I started the conversation with the 1st Loan Officer, XXXX XXXX, I made it clear that I did not want to pay closing cost greater than {$5000.00}. I made it clear that I was looking for a interest 0.75 % less than what I was paying if I were to persue a conventional loan because the FHA Streamline refinance required no closing cost and only required me to pay the balance owed. 

1 of 2 issues XX/XX/2020 : The first loan officer, XXXX XXXX, told me I could refinance on a conventional loan with no closing cost. By phone he offered me a 25 year loan, monthly payment of {$2700.00} for the amount owned on the house. When I received the loan application the amount to finance was {$400000.00}. I did not sign anything because the amount was {$17000.00} more than what I owed on the house. XXXX apologized for the miss understanding and thought that I was only concerned with having to bring funding to the table. I expressed in a professional manner how disappointed I was with the miss accurate information provided. I told him I would rather do the FHA Streamline if I had to pay closing cost. He told me he needed to check with FHA on some things and would have to talk to me on the next business day XX/XX/2020. When I did talk with XXXX on XX/XX/2020 he apologized for his inexperience as a new loan officer. He recommended that I work with a more experience loan officer, XXXX XXXX ( XXXX ) XXXX. 

2 of 2 issues XX/XX/2020 : The second loan officer, XXXX XXXX ( XXXX ) XXXX and I had a length conversation. During a recorded conversation, we agreed to a 20 conventional year loan, fixed interest rate of 2.875 %, amount financed {$390000.00} ( included all closing cost ), for 20 years conventional loan, no appraisal required, monthly payment of {$2800.00} ( including taxes, principle, interest, no hidden fee, no PMI ). 

XXXX XXXX told me he would send me the updated application for signature. When I received the loan application the numbers in it were exactly same as the numbers provided in the application provided by XXXX for {$400000.00}. I explained this to XXXX, and he told me to trust him and sign the document. He also said the information would be updated the next day. He said he needed me to sign the application to lock in the rates agreed to on the phone. The loan application needed to be signed to start the process. He was not able to make the change at this time ( given time of day ) becuase the and because it was late he could not get the update before XXXX XXXX ( departure time ). When I told XXXX that I would not sign without the information being the same as we agreed he told me that I could be missing out on the interest rate he provided me. I said the interest rate he said on the phone and what he provided me in the loan application was not the same. If I wouldn't sign the application with an amount to be finance of XXXX why would I sign the exact same application with the same amount to be finance the next day. XXXX was untruthful and told me to trust him. I told him the conversation was being recorded and that he was dishonest. I pulled my credit because the deal seems excellent and the company was very dishonest.

Company response to consumer: Closed with explanation