Consumer complaint received 2020-06-18
Company: Shellpoint Partners, LLC
State: CT
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My husband and I have been tying to get our PMI removed since XXXX of XXXX we contacted Shellpoint customer service to request that our PMI be removed. We were informed that they would mail us the requirements and a form that we would have to fill out in order to get the process started. After several weeks of not receiving such information I called back again and made the same request. The customer service agent apologized and said that they would get it out to us right away. Again, several weeks pasts and no information. I called for the third time making the same request and asked if there was a standard turnaround time in which I should be receiving the information. The customer service agent looked in my file and did see the previous two request however he could not explain why I did not receive the information. He explained to me on the phone the requirements, which included that our mortgage had to be in good standing and that we would have to pay for an appraisal and our home would have to be at 80 % LTV or less in order to qualify. He informed me that he would have that information mailed out and he gave me a deadline date by which I should receive it. Thankfully, this time I did receive the information within the time frame and we filled out the required paperwork and mailed it back. 

On XX/XX/XXXX I received an email from XXXX XXXX from XXXX XXXX XXXX informing us that Shellpoint had put in an order for the appraisal on our home and requested that we call to make an upfront payment. On XX/XX/XXXX the appraisal was completed. I believe on XX/XX/XXXX I contacted Shellpoint to find out the status of the appraisal. The customer service agent that I spoke with informed me that my home had appraised at {$500000.00} bringing the LTV at 73.82 % which was below the required 80 %. He said that we now met the qualifications to have the PMI removed and that we would not have to pay PMI on our XXXX payment. He informed me that I could log into my account in the next few days and the information would be updated. He also said that he would email me the appraisal. The following week I checked my account and no information had been updated and I was still be charged PMI. I also had not received the email with the appraisal. Over the course of the next 4-5 days I called daily, waiting on hold about 40-60 minutes each time, and was told a variety of information. One agent told me that my appraisal had not been done, I insisted that they look again because it had been completed and I was given the appraisal information over the phone. After putting me on hold for a very long time she came back on the phone, informed me that she found the appraisal and she opened an PMI research case. She also said that she would email me the appraisal, which I never received. I called back the following day, informed the customer service agent of the situation, told them I never received the email of the appraisal and that I wanted my PMI removed. They also said that they would email me my appraisal, I never received it, they said the previous customer service agent used the wrong task and that it should have gone in as a PMI removal, not a PMI research. She also told me that I would not have to pay PMI on my XXXX bill and that a manager would call me. Yesterday, I called again looking got an update. This time I was told my request has been denied and that no one should have ever told me that my PMI would be removed. The customer service agent said that my PMI is based on my original purchase price and my original appraisal which made my LTV above the 80 %. That made no sense to me because why would I be required to have an appraisal done now if Shellpoint was only going off the original information?? Fast forward to to XX/XX/XXXX, we again requested that our PMI be removed since we now it 80 % LTV of the original purchase price. Shellpoint sent out an appraiser and  again we met the qualifications. We have spoken to several different customer service reps over the last several days and they all tell us that we have been approved for PMI removal and that we will receive a letter in the mail. I also sent email requested the status on XX/XX/XXXX and XX/XX/XXXX and no responds.

Company public response: Company believes the complaint is the result of a misunderstanding
Company response to consumer: Closed with explanation