Consumer complaint received 2022-12-19
Company: Shellpoint Partners, LLC
State: FL
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX, I purchased my current home via a VA mortgage. My property tax escrow amount was calculated using the previous years, XXXX, taxes. 

Sometime in either XXXX of XXXX of XXXX my mortgage was sold to XXXX XXXX XXXX 

In XXXX of XXXX I applied for a property tax exemption due to having a XXXX XXXX XXXX  rating from the VA due XXXXXXXX XXXX XXXX This exemption was approved, exempting my property from property tax ( ad valorem ). However I would still be responsible for XXXX XXXX taxes ( CCD, sewer, and waste ) In the end of XXXX I received my XXXX official property tax bill which was {$2600.00}. This reflected the ad valorem taxes being exempt and just billed on non ad valorem taxes. XXXX paid this tax bill around the XXXX week of XXXX which was around the same time I called to inquire about receiving an excessive escrow funds disbursement and readjusting my monthly escrow payment. I was informed that they could not adjust the monthly escrow since the loan was under XXXX XXXX XXXX. However, XXXX was able to complete an escrow analysis and I received a disbursement check of around {$4500.00} on XX/XX/XXXX. 

On XX/XX/XXXX, XXXX XXXX XXXX conducted an escrow analysis. During this analysis, the company did not use XXXX tax information but came up with an estimated tax bill of {$7000.00} for XXXX and XXXX. I do not know where that {$7000.00} figure came from but it was not from any official tax bill. My monthly escrow payment increased by {$18.00} instead of decreasing. The amount should have decreased by {$350.00} to reflect the property tax exemption. 

In the end of XXXX, XXXX. I received my XXXX tax bill which was {$2700.00} which was disbursed on XX/XX/XXXX. Once again my ad valorem tax bill was {$0.00} On XX/XX/XXXX my mortgage was sold to NewRez LLC. Both NewRez and XXXX XXXX loans are owned by the same company, XXXX XXXX. 

Around the second or third week of XXXX I called NewRez to inquire about disbursement of my excess escrow funds ( around {$4500.00} ) and to readjust my monthly escrow payment. I was told that the company potentially might not conduct the escrow analysis due to being a recently acquired mortgage. However, the request would still be submitted. 

On XX/XX/XXXX I called NewRez to inquire about the status of my request. I spoke to XXXX different representatives who all told me slightly differing and conflicting information. The last representative I spoke to informed my that the analysis was completed on XX/XX/XXXX. He told me the notes stated that I was exempt from ad valorem taxes in XXXX but still needed to pay non ad valorem taxes. The non ad valorem taxes were paid in full on XX/XX/XXXX. During that analysis there was no disbursement of the excess escrow funds ( my estimate of around {$4500.00} ) nor readjustment of my monthly escrow payment. Additionally he mentioned that at first glance, my escrow balance was too high for having both taxes and insurance being disbursed for the year. Additionally, he informed me that my monthly escrow payment most likely would not change since they received my XXXX estimated property tax bill ( over {$8000.00} ) from XXXX XXXX via an official database or official documentation. They did not use my XXXX tax bill to conduct this analysis on future funds needed in my escrow account. 

When I pushed the issue, he claimed that this was a reliable/official source for the XXXX tax estimates and I needed to take up the issue with my local tax office. There was nothing more he could do. 

After the call with NewRez I immediately contacted my local tax office. I was informed by the tax office that XXXX XXXX does not conduct tax projections for the next year, do not maintain an official database to pull projected bills, and did not provide any official documentation to NewRez nor XXXX. Additionally, I was informed that due to Florida statutes, they can not make any official comments on future tax bills until XX/XX/XXXX of the tax year. The most recent official documentation is the XXXX property tax bill. I also inquired about my exemption and was told that as long as my current home remains my primary residence, I will maintain the exemption indefinitely pre Florida XXXX. 

Its is abundantly clear that neither XXXX nor NewRez are utilizing official government tax documentation on their escrow analysis. Due to this, I am still overpaying {$350.00} every month which represent an excess of XXXX XXXX of what I should be paying. To make matters worse, they are being difficult to work with an delaying the excessive funds currently in my escrow account

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