Consumer complaint received 2020-01-01
Company: Shellpoint Partners, LLC
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This complaint is related to XXXX and I have attached it so please read it to get yourself up to speed on what I am talking about. NewRez is still missing the point. The bottom line is that they qualified me on an incorrect payment amount. If they want to blame XXXX XXXX or blame XXXX County, that is fine. If I were them and I truly believed this was someone else 's mistake, I would seek damages as well because it led to them to falsely qualifying a mortgage. So, by all means, if NewRez wants to take action against XXXX XXXX and/or XXXX County, that is their prerogative. HOWEVER, my issue is still with them and the plain and simple fact that they qualified me on an incorrect payment ( hundreds of dollars lower ) and I got stuck with paying more than {$200.00} PER MONTH more 3 months after my payments started and now, a year after that, {$420.00} more than what I signed at closing. It is UNACCEPTABLE that a 30-year-fixed mortgage payment is nearly 20 % higher than what was signed at closing LESS THAN 2 YEARS AFTER CLOSING. Something is very, very wrong with that! In any case, this mistake was intentional by the mortgage officer AND OTHERS employed by NewRez ( New Penn at the that time ). They say he doesn't work for them anymore so they don't know. Well, find him and reach him if you'd like to confirm. Ask him to swear under oath that he didn't use this to his advantage to get my mortgage qualified. ( By the way, it should be noted that XXXX XXXX did, IN FACT, recommend XXXX XXXX unlike their response which states " New Penn does not have any affiliation with XXXX XXXX ''. ) But, here is the thing : whether we assume NewRez and the mortgage officer made an innocent mistake or not, it doesn't matter. If this goes unanswered, uncorrected, and uncompensated, then this " mistake '' will happen again and again in the future to homebuyers and it will cause many to go into foreclosure. I am extremely lucky that my income has gone up since closing but my increased payment has robbed me of enjoying that income boost in other ways. You can blame the county or the Title  company, but the underwriter and mortgage company have to do their due diligence and this was a glaring mistake that should have been noticed at a glance ( I was qualified at that payment before the Title company was ever even involved ). I am attaching documentation from the county showing the tax numbers FROM THE COUNTY that NewRez said were incorrect despite the fact that it clearly shows the tax relief from the previous owner ( who had a common tax relief status not applicable to me or most buyers ) as a subtraction/adjustment from the actual taxes. It shows clearly that the property taxes for 2017 {$5400.00}. New Rez would have seen it clear as day like this with the actual taxes and the adjustment for the owner with Tax relief status ( which I was obviously not entitled to ). Additionally, while they blame XXXX XXXX, they sent the records to XXXX XXXX  themselves. Before XXXX was ever involved, NewRez qualified me on these false numbers and are the ones who sent the documentation over to XXXX. So, here 's the newsflash NewRez : You qualified a loan on an incorrect payment ( making it a junk loan ) yet you are not treating it as such. You can't sell this loan as a premium loan ( and, if you do, I will notify immediately whoever you sell it to ). NewRez and other mortgage company 's will continue to fudge the numbers to their advantage hurting homeowners and the economy if we allow them to fudge the numbers and turn a blind eye to obvious, glaring mistakes. I have been fortunate enough to make payments only because of promotions and job changes that have improved my income. For 9 out of 10 families, if something like this happens to them, they will foreclose. {$200.00} / month will make or break most families but more than $ XXXX/per month would break the budget of probably 90 % of Americans. Please, in your response, do not try to explain that my taxes have increased and my Homeowner 's  insurance has increased, etc. Yes, we know, we all know and we have accounted for that. That makes up just a TINY fraction of the increase in payment I am paying. The vast majority BOILS DOWN TO THE FALSIFICATION OF PROPERTY TAX AMOUNTS on my loan. I will continue to bring this up and will also publicize it if it does not get resolved this time around.

Company response to consumer: Closed with explanation