Consumer complaint received 2021-10-22
Company: Shellpoint Partners, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
New Rez has been negligent and dishonest during our attempt at refinancing our loan. The request for escalation on our part has yielded no results or answers and are merely serving as a delay tactic. Please thoroughly investigate all documents and correspondence between New Rez and us. Below is a brief timeline up to the still unfinished ( from XX/XX/XXXX ) as of today. Thank you for helping in any way. 

Wed XX/XX/XXXX XXXX XXXX From New Rez Thank you for taking the time to fill out an online application with us. 
Sunday, XX/XX/XXXX XXXX XXXX XXXX XXXX In conjunction with your Loan Officer XXXX XXXX , NewRez LLC XXXX will be working with you to obtain and complete your home loan. 

Sunday, XX/XX/XXXX XXXX XXXX  From XXXX XXXX We just signed the documents in the link. 

Sunday, XX/XX/XXXX XXXX XXXX  XXXX XXXX Thank you, I am only missing the following disclosure so I can lock you in and move forward. 

Monday, XX/XX/XXXX XXXX XXXX XXXX XXXX Morning, I am only missing XXXX disclosure. 

Monday, XX/XX/XXXX XXXX XXXX  XXXX XXXX Congratulations you are locked in at 2.99 %! 
Please send me your 2 years full tax returns, all schedules and pages, 2 months personal and business bank statements, XXXX YTD P & L Once I receive all of the above, you are officially moving forward! 
Lastly, please note that it does take about 75-90ish days to complete the loan, you will hear from your processor and title company in the next few weeks time Tuesday, XX/XX/XXXX XXXX XXXX XXXX XXXX Just following up on the documents required below so I can get your file into processing and moving. 
Tuesday, XX/XX/XXXX XXXX XXXX From XXXX XXXX I just uploaded some docs that were needed. 

Tue XX/XX/XXXX XXXX XXXX XXXX XXXX Received your documents. 
Thank you so much! 
We are officially moving forward. 

Tue XX/XX/XXXX XXXX XXXX XXXX XXXX Thank you so much. The processor will review and get back with anything that may be needed once the full review from underwriting is done in the next few weeks. 



XX/XX/XXXX XXXX XXXX We are writing to inform you pursuant to California Finance Code 50129, your lender has contracted with XXXX XXXX XXXX XXXX , XXXX to provide residential mortgage loan processing and underwriting services. 

XX/XX/XXXX XXXX XXXX XXXX XXXX Good morning! 
I am working with your processor for your Refinance. 

XX/XX/XXXX XXXX XXXX From XXXX Please follow the below link to access important documents related to your loan application XX/XX/XXXX XXXX XXXX XXXX XXXX Good Afternoon XXXX and XXXX XXXX ! 
Congratulations!!! Your loan has been conditionally approved by our underwriters!!! Please review this information about what happens next. 

XX/XX/XXXX XXXX XXXX XXXX XXXX Your second mortgage lien holder denied your refinance with us ( they have control to do that ). 
Please see if you can convince them to subordinate. If not, the only other option ( besides you paying it off in cash ) is if you would be interested in having us paying it off with this loan. 

XX/XX/XXXX XXXX XXXX XXXX XXXX I will review with my manager and send you an update on what the loan will look like with us paying it off by Monday morning. 

XX/XX/XXXX XXXX XXXX XXXX XXXX Hello, I am working with your processor for your refinance XX/XX/XXXX XXXX XXXX XXXX XXXX Hey I hope your day is going well. I just wanted to let you know an appraisal has been ordered for you and someone should be in touch about scheduling a day and time. With your new loan structure an appraisal is unfortunately required. I also need an updated profit and loss statement from XXXX with 3 months of bank statements no older then the last 3 months shown. 

At some point in XX/XX/XXXX our credit was pulled. 

Appraisal document received XX/XX/XXXX Thursday, XX/XX/XXXX XXXX XXXX From DS I am not sure why the request for docs keep coming. I have submitted profit loss, bank statements, credit has been ran and here we go again. Also why do we need any docs for XXXX XXXX? That is not our property and I will not submit any docs for it. 


XX/XX/XXXX XXXX XXXX From XXXX XXXX Hey I hope your day is going well. The underwriter is requesting a few more things to complete your loan. They are... 

XX/XX/XXXX XXXX XXXX XXXX XXXX Hi XXXX and XXXX XXXX , My name is XXXX XXXX and I was assigned to your loan as your processor to finalize this process for you. 

XX/XX/XXXX XXXX XXXX XXXX XXXX Good Afternoon XXXX, I completely understand your frustration in this process as I can see that you have provided multiple documents multiple times. I also understand that to no fault of your own the documents expire and new documents are needed. Unfortunately as the previous documents have since expired updated documentation will now be needed and once the below items are received I will be able to send your file over to underwriting for a clear to close review. And from there hopefully be able to continue with the closing. 

XX/XX/XXXX Hi XXXX, Please confirm you received the below. 
If you are able to get this in, we can close your file and you will skip at least one months mortgage payments. 
If in the event you wish to cancel your loan, please let us know. 
The exception of {$1200.00} off in fees was granted by my manager and will be reflected in your closing disclosure ( which you will receive prior to the closing ). 

On XX/XX/XXXX at XXXX XXXX " XXXX, XXXX '' XXXX wrote : Thank you for getting back to me XXXX and taking the time to voice all of your concerns ; and I am deeply sorry. 
I do not want your message to go unseen by management and copied my manager to this email. 
XXXX, please see below. 
XX/XX/XXXX XXXX XXXX, I see the sps payoff came in today.

Checking with my manager ton this and will circle back. 

XX/XX/XXXX I will let my manager know asap, I am so sorry XXXX, I would appreciate the ability to still work with you and get your loan closed. 
Im happy to go to my manager and see if there is anything we can do here. 
XXXX XXXX Senior Mortgage Consultant Retention Division NMLS : XXXX

Company response to consumer: Closed with explanation