Consumer complaint received 2021-02-23
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (VA)

In XX/XX/XXXX we refinanced our mortgage through XXXX XXXX, and NewRez, LLC was assigned as the mortgage servicer. 

In mid-XXXX XXXX we learned that XXXX XXXX had failed to pay off the mortgage when we refinanced. ( I learned this when we received a call from the former mortgage company about a missed payment. ) The short version of a long story is that the title company never sent the funds. Acknowledging the error, the title company and XXXX XXXX sent us a {$500.00} gift card, and in response to my request, they also issued a letter acknowledging their mistake and that the missed payment was not due to our oversight. 

On or about XX/XX/XXXX we received a tax bill from XXXX County due to the failure of NewRez to pay our XX/XX/XXXX property taxes. I contacted NewRez and it took four weeks for NewRez to pay the taxes on or about XX/XX/XXXX. 

During this delay, when NewRez was providing absolutely no information or update, I contacted several executives via email : XXXX XXXX, President ; XXXX XXXX, CEO ; XXXX XXXX, VP of Compliance ; and XXXX XXXX, Chief Compliance Officer. Not one executive, nor anyone from their staff, responded. Given the taxes were paid, I did not pursue the matter. 

In early XX/XX/XXXX we received notification that our 1098 for tax year XXXX was ready for download. However, the 1098 reflected payment of only half of our XXXX property taxes. Upon review of our escrow account, there was no disbursement to XXXX County for the XX/XX/XXXX tax bill. Further evidence of this missed payment was our escrow balance which was significantly higher than it should have been had the tax payment been made. 

However, upon checking our account via the XXXX County portal, I discovered we had a XXXX balance. I spoke with a XXXX County representative who informed me a payment was posted on or about XX/XX/XXXX and was applied to our XX/XX/XXXX tax bill. At the risk of being redundant, but in an effort to make this important point abundantly clear, there was no withdrawal from our escrow account for this payment. 

I contacted NewRez on XX/XX/XXXX and a ticket was opened. More than two weeks later, still there was no update. 

On XX/XX/XXXX I again sent an email to the same executives I contacted in XX/XX/XXXX. I requested a reply by the next day or I would contact your office. I immediately received a call from XXXX XXXX, Chief Compliance Officer, who left a voicemail message stating he would assist in getting the matter resolved. 

The next day ( XX/XX/XXXX ) I received an email from XXXX XXXX. She stated she was waiting to hear back from the Tax Dept and would be in touch after she did. I have not heard from her or Mr. XXXX since Ms. XXXX XX/XX/XXXX, XXXX email, despite my XX/XX/XXXX email asking for an update. 

On XX/XX/XXXX I received a corrected 1098 which reflects full payment of our property taxes. A review of our escrow account shows a disbursement to XXXX County on XX/XX/XXXX. However, I have confirmed with XXXX County that no payment has been received since XX/XX/XXXX, so this entry appears to be a fix to simply reflect that the taxes have been paid in full. 

Here are my concerns that I believe need review : 1. Why have our property taxes not been paid timely and on schedule? 

2. What prompted the random XX/XX/XXXX payment? 

3. Where did the funds for the XX/XX/XXXX payment come from? 

4. Where did the XX/XX/XXXX funds go if not to XXXX County? 

As we both know, NewRez has a fiduciary duty to manage our escrow account, and there have been several failures in this regard in the mere nine months they have served our mortgage. I am not confident that things will improve going forward.