Consumer complaint received 2022-12-15
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (NY)

I had a water damage incident at my home in XXXX of XXXX. After dealing with the insurance company, XXXX XXXX, for months to obtain a check. On Thursday, XX/XX/2022, I transmitted all of the documentation required by Shellpoint mortgage via email and overnight mail ( including the check from XXXX XXXX, endorsed by my wife & I. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I was initially told that the process of reviewing the paperwork and clearing the check would take UP TO 5 DAYS - This was not true! -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - Shellpoint received the check via overnight mail on XX/XX/2022. IT is now 2 full weeks since they received the check and for these past two weeks, they have been stalling me and telling me that the check from XXXX XXXX has not cleared their account. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Yesterday, I spoke with XXXX XXXX  and they told me that the funds had cleared and been removed from their account. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The process of retaining funds and holding borrowers with damage to their homes for lengthy periods of time and stalling seems to be an attempt by Shellpoint to benefit by holding the funds and collecting interest on them while stalling the borrowers. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- After informing the Shellpoint representative that XXXX XXXX informed me that the funds had cleared days earlier, Shellpoint finally admitted that the funds had in fact cleared the account. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- NOW they tell me that even though I paid them for an overnight envelope more than 2 weeks ago - The check may take them 10 days to mail out! -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- This practice should be looked into and the process should be streamlined. Banks should not be permitted to intercede, block and delay homeowners who face damage to their homes and need the funds received from insurance companies to make the repairs. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I'm sure that going forward, the funds that Shellpoint is currently holding will take a monumental effort and face their typical delays, thereby stalling the process and causing the repairs to take twice as long as they should -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I have already contacted the CEO of Shellpoint regarding this issue, but of course, 2 weeks have gone by and his office has not responded in any way shape or form.