Consumer complaint received 2024-10-09
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: Shellpoint Partners, LLC (PA)

I want to first state that I had to choose refinance to answer one of the CFPB questions as they did not have an option for a loan assumption which is what I submitted to the lender, NewRez. This is now my 2nd complaint again NewRez who has completely failed me over and over again by not doing their jobs properly and costing me a ton of money for my law firm to handle it due to their endless excuses and delays! This is my ex-husbands loan which I am working on assuming. I meet all criteria to assume the loan. I have done everything that NewRez has asked as of me and supplied all documents. This literally started over a year ago! OVER A YEAR AGO! The last complaint I filed I outlined how clear it was all of the mistakes NewRezs assumption department had made and said that after endless months going back, that I had to do a purchase assumption and not a credit qualifying assumption. My law firm 100 % disagreed with that, but we complied. We started working with XXXX at NewRez around XX/XX/XXXX to supply him with all of the requested documents for the purchase assumption. Then after getting him all of the documents, another month goes by and he informs my law firm that if XXXX is on the title, this wouldnt be a purchase assumption, it would be a credit qualifying assumption. HOW IN THE WORLD IS ANY OF THIS ACCEPTABLE? THE ANSWER IS IT IS NOT! My law firm already told them multiple times after their first XXXXXXXX XXXX that this should be a credit qualifying assumption and they knew the entire time I was on the title from the very beginning of the review over a year ago! Now my law firm has to start all over again and I have to supply all new documents even though it was completely there mistake EVERY SINGLE TIME! My law firm submitted what we believe to be a complete loan assumption package to the loan assumption department on XX/XX/XXXX. OVER 3 MONTHS AGO! OVER 3 MONTHS AGO! You will see from the attached email chains how many times my law firm had to waste time following up with the loan assumption department, specifically XXXX, and they have completely failed to do their jobs and this is still ongoing! Endless days! Endless false information and timelines. They supposedly escalated my review which basically means they did nothing and my file continues to sit with no underwriter doing their job at NewRez. In one of the emails you will see, XXXX says it will take 5 to 7 business days for underwriting to complete their review. In the email from my law firm to XXXX on XX/XX/XXXX, it had been 14 BUSINESS DAYS AND NOT A WORD! Today, XX/XX/XXXX is NOW THE XXXX BUSINESS DAY and still nothing! There is no words to describe how far beyond unacceptable this is! I am weighing out my options to file a lawsuit against NewRez for the complete failure to do their jobs properly, cause endless delays by not knowing what kind of assumption I was supposed to be submitting for and costing me a ton of money for my law firm to handle this when the loan assumption should have been completed back in XXXX OR XXXX XXXX XXXX XXXX! YOU READ THAT CORRECT. WE ARE IN XXXX OF XXXX AND THIS SHOULD HAVE BEEN COMPLETED ALMOST A YEAR AGO! SOMETHING HAS TO BE DONE AND THERE HAS TO BE REPURCUSSIONS FOR THEIR ACTIONS OR LACK THEREOF!