Consumer complaint received 2024-07-22
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Loan sold or transferred to another company
Company: Shellpoint Partners, LLC (VT)

The first week of XXXX we were cleared for a XXXX  by our loan officer from XXXX XXXX Loans who used a service called XXXX Door. I was informed by XXXX Door that in order to initiate the loan I had to allow the maximum loan amount to be transferred into my bank account. I was surprised and clarified with my loan XXXX because at this time, we do not need the full loan amount as our project has not yet begun. We simply need access to capital for when we initiateour home project. Our loan officer informed us we could transfer the funds back the day they hit our account so as to avoid interest payments. 

XX/XX/XXXX The funds hit our account on XX/XX/XXXX as soon as I provided my bank account information. When I logged intoXXXX XXXXo pay back funds, I was informed by the portal that my loan was no longer serviced by them and was directed to website www.sls.net to login to access a portal to pay back the funds. ( Exhibit XXXX XXXX XXXX XXXX. I attempted to login to this website but didn't have a loan number to provide and could not access my loan portal as a result. I called my broker who sent an email to a representative at XXXX door to access the account. 

XX/XX/XXXX I followup with my broker regarding the loan number to gain access. He sends another email to his XXXX XXXX contact. ( exhibit XXXX ). I call the number provided on the portal in order to speak to the new loan lender, XXXX, and no one can provide me with the loan number associated, saying that maybe the data has not yet been transferred to their side. 

XX/XX/XXXX I followup again with our broker ( XXXX ). He responds finally with information providing a loan number ( XXXX ). I attempted to login to the account, it still doesn't work. I call the same number, XXXX, where I am told that the loan is probably still in process and that I should have access in a few days, to keep trying to login and keep calling. I ask about interest accrual and I am informed that any days in which I am unable to access my account I can submit a request to the XXXX department to ask that they waive the interest fees for days in which I can not access the account. 

XX/XX/XXXX - XX/XX/XXXX XXXX attempt to login all of these days with the loan number provided. I use websites provided : XXXX XXXX XXXX XXXX each go the same login area ). Everytime I login I have the same screen that shows in the portal telling me there is no loan associated with the loan number provided. ( Exhibit ShellPointXXXX  ) XX/XX/XXXX I call again and speak with a customer service rep for a long time. we are informed to go to a different website because the other two websites provided " no longer work ''. I head to the new website www.shellpointmtg.com - I am finally able to login and see that our loan has been connected. When I ask to pay off the principal I am told there is {$1000.00} in interest accrual and that I need to speak with the XXXX department in order to have interest waived. They will not directly connect me to the XXXX  department. I am also informed that I can not pay off the principal amount at one time, there is a limit to how much I can pay per day on a loan, which is in violation of the contract. I am directed to file a written request through the website provided in order to connect with someone regarding having interest waived. I send a note through the website and I followup with a customer service rep through the chat inside the portal. She provides me with a casenumber and advises me to not make a payment until I speak with the XXXX department because any payment I make will first be applied to interest and not to the principal amount. ( Exhibit XXXX ) XX/XX/XXXX I follow up by logging into the website and calling representatives of Shellpoint. I am advised to call numerous phone numbers and given an email address to directly connect with the XXXX department. XXXX - Finally I get an email from the XXXX department through a new portal called XXXX XXXX  ( Exhibit XXXX ) that I have to create another login to access. The email denies our request to waive interest ( Exhibit XXXX ). They cite that our agreed terms in the contract prove that we owe interest starting on the day we received the loan. I respond with XXXX XXXX of the contract ( Exhibit XXXX ) stating that we have the right to pay back our loan at any time and the right was obstructed due to the inaccessibility of our loan portal, their lack of communication and onerous process to obtain information that finally gave us the ability to access our loan portal. I asked them to reconsider and let them know we believe this to be fall under predatory lending practice and that we will be contacting the CFPB for help. Exhibit XXXX for the full response.