Consumer complaint received 2024-03-09
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC (OH)

My loan from XXXX XXXX XXXX, the company with which I signed up for my initial XXXX mortgages, was sold to Newrez Servicing in around XX/XX/XXXX. I initially purchased the XXXX properties in XX/XX/XXXX. After Newrez took over my loans, they raised the payment on XXXX of the properties by approximately {$300.00} per month due to what they referred to as an increase in my insurance premium resulting in an escrow shortage. Pursuant to this notification from Newrez, I contacted my insurance company to check on the status of my premium which had not increased. I then started to contact Newrez to find out why the discrepancy existed. After approximately XXXX calls, I received an escrow analysis indicating Newrez was correct in their analysis. However, this obviously didn't make sense. During these calls, I was told that I can delay making the {$300.00} extra per month until my request was resolved. However, with it never being resolved, I ended up making the extra {$300.00} per month so as to not present Newrez with the opportunity to negatively affect my credit rating by reporting a missed payment. I called an additional time to get this resolved in XXXX. During this XXXX hour call, I was requested by the Newrez representative to conference call my insurance company, which I did. The insurance company explained that my total premium for both houses was XXXX XXXX. The Newrez representative asked they send an email that broke down the XXXX premiums so that Newrez could adjust the escrow on both houses, accordingly. My insurance rep did so but inadvertently sent the information to the wrong email address. Approximately XXXX  days later, I called the insurance department at Newrez and sent the same email in to the insurance department and the representative assured me that it would be resolved. It was not resolved. Again I had to pay the extra {$300.00} in the month of XXXX. After additional calls with Newrez, I was told that they won't separate the premium on each house because the premium bill from my insurance company didn't delineate the premium between the XXXX properties. I was told to send a letter in to cancel the insurance escrow on XXXX of the houses which would then render escrow active on XXXX account but then I would only be billed for XXXX premiums, XXXX for each home, rather than XXXX, XXXX for each house. On XXXX, XXXX, I received a letter from Newrez explaining that they denied my request to cancel the escrow due to the fact that I made late payments. The late payments are from the extra {$300.00} that I was told I could delay paying until the problem was resolved, at the direction of Newrez. So I am still being billed for XXXX insurance premiums on XXXX houses and I've spent approximately XXXX hours on the phone trying to get this resolved only to be told differently by approximately XXXX different customer service representatives, XXXX escrow analysis representatives, XXXX supervisors, and XXXX insurance representatives. I called today and requested a resolution. The supervisor told me I would hear back in XXXX to XXXX business days, as he escalated the problem.