Consumer complaint received 2020-01-27
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (UT)

The company continues to neglect answering our inquiry as to why our PMI insurance has increased for XX/XX/XXXX. 

Below are the communication details that have been sent to Shellpoint Mortgage. 

XX/XX/XXXX ~ The below was our email inquiry sent in regards to an increase on our property mortgage disbursement before receiving our escrow analysis statement. 

On Wed, XX/XX/XXXX at XXXX XXXX  XXXX  XXXX XXXX wrote : ShellpointMortgageServicing Loan Servicing Department Re : Error Resolution Notice under 12 C.F.R. 1024.35 MortgageLoan Number:XXXX Shellpoint Mortgage made an Insurance Premium Disbursement in the amount of {$140.00} on XX/XX/XXXX. We would appreciate an explanation as to why our Property Mortgage Insurance Premium has increased? When our loan was serviced by XXXX XXXX  our Property Mortgage Insurance Premium was {$130.00} each month since XX/XX/XXXX. See attachments. 

We have not received any information explaining that there will be an increase from Shellpoint Mortgage Servicing nor from XXXX. 

We would appreciate a breakdown of all account activity on our monthly statements as there seems to be discrepancies and no explanations since the transferring of our loan. 

If you need to contact me, we are best reachedvia email XXXX Sincerely, XXXX & XXXX XXXX XX/XX/XXXX ~ Escrow analysis was received in the mail, again showing that we paid {$130.00} each month from XXXX, XXXX to XXXX, XXXX and then a projected INCREASE on XXXX, XXXX. ( reference document " 01 - XXXX_Escrow Analysis Statement.pdf '' ) ~Below is  another emailinquirysent asking why there is an increase on our property mortgage insurance ( PMI ). 

From : XXXX XXXX Date : Thu, XX/XX/XXXX at XXXX XXXX Subject : Re : Please explain why our PMI has gone up To : XXXX ShellpointMortgageServicing Loan Servicing Department Re : Error Resolution Notice under 12 C.F.R. 1024.35 MortgageLoan Number:XXXX  As of today, XX/XX/XXXX, we have yet to receive a response as to why our Property Mortgage Insurance has increased rather then decrease? We had been paying {$130.00} since XX/XX/XXXX. We've paid down our loan and have paid an additional {$59.00} above our regular monthly payment for a year now so we do not understand why our PMI is increasing when it has decreased every year? We received our escrow analysis in the mail today and it shows that we are going to be paying {$140.00} for the year. Why has this increased? If this is incorrect, we would appreciate a new escrow analysis statement. 

Thank you! 
XXXX & XXXX XXXX XX/XX/XXXX ~ XXXX emailed XXXX XXXX  XXXX, the company our PMI payments are paid to, asking if PMI can ever increase.Below is XXXX XXXX 's reply. 

On Tue, XX/XX/XXXX, XXXX XXXX  XXXX XXXX  XXXX wrote : Hi XXXX, The PMI should not go up unless the Amortized balance went up for any reason. Because the contract is between XXXX and your Lender, I am limited at what information I can provide to you. If you have further questions, please reach out to your lender. Thank you. 

Providing excellent Customer Service is a high priority with XXXX XXXX XXXX. Visit us 24 hours a day atXXXX XXXX XXXXfor complete product and program guidelines, or visit our Servicing site atXXXX XXXX XXXX Information Specialists are available to serve you by phone at XXXX XXXX during the hours of XXXX XXXX  to XXXX XXXX EST Monday through Friday. 

Best regards, XXXX XXXX [ XXXX ] XXXX XXXX XXXX XXXX Customer Experience Professional XXXX XXXX XXXX XXXX XXXX, NC XXXX Phone:XXXX Fax : XXXX E-mail : XXXX XX/XX/XXXX ~ Received a certified letter with 18 pages of our loan history summary in response to our error inquiry as to why our PMI payment amount increased from {$130.00} to {$140.00}. ( reference document " 03 - Shellpoint Response to PMI Inquiry '' ). It did not explain why the increase. 
~ We also received, in the regular post, a letter requesting additional time to respond fully to our inquiry but was not specific as to what inquiry Shellpoint Mortgage was referencing. We can only assume it was in regards to the PMI increase. ( reference document " 04 - Shellpoint Response Letter '' in XXXX folder ) XX/XX/XXXX ~ Received a letter responding to one or both of our inquiries but it did not answer either of our questions regarding our property mortgage insurance and regular monthly payment due XX/XX/XXXX. ( reference document " 05 - Part_1_Reply_Letter_Received_with_Account_History_XXXX '' and also06 - Part 2_Reply Letter Received with Account History_XXXX.pdf ) ~ We have thoroughly reviewed the loan history summary enclosed with today 's letter and marked each PMI payment. You will see that each year this amount decreases except for this year where you have reported us having to pay more. Why? 
~ We've also included with our documents every Escrow Analysis Statement since XXXX highlighting what was actually paid and every decrease. ( reference the following documents : XX/XX/XXXX_Escrow_Analysis_Statement.pdf XX/XX/XXXX-1_Escrow Analysis Statement.pdf ( we received 2 in  XXXX ) XX/XX/XXXX-2_Escrow Analysis Statement.pdf XX/XX/XXXX_Escrow Analysis Statement.pdf XX/XX/XXXX_Final Escrow Analysis with XXXX.pdf ~ Also, upon reviewing the loan history summary and marking each PMI payment, I see that XX/XX/XXXX has not been paid. Please review our notes on the submitted documents. 

XX/XX/XXXX ~ Received a letter from the escalation department. ( reference document :XX/XX/XXXX_Escalation Letter.pdf ). The letter does note that it has corrected one issue we inquired about regarding paying the shortage into escrow and why our payment due did not decrease as a result of the payment but it still DOES NOT explain WHY our PMI has INCREASED for XXXX. They also note that a new escrow analysis is not needed. That is incorrect. If our previous PMI payment was {$130.00}, XXXX PMI payment should have decreased not increased so we should receive a new escrow payment. 

We have made several attempts for an explanation of why our PMI payment has increased for XXXX and requested for a new escrow analysis with a new payment amount but Shellpoint Mortgage continues to neglect providing an explanation or a new escrow analysis.