Consumer complaint received 2019-09-10
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (CA)

CFPB - Please publish to allow fellow consumers to know about dealing with NewRez Mortgage. Despite proving the company that my mortgage is at a 54% loan to value ratio, NewRez has shown the almost intentional inability to drop mortgage insurance from my home. The customer service department is not equipped to handle requests and they are not able to effectively communicate with the loan service department. I've called 15+ times and never get a straight answer on when the PMI will be removed. Here is summary of what seems like "suspiciously intentional" actions to not remove PMI from my loan becasue it is not in the best interest of the bank. I informed New Rez after a comparative market anaylsis from a licensed real estate agent that the improvements and the area appreciation put the LTV (loan-to-value) ratio of the mortgaged property somewhere between 50-60%. This value far exceeds the legal requirement for PMI removal at LTV of 80% or less. Below is a timeline of actions I have attempted to engage NewRez to action on PMI insurance: XXXX XXXX: A Rez Agent was contacted and the request for PMI removal was made. The Agent stated that I would receive a resolution or call to action letter in 10 business days. No letter was delivered. XXXX XXXX: I contacted NewRez again and inquired about the status. This Agent informed me that my request on XXXX XXXX was closed with no call to action submitted to the right department. After this conversation a formal written PMI removal request letter was emailed to the loan servicing center. I was informed this request would take another 10 business days to process. XXXX XXXX: Contacted NewRez to followup. A manager answered the call and stated that the request was never sent to the loan processing department. The manager put the stat on the request and stated it would be resolved very soon. I was told I would receive an email or voicemail sometime that day to let me know where my request was at. No email or voicemail with any information was received. XXXX XXXX: Contacted NewRez manager again and was told the same thing that it would be expedited through loan processing. XXXX XXXX: Contacted NewRez manager and no new information was provided. I was told that they will put another stat order. XXXX XXXX I submitted a complaint to the XXXX XXXX XXXX. XXXX XXXX: I received a call to action and paid for a BPO appraisal. XXXX XXXXXXXX I contacted customer service and was told no BPO appraisal was ordered and that the issue would be elevated. Upon hearing this, I decided to order my own independent appraisal since nothing was being accomplished. XXXX XXXXt: Sent NewRez private appraisal from a different banking showing beyond a reasonable doubt the loan to value ratio was 56%. XXXX XXXX: Contacted customer service and again no movement even though I was told it was elevated and the appraisal was received. After a long list PMI failed suspense and/or poor bureaucratic processes, I get the feeling the company is intentional making it VERY difficult for any action on such requests because it is not in the best interest of the mortgage company rather than looking out for the best interest of the consumer.