Consumer complaint received 2019-06-25
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Shellpoint Partners, LLC (SC)

On XX/XX/XXXX, I sent in a request to my current mortgage company that I was interested in refinancing. A loan processor immediately reached out to me. I let her know that I had never refinanced before and that I had several questions. She attempted to answer most of my questions but I still wasn't comfortable. After several days passed, she reached out to me again because I had not submitted the request. At that time we also discussed all of the fees involved and appraisal. I was still hesitant moving forward because I was unsure as to what my home was valued at. She asked me a lot of questions about my home to attempt to help. I let her know all of the home improvements we have made since we had moved in and also what plans we had with the money from the refinance. As we were talking, she went on several web sites and assured me that my home should at least value for XXXX. She said to me that she didn't see any reason that it wouldn't appraise for that if not more and that I shouldn't have a problem getting the money we discussed. Being that she was the " expert '', I gave her my credit card number and paid {$550.00} for the appraisal. The appraisal was completed on XX/XX/XXXX. I received a copy of the appraisal on XX/XX/XXXX. On XX/XX/XXXX, one of her team mates called and verified my employment. On XX/XX/XXXX, I sent an email over asking about the status of our loan. She responded back that basically the loan was closed because the appraisal was XXXX less than expected. I was not notified at all. I had paid XXXX for an appraisal and now a hard hit on my credit without any further regard to me as a consumer. On XX/XX/XXXX I called the main line to Newrez back to file a complaint in hopes of getting back my {$550.00}. A lady answered and sent me over to the loan processor 's supervisor. It went straight to his voicemail and a name was not given. I immediately called back and was sent over to the complaints dept. at which time I spoke with XXXX XXXX. He listened to me and stated that he was sending it over to a sales manager and that the sales manager would get in contact with me that day. After I didn't hear back from anyone, I called again on XX/XX/XXXX and spoke to XXXX again. He said that the legal team was drafting me a letter but that he would follow up and have someone reach out to me as soon as possible. That same day I spoke with XXXX XXXX. He read off notes that stated I closed the loan myself but then asked me what I was speculating had happened. After I told him that I was assured by the loan processor my home would value at a certain amount and that I was not contacted he told me that the loan processors are not appraisers and can not properly appraise hence the need for an appraisal. He also stated that it wasn't common practice for a loan processor to do so. I informed him that regardless of that, she did in fact assure me or I wouldn't have proceeded with the loan. He took my information and advised that if I didn't hear back from him by XX/XX/XXXX to call him back. About 30 mins to an hour later, XXXX called me back to say that he had spoken with my loan processor and that if I was willing to continue with the loan that he would transfer me to her and she could open it back up. I felt as if I was being pushed against the wall in making a decision and that if I told him no then that would be enough reason to deny reimbursement for my appraisal because at that point I would be closing the loan ( which was already closed ) and the basis of my complaint would be void. I expressed to him that I was unsure about continuing due to the unfair and misleading treatment I had already received. He told me to think about it and to let him know what I decide. I called him again on XX/XX/XXXX letting him know that I would be unable to continue. At that time, he stated that he was not in a position to refund my appraisal and that it wasn't common practice to do so based on the information I was given. He told me in a matter of fact that the appraisal company had to be paid for the service they provided. While XXXX was nice enough over the phone, he made me feel like my issue was not a huge concern and talked down to me. It was almost as if I had to prove what I know she told me and it still didn't matter. I feel as though my concerns with this matter were not taken seriously and that I shouldn't think that I was treated unfairly nor deceived in the process. I had to reach out to them even when I was told that I would be getting a call back and my complaint still isn't resolved nor do they intend to do so.