Consumer complaint received 2022-02-15
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (GA)

My company mortgaged a portfolio of rental properties through a broker, XXXX XXXX XXXX XXXX ( XXXX ) who secured financing through XXXX ( cvlending.com ). XXXX was great to work with through the closing. 

XXXX sold the loan to XXXX XXXX XXXX XXXX who hired Shellpoint Mortgage Servicing to service the loan. Neither XXXX nor XXXX notified us that the mortgage had been sold. Shellpoint began servicing the loan, drafting the incorrect monthly payment amounts month after month. After extensive correspondence, we finally got the monthly amounts resolved. 

XXXX insisted taxes and insurance be escrowed, and we paid a significant amount into escrow at closing. I checked Shellpoint 's website when it came time for tax payment. They publish very clear instructions that borrowers DO NOT need to submit tax bills for payment because municipalities submit bills directly. 

In XX/XX/2021 I received the first delinquency notice from the local municipality. I immediately contacted Shellpoint. There has been so much correspondence, but Shellpoint will not respond directly to the borrower. Every time I make an inquiry by phone or through their website, they mail ( snail mail ) me a letter and advise that " they're looking into it. '' It's been over 2 months, and Shellpoint still didn't process tax payment. I later found out they also didn't pay insurance payments. 

When I called and spoke to customer service representative, I was advised that this loan is for only one property, XXXX XXXX XXXX XXXX, and Shellpoint submitted a tax payment for {$590.00}. This loan is over {>= $1,000,000} and we have over {$27000.00} in escrow, yet Shellpoint couldn't understand the disparity in the tax payment and loan amount. They insist that there are NO other properties on this loan. Again, this is a portfolio loan for 11 total properties. It begs the question whether security deeds were properly filed by the original and subsequent lender. 

Last week I paid the taxes and insurance directly because we can not risk a lien being placed or allowing insurance to lapse. I'm continuing to email Shellpoint, but they will not respond. 

One of their letters indicated that they were contracted by XXXX XXXX XXXX XXXX to service the loan. This was the first I've heard that XXXX holds the note. I called XXXX several times, but each time I'm told they don't do mortgages, only life insurance. 

I've requested that Shellpoint close the escrow accounts so I can manage taxes and insurance myself. Again, no response. At this point, they're holding over {$27000.00} of my money and refuse to respond to me. They only operate behind vague email addresses such as XXXX and XXXX. These emails are essentially a black hole for customer inquiries. I FINALLY got an individual 's name when I called, who I was told will follow my problem through to completion. This individual does not respond - XXXX XXXX ( XXXX ). 

To be clear, we mortgaged 13 total properties. XXXX properties are on separate mortgages, and Shellpoint paid taxes and insurance on these. 11 properties are on the portfolio loan for which Shellpoint never processed tax and insurance payments. I requested that Shellpoint close escrow accounts associated with all of my loans because I can not trust that they will fulfill payment obligations. 

Please direct me to someone who can help resolve this matter. 

Thank you, XXXX XXXX XXXX