Consumer complaint received 2020-04-27
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Shellpoint Partners, LLC (TN)

Hello, I previously filed a CFPB complaint regarding this issue in XXXX of XXXX. Our Loan Servicer, NewRez Financial is impossible to contact. I have tried multiple times to call every number I have for them, only to be left on hold for more than an hour, only to have them terminate the call on their end. If I do not get resolution to these issues, I will be referring this matter to our legal counsel. 

The first issue we have is with the PMI removal process. When we purchased our home in XXXX of XXXX, between our down payment and equity we had in the property ( the house appraised at much higher than what we paid ) we already had roughly 15 % equity in the property. Based on the XXXX appraisal ( {$390000.00} ) and the balance owed XXXX XXXX ) which would give us 80.25 % LTV. I have attached a copy of the appraisal to this complaint. However, our property value has increased in the 4 years we have owned the property. My Husband is a XXXX, and he performed a XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  This was submitted to you in my last claim. The lowest end of the spectrum would still bring our LTV at around 73 %. 

NewRez contracted with a local Realtor to conduct a Brokers Price Opinion for the property. He conducted a 5 minute walk-through of the house on XX/XX/XXXX. We, however, have never received a copy of his analysis. He refused to supply us with a copy of it ( Despite the fact we had to pay {$150.00} for it ) I brought this issue up in my original complaint about this matter. We received notification from NewRez that according to his analysis we did not meet their 75 % LTV requirement to remove our PMI. Now, when NewRez took over our loan, we were never notified of a change of any of the terms of our loan especially not any change to the terms of our PMI removal. If you review our original complaint, you will see my Husband performed a XXXX XXXX XXXX of the property at the same time as the Realtor performed his BPO. The lowest number in his valuation range would still bring us to around 73 % LTV. That analysis is also attached to this complaint for your review. 

In the response we received from NewRez regarding this matter, they gave me 60 days from the date of the BPO assessment to dispute the findings. However, I can't dispute something I do not have. We called NewRez and spoke with an agent earlier this month, however she refused to provide us with any information in the BPO or to send us a copy of the BPO, claiming that it contained " Sensitive Information ''. She also said she would have a Manager call us back. 3 weeks later, and we are still waiting for that call. We have subsequently attempted multiple times to contact NewRez about this, however we are left on hold for 1-2 hours at a time, and then when someone does manage to pick up the call is terminated on their end. Therefore, I am left with no alternative than to file yet another complaint against them with you. 

We are also having another issue with them regarding the management of our Escrow account however I will file that as a separate complaint. I had intended to discuss that on the phone with them as well, however as I have already explained, they are impossible to contact.