Consumer complaint received 2021-03-29
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Shellpoint Partners, LLC (OR)

I applied for a 30 year fixed refinance for the mortgage on my existing house with XXXX on XX/XX/2021. Based on my initial application I was conditionally approved for the loan, however, after approximately 2 months I learned that I was denied the refinance due for several reasons such : -- The underwriter could not verify that I lived at my primary residence due to my paystubs having a different address than my residence ( I have a separate mailing address ) -- Lack of documentation showing my liquid assets ( I was never asked to provide any documentation on this ) -- Something about my 2nd home being listed a short term rental property and any income from that not being able to be counted ( I have stopped using that for short term income, no one asked me about this ) -- Apparently there was some confusion on whether my primary residence is a single unit or 2 unit residence ( I was never asked to clarify this ) XXXX came to a conclusion on my credit-worthiness unfairly, without the proper due diligence and in the process harmed my credit and disenfranchised me from being able to obtain a loan at an interest rate of 3.25 %. 

History : XX/XX/XXXX - Applied for refinance of mortgage with an interest rate of 3.25 % for total of {$420000.00}. 
XX/XX/XXXX - Received conditional letter of approval for my loan. 
XX/XX/XXXX - Got an email to access newrez online loan hub and activate my account. 
XX/XX/XXXX - Got an email from newrez congratulating me on getting my loan approved and letting me know newrez needs to collection additional documentation to finalize my loan. 
XX/XX/XXXX Got an email from XXXX XXXX introducing herself as loan processor for my loan. 
XX/XX/XXXX Received a request to review and e-sign loan documents. Was informed that the closing date for my loan would be XX/XX/XXXX. 
XX/XX/XXXX I was asked for most recent paystubs. I responded that XXXX had the most recent paystubs as I get paid monthly and my last paystub was from XXXX XXXX. 
XX/XX/XXXX I asked XXXX if we are still on-track to close on XX/XX/XXXX, She replied she was hopeful we could still close by then. 
XX/XX/XXXX I uploaded my paystub for XX/XX/XXXX. 
XX/XX/XXXX I sent an email to XXXX asking of there was an update on my loan. Received an email response that she was out until XX/XX/XXXX, the date given to me by XXXX for closing. 
XX/XX/XXXX I sent an email to XXXX asking for an update. received no response. 
XX/XX/XXXX Sent another email to XXXX asking for an update, cc'ed my loan XXXX XXXX XXXX XXXX Got a response that she will review my loan later in the day and get back to me. Received no updates on that date. 
XX/XX/XXXX Sent an email to both XXXX and XXXX asking for an update. No response. 
XX/XX/XXXX Sent an email to both XXXX and XXXX asking for an update. No response. 
XX/XX/XXXX Sent an email to both XXXX and XXXX asking for an update. Got an update from XXXX that my loan has been sent to the underwriter and she will contact me later in the week ( hopefully ) to arrange for closing. 
XXXX - I would periodically checkin using XXXX XXXX mobile app on the status of my loan. It showed underwriting. 
XX/XX/XXXX Sent an email asking XXXX to an update on the underwriting process. Got a response that it's still in underwriting and that it shouldnt take many days longer and that she will inform me when we are clear to close. 
XXXX kept checking periodically with the newrez mobile app whether there has been a status change in my loan. 
XX/XX/XXXX Reached out to XXXX for an update to my loan status. I noticed 1/2 of the remaining todo items had been marked as complete. Got no response. 
XX/XX/XXXX Reached out to XXXX and XXXX via email asking for an update. No response. 
XX/XX/XXXX Reached out to XXXX and XXXX via email asking for an update. No response. 
XX/XX/XXXX Checked the status of the loan in the newrez mobile app and showed my loan as " inactive ''. Asked for a status update and got a call from XXXX my loan officer. He told me that my loan had been denied due in part to the reasons provided in the beginning of the the document. He told me that he spoke with XXXX who claimed she had tried to contact me. I had not received any calls from her ( no voicemails ) nor any communication from her via email since XX/XX/XXXX. 
XX/XX/XXXX I sent another email to both XXXX and XXXX asking for an answer within 24 hours why my loan was denied. No answer. 
XX/XX/XXXX No response to my request for an update or answer to my email from XX/XX/XXXX. Sent an email to XXXX, XXXX and XXXX at XXXX letting them know of my frustration and next steps of referring this to CFPB. 

I chose XXXX in large part due to the awesome help and patience exhibited by my loan officer XXXX XXXX. However, upon my initial commitment to newrez the professionalism and due diligence stopped. The process ended with a denial that will impact my credit score and caused me financial harm by not being able to accomplish the financial goals I intended out of the refinancing which included reducing my credit card debt and receiving a favorable interest rate reduction.