Consumer complaint received 2024-12-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC
State: TX

Complaint narrative:
I refinanced my loan from Newrez to another lender with payoff completed to Newrez on XX/XX/XXXX. Issue in getting my escrow balance of approximately {$7400.00} left in my account to be refunded. 

XX/XX/XXXX : Mortgage loan paid off to Newrez XXXX : Called Newrez customer service inquiring escrow balance refund. XXXX told check was sent on XX/XX/XXXX but i told them it's not received. I requested them if possible to refund electronically. 

XX/XX/XXXX : Called Newrez customer service again and inquired about escrow balance refund. I requested again if possible to refund electronically as that would be quicker.. Agent noted down the bank details and mentioned it will be refunded within a week. Spent approximately 15 mins over call. 

XX/XX/XXXX : Refund not received, called customer service again. Agent told, he will submit a ticket to concerned department and expedite. Agent mentioned, refund will be issued by XX/XX/XXXX. Spent approximately 20 mins in a call with agent. 

XX/XX/XXXX : Refund not received. Called customer service for 4th time, agent said ticket submitted earlier was closed by concerned department stating " No balance '' although he said there is an escrow balance left. He said will submit another ticket and get it escalated to concerned department. I requested the agent for email id to concerned department since i'm not getting any communications or updates for the concern raised over the call. 


XXXX : Called Newrez customer service for XXXX time to inquire for escrow refund. Again, agent said he will submit a ticket to get the refund. I expressed my disappointment as o don't see this issue being looking into correctly. Also, i have not received any response to my email sent on XX/XX/XXXX. Agent stated i should get the refund by XXXX. 

XX/XX/XXXX : No refund received yet, so called Newrez again for 6th time and spent almost 120 mins to explain the details and for the agent to put me on hold to review the account. Agent stated they incorrectly applied escrow balance to principal rather than the buydown fund and said will submit a ticket to concerned department to review the account further and it might take upto 60 days to get the refund from paid off ( which is on XX/XX/XXXX ). I requested the agent that i need to talk to the supervisor. After a brief hold, i spoke to the supervisor and explain the issues/concerns and my disappointment & frustration that i'm spending lot of time to get the refund but ending up no response/communications from the loan servicing department. Supervisor said she understood but there is nothing much she can do as it needs to go to another department for review and said will escalate this ticket and try to expedite. 

I'm running out of options and spending lot of time to get the escrow refund from Newrez and expecting this to be closed/resolved soon.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation