Consumer complaint received 2025-01-07 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: Shellpoint Partners, LLC
State: LA

Complaint narrative:
I am writing today due to ongoing difficulty with attempting to get private mortgage insurance reviewed and possibly removed. 
Below I will provide a timeline summary and a request for resolution : XX/XX/XXXX - I closed on a home mortgage with XXXX XXXX  in the amount of {$84000.00}. 
The home was appraised for $ XXXX- which at closing, the Loan to Value ( LTV ) ratio was 77.8 %. 

XX/XX/XXXX - My Home mortgage was sold/transferred from XXXX to New Rez. 

Based on ongoing promotional email documentation received via email from Newrez, a valuation was conducted in XX/XX/XXXX with recent property sales, property characteristics and sales trends in my area to estimate the value of my property. 

According to Newrez, as early as XXXX XXXX and as recent as XX/XX/XXXX, the valuation showed that the estimated market value of my home is estimated @ {$140000.00} with a current mortgage loan balance of {>= $1,000,000}. 

I have contacted NewRez on 3 separate dates requesting consideration for PMI to be removed. ( XX/XX/XXXX XXXX, and XX/XX/XXXX ) Initially, I was informed that an evaluation would be conducted and I would receive correspondence in the mail. To this date, I never received the correspondence in mail. 
I returned a call back to NewRez, sometime mid XX/XX/XXXX, and was informed that a request would be opened ( XXXX # XXXX ). I was informed that the process takes up to 12 days to complete and that I would received correspondence in the mail. To this date, I never received correspondence in mail. 

My last call with Newrez on XX/XX/XXXX, I was informed that PMI is not reviewed without an updated appraisal. I would have to incur a fee of {$150.00} for an appraisal and that forms would be emailed to me. 

To this date, I have yet to receive any paperwork via mail or email from NewRez. 
My concern at this time is that m mortgage carrier may be accumulating unearned premiums. 

Upon purchase of the prowess in XX/XX/XXXX the LTV ratio was very close to 78 %. 
Statistics show that home values across the board have historically skyrocketed since that time. NewRezs own data and promotional marketing materials confirms the same. 

Its very concerning that during the same timeframe that NewRez is constantly reaching out to me via phone and email to inform me that my home value has increased enough for a consideration of a secondary ( HELOC ) loan, is the same time period that they are also informing me that I need to incur an additional fee in order for them to provide due diligence and cancel a private mortgage insurance that is clearly unwarranted based upon their internal valuation of my home equity and market value. 

Im writing today to request assistance with resolving this matter. 

Im kindly requesting the following : The immediate cancellation of PMI based off of current data- and without the need for an additional appraisal.Im requesting review and return of any/all unearned premiums. 

Thanks in advance for your time and attention regarding this matter. 

I look forward to hearing from you soon. 
XXXX XXXX ( XXXX ) XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation