Consumer complaint received 2025-01-24 00:00:00
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC
State: FL

Complaint narrative:
Subject : Request for Assistance with Mortgage Refinancing Under VA IRRRL Program ( Loan # XXXX ) To Whom It May Concern, I am seeking assistance from the Consumer Financial Protection Bureau regarding a mortgage refinance I completed with Newrez LLC ( Shellpoint Mortgage Servicing ) under the VA Interest Rate Reduction Refinance Loan ( IRRRL ) program. The refinance, conducted in XX/XX/year>, was proposed to me by loan officer XXXX XXXX ( XXXX # XXXX ), who assured me that the terms would reduce my monthly payments, would not require me to provide any out of pockets expenses, and provide financial relief. 

However, the terms of the refinance did not meet these expectations. My interest rate was only minimally reduced, from 7.25 % to 6.75 %, my loan balance increased by approximately {$9000.00}, and my escrow was depleted to covering the cost of the payoff amount of the previous loan. These terms have put me in a financially weaker position, contrary to the purpose of the VA IRRRL program.

Despite repeated efforts to communicate these concerns to Newrez LLC, I have not received any meaningful support or resolution. Given the CFPBs focus on consumer protection within the mortgage industry, I am requesting your assistance in ensuring this issue is properly addressed. 

I even took the initiative to reach out to the loan officer XXXX XXXX, and his supervisor XXXX XXXX. I spoke with XXXX XXXX prior to the holiday and he stated that he would try to get my negative escrow account credited for my troubles and he never followed up with me. After finally getting in touch with him, he once again seemed confused by my troubles and stated there was nothing Newrez LLC was going to do to help me. 

Which led me to reach out to XXXX XXXX 's supervisor ( XXXX XXXX ). Each of these individuals did not see anything wrong with the refinance process and the financial burden that it has caused me. If I was aware that I was being dealt an unfavorable contract, I would have never refinanced my house, as I was in a much healthier situation financially. As a first time home buyer and my first time refinancing, I put all my faith into trusting Newrez LLC to treat me and my family fairly, and I believe that I was taken advantage of. Neither of these individuals would see the deal that they gave me as a good deal or and great financially decision, so why would they reach out to me, especially when my evaluation was coming up and I was about to receive my escrow refund from the fund that they did not need to use? 

I have provided contact information to each of these individuals below and the customer service phone line for Newrez LLC and their mailing address. 

XXXX XXXX ( Loan Officer, who approached me with refianancing ) NLMS # XXXX Email : XXXX XXXX XXXX ( XXXX XXXX XXXX Supervisor ) Email : XXXX XXXX XXXX ( XXXX XXXXXXXX XXXX Supervisor ) Newrez LLC mailing address : XXXX XXXX XXXX XXXX, SC XXXX Please let me know if further information or documentation is required. 

Thank you for your attention to this matter. 

Sincerely, 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