Consumer complaint received 2025-06-04 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — Paying off the loan
Company: Shellpoint Partners, LLC
State: NC

Complaint narrative:
On XX/XX/XXXX, our title company submitted a formal payoff request to Shellpoint Mortgage Servicing via their designated loan servicing email, along with all required borrower authorization documents. This request was sent in preparation for the sale of a property valued at over {$1.00} XXXX. On XX/XX/XXXX, a follow-up email was sent to Shellpoint and XXXX parent company, Newrez, to ensure receipt. At that time, we were informed that the payoff would be processed within 57 business days. 

Despite this, no payoff statement was issued. Starting XX/XX/XXXX, the title company began making daily calls to Shellpoint seeking an update, as the scheduled closing date of the sale was XX/XX/XXXX. As of XX/XX/XXXX at XXXX XXXX, the payoff amount has still not been provided, and no substantive update has been given by any representative, despite repeated contact attempts. 

The fax number was verified as accurate and was also clearly included in the original emails and authorization forms. Nonetheless, Shellpoint has failed to send any documents or provide a legitimate reason for the extended delay. Representatives have been unable to explain the issue, provide a resolution timeline, or offer guidance on how to move forward. 

This delay is causing serious financial and legal repercussions : The buyer 's rate lock period has expired, meaning we may now be responsible for covering the interest rate difference, potentially costing thousands of dollars. 
We are incurring legal fees from our attorney for managing the contract amendments and closing complications created by this delay. 
The ongoing uncertainty is threatening the viability of a significant real estate transaction through no fault of our own. 
In addition, we personally contacted Shellpoint on XX/XX/XXXX to request details on a prepayment penalty. We were told the request had been forwarded to the loan holder and instructed to follow up on XX/XX/XXXX. Between XX/XX/XXXX and XX/XX/XXXX, we ( the mortgagees ) have made multiple direct calls ( on XX/XX/XXXX, XXXX, XX/XX/XXXX, and XX/XX/XXXX ) requesting the matter be escalated, expedited, and handled by a manager. We also asked to file a formal complaint with Shellpoint on XX/XX/XXXX and XX/XX/XXXX, as it had become clear the original closing date could not be met. 

To further assist the process, on XX/XX/XXXX, we sent a copy of our original loan documents to Shellpoint, showing the exact prepayment penalty languagehoping this would eliminate the delay supposedly caused by Shellpoint waiting on confirmation from the loan holder. Still, no payoff has been issued, and we are now 18 business days out from the original request with no resolution in sight. 

This delay appears to be an unacceptable failure in standard servicing practices, severely affecting a time-sensitive and high-value real estate transaction.

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