Consumer complaint received 2024-03-28 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC
State: CO

Complaint narrative:
This company has stolen {$2300.00} from my escrow account, and keeps giving me the run around about why and when I will get it back. 

My renewal date for my homeowners insurance was XX/XX/year> in XX/XX/year>, - my homeowners insurance in had a premium increase of over 25 % - let 's call this insurance company A - I called around and found a new insurance carrier whose premiums were much lower signed up with them to start insurance on my renewal date so that I did not have to deal with any back and forth with refunds and putting it back in my escrow ect ect we will call them insurance company B - I then called insurance company A and told them I would not be renewing my policy with them that the date my current coverage was set to end I would have a different insurance company. 
- My last call was to NewRez, where I informed them of all changes, Directed them not to bay insurance A, Gave them all policy info for company B along with a copy of the bill from insurance company B. They informed me that they would only pay insurance company B. 

XX/XX/year>- the balance in my escrow account was {$5100.00} XX/XX/year>- I got notice from Both NewRez and insurance company A that the total premium ( XXXX ) was paid to insurance company A- Which is exactly what I new rez issurned me they would not do. 
- this would bring my escrow balance down to {$960.00} XX/XX/year> I get a notice from new rez they paid property taxes ( XXXX ) - this would bring down my escrow balance to - {$62.00} XX/XX/year>- I called New Rez, only to find out not only did they pay company A, they have yet to Pay company B. After being transferred a few times, hung up on a few times. I am told by NewRez they will pay insurance company B with in the next XXXX business days, meaning that company B will more than likely not get paid until after the due date, which leaves me potentially without insurance From XX/XX/year> - XX/XX/year> something you would think a mortgage company would be a bit more concerned about than they were. 
They also told me they could not get the money back they sent to Company A because it was a batch payment, and I would have to get it back from Company A. I expressed concern that waiting for company A to get the money, send me the money and have me send it back to them to put back in my escrow would take too long and in the meantime I was worried my mortgage payment would go up because they would see a negative balance in my escrow and want to recoup that money, I was told colorado was not set for escrow analysis until XXXX, and I should get my money back from insurance company A in time to put it back into my escrow account before that took place I called company A. They informed me that they have not gotten the payment yet but when they get it back they will send it out to me. 

XX/XX/year> I call company A again, they say they got the check but it hasn't cleared, they can not issue my refund until the check clears but they say it will be issued with in XXXX business days XX/XX/year> I received a notice that XXXX XXXX was paid the premium ( {$2300.00} ) { { 5 days late } } - this would bring my escrow balance down to ( - XXXX ) XX/XX/year> I made my mortgage payment that included {$560.00} into escrow - this would bring my escrow balance up to ( XXXX ) XX/XX/year> XXXX had still not received any payment from Company A, So I called them again, and was told that New Rez put a stop payment on that check so they never got the money. 

- I called NewRez, XXXX to ask them why they stopped payment after telling me they couldn't and I would have to get it back from Company A, and where that money was now. I was told by NewRez they Refunded my escrow account XXXX Which does not make any since conceding the amount incorrectly paid out was {$4100.00} - where is the remainder of my money totaling {$2300.00}. I was then told she would send a request for full reimbursement of the check. They put a stop payment into my escrow but that it would take up to 5 days to get resolution. I expressed to her that my concern with waiting this long was that in the meantime my escrow being short was going to raise my payment, they told me that Colorado is set for escrow evolutions in XXXX and we had plenty of time to deal with this. 
Which would bring my escrow balance to ( XXXX ) XX/XX/year> - I received a notice from new rez saying my escrow balance is {$23.00} and that because of that I would need to either pay XXXX in a lump sum Or increase my monthly payment by XXXX a month. 

XX/XX/year> I call NewRez back again, because none of the numbers line up and I am still missing money, At that time I was informed that she found the problem, Insurance company B was sent payment twice, and that she would get the money put back into my escrow in XXXX business days and that on XX/XX/XXXX my escrow would reflect the true balance of {$2300.00}, and at that time I would need to call into the escrow department and request they do another escrow analysis to correct the issue and avoid my mortgage payment going up. 

XX/XX/year> I called into newrez My escrow balance still only reflects XXXX in my account, when the total should be XXXX, there is still XXXX missing from my account. The first lady I talked to tried to tell me insurance company A still had it, I get sent to another department and that guy tells me that insurance company B has it, and I would need to get it back from them, so now we are right back to the same conversation I had with them on XX/XX/year>, where they claim someone else has my money and that i have to get it back from them. I get sent on to another guy who can't figure out where my money is, what the part refund was, who even has the part refund and why I'm short. I get sent on to another person who tells me they have to wait for XXXX company XXXX to send them back the money in order for them to put it back in my escrow account. 


Considering the payment to insurance company XXXX was canceled out we won't even count that in My figures. 


XX/XX/year> Escrow Balance, {$5100.00} XX/XX/year> Property taxes paid {$1000.00} Remaining Balance {$4000.00} XX/XX/year> Insurance company paid {$2300.00} Remaining Balance {$1700.00} XX/XX/year> Mortgage payment made total to escrow {$570.00} Balance {$2300.00} What Newrez shows {$23.00} MISSING FUNDS {$2300.00}

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