Consumer complaint received 2025-01-31 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: Shellpoint Partners, LLC
State: NJ

Complaint narrative:
NewReZ Complaint Date of Grievance : XXXX Date of first notice of discrepancy : XX/XX/XXXX Please accept this writing as a formal complaint to the lender with regards to my current loan # XXXX. This loan was originally issued as a XXXX XXXX  on XX/XX/XXXX with an initial fixed interest rate of 3.99 %. Upon completion of the first 7 years, ( XX/XX/XXXX ) I am noticing an increase in interest rate which now has my loan at 7.25 %. I would like to learn more as to why this was adjusted as such, and I request a detailed calculation as to how this new interest rate was reached. 

As per my contract as noted in the XXXX XXXX XXXX XXXX XXXX, my interest rate can not increase by more than XXXX ( XXXX ) percentage points from the rate of interest I have been paying for the preceding 12 months. The interest that my loan is associated with now is 3.26 % higher than what I was paying in the preceding 12 months. This miscalculation on the end of the mortgage company has caused me massive financial despair and has messed up the specifics of my mortgage loan entirely. I have been paying these inflated charges for the past 90 days, while attempting to contact NewRez customer service simultaneously. All attempts to speak with NewRez customer service failed as I was told that the XXXX department was already contacted related to my issue, and I should wait for the XXXX department to email me. I also spoke with customer service an additional handful of times and was told to submit the complaint online in the NewRez portal. Over XXXX weeks have passed and no one has reached out to me. 

If I dont pay my mortgage, I get hounded regularly to pay my bill. On the other hand, if the mortgagor is ripping off its customers with unfit practices, they make it nearly impossible to submit your complaint to a valid team who will look and attempt to rectify the situation. I have now been paying an overinflated mortgage note for over 3 months, and this is simply unjust. I can not afford interest rate increases set by NewRez outside of my contractual language. I simply do not trust this company to service my loan as they are scheming to make more money for themselves and their corporate interests. 

Due to the negligence and oversight of the mortgagor, the mortgagee is being required to pay inflated amounts, which in turn affect the amortization schedule which was calculated over the course of 30 years. This is simply unjust. If the mortgage company can ignore the specifics of my contract and issue a random interest rate increase outside of the guidelines as written in the contract, I would argue that I could be eligible for a rate reduction outside of the contracted language as well. 

Please look into this matter with urgency and advise how/why this loan was deviated in such a way inconsistent with my contract. A copy of this complaint will be submitted to the CFPB to support my viewpoint as I feel I've been targeted with unfair practices. 

Best Regards, XXXX XXXX

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