Consumer complaint received 2024-03-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC
State: TX

Complaint narrative:
I closed my house on XX/XX/2023. My mortgage servicing was transferred a few times from one to another, eventually to Newrez. At the time of closing, I had funded the escrow account of roughly {$17000.00}. This amount was not something I expected at the time, and I asked about any overage or refunds if this escrow account is overfunded. They said your mortgage company will analyze and refund any overage. 

Starting in XXXX, I have had to pay a few XXXX dollars extra, based on this escrow review. I was uncomfortable with the amount of money that's sitting in that account and with the high monthly payment, I reached out to Newrez ( onboarded in XXXX ) to see what I can do about it. I had read their FAQ pages and I understand that their normal escrow review for a resident in Texas is in XXXX, but I wanted to see if they could expedite this, seeing that the escrow account was near $ XXXX. I submitted my first request through their online contact forms regarding my escrow and received no response. Then upon receiving an email from one of their loan consultants reaching out to see if I needed any help with my mortgage, I replied. To which I also received no response. I tried a few times more ( via call as well, but their automated system loops you in circles quite a lot ) to try to get someone to give me an answer, but each time there was no response. Every XXXX days or so, I would receive an email stating " Account reviewed '' or " Loan reviewed ''. It looks promotional more than anything, but it does state my account is reviewed. 

Come property tax season, I paid my taxes ~ {$7200.00} and insurance ~ {$1600.00} through Newrez, totaling {$8800.00}. After Newrez had paid and deducted the amount, the remaining balance I vaguely remember to be about {$13000.00}. I decided to wait until XXXX when they are supposed to review my escrow. 

Come XXXX, no communication was sent to me and it was crickets for the whole month. Near the end of XXXX, I again requested information through their online portal, no response. At the end of XXXX, I decided to chat in via their online system ( phone system again looped me back to the " main page '' over and over ). Connecting with an agent, I informed him of the situation and he promised to look into it for me and told me that in XXXX days it will be reviewed, opening cases and such. I asked how I can keep in contact, he said they will reach out. I asked why it was not already reviewed and he said he is not sure. After that contact, I had received a physical mail copy and an email informing me about delayed escrow review and delayed responses, but providing no actual resolution of confirmation that an escrow review is undertaking. 

Finally, I called in on XX/XX/XXXX ( via their refinancing option because good luck with the other options ) and went through an hour+ and XXXX transfers. Each time, they mentioned, transferring you to our escrow specialist. The actual transfer path is Refinance -> Servicing -> Tax -> " Escrow Specialist '' ( to which at the end he said they don't have an escrow team.. what even ). Each new agent, I have had to repeat everything, IDing, listening to their must reads, etc. The servicing agent and tax agent both saw my previous requests through their internal systems, and both wondered why my request was not processed. They aren't the escrow team - fine. At the last agent, I finally received an answer. Your request was DENIED EVERYTIME, and no escrow analysis was performed. He said he was being nice and therefore told me this information. While I appreciate his kindness, I'm left wondering why there has been XXXX COMMUNICATION to me regarding this denial each time? He informed me that they have a policy where the customer must make 12 months of payment to be able to " qualify '' for an escrow analysis. I asked about all the reviews previously. I asked if he sees my escrow balance of {$18000.00} and if that was an overage based on my {$8800.00} taxes and insurances that they paid. He said yes of course, I can open a case for you, but it will be denied. I asked about the FAQ page, he said that's not necessarily right. I asked where in their T & C do they mention this minimum 12 months policy, his response was something along the lines of " every company in the industry does it, it's just how it is ''. He said during closing, they should have told you. I informed him I did not close with them, he said he doesn't know, but the review simply won't happen. As a personal suggestion, he suggested me to switch insurance, which will then trigger a escrow review. Albeit a fair suggestion, I am not going to throw away an annual payment just to do this, to which he acknowledges. I informed him that I will be opening a CFPB case and also asked him to open another case for me. 

All the agents who spoke to me were helpful and kind, but it is evident that this company is trying very hard to confuse customers and to withhold money. {$18000.00} ( in XXXX ) is enough to pay XXXX years worth of insurance and property taxes, yet this company refuses to do anything about it just so they can keep drafting more and more money into their account.

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