Consumer complaint received 2024-12-11 00:00:00
Product: Mortgage — VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: Shellpoint Partners, LLC
State: PA

Complaint narrative:
Since XX/XX/XXXX, I have been in contact with my lender, NewRez, about assuming the VA loan we have due to a divorce. Throughout this process, I have received confusing, inaccurate, and delayed information. Additionally, the time taken for the assumption process has exceeded the initial maximum timeline of 120 days provided by them, putting me at legal risk for failing to meet the terms of the Marital Settlement Agreement between my ex-husband and me. 

On multiple occasions prior to and after submitting the formal assumption application, NewRez stated that the process would take a maximum of 120 days, but recently they mentioned 60-days and even 90-days. I have consistently provided all requested documentation promptly, but their responses have been delayed and often contradictory. Furthermore, they have claimed not to have received certain documents and have made repeated requests for the same paperwork. 

Below is a summary of key dates for your reference : XX/XX/XXXX : Marital Settlement Agreement filed, awarding the home at XXXX XXXXXXXX XXXX XXXX XXXX XXXX to me, XXXX XXXX XXXX. 
XX/XX/XXXX XXXXXXXX XXXX : Lender assumption packet completed and emailed. 
XX/XX/XXXX : Divorce finalized. 
XX/XX/XXXX XXXXXXXX XXXX : Divorce decree without seal emailed to NewRez. 
XX/XX/XXXXXXXX XXXX XXXX : Sealed divorce decree emailed to NewRez. 
XX/XX/XXXX XXXXXXXX XXXX : Assumption packet resent after NewRez claimed they hadnt received the original. 
XX/XX/XXXX XXXX XXXX  : Email sent to NewRez detailing issues with misinformation and delays. 
XX/XX/XXXX XXXXXXXX XXXX : Response from NewRez ( XXXX XXXX ) stating they hadnt received documents. 
XX/XX/XXXX XXXXXXXX XXXX : NewRez confirmed receipt of documents but said they were missing the party granted the property. They routed the assumption inquiry to a loan officer, asking for 7-10 business days for follow-up. ( Note : This email was sent to both me and my ex-husband, though I had not authorized NewRez to share this information with him. I raised this concern in an email to NewRez but received no acknowledgment. ) XX/XX/XXXX XXXXXXXX XXXX : Follow-up email sent to NewRez regarding the lack of contact from a loan officer. Executed Quitclaim Deed also sent. 
XX/XX/XXXX XXXXXXXX XXXX : Another follow-up email to NewRez requesting status update. 
XX/XX/XXXX XXXX XXXX : NewRez Document Administration Specialist XXXX emailed, stating a request had been submitted for a loan officer to contact me. 
XX/XX/XXXX : NewRez Mortgage Consultant XXXX reached out, requesting I complete an assumption packet. I resent the original packet submitted on XX/XX/XXXX. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX indicated the assumption loan process could take 60-90 days. 
XX/XX/XXXX : Mortgage loan disclosures reviewed and signed via XXXX, with confirmation received at XXXX XXXX. 
XX/XX/XXXX : XXXX indicated I was conditionally approved and requested confirmation that my ex-husband received the Notice of Value and provided valid identification. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX requested additional consecutive pay stubs for the past 30 days. 
XX/XX/XXXX XXXXXXXX XXXX : Pay stubs sent along with my PA Driver 's License and confirmation that my ex-husband received the homes appraised value. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX requested a copy of the Marital Settlement Agreement. 
XX/XX/XXXX XXXX XXXX  : Marital Settlement Agreement resent. 
XX/XX/XXXX XXXX XXXX  : XXXX advised that assumption loans can take up to 60 days and requested a document showing I have {$100000.00} for the equalization payment. 
XX/XX/XXXX XXXX XXXX : I confirmed that this amount is noted in the MSA and covered. 
XX/XX/XXXX XXXXXXXX XXXX : I followed up to ask if all necessary documents had been received. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX requested documentation showing I have the {$100000.00} for the equalization payment. 
XX/XX/XXXX XXXXXXXX XXXX : I replied asking for clarification. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX clarified that they needed to source the funds. 
XX/XX/XXXX XXXXXXXX XXXX : I replied that the funds are being provided by my father for the settlement of the marital estate and asked how to document this. 
XX/XX/XXXX XXXXXXXX XXXX : XXXX provided a gift letter. 
XX/XX/XXXX XXXX XXXX : I requested further clarification, as the funds are not for the home purchase as noted in the gift letter but for the marital settlement. 
XX/XX/XXXX XXXXXXXX XXXX : I followed up due to no response regarding the {$100000.00} documentation and confirmed that I have the check and receipt. 
XX/XX/XXXX XXXXXXXX XXXX : As of today, I have not received a response from XXXX. I left follow-up voicemails on both XX/XX/XXXX and XX/XX/XXXX. Today, I received new mortgage loan disclosures, which I had already completed via XXXX on XX/XX/XXXX. 

I hope this summary helps clarify the situation. I can provide documentation of all emails referenced as needed.

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