Consumer complaint received 2024-11-16 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: Shellpoint Partners, LLC
State: CA

Complaint narrative:
In XX/XX/2024, my HELOC loan was sold to Newrez LLC dba Shellpoint Mortgage Servicing. It has been a nightmare to deal with them in these four months. I have never experienced a mortgage servicer that seems to be committing outright fraud and you have to fight for your payments to be applied appropriately to your account. Luckily I have only made electronic transactions, so I can prove every payment and transaction date. I have made all the monthly payments using their online portal. Twice, I selected the option to apply additional funds above the minimum due to be applied toward principal balance reduction. Both times the additional funds were not applied to balance reduction and just held in another account somewhere that was not visible to me in any way. I contacted the lender and advised them of the errors and opened cases to apply the extra funds in the amount of {$5100.00} to my principal. After sending a certified letter on XX/XX/XXXX and many calls, they finally applied the additional payments to reduce my principal balance due. However, they finally applied the payments on later transaction dates, therefore increasing the amount of interest I was unjustly charged. I called again and opened a new case to apply the balance reduction on the day the payments were actually made and adjust the interest due. This week, I just received a letter from Shellpoint stating that my loan was suspended due " Delinquent Loan - Access Terminated. '' In looking at my transaction history and latest statement, they went in and reversed out every payment I have made to them in the four months they have been servicing my loan and changed all the transaction dates fraudulently to XX/XX/XXXX for every single transaction. Again I reached out to them to ask them to correct the issue and to remove the delinquent notice from my loan. Each time the customer service representative on the phone states that I am correct and the application of payments and dates are wrong and they will escalate and look into the issue. Nothing ever gets resolved and now it could potentially be affecting my credit. I feel trapped at their mercy and every " case '' they say will take 7-10 days to resolve, never comes to a resolution. I am just sent multiple letters stating either that the owner of my loan is XXXX XXXX XXXX and they are working to gather the requested information or that due to the complex nature of the matter they need more time. This is not complex if you are a legitimate loan servicer. I simply want them to apply my payments on the day I made them and charge the appropriate interest on my principal based on those transaction dates. I shouldn't feel like I am not able to pay off my loan and make payments to the principal without having to fight each time to get extra payments to be applied to my principal. Please help!

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