Consumer complaint received 2024-12-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Private mortgage insurance (PMI)
Company: Shellpoint Partners, LLC
State: MA

Complaint narrative:
Hello, I started the process of PMI removal in XXXXXXXX XXXX XXXX I have experienced nothing but delays and ineptness which has by some measurements cost me personally over a thousand dollars and counting. PMI is insurance for high risk lendees who put down less than 20 % as a down payment and are supposed to remove it when it hits 20 % equity. I currently have over 23 % equity in my home and have a XXXX credit score of XXXX ( a perfect score ) - I am not high risk. I never signed up to be a customer of NewRez- I originally signed up my mortgage with XXXX XXXX  on XX/XX/XXXX and it took just over XXXX weeks for XXXX to sell my mortgage to NewRez. I never would have signed up with XXXX as my lender had I known in advance they were going to immediately sell my mortgage. Below is a series of events along with documentation attached backing up most of everything. I did not keep all the records initially as I did not expect this to be such a problem : XXXX XXXX PMI cancellation process started - along with a {$190.00} check to start this process. All I am looking for is a dollar amount to pay to my principal them to have PMI removed XXXX They sent me a letter asking for more time to figure this out due to the complex nature of this request. Personally I dont think this should be very complex for a mortgage servicer XXXX XXXX they sent me a letter asking me to provide a list of improvements that I made to my home and asked for it in a specific format. I let them know that the home was a brand new townhome and no improvements have been made and send the request XXXX they asked for more time to figure this out and when I called they told me they were still in need of the list of improvements. I explained to them that there were no improvements so it would be impossible to create a list of XXXX. But they insisted I do so in that particular format so I created a list of XXXX improvements in the format requested. 
XXXX XX/XX/XXXX I received a call from the loan servicing department saying that they are still waiting for my {$190.00} payment. I explained to them that I included the check but they did not have it anywhere and asked for the check number. I was at the beach at the time and was not able to provide so I paid over the phone right then with agent who contacted me. 
-Mid XXXX, I hear nothing so I call. The rep tells me that they are still waiting for the {$190.00} payment. I explained to them that they have it, the agent found it and it appeared to have been misapplied to my principal and was corrected. 
XXXX XX/XX/XXXX I call again and it is then explained to me that they will not remove my PMI because they highly doubt that since owning the property that I have made zero improvements. I explained to the rep that this is a brand new townhouse, no improvements were needed and I am not allowed to make any improvements to the outside as our HOA will not allow for it. She then tells me that because of that they are not able to do a home valuation to provide the number. I let her know that several units in my complex sold for more than they bought it for - in particular one in my same building, exactly the same sold for 8 % more just XXXX weeks prior. NewRez also sends me home valuations which the XXXX one shows the value has increased by about 12 %. Sending I was getting no where fast, I asked the rep what I could do to get rid of PMI at this point and I was told to pay down my principal to 22 % of my original purchase price so I immediately wired {$69000.00} which posted on XX/XX/XXXX. 
XX/XX/XXXX I decided to use the chat feature so I could get some documentation. I cut and pasted it and saved to a PDF attached. After a few transfers, They confirmed that my equity was at 23 % and would remove this within XXXX business days. 
XXXX called in on XX/XX/XXXX to inquire as to why my PMI has not been removed but I couldnt spare the time to get into it with them. 
-XXXX  XXXX I called in again as it was a XXXX  and I had more time. I was then informed that they can not remove the PMI within the first XXXX years of a loans, Why wasnt I told this back in XXXX? Had I been informed of this I NEVER would have paid nearly $ XXXX back in XXXX. I would have let that money sit in my XXXX XXXX savings account making 4,25 % interest which is roughly {$240.00} per month I would be making. On interest alone I would have made over {$700.00} in the past 3 months!!!! 
XXXX Mortgage turns XXXX years of age on XX/XX/XXXX so I restarted the PMI removal process on XX/XX/XXXX XXXX Letters of acknowledgment are attached as are their requests for more time to process this due to the complex nature of the request. 
-After extensively reviewing my PMI disclosure I discover the 2 year waiting period for PMI removal I did not find any such language that says I need to wait XXXX years and I explained this to a rep when I called in on XX/XX/XXXX. 
-I have also asked them to recast my loan so my payment would be lowered - that was done in early XXXX as well. Still waiting for that to be done. I did not know I would need to make that request - would have been nice to know that as I expected it to happen automatically or at least get asked by the customer service rep but I didnt get asked. 

In addition to the above I have made several complaints. Clearly I am out of options when it comes to NewRez so I am going to you for assistance.

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