Consumer complaint received 2025-08-08 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Trying to communicate with the company to fix an issue with the application process
Company: Shellpoint Partners, LLC
State: AR

Complaint narrative:
On XX/XX/XXXX applied for home equity loan with my current mortgage company NewRez. Current mortgage is a house and XXXX acres. The house sits on the XXXX acre parcel and the XXXX acres is on a separate parcel that joins the XXXX acre tract. Initially applied for {$130000.00} and was told by XXXX XXXX it automatically passed his computer which rarely happens. I'm a XXXX  XXXX XXXX  and know what parameters this loan will be. Even if I did not consolidate the debt which some will be my dti would be approx. 38 % and XXXX would be strong based on a value of {$550000.00} ( actually higher ). XXXX signed disclosures, XX/XX/XXXX discussed loan with XXXX XXXX. XX/XX/XXXX received and signed new loan estimates after requesting new amount of {$150000.00}. XX/XX/XXXX payoff sent to XXXX XX/XX/XXXX received appraisal on house and XXXX acres. XXXX signed appraisal acknowledgement. XX/XX/XXXX sent email requesting update after not getting any return calls from XXXX XXXX. Sent emails to XXXX XXXX as well as he was the only XXXX responding. XX/XX/XXXX received email stating loan moved to XXXX review XXXX and was told to expect call by end of week. Call never came. XX/XX/XXXX reached out to multiple people, no response from anyone I reached out to. XX/XX/XXXX received call from XXXX XXXX stated they denied loan due to acreage size. Tried to explain this was known on front end even before me paying for my appraisal. He was happy to deny and move on and be done with me. At that time I requested he help me get in touch with someone to release the XXXX acres and never provided information or helped. Also after multiple conversations with him asked why don't they just take the XXXX acres since that is what the house sits on and access from highway so no easement issues. After multiple conversations he finally understood where I was coming from but stated the parcels have to be on XXXX completely different deeds even though the tracts are separate with clear legals and tax separately at county level on XXXX different parcels. I went ahead and paid title company and courthouse to have the deeds prepared and filed. Sent to XXXX XXXX who states in email he reviewed with underwriter and that would work on XXXX. In phone call with XXXX XXXX said they would straighten out and only be a week or XXXX and should close. XX/XX/XXXX signed new disclosures. XX/XX/XXXX more disclosures, XXXX received new appraisal still showing XXXX acres. Left voicemail with XXXX XXXX making sure they still show the XXXX acres. on XXXX sent deeds again to Newrez this time directly to XXXX XXXX who acting like she hadn't heard this before even though this was our first conversation. XXXX was helpful until I again asked for an update or to visit with someone to get some answers. She said she would have manager call me and I still have not heard from anyone or what step of underwriting etc. I have placed mulitple phone calls just trying to get an update and just keep getting told it is in underwriting. Process started XX/XX/XXXX. It is now XX/XX/XXXX and all parameters fit, high XXXX credit scores XXXX low, XXXX approx XXXX  %, etc. etc. The biggest concern is multiple times was stated well they can just refinance my whole loan. XXXX is at XXXX  % which I do not want to give up but appears they are dragging this out intentionally steering me in that direction. They either need to deny me with cause, communicate where we are with underwriting stage. Also, since they do not want anything over XXXX acres help get me in touch with someone to release the XXXX acres from my XXXX mortgage. House and XXXX acres appraised for {$670000.00} approx. and owe approx. {$210000.00} on first. Please help, it is wrong to do people this way and it shouldn't be this difficult of a process and I'm confident they are steering people to give up their low rates.

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