Consumer complaint received 2024-07-21 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: Shellpoint Partners, LLC
State: SC

Complaint narrative:
On XX/XX/year>, I purchased my home in XXXX XXXXXXXX through XXXX XXXX XXXX At the time, my loan was processed, in XXXX XXXX, as a secondary residence because I was living in XXXX  at the time. In XXXX XXXX the taxes are tripled when a home is processed as an investment property. However, once you obtain residency, the loan is adjusted to reflect the taxes for a primary residence. 

So, the week of XXXX XXXX, after the closing, I obtained my XXXX XXXX  driver 's license, I updated my license plates and my car registration and insurance were switched to XXXX XXXX. It wasn't until XXXX XXXX XXXX  that the XXXXXXXX XXXX Assessor 's office approved my application for primary residency. Normally, the mortgage lender would take this information and quickly and promptly readjust the tax rates on the loan to reflect the change in residency. This is has not been the case almost two months later! 

I contacted XXXX at the end of XXXX to process this change for my mortage payment because it will reduce my payment by about {$470.00}, along with whatever the new escrow adjustment will be! This is a hefty overage that I have to pay! XXXX said my bank switched to Specialized Loan Servicing ( I did not sign off on any contracts or documents to SLS ). So, my bank lender, XXXX XXXX / XXXX XXXX, and I contacted SLS on XX/XX/XXXX at XXXX. They instructed us to send over the residency approval and tax adjusted rate, uploading the documents to XXXX. We did and the woman said it would take 10 days to process, so we said we'd call back in 10 business days.

I called SLS back on XX/XX/XXXX and they said my loan had just transferred from SLS to shellpoint/new rez, again ... without me signing any agreement or contract... and they can't access my information in the computer to check status of my documents until the loan transfers. This was a Friday and I said I'd call on Monday. I called back SLS on Monday and my loan had transferred, but the rep said there's nothing in the computer. I argued how that's possible in 2024 that documents are not carried over! This loan was in the process of being adjusted and now, all traces are wiped from the system?? And we have to start the process over?? I told the woman I want a supervisor or manager to call me, and no one did! 

My bank lender, XXXX, and I conferenced called SLS AGAIN on Tuesday, XX/XX/XXXX to get this resolved. The gentleman instructed us to send an email with the same documents we already uploaded on XXXX to which he said their company doesn't use/their computer doesn't recognize. He also said to call back in two business days to check status. Today is Sunday, the XXXX. My lender was unable on Thursday and Friday of last week for us to call back again. I want this mortgage adjusted before my XXXX payment AND I want a refund for the overage for my XXXX mortgage because this should have been processed!! My lender said she has never seen this process take THIS LONG or anyone have this much trouble getting it straightened out, ESPECIALLY in this state where it is a requirement!! 

We are planning to call tomorrow! However, I went on XXXX to check out New Rez/Shellpoint and came across comments of people going through the same situation with this company extorting money from lenders! One individual commented and said " New Rez is part of SLS, which is a 3rd party collection agency, which is illegal! They get away with criminal activity by merging with new rez shellpoint so they can extort money from you. If you never signed a purchase of agreement to pay a debt, it is illegal on their part! It is identity theft and ask then to show you where you signed this purchased and if they are licensed in your state. They are nothing but criminals, and third party with no legal right to receive extorted money. '' He goes on to say that SLS is a collection agency and they break the law all the time selling and buying mortgages as a third party without you signing a contract with them. 

How is this allowed??? My loan was processed through XXXX XXXX!! And you tell me, not only are you not adjusting my rate according to XXXX  law, you keep transferring my loan to all these companies that I am not contracted with??? Somebody better get my loan adjusted properly before my XXXX payment!

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