Consumer complaint received 2025-10-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: Shellpoint Partners, LLC
State: MI

Complaint narrative:
Unethical financial business practice by Newrez Mortgage Co likely preventing consumers from recasting mortgage. I have a right to recast my mortgage and have a significant lump-sum to put down which will greatly reduce the amount of interest I'm paying ; of course, it is not in the best interest of Newrez to lose interest. Therefore, there is no reason for them to train their employees on the process of recast. 
There is no way anyone should be expected to feel comfortable paying $ XXXX online/over the phone to Principal with no paperwork or written documentation memorializing a re-cast v. lump-sum principal payment. According to XXXX agents at Newrez I'm just supposed to " trust '' that they apply my lump-sum to a re-cast agreement v. straight principal payment, and Newrez can't give me anything in writing to memorialize this. Another agent who processed my case said absolutely do not pay into Principal without the paperwork processed first. 

XX/XX/XXXX - Called Mortgage Co [ Newrez ] to obtain process for Mortgage re-cast. Agent informed me that the process for re-cast is for to pay the lump-sum, plus a {$250.00} fee, to the Principal option online ; based on the notes he makes in the system they'd use the payment to recast my mortgage. I advised the agent I'm uncomfortable paying close to $ XXXX to principal and relying on the notes he made to ensure this becomes a re-cast and isn't simply applied as a lump-sum principal payment ; there should certainly be some sort of paperwork on the matter or someone to talk to about what my new payment would look like, etc. I was informed by the agent that isn't the way it works ; he said if I don't like the way it turns out Newrez will send me a refund check. I questioned him on that too - why would you send a refund check for $ XXXX when I owe you $ XXXX? He said I was being overly suspicious and Newrez is my mortgage co they are not trying to rip me off. He practically talked over me the entire time and when I tried to speak ( I wasn't even raising my voice ) he told me to count to ten. 

XX/XX/XXXX - Called XXXX XXXX in an attempt to get a different agent. This agent, who was very professional, said process is for her to open a case, in which paperwork will be sent to me within 9 days ( has to go through an approval process ), after receipt of the paperwork follow the direction to make the payment for the re-cast. XXXX said based on the date case is opened ( and provided case # ) the re-cast can be complete before XXXX payment is due. Agent said DO NOT MAKE A PRINCIPAL PAYMENT without the processed paperwork ; she said this is incorrect, apologized for someone providing incorrect info and would report it to her supervisor. 

XX/XX/XXXX - Called XXXX XXXX as no paperwork has been received and online account doesn't have any indicators that there is a re-cast case opened. This agent, who didn't even take the case # I offered up, says the process requires you make a lump-sum payment including fee to the Principal option of your account then the re-cast will take place, and no paperwork will be sent until you make that payment. I advised agent that I'm not sending $ XXXX blindly to Principal without written documentation & another agent already advised me not to do that, it is not the process. He responded that the process has recently changed. I questioned him as to when exactly the processed changed because I opened the case 10 days ago and that is not what I was told. I advised agent I needed to talk to a supervisor and he said, if time is of the essence for your XXXX payment you're wasting your time, the supervisor will tell you the same thing. I also brought to his attention if the process changed between XXXX and XX/XX/XXXX was anyone going to contact me to let me know I wasn't getting paperwork because the process changed ; this is very suspicious. XXXX told me that a supervisor would call me back within XXXX. I advised him I'd be filing a complaint as this is very unethical and Newrez profits from not processing my re-cast. I should also note, that this agent, same as the first, talked over me the entire time ; I had to tell him to stop talking as it was my turn to speak. Obviously, my payment, thus interest, drops significantly once $ XXXX is applied.

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