Consumer complaint received 2025-10-08 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: Shellpoint Partners, LLC
State: GA

Complaint narrative:
From the outset of my loan process with XXXX XXXX XXXX that started on XXXX XX/XX/year>, the experience has been deceptive and misleading. After a full week of discussions regarding the loan terms, including a specific agreed-upon XXXX, I was shocked to discover that the final terms which closed on XXXX XX/XX/year>, did not match what was actually funded. Once the loan was funded on XXXX XX/XX/year>, the interest rate had already inexplicably increased to an outrageous 13.16 % a significant and unjustified increase from what was promised at closing. 

Throughout the process, I was assured that funds would be deposited directly into my bank account, allowing me to manage my own debt. However, XXXX instead sent checks directly to creditors without my authorization a clear breach of our agreement. To make matters worse, I later learned that my loan had been transferred to a third-party company, Shellpoint Mortgage Servicing , also known as Newrez LLC a company I was never informed would be involved. Discovering that this company functions as a mortgage debt collector with a one-star rating on XXXX and an overwhelming 97 % negative review rate was both disturbing and unacceptable. No responsible consumer would knowingly enter into a financial agreement with a company that holds such a dismal reputation. This lack of transparency is both unethical and predatory. 

Customer service for both XXXX and Shellpoint/Newrez LLC has been virtually non-existent. Attempts to resolve these issues have led nowhere, further reinforcing the perception of intentional avoidance and lack of accountability.

The unauthorized changes to my loan terms including the interest rate and the handling of payments without proper notice or explanation, are not only misleading but may border on fraudulent. To include during the initial discussions, I would not proceed unless the contract mentioned a non-penalty clause for early repayment of the loan. XXXX failed to include this verbiage in the final terms. 

This entire experience reflects gross negligence, misrepresentation, and a disturbing lack of transparency from both companies involved. Given these serious concerns including the unauthorized rate increase, misapplication of funds, failure to include the prepayment penalty verbiage in the contract and the overall concealment of key information I am formally requesting the immediate cancellation of this loan and rescission of any related obligations or transfers. I entered into this agreement in good faith, relying on representations made by your organization, which have proven to be inaccurate and misleading. I expect an urgent review of this matter and written confirmation that the loan has been cancelled, along with all necessary steps taken to resolve the issue. Failing this, I will escalate my complaint to the XXXX XXXX XXXX, state legislators, and all applicable consumer protection agencies.

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