Consumer complaint received 2024-08-06 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: Shellpoint Partners, LLC
State: GA

Complaint narrative:
I applied for a HELOC on XX/XX/year>, with loan officer XXXX XXXX through my mortgage company Newrez/Shellpoint or whatever it is they call themselves to fund necessary home improvements, particularly to address a leaking basement. XXXX took my information, pulled my credit score ( which was XXXX at the time ), and confirmed that I qualified for a conventional loan with a 10.93 % interest rate I promptly submitted all requested documents, including check stubs and W-2s, per her request on XX/XX/year>. She assured me she would review everything within 24 hours and get back to me.

However, a week passed without any response, despite my multiple voicemail messages. When I finally received the approval paperwork two weeks later, XXXX had not reviewed anything with my prior to signing all the necessary paperwork to complete the loan process. I had to call and email her with questions, but she remained unresponsive. Eventually, she informed me via email that her phone line was unreliable and that email was the best way to reach her. Never heard of such from a corporate business office. 

As the 30-day deadline for the loan terms and conditions approached, XXXX mentioned that verifying my employment would take 72 hours due to a third-party process. After three days without any response, I contacted the main office. A representative there sent XXXX a chat message, to which she quickly responded, promising to call me back. Of course she did not call me XXXX emailed me on XX/XX/year>, stating that she had just received my employment verification that morning and that my loan was denied due to insufficient income and that I could try for a refi again but it would not be approved because of the problems with my home the appraisal would fail. Naturally, I was livid because the entire process was marked by poor communication, unprofessionalism, and misleading information. I tried calling her again, but she did not answer, and I couldnt reach her even through the home office. Everyone I spoke with gave me the runaround and refused to let me speak to a supervisor. 

I received a letter in the mail dated XX/XX/year>, stating that my application was incomplete and that no necessary information to process my loan had been received ( I still have the letter ). I have never missed a mortgage payment in the five years Ive lived in my home. For someone to pull my credit, tell me I was approved, and then fail to provide the necessary follow-up or communicate effectively with a paying client is unacceptable and potentially grounds for legal action due to inaccurate consumer reporting. 

I feel extremely disrespected by the rude and nasty behavior of the agents I spoke with. I demand an explanation in writing for why my loan was not approved and request that a person in charge call me to review the reasons for denial with me. Additionally, I want this false loan application removed from my credit report immediately. Please let me know if I can provide any additional information as I still have all documents received that I was told to shred.

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