Consumer complaint received 2025-02-03 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: Shellpoint Partners, LLC
State: CA

Complaint narrative:
My loan was transferred to Shellpoint from XXXX ( XXXX XXXX Mortgage ) in XXXX of XXXX with an outstanding balance of {$1400.00}. This was a XXXX  that originated with XXXX in which it was required to draw my full credit line amount to start with. Once my loan closed and proceeds were received I started to pay the funds back ASAP as my intent was to have a HELOC when needed and not use any of the initial proceeds. I made several large payments to XXXX  my balance out ; {$10000.00} on XX/XX/XXXX, {$1900.00} on XX/XX/XXXX, {$100000.00} on XX/XX/XXXX, {$70000.00} on XX/XX/XXXX, {$100000.00} on XX/XX/XXXX, {$9500.00} on XX/XX/XXXX. The last payment, prior to my loan being transferred to Shellpoint was for {$9500.00} on XX/XX/XXXX, all of which was applied to principal since I was paid ahead of schedule. My new balance as of my statement dated XX/XX/XXXX was {$1400.00} for finance charges that accrued in between my last payments. My loan was transferred on XX/XX/XXXX and they rounded my balance to {$1400.00}. I signed up for Shellpoint 's online portal and noticed my new balance, with a few days of interest, was now {$1400.00}. I sent that exact amount on XX/XX/XXXX in hopes of getting to zero balance however of that payment {$12.00} was applied towards interest, {$670.00} was applied towards principal and {$710.00} was applied towards interest for billing period from XX/XX/XXXX to XX/XX/XXXX, which had not even arrived yet! This was all according to their transaction history that I reviewed. I was then left with a balance of {$720.00}, which I felt unfair since I just made larger payments not long before the loan was transferred, therefore not much interest would have accrued, AND I don't get how they are allowed to charge interest for XXXXXXXX XXXX billing period when my intent was to pay my loan off and free up my XXXX  with a XXXX balance in XXXX. I called Shellpoint and spoke to several reps which could not figure out why or how this happened. I escalated this to a supervisor and she stated that my charges were correct. I advised to her that XXXX of my last payment went to interest which isn't correct for the interest rate I had and the outstanding balance that was due after my previous payment. This seemed over her head so she didn't know what else to say. She suggested I file a complaint on their online system, which I had done. However, their online system does not allow for submission of text with a complain, it only has several pre-selected options to inquire about. After doing so I was sent a letter stating my complaint is in review and I should receive a response within 30 days. The response I received was unrelated to my complaint as they just sent me who the investor is on my loan. I tried this again and got the same results. I also received correspondence that they are very busy and will reach out after looking into my situation, which never happened. At this point I would like this investigated as I feel as though they are charging me an unfair amount of interest. Since I disputed my balance I've made interest only payments so my credit was affected. I also had to draw on my line recently so I fear that the previous interest charged, which should have gone to principal, will compound and I will be charged more than what I should be. Please help me see this through.

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