Consumer complaint received 2024-12-31 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/2024 XXXX XXXX severely damaged our home. 
On XX/XX/XXXX, XXXX our insurance company issued a check to us as homeowners and our mortgage company NewRez Mortgage. 
As our home required a new roof and had no kitchen, it was unlivable for a while and we began repairs ( including removal of the tree ) immediately. So, by the time we received the insurance check, we had already incurred thousands in repairs ( {$17000.00} alone to remove the tree ). NewRez has strict processes to get your money from them. You must provide all the paperwork from XXXX and construction quotes and request inspections to verify the work is being done BEFORE they release funds. OK, I understood that, but here is where the fraud and egregious process begins. They delay, delay, delay be adding days and weeks to doing anything, takes them XXXX to cut a check and to get it quickly ( And so you can track it ), you have to send a XXXX label. However, they challenge and dispute every inspection. They DO NOT send inspectors. Inspectors text you and tell you to send photos. Then. they reject the photos for quality and angle not being acceptable. Also, HERE 's the big one ... .they do not pay you for the repair cost, they have some " calculator '' that decides what % complete you are and determine what funds they will send you based on that! Make that make sense? For example, a roof and rafters being repaired on a house may only make it 20 % complete, but it is 50 % of the overall cost. This puts you behind in paying your contractors and ultimately work has to stop because no one should be expected to do work and then wait months to be paid money that insurance has already approved. THEY ARE CRIMINAL. 

They placed the funds in a managed ESCROW account and are earning interest off the money that is intended to pay for repairs on my home! 

Yesterday, they disputed the last inspection requested XX/XX/XXXX. It was finally submitted XX/XX/XXXX and they rejected in XX/XX/XXXX BUT never told me until I called XX/XX/XXXX to inquire about my funds. Now they are saying they need more photos of the roof and they will not call the project complete because my tile is not installed. HOWEVER ... XXXX have NOT even been paid for the tile install from insurance ... I was only paid for the tile materials and this was agreed with insurance ( I sent NewRez a paid receipt and photos of the tile materials on site at the house! ). We still have roughly another {$100000.00} to submit to insurance for additional repairs and the tile install was deferred to the second phase ( Which we have not even started yet! ) We were just trying to get our home livable for XXXX, which meant, roof, cabinets, counts and floors- all of which is now DONE! But, they are disputing it and holding the money. I owe people over {$50000.00} and NewRez will not release the funds! That is overstepping! That is not their business, that is the business of insurance, not a mortgage company! I'm making repairs to the home and protecting the investment... that is obvious from the photos! The money is being used for the intended purpose. That is all they should care about. 

When you call they all have the same script ... .we will email the inspection company and someone will contact you ... THEY NEVER EVER CALL YOU BACK. I call every day and that is the only way we have gotten any money whatsoever. There are no supervisors to talk to. There is no status update. Their portal is ridiculous, has no information on it at all. They only way I know if a check is coming is by the XXXX tracking. The inspectors are awful and rude. They just text and demand photos, but never tell you if the photo is OK or not... then they submit your photos on their report and then NewRez ( or ShellPoint ) rejects it! 
Please please please investigate this company- they are fraudulent and I can not be the only one.

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