Consumer complaint received 2025-01-16 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:
Loan Origination Date : XX/XX/XXXX - {$220000.00} distributed at close. 
Initial Interest : 10.875 % Variable rate HELOC - Payments : {$100000.00} on XX/XX/XXXX ( towards principal ) ( called on XX/XX/XXXX to make sure they were applied correctly as it was showing unapplied in my statement generated in XXXX ) {$25000.00} on XX/XX/XXXX ( towards principal and interest ) ( called on XX/XX/XXXX to make sure they were applied correctly as it was showing unapplied in my statement generated in XXXX ) {$690.00} on XX/XX/XXXX ( towards interest ) {$700.00} on XX/XX/XXXX ( towards interest ) -No statement was generated {$890.00} on XXXX ( towards interest ) -No Statement was generated until past XXXX with unapplied payments ( Payments were reversed on my account by a clerk ). 

Rate Adjustments : Please note that no rates were adjusted properly until I complained about in XXXX and the again in XXXX. 

XX/XX/XXXX : Interest rate decreases by 0.25 % to 10.625 % XX/XX/XXXX : Interest rate decreases by 0.50 % to 10.125 % XX/XX/XXXX : Interest rate decreases by 0.25 % to 9.875 % The issues outlined below pertain to misapplication of payments, interest overcharges, incorrect billing practices, and potential reporting errors that require immediate review and correction. 

Timeline and Issues Initial Payments and Verification On XX/XX/XXXX, I made a payment of {$100000.00} towards the principal. 

On XX/XX/XXXX, I made another payment of {$25000.00} towards principal and interest. 

On XX/XX/XXXX, I contacted your customer service team to verify that my payments were applied correctly. At that time, I confirmed how I wanted the payments allocated. 

XXXX XXXX Discrepancies My XXXX statement showed a billing cycle of 24 days and finance charges of {$1600.00} calculated using a daily periodic rate of 0.02979 %. The due payment which was in XXXX of XXXX was paid correctly. I had requested on XX/XX/XXXX, that {$1600.00} ( was part of my initial bill that came in with the closing package ) from the {$25000.00} payment made on XX/XX/XXXX, be applied towards interest. Since this payment should have been backdated to XX/XX/XXXX, the correct interest for the 11 days at {$220000.00} ( from XX/XX/XXXX ) should have been about {$730.00}. At this point the additional interest payment would have been allocated to future payments due. 
At this point, things were out of sync as I stopped getting statements from Shellpoint. 

To avoid being late : I guessed a payment of {$700.00} for a payment due in XXXX ( no statement was provided ). 
I then made a payment of {$890.00} for XXXX while trying to correct the issues caused by someone going into my account and unplaying all payments that were made thus far. Please note that I got a letter dated in XX/XX/XXXX saying that my loan was " delinquent : and that they had made several attempts to contact me about the matter. This is false, since I was the one in contact with them to point out that the loan was note delinquent, but someone had indivertibly reversed payments made into the account and cause the system to now flag the loan as over 60 days past due. 
I finally got a letter at the end of XXXX saying that the issue was corrected and that they had re-applied the payments and used part of the principal paid back in XXXX for this correction. Now, I have XXXX XXXX statements issued. XXXX with a payment due of XXXX generated on XX/XX/XXXX. Another generated on XX/XX/XXXX with a balance due of XXXX which consists of interest payment and a late fee. Please note again, that I have never paid late but they applied XXXX late fees to this loan. XXXX has been reversed but the other, even after I have disputed, they refuse to reverse it. 

Lack of Statements : I did not receive any statements for XXXX, XXXX, and XXXX. 
The XXXX statement was only created on XX/XX/XXXX. 

XXXX XXXX and XXXX XXXX : Due to the companys error, my account was reported as late to the credit bureaus, significantly impacting my credit score. Went from a high XXXX 's to a XXXX score. 
This has caused my credit card companies to lower my credit limits, severely affecting my ability to complete the construction of my house and XXXX. 
The incorrect reporting and mishandling of my account have caused significant stress and financial hardship. 

Given these issues, I request the following actions from Shellpoint : That they Provide a detailed review of my file and correct the application of all payments. 
Remove any late fees that were incorrectly assessed due to the companys error. 
Issue an apology for the incorrect reporting to the credit bureaus and the resulting impact on my credit score. also, make sure the credit is restored to what it was before the incorrect reporting. ( Please note that I have reported and disputed this matter with the credit bureaus directly as well ). 
Ensure that my account reflects the correct payment history and balance. Remove all delinquencies history.

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