Consumer complaint received 2024-07-18 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:
I encountered the following XXXX issues with Shellpoint Mortgage Servicing, the primary issue being that they stole {$25000.00} from me ( they took {$50000.00} from my bank, only applied {$25000.00} to my loan, and are currently refusing to return or credit to my account the other {$25000.00} ) : XXXX ) On XX/XX/year>, I attempted to make a {$50000.00} payment on my HELOC to Shellpoint Mortgage Servicing. This was allowable as per my original terms of agreement with XXXX XXXXXXXX XXXX before they transferred my loan to Specialized Loan Servicing, who then transferred my loan to Newrez XXXX Shellpoint Mortgage Servicing. Shellpoint did not allow a {$50000.00} payment. When I called the company to inquire about this they informed me I could only make a {$25000.00} payment. This violated the rule that terms of agreement on a mortgage must remain when transferred to a new company. It also required that I pay additional interest as I would have to wait to make the second {$25000.00} payment. 

XXXX ) I made XXXX {$25000.00} payments to Shellpoint ( totaling {$50000.00} ), which were taken from my bank account on XX/XX/XXXX and XX/XX/XXXX respectively. One payment was credited to my Shellpoint account XX/XX/XXXX. The other never posted to my account. When I called Shellpoint to inquire about the issue, they confirmed that they lost my other {$25000.00} payment. They refused to call me back and forced me to wait on hold while they looked for the payment. They eventually found it, acknowledged that they took the money, but did not credit my account. Rather, they said they had to " look into it '' and that they " may '' contact me about it, but refused to assure me that ( 1 ) they would ever return the money or ( 2 ) ever credit it to my account. They simply took it. I've followed up via email, and they will not respond to me. 

XXXX ) While this is a minor issue, Shellpoint delayed 6 days between debiting my bank account for my initial {$25000.00} payment and crediting my loan, resulting in XXXX additional days of interested accruing on this payment. 

XXXX ) Customer service has been horrendous. I did not choose this company, my loan was sold to them. It was bad enough that they lost {$25000.00} they took from me. It is absolutely unacceptable that after being notified of this issue, they refuse to credit my account the amount they took. As of this writing, they are still charging me interest, and still refusing to respond to my requests for updates, information, and ultimately, resolution of the issue. They simply kept the {$25000.00}. I don't know what to do or how to proceed. 

Mistakes happen. But when they happen, a company chooses how to respond. Whether Shellpoint Mortgage Servicing accidentally misplaced or stole my {$25000.00}, they are currently aware of the issue, admitted they took it, and refuse to address the issue or assure me that they plan to address it.

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