Consumer complaint received 2021-05-30 00:00:00
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Shellpoint Partners, LLC
State: CA

Complaint narrative:
During the process of refinancing with Newrez towards the first week of the month XX/XX/2021. The documents Newrez sent via email to us were signed and sent back with the understanding of refinancing with no changes done to this new documentation agreements. Just lowering the interest rate was the purpose of the refinance. From 4.5 % down to 2.7 %. This was outstanding to my wife and I this was a no brainer we thought, so we proceeded. 

During the first week we were advised by loan officer ( s ) XXXX XXXX and XXXX XXXX to not pay our mortgage for the month of XX/XX/2021 we were to use that money to put down for our closing cost for the refinance. Unfortunately this did not take place because there was several issues from communication to like a follow up then when it came down to the middle of the month for us to sign for closing with a scheduled notary no one showed up, no calls or emails were sent to us. XX/XX/XXXX Monday morning I reached out to NewRez complaining about this issue. They respond via email on XX/XX/2021 stating : Good morning, We are getting your loan corrected. What happened was the subordination for your loan had an approved loan amount lower than what we needed. Title has gone back to them to have this corrected.

Once this is done, I can get your loan rescheduled asap.

I apologize for the inconvenience but we will get this right.

Thank you! ) so much days and time as one went bye due to the lack of communication and misleading refinancing we received no assistance just a email explaining why which made no sense to us. All of which the mortgage is still due for the month we are still getting threatening letters from NewRez in regards to payment needed this is also confusing in one hand we thought we were refinancing with the company and the other hand the company sending us threatening letters of not paying on time and reporting to the bureaus for late or missing payment. 

Still to this day while reaching out to NewRez regarding the refinancing we are still getting misleading information and emails stating their apologies on the mistakes made and how theyre rectifying certain documents and so on.. This is truly troubling and any help you can provide towards making sure this type of rhetoric and refinancial-confusion to other NewRez customers trying to refinance with NewRez this type of trickery practice on their behalf holding customers hostage by promising refinance delaying it by lies and lack of communication and not delivering. And by that would deliberately screwing up their customers on time monthly payments for their mortgage. This type of practice causing customers to fall into delinquent status which causes a domino effect of lowering the possible chances towards ever refinance into a standard loan. If youre under an FHA loan by them reporting to the bureaus causing bad credit scores and even worse families are now her falling behind do these troubling times we might even lose their home because of this type of debauchery. Ive reached out to other NewRez customers from XXXX sad to say my family are not the only families NewRez has attempted this type of practice ... This is troubling.

Company response to consumer: Closed with explanation