Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4392612
Complaint Overview
Complaint ID: 4392612
Company: Shellpoint Partners, LLC
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 076XX
Date Received: 2021-05-20T12:00:00-05:00
Date Sent to Company: 2021-05-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My son purchase a home 3 1/2 years ago. At some point New Res LLC took over the mortgage. In XX/XX/XXXX my son wanted to refinance the mortgage as the rates were lower. Since he was furloughed from work due to Covid-19 my husband and & were to cosign the loan. The paper work was submitted on XX/XX/XXXX. We were assigned a senior mortgage consultant who requested certain information which we supplied. On XX/XX/XXXX I contacted the consultant as to the status of the application and was advised the processors were very busy. I again contacted her on XX/XX/XXXX and received the same reply. On XX/XX/XXXX, we received an email that the loan application was conditionally approved. We had a new consultant and a new processor. They now asked for many additional documents. As we own multiple properties and vacant land the documentation list was outrageous. Nothing we own has a mortgage, we have no debt. The amount my son is looking to refinance is less than the value of our primary home. The company is looking for insurance on vacant land. This has become a nightmare. We provided some documentation. Our dividends and bank accounts can more than cover the refinanced amount. On XX/XX/XXXX, I contacted the processor who needed more information and the new XXXX tax return, plus things we already submitted. On XX/XX/XXXX we send additional information. On XX/XX/XXXX, I again sent an email & telephone call to the processor who said delay due to high volume. On XXXX same answer. On XX/XX/XXXX we received a Loan Commitment & Property Inspection Waiver disclosure to sign which we did and returned to the processor. Since then on XX/XX/XXXX & XX/XX/XXXX I contact the processor but receive no answer. This is totally unacceptable. this company needs to be investigated. Because we have assets we have been scrutinized to such an extreme level for everything we own. No refinancing should every take this long to complete.
Frequently Asked Questions
What is Complaint #4392612 about?
Complaint #4392612 was filed against Shellpoint Partners, LLC regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-05-20T12:00:00-05:00.
How did Shellpoint Partners, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Shellpoint Partners, LLC?
Yes, visit the Shellpoint Partners, LLC company profile at readthecomplaint.com/company/shellpoint-partners-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.