Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4499869
Complaint Overview
Complaint ID: 4499869
Company: Shellpoint Partners, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: California
ZIP Code: 94086
Date Received: 2021-06-28T12:00:00-05:00
Date Sent to Company: 2021-06-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I was refinancing my home mortgage with XXXX XXXX. They told me not to tell my current mortgage company that I was refinancing. I was approved for a refinance and was told it would take 21 days or less to close with XXXX. I decided to tell my current mortgage company, NewRez, to see if they had a better offer. Low and behold they told me they could match the rate and it would be less on closing costs by about {$1000.00}. I was told by NewRez that the loan would close within 21 to 28 days. So I stopped the loan process with XXXX and began the process with my current mortgage company, NewRez. I started the process with NewRez on XX/XX/2021. My rate was 3.99 %. The refinance rate was going to be 1.99 %. I was told the process would take 21 to 28 days. NewRez asked for all my documents such as tax returns, proof of income, homeowners insurance and three months of bank records. I submitted everything on XX/XX/XXXX. As the 28th day passed, I kept sending emails asking what was going on. I was told repeatedly that they were busy. When the 80th day approached, and it still hadn't closed, I asked if they were trying to keep me at the 3.99 % as long as possible. I said I now had lost several XXXX dollars since I was still paying on my current 30 year loan at 3.99 %. All my documentation was submitted back in XXXX, and there weren't any items needed on my part. I have a 800+ credit score, no other debt besides my house, and a 20 % income to debt ratio. There is no reason this loan should take so long, other than NewRez is still collecting 3.99 % rate from me, and therefore not motivated to refinance my loan. I really think they delayed the process so they can have the higher rate. I emailed them numerous times, and they just said they were busy. I am sure they have closed on several loans since XX/XX/XXXX. I believe this is an unfair consumer practice. I called the Federal Reserve, and was told this is typical of lenders, and they can't do anything about it. I called the State Attorney 's Office, and was told that it is unfair but common, but they can't do anything about it. This practice should not be allowed to continue! I can't even believe that lenders are able to do it and no one can stop them. Very frustrated! They finally closed about 60 days later than what I was told. Something needs to be done to prevent mortgage lenders doing this! Please help.
Frequently Asked Questions
What is Complaint #4499869 about?
Complaint #4499869 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 2021-06-28T12:00:00-05:00.
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.