Mortgage -- Trouble during payment process -- Complaint #4850036

Complaint Overview

Complaint ID: 4850036

Company: Shellpoint Partners, LLC

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

State: South Carolina

ZIP Code: 29707

Date Received: 2021-10-27T12:00:00-05:00

Date Sent to Company: 2021-10-27T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

On XX/XX/21 I paid a single upfront premium at closing for our PMI of {$2800.00}. Since closing i have paid all mortgage payments on time. On XX/XX/21 I made a {$22000.00} payment towards my principle to so that our LTV was at 80 %. On XX/XX/21 I submitted a request to cancel our PMI and request a refund for a prorated amount of the prepaid PMI premiums. On XX/XX/21 I received a response to my request and that a PMI cancelation authorization form would be sent via mail. After waiting a few weeks, i reached out to Newrez 's customer support to inquire when i would receive this letter in the mail. I was first told that they would research and to call back in 5 business days. When i called again, i was told they would resend the letter and to call back in 5 days. After some additional attempts, on XX/XX/21 i was told that the PMI was canceled but that i was not entitled to a refund because the Mortgage Insurance Certificate labeled it as " Non-Refundable. '' After more research on the Homeowners Protection Act, i called again on XX/XX/21 to dispute their finding, and spoke with XXXX, and then XXXX telling them I never received a formal letter rejecting my cancelation request, or received the PMI cancelation authorization form mentioned in their initial email response. XXXX said that she would put it in for additional research and that they would send me a letter within 7-10 business days. On XX/XX/21 i still had not received a letter or other response from Newrez and called them. I spoke to supervisor XXXX XXXX and again expressed my frustration and that i believe that who ever is reviewing the request is not appropriately applying the Homeowner 's Protection Act and the return of the unearned premiums. I asked to speak to someone in that department but was told that was not possible but that she would try to connect with that department and explain what was happening. She also gave me her contact information. On XX/XX/21 i received an email from their loan servicing department stating that the cancelation note was an error in their system and that the MI Certificate was a single premium paid upfront for the life of the loan and with no refund option. And that even if the XXXX carrier allowed for the cancelation, that i would not be entitled to a refund. There was no option to respond to this email, and when i called the number provided to me by XXXX XXXX, i received a busy tone. Again I feel that they are not properly applying the Homeowners Protection Act when reviewing and evaluating my cancelation request. I am filing a complaint with the CFPB as i do not feel further attempts to communicate with NewRez 's customer service will achieve different results.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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