Mortgage -- Trouble during payment process -- Complaint #8268003
Complaint Overview
Complaint ID: 8268003
Company: Shellpoint Partners, LLC
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
Sub-Issue: Escrow, taxes, or insurance
State: Florida
ZIP Code: 337XX
Date Received: 2024-02-01T12:00:00-05:00
Date Sent to Company: 2024-02-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My loan was originally with XXXX XXXX XXXX which has since been acquired by NewRez LLC. I unfortunately had a fire at my home which was covered by insurance. A large 6 figure claims check was sent to the consumer ( me ) to start building back my home. NewRez was attached as an additional party. NewRez states their process is to have the homeowner sign the check and send it to NewRez by which they will, at their discretion, send money to the homeowner for payments. My issue is NewRez REQUIRES an inspection every time money is to be sent to the homeowner, NewRez will then CHARGE THE HOMEOWNER for an inspection that ONLY NEWREZ requires. In the state of Florida, a 4 point inspection is required after any major renovation to be covered by insurance. I'm already paying for a personal inspection, but NewRez WILL charge me for their own inspection. Not even the insurance requires inspections for funds. This is completely immoral and unethical and if NewRez would like to charge an inspection fee to make sure the property meets or exceeds their expectations, it should be the financial responsibility of NewRez. In addition, there's something unsettling about releasing 100 % of the signed funds to NewRez to be used and given at their discretion. I'd never down ANY of this with ANYONE, EVER, yet this seems to be an acceptable practice for my Lender, whom I pay monthly money to for a home already and who is single handedly preventing access to funds to help me continue paying the mortgage. From everyone I've talked to in the industry, this is NOT NORMAL and is behavior that should be reviewed and revised. My home incident was in XXXX, we are currently in XXXX. I'd notified NewRez during several conversations, but they only documented the first portion of the process starting in XXXX. This has been the most infuriating part of the entire claims process. Not the contractors, public adjuster, or claims adjuster, but my Lender - NewRez LLC XXXX
Frequently Asked Questions
What is Complaint #8268003 about?
Complaint #8268003 was filed against Shellpoint Partners, LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-02-01T12:00:00-05:00.
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.