Loan Servicing
Shellpoint Mortgage ServicingInformation and Alerts
Alert Details
This business has 2 alerts.
Pattern of Complaints
BBB files indicate that this business has a pattern of complaints concerning consumer who allege poor customer service, payments not being applied to their accounts, and consumers receiving foreclosure letters. On 10/22/2024, BBB submitted a written request to the company encouraging them to address the pattern of complaints. The business has responded and agreed to take the following action: Add 250 agents in customer service and require additional staff training; Sending the impacted borrowers a letter and video explaining the MFA process, as well as how to sign into their account; This creates more self-service opportunities on their website, mobile app, and system to allow consumers to get immediate responses.
Alert
" Shellpoint advises its customers to contact the business directly at (800) 365-7107 for any customer service related needs before filing a BBB complaint".
Important Information
This business is BBB Accredited.
BBB has determined that Shellpoint Mortgage Servicing meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
BBB accreditation does not mean that the business's products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business's product quality or competency in performing services.
Government Actions
On August 17, 2022, the Minnesota Commissioner of Commerce has advised they are prepared to commence formal action and other applicable law based on allegations that NewRez incorrectly applied 54 of 58 payments by consumers from January 2020 to December 2021. NewRez has voluntarily repaid all interest over payments by consumers and agreed to not re-apply the interest under payments by consumers as not all misapplications of payments resulted in financial harm to consumers. The company has waived their right to any notice or opportunity for a hearing on any civil penalty imposed by the commissioner. The company will pay a civil penalty of $54,000 + costs to the State of Minnesota and conduct an audit of all Minnesota mortgages whose servicing rights were transferred from TCF Bank, N.A. to NewRez since January 1, 2019. The Consent Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law. For more details go here
Service Area
- USA
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