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I have written to this company to request a full refund of the wrongful lender-enforced hazard insurance on a condo that I owned, but to no avail, unfortunately. The company has failed to respond to my certified letter, even though it has been a few months following their receipt of it.
Shellpoint wrongfully attached enforced insurance charges to my monthly mortgage payments--despite having been provided with evidence of the HOA's insurance policies, dating to their assumption of my mortgage.
Homeowners, who are members of condominium associations should not be required to pay for Shellpoint Mortgage's insurance policies because they already have insurance. Furthermore, homeowners have the freedom to choose their insurance carriers.
Upon their receipt of evidence of the HOA's insurance policies, this company should have promptly refunded me the full amount of the overcharges/payments due to me. However, after three written requests, including certified notification, this has not been the case. The company has failed to refund me the money owed to me.
I am merely requesting that the wrongful overcharges be refunded to me. This is a reasonable, fair request. From July of 2020 through March of 2021 alone, the overcharges cost me a total of $1, 625.84, according to their own billing statement, and it doesn't account for any other wrongful charges prior to that period.
This is no way to conduct business in America. It's unethical, if not illegal, and I cannot understand how companies like Ditech, Greentree, or Shellpoint (likely the same companies) are permitted to conduct business utilizing these types of schemes, which rob customers of our hard earned money. Sadly, some people even wrongfully lose their homes to schemes of this kind.
Furthermore, Shellpoint has an obligation to return what they are referring to as an "unapplied partial payment" in the amount of $1, 686.44. When one considers the hundreds of thousands of customers who likely are being treated this way, it's very disturbing and unacceptable. I request a full refund of all overcharges, unapplied funds, and the interest earned on both--posthaste.
Businesses, particularly mortgage companies that have control over citizen's housing, must have fair practices in their dealings with customers.
Desired outcome: A full, immediate refund of all hazard insurance overcharges; a full, immediate refund of any unapplied partial payments
Ms. R. Williams, I had the same issue with Shellpoint. Shellpoint makes it confusing and difficult on purpose. Make sure that you sent your notice of error to the correct PO Box address. This protects your rights as a consumer and by law Shellpoint would be required to respond within 5 business days. Then continue building a paper trail and record any phone calls you have with a representative using an app such as Cube ACR.
For me, I documented every interaction and response received, or lack there of, in each follow up letter. Also, obtain a copy of the service guide for property insurance requirements for condos from your lender. If your lender is Fannie Mae, you can view B-2-03 for a unit on their website. It has a link for single and four-family condo insurance requirements that may help. Subservicers, such as Shellpoint, are required to service the loan in accordance with the original loan agreements.
Know your rights as a consumer. Point out in writing that what you've submitted complies with a particular insurance guide, if that's actually the case. Mention how failure to acknowledge the documents submitted and not refunding any overlap in coverage is in violation of RESPA and Regulation X.
If you still have not received a response in 30 days, file a complaint with the Consumer Financial Protection Bureau to help with a resolution. You also have the right to file a lawsuit for damages and attorney fees because they were given notice of error and failed to act in a timely manner. Good luck.
Thank you for providing this information. I appreciate it very much and will follow your advice in order to resolve this matter, since Shellpoint is non-cooperative and denies ever having received the proof of insurance paperwork that I sent to them via certified mail. It's unfortunate that mortgage companies are permitted to engage in such unethical business practices.