Mortgage companies and mortgage servicing companies offer slightly different services. Shellpoint is one of those companies that exclusively provides mortgage servicing.
Shellpoint Mortgage Servicing is not a mortgage lender because it does not originate loans.
To service mortgage loans, Shellpoint collects principal, interest, and escrow from property owners on behalf of lenders. Mortgage lenders can also transfer loans to Shellpoint for management and servicing, which includes accepting and processing payments.
The article below explains all the working plans of Shellpoint, including their payment fees, contact details, sign-up process, etc. Stay with us as we discuss them.
Table of contents
- What is Shellpoint Mortgage Servicing?
- What Does Shellpoint Mortgage Servicing Do?
- Shellpoint Mortgage Servicing Cons and Pros
- What Are the Regulations and Rules Of Shellpoint?
- What are the working hours of Shellpoint Mortgage Servicing?
- How to Sign in or sign up on Shellpoint
- How Do I Qualify For Mortgage Forbearance?
- What Is the Shellpoint Fees Structure?
- What is the Process of Information Transfer?
- Contact Information of Shellpoint Mortgage Servicing
- Shellpoint Mortgage Servicing Reviews 2023
- FAQs on Shellpoint Mortgage Servicing Review 2023
- In Conclusion
- References
What is Shellpoint Mortgage Servicing?
Shellpoint Mortgage Servicing manages loans that mortgage lenders have originated. They have accepted and processed mortgage payments from over 1.7 million homeowners nationwide.
Shellpoint has grown to become the fifth-largest non-bank mortgage servicer in the country in recent years, with over 2,500 employees.
Shellpoint Mortgage Servicing is a proud member of the Newrez Family of Companies.
It manages mortgages that mortgage lenders have already issued. The company was founded in 2007 and accepts and processes mortgage loan payments.
From stat, it has employed over 2,500 people and is the fifth-largest non-bank mortgage servicer in the United States. Shellpoint has locations in Texas, Florida, South Carolina, and Arizona. Shellpoint’s corporate headquarters are in Greenville, South Carolina.
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What Does Shellpoint Mortgage Servicing Do?
To service mortgage loans, Shellpoint collects principal, interest, and escrow from property owners on behalf of lenders.
Shellpoint Mortgage Servicing Cons and Pros
Pros
- The company provides remote mortgage servicing.
- There is no need to visit the store; Shellpoint accepts payments over the phone, online, and with checks.
- You can see your payment history, update your information, make payments, and download mortgage documents.
Cons
- The company has a long list of potential fees
- From reviews, it is said to struggle to resolve payment-related issues.
- There have been reports that the company may lose a transfer or is unwilling to address the issue.
What Are the Regulations and Rules Of Shellpoint?
After your lender issues you a mortgage loan, you must manage your account for the duration of the loan. Shellpoint manages business operations on behalf of mortgage-holding companies.
- Shellpoint accepts mortgage payments and pays for homeowners’ insurance and property taxes.
- The company calculates the interest on adjustable-rate mortgages.
- Establishes a payment schedule for defaulting homeowners to avoid foreclosure.
- As needed, executes foreclosures on delinquent loans.
- Maintains, upgrades, and sells vacant properties.
The lender who owns your mortgage decides which loan servicer will handle your account. If your lender transfers mortgage servicing to a different company, any loan terms specified in your agreement remain unchanged.
If you stay caught up on your payments, many mortgage lenders will transfer the loan service to Shellpoint because they want to avoid being associated with the foreclosure.
In this case, Shellpoint provides you with the option of:
- Forbearance. It temporarily reduces or suspends payments.
- Repayment plans. By signing a contract, you agree to Shellpoint’s terms to make periodic payments that include interest.
- Loan modifications entail a deal to change the terms of the loan.
- Short sales are home sales in which the purchase price is less than the loan balance.
- Deed-in-Lieu of Form. It is a mortgage release that transfers your home ownership to your lender.
What are the working hours of Shellpoint Mortgage Servicing?
Shellpoints’ business hours are Monday through Friday, 8 a.m. to 9 p.m. EDT, and Saturday, 10 a.m. to 2 p.m. EDT.
How to Sign in or sign up on Shellpoint
To create an account, go to the website and follow the on-screen instructions.
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How Do I Qualify For Mortgage Forbearance?
A mortgage forbearance allows you to stop making mortgage payments for a set period temporarily, usually a certain number of months. You’ll have to make up the missed payments eventually.
Shellpoint mortgage servicing will not charge you any late fees during the forbearance period. Furthermore, they will not report anything negative about you on a credit report. However, they will work with you to develop a repayment strategy for any missed payments before your forbearance period expires.
If COVID-19 has caused you to be sick, have to care for a sick family member, or have other issues that prevent you from paying your mortgage, you may be eligible for a forbearance.
Knowing your alternative payment options is essential in resolving your financial problems.
To begin the forbearance process, Log into your online account and click on the loan number to access your dashboard. Follow the prompts and instructions on the screen after clicking here for COVID-19 assistance to access the banner.
Is It Possible To Download Forms From Shellpoint Website?
Yes. Downloadable worksheets and forms are available on the website.
What Is the Shellpoint Fees Structure?
It is simpler to understand which fees you might be responsible for and why each fee is charged when Shellpoint explains them in detail. Among the fees, you might pay are the following:
- Late fee: If payments are received after the due date, there is a fee of up to 5%.
- Repayment fee: If you repay your loan before the end of the term, you might be charged a prepayment fee.
- Property inspection fee: $50 maximum fee if your property needs to be inspected.
- An appraisal fee: Between $95 and $1,000 is required to determine the market value of your property.
- Loan document fee: a fee of up to $5 for each document over the allowed number
There are numerous additional fees, but they differ depending on the location and can change.
What is the Process of Information Transfer?
If your loan is transferred from another mortgage loan servicer to Shellpoint, you can be confident that all of your information will be automatically transferred.
It is critical to understand that even though Shellpoint services your loan, it does not belong to Shellpoint.
Furthermore, loan transfers are entirely at the discretion of the mortgage lender who originated your loan; you cannot simply choose to transfer your mortgage loan to a different servicer.
Contact Information of Shellpoint Mortgage Servicing
Shellpoint Mortgage Servicing Customer Service Number: 1-800-365-7107
Address:
Shellpoint Mortgage Servicing
PO Box 10826, Greenville, SC 29603-0826
Payment Address
Shellpoint Mortgage Servicing
P.O. Box 650840
Dallas, TX 75265-0840
Overnight Payment Address
Shellpoint Mortgage Servicing
P.O Box 650840
75 Beattie Place, Suite LL202
Greenville, SC 29601
Address for Notice of Error or Information Request
You have rights under federal law to address mistakes made in loan servicing and to obtain information about your loan.
If you’d like more information about your loan or believe Shellpoint made a mistake servicing it, please send your request to;
Shellpoint Mortgage Servicing
P.O. Box 10826
Greenville, SC 29603-0826.
Shellpoint Mortgage Servicing Email Address
You can submit any application or contact Shellpoint mortgage servicing using the email [email protected].
Alternatively, you can contact the customer service numbers listed above.
Shellpoint Mortgage Servicing Reviews 2023
From Trustpilot
They bought my mortgage, but I had no way of contacting them because I owed a $1200 closing credit (which I may now never see).
They are charging me a “Lender Placed Hazard” insurance fee of $98.20/mo ($1,178.40/year) now that I have already registered and sent them my HOA property insurance document.
My email went unanswered, and my inquiries on their website vanished into thin air. I called, and no one answered; it said to hold for 5 minutes even though I’d been waiting for 20. It’s a ruse. The Better Business Bureau should investigate.
The event occurred on December 4, 2022.
A Poor Mortgage Lender
I’ve never worked with a worse mortgage company. Because of a calculation error, my monthly escrow amount has increased by more than $500 per month, and I have contacted them MULTIPLE times to request that they correct it.
To cut a long story short, I still have the same issue.
Date of experience: November 28, 2022.
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I would give no stars if I could.
I would give it no stars if I could. The Massachusetts Attorney General’s Office contacted me two years ago to request a modification due to a class action lawsuit. I’m still waiting. I was told I was behind and was approved for HAFT help. I owe $16,000, according to a Shellpoint statement.
Then I dial the hang-up when I’m recognized. They hang up when I answer the phone. I took screenshots of some of the calls. There were a lot of problems.
They claim I still owe more after paying off my mortgage. This company engaged in far too many unethical practices to list them all.
Date it was experienced; November 30, 2022.
FAQs on Shellpoint Mortgage Servicing Review 2023
Many mortgage-related documents are available for viewing and downloading on the homeowner’s website. Log into your online account and click on the loan number to access your dashboard.
By clicking on Mortgage Assistance, you can access the Available Documents tab. Choose the document you want to open, read, download, or print from the list that appears.
By January 31 of each year, Shellpoint will mail you paper copies of your Non-Wage Income Statement (Form 1099) and Mortgage Interest Statement (Form 1098). However, these Forms are usually available on their website a few days before mailing.
Here you can download or view your Form 1098 or 1099. Log into your online account and click on the loan number to access your dashboard. You can choose between 1098 Yearly and 1099 Yearly by clicking on Statements.
After logging into your online account, you can enable Notifications so that they can text you when your Forms 1098 and 1099 become available online. Click the “down” arrow next to your profile icon to open the pull-down menu, then select My Profile. To configure your notification preferences, go to Contact Preferences and then Notifications.
To request a document that isn’t on your list of available documents. Log into your online account and click on the loan number to access your dashboard. After clicking Help and Contact Us, select Documents from the drop-down menu. Whatever the question is, give a thorough description of the document you require in the Details field before clicking Submit.
In Conclusion
Shellpoint Mortgage Servicing is not a mortgage lender because it does not originate loans. Mortgage lenders can also transfer loans to Shellpoint for management and servicing, which includes accepting and processing payments.
Even if your loan is transferred to Shellpoint for servicing, your mortgage lender will remain the legal owner.
Shellpoint’s online portal makes managing your mortgage documents and payments simple. When your loan is transferred to the company, you must open an account using the new loan number you will be given. Making an account is quick and easy.
References
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