Question: Is Shellpoint Mortgage Legit?

What happens if you have a mortgage with a bank that goes bust?

If your bank or building society goes bust you will not have your mortgage cancelled.

The administration process would see that debt sold onto another bank or building society, or potentially an investment firm, and you would then owe them the money..

What happens to my mortgage with Ditech?

Your monthly autodraft arrangements will transfer directly from your previous servicer. Your payment will be withdrawn from your account on the date and in the amount you previously specified. I just made a payment to my previous servicer. … Make your regular mortgage payments to Ditech through October 31, 2019.

Is NewRez a debt collector?

If you are being called by NewRez, LLC, a general company overview is below. NewRez, LLC, which formerly did business as New Penn Financial, LLC, is a loan provider and collection agency headquartered in Plymouth Meeting, Pennsylvania.

Does Shellpoint mortgage have an app?

You can either pay online at Shellpoint Mortgage Servicing’s website, or you can use Prism’s mobile app to pay all your bills.

Why is my mortgage company a debt collector?

By law, a debt collector is a person who regularly collects debts owed to others. Your mortgage servicer is considered a debt collector only if your loan was in default when the servicer acquired it. If that’s the case, you have additional rights.

How do I pay my Shellpoint mortgage?

Shellpoint Mortgage Servicing is pleased to offer a free automatic payment option.Log into your account.On the main dashboard, choose PAYMENTS and click SCHEDULE RECURRING PAYMENT.Read the authorization for Shellpoint Mortgage Servicing to withdraw your loan payment from your account.More items…

Is NewRez mortgage also Shellpoint mortgage?

Shellpoint Mortgage Servicing is proud to be a part of the NewRez Family of Companies.

Is NewRez a good mortgage company?

I took a look at the NewRez loan officer reviews and found that several had perfect 5 out of 5-star ratings or very close to it. Many also indicated that mortgage rates and fees/closing costs were lower than expected.

Who bought NewRez?

Completes Acquisition of Select Assets from Ditech Holding Corporation. NEW YORK–(BUSINESS WIRE)– New Residential Investment Corp.

Why does my mortgage company keep changing?

Why do lenders sell mortgages? There are basically two main reasons why a lender might sell your mortgage. The first has to do with capital. When a loan gets sold, the lender has basically sold servicing rights to the loan, which clears up credit lines and enables the lender to lend money to the other borrowers.

Should I refinance my mortgage?

If your mortgage has a higher interest rate compared to ones in the current market, then refinancing could be a smart financial move if it lowers your interest rate or shortens your payment schedule. If you can find a loan that offers a reduction of 1–2% in its interest rate, you should consider it.

Who owns Shellpoint mortgage?

NewRez LLCShellpoint Mortgage Servicing, LLC/Parent organizations

Who bought out Ditech Mortgage 2020?

The sell-off of Ditech Holding’s two main subsidiaries is now complete. Just one day after selling Reverse Mortgage Solutions to Mortgage Assets Management, the nonbank formerly known as Walter Investment Management sold off its forward mortgage business Ditech Financial to New Residential Investment for $1.2 billion.

Why does my mortgage keep getting sold?

Why mortgages are sold Often the lender has made a business decision not to service loans, as doing so requires different corporate resources and skills to manage, Cabell said. “Lenders may also sell loans to optimize their business model, or make money off the sale of the loan,” said Cabell.

Is Shellpoint a debt collector?

What we do. Shellpoint Mortgage Servicing manages (or “services”) residential mortgage loans after they are originated by mortgage lenders. On behalf of our many lender and investor clients, we collect principal, interest, and escrow payments from homeowners nationwide.

Is Shellpoint deferring mortgage payments?

If you qualify for a forbearance plan, you may be able to temporarily put a pause on your monthly mortgage payments. During this “forbearance period” you are not required to make your monthly mortgage payments, you will not be assessed any late charges, and negative credit reporting on your loan will be suspended.

Why does my loan keep getting sold?

In hopes of a quicker profit, lenders will often sell the loan. If servicing a loan costs more than the money it brings in, lenders may attempt to sell the servicing of it to lower their costs. The lender may also sell the loan itself to free up money in order to make more loans.

Are loan servicers debt collectors?

Is a mortgage servicer a debt collector under the FDCPA? General Rule: If a servicer receives a loan that it did not originate and the loan is in default at the time servicing is received, the servicer is a debt collector.