Loan Servicing

Shellpoint Information

Customer Service Phone Number: 1-800-365-7107

Hours of Operation: Monday – Friday 8:00 AM – 9:00 PM (EST), Saturday 10:00 AM – 2:00 PM (EST)

Address: Shellpoint Mortgage Servicing

P.O. Box 650840

Dallas, TX 75265-0840

Website: https://www.shellpointmtg.com

NOTE: If Shellpoint sells the loan post-funding, the borrower will be notified when there is a change in service provider.

Loan Information

• The first payment is due on the first of the month, one full month (30 days) after the funding date, just like a first mortgage.
• The closing worksheet in the closing documents shows the 1^st Payment Date in the Loan Information grid.
• No prepayment penalty
• Floor Rate: 4%
• Ceiling Rate: 18%
• After the five (5) year interest only period, it will be a 25-year amortized loan in all states except Tennessee. (In Tennessee, it will be a 10-year amortized loan)

• Minimum redraw: $1,000 for any state other than Texas* ($4,000 for Texas)

  NOTE: There are no redraw fees for any state

Account Access

• Loans are on-boarded within a week of funding
• Borrowers can access their account after one (1) business day after the loan onboards

Welcome Call and Letter

Shellpoint Mortgage will provide the borrower with a welcome call

• They will call one (1) business day after the loan onboards and is live in their system

Welcome Letter Package

• The package is sent one (1) day after the loan boards in the Shellpoint Mortgage system
• Their package will include checks to draw future funds from their HELOC

Billing Cycle

The Billing Cycle for a HELOC statement is the period of time between the end of one statement and the end of the next.

• It’s typically a monthly cycle, meaning the borrower will receive a new statement every month
• The statement shows all the activity on the HELOC account during that cycle, including:
  • Any new advances (money they took out from HELOC)
  • Any payments made
  • Interest charges
  • Any fees
  • APR
  • Number of days in the billing cycle
• It also shows the current balance and the minimum payment due
• The billing cycle is important because it determines when the borrower’s payment is due and how much interest they will be charged