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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Shellpoint's loan


Repayment of loan

Once you take a mortgage and get funded, you will start making a payment toward your loan. These payments include:

  • Principal - the amount of your loan.

  • Interest - the percentage of the principal you owe to the lender.

  • The property tax that you pay to the local government. If you have an escrow account, Shellpoint will include a portion of your payment.

  • Homeowner's insurance you pay to protect your home from fire, theft, and other losses. A portion of the insurance premium is included in your payment on an escrow account.

  • Fees. Your payment can include HOA, late payment fee, water/sewer assessment fee, and more.

Shellpoint has several payment methods you can opt for:

  • Automatic withdrawals. The payments will be withdrawn automatically from your bank account. You can opt for monthly or bi-weekly payments.

  • Online bill-pay. You will need to enter the payment sum and set the payee name to Shellpoint Mortgage Servicing.

  • Shellpoint's website. You can make one-time payments toward your loan through the website. Sign in to your account and click on the loan number. Tap Payments and One Time Payment.

  • Phone. Shellpoint allows you to pay by the automated phone system at 800-365-7107.

  • Check and money order. You will need to write your loan number on the paper.

Through the website, you can schedule your payment, make additional payments, or cancel a scheduled payment. To do this, log into your Shellpoint account and click on Payments, View Pending Payments. You will see the status of your payments. To make additional principal or escrow payment, clock Schedule Recurring Payment, then Continue and Edit. You need to choose the checkbox and fill in the amount and data of the payment. Verify and save the transaction details.

Canceling a scheduled payment

Shellpoint doesn't allow you to cancel same-day payments. If you have one-time Shellpoint mortgage payments scheduled to be paid that very day, you cannot cancel them.

The cancellation can be requested no less than three days before the payment date. You will need to contact the company during working hours through the phone. If your payment is more than five days before the payment date, you can cancel the payment online through your Shellpoint account. Click on Schedule Recurring Payment, Continue, and Stop. If the payment date is five or fewer business days before the payment date, you will need to call the company.


How do I pay my Shellpoint mortgage?

To make a payment online through the Shellpoint website, sign in to your account, and click Payments. There will be stated the scheduled payment date and amount. If you agree to that, the money will be withdrawn from your bank account on the due date. If you want to change payments, click Schedule Recurring Payment.

What is the HOA fee?

Homeowner's Association fee is a payment charged towards the provided by HOA services. It includes trash removal, maintenance, security, and amenities like a swimming pool. 

What are Shellpoint payment options?

You can make payments on your mortgage online through the Shellpoint website, set up the automatic withdrawals from your bank account, pay by phone, online through the bank, or send a check and money order.

What to focus on before applying for a loan with Shellpoint

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Shellpoint and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Shellpoint’s reviews by September 2022
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