SELECT PORTFOLIO SERVICING, INC.


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"Products" offered by SELECT PORTFOLIO SERVICING, INC. with at least one, but usually more complaints:

Bank account or service - Checking account
Bank account or service - Other bank product/service
Checking or savings account - Checking account
Checking or savings account - Other banking product or service
Consumer Loan - Installment loan
Consumer Loan - Personal line of credit
Credit card or prepaid card - General-purpose credit card or charge card
Credit reporting -
Credit reporting or other personal consumer reports - Credit reporting
Credit reporting, credit repair services, or other personal consumer reports - Credit repair services
Credit reporting, credit repair services, or other personal consumer reports - Credit reporting
Credit reporting, credit repair services, or other personal consumer reports - Other personal consumer report
Debt collection - Credit card debt
Debt collection - I do not know
Debt collection - Medical
Debt collection - Mortgage
Debt collection - Mortgage debt
Debt collection - Other (i.e. phone, health club, etc.)
Debt collection - Other debt
Debt collection - Payday loan debt
Debt or credit management - Mortgage modification or foreclosure avoid
Money transfer, virtual currency, or money service - Debt settlement
Money transfer, virtual currency, or money service - Domestic (US) money transfer
Money transfer, virtual currency, or money service - International money transfer
Money transfer, virtual currency, or money service - Refund anticipation check
Mortgage - Conventional adjustable mortgage (ARM)
Mortgage - Conventional fixed mortgage
Mortgage - Conventional home mortgage
Mortgage - FHA mortgage
Mortgage - Home equity loan or line of credit
Mortgage - Home equity loan or line of credit (HELOC)
Mortgage - Manufactured home loan
Mortgage - Other mortgage
Mortgage - Other type of mortgage
Mortgage - Reverse mortgage
Mortgage - Second mortgage
Mortgage - VA mortgage
Payday loan, title loan, or personal loan - Installment loan
Payday loan, title loan, or personal loan - Personal line of credit
Prepaid card - Government benefit card
Student loan - Non-federal student loan
Vehicle loan or lease - Loan

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Complaint ID: 4075340

Date Received: 2021-01-18

Issue: Incorrect information on your report

Subissue: Account information incorrect

Consumer Complaint: History : Long before I submitted my application for a temporary reduced mortgage, I was assured by SPS Inc. Customer Relationship employees over the course of 6 months, beginning XX/XX/XXXX ( all on recorded calls ) that my credit score would not be adversely impacted unless I missed a payment, made a late payment or paid less than the agreed amount of any plan offered. This was of importance to me since my FICO score was XXXX and it was something that I worked very hard to maintain. On XX/XX/XXXX I received a letter from Select Portfolio Servicing stating that I was approved for a program called Unemployment Plan. Since I lost my job due to Covid-19, the plan would allow seven months at a reduced payment amount of {$890.00} per month. At the end of the term I would pay back the unpaid accrued amount. I called Select Portfolio Servicing, Inc. for clarification of the repayment amount that appeared to be incorrect. All calls were recorded. The amount of the repayment plan in the letter incorrectly stated the regular mortgage payment of {$2000.00}. It also stated the total repayment amount to be {$14000.00} that wouldnt be correct since I was offered the reduced amount of {$890.00} for seven months. I communicated to the SPS Customer Relations Representative that this information was contrary to my understanding. She agreed that the letter was incorrect and confirmed on the recorded call that she would send an escalation to have it corrected and resent with urgency. I never received the promised correction. On XX/XX/XXXX I received an alert from several credit reporting agencies that a missed mortgage payment had been reported by SPS, Inc. for the month of XX/XX/XXXX and as a result my credit score plummeted almost 100 points. This infuriated me because I had never missed a payment, been late on a payment nor had I ever paid less than the revised contractual agreed amount of {$890.00}. I was in compliance with the Credit Reporting clause in the XX/XX/XXXX offer letter. I immediately called SPS and asked to be transferred to a supervisor to report it. I was transferred to a male, XXXX who told me that my file showed a missed payment. What? I asked. This made no sense to me since I had not missed a payment. He mentioned that the missed payment was because of the way that SPSs system distributed the funds. He also advised me that the letter ( attached ) is clear with regard to credit reporting and asked me if I read the Credit Reporting clause it. I assured him that I had. I told him I had not been late and that SPS Customer Relationship Representatives confirmed my understanding of credit reporting to be correct, which was that there would be NO DEROGATORY REPORTING to the credit reporting companies as long as I made the reduced contractual payment on time. He advised me that I should have read the letter more carefully. The Dodd-Frank Wall Street reform and Consumer Protection Act signed in to law in XXXX states that financial correspondence sent to consumers must be clear and easy to understand. To state the obvious, correspondence should also be aligned with what the Customer Relationship Representatives tell SPS customers. Since I approved all calls to be recorded, I request my account have an oversight review by the Consumer Financial Protection Bureau so that they will hear all the recorded calls and precisely what was told to me by SPS employees specifically regarding credit reporting. When correspondences sent on a number of occasions were unclear or simply made no sense I called Customer Relations every time to obtain clarification. Each time I received verbal confirmation that my interpretation was correct, always on SPS recorded phone lines. Again, I spoke to more than a dozen Relationship Managers who reassured me over the course of 6 months that if I was offered a plan, there would not be any negative report sent to credit bureaus as long as I made the agreed payments on time and in the agreed amount. Today, XX/XX/XXXX th XXXX, I submitted payment to XXXX XXXX a supervisor ) with SPS, in the amount of {$3100.00} as immediate repayment amount resulting from the poorly communicated Unemployment Plan. SPS unclear correspondences, false statements that I missed a payment in XXXX of XXXX, and unwarranted reporting to credit Bureaus have caused unnecessary emotional stress beyond the stress of unexpected job loss as a result of COVID-19. I would like the incorrect derogatory information of a missed payment in XXXX retracted by SPS and all credit Bureaus contacted with urgency to have my credit restored at once.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 92694

Submitted Via: Web

Date Sent: 2021-01-18

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4075172

Date Received: 2021-01-18

Issue: Trouble during payment process

Subissue:

Consumer Complaint: On XX/XX/XXXX, as required, I paid {$1000.00} for the 2nd Installment of the XXXX Taxes for my property. I made this payment in person at my bank because there was no information in the XXXX County Treasurer 's Office that Select Portfolio Servicing , Inc., had paid {$1000.00} as required by law. The result was both payments were received by the Treasurer 's Office on XX/XX/XXXX. I called several times and wrote to Select Portfolio requesting reimbursement. Select Portfolio had transferred my mortgage loan to another company to be effective on XX/XX/XXXX. When I called Select Portfolio 's Customer Service I could never get through to an Agent because my loan number was no longer active. In addition, my correspondence was never acknowledged by Select Portfolio. I visited the XXXX County Treasurer 's Office and was told that since XXXX XXXX, the Agent for Select Portfolio had declared that they were paying on their behalf, not on my behalf, as the mortgagee, they could not return my payment. Why would they pay on their behalf? It's not their property. The XXXX County Treasurer 's OfficXXXX website shows I'm due this refund. According to the Treasurer 's Office, XXXX XXXX must request a refund from the XXXX County Treasurer 's Office and issue the refund to me. Both companies, Select Portfolio Servicing , Inc. and XXXX XXXX must act.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: IL

Zip: XXXXX

Submitted Via: Web

Date Sent: 2021-01-18

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4075067

Date Received: 2021-01-18

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: I have not received the settlement payoff for {$10000.00} for my property XXXX XXXX and my buyer is ready to close on the property to avoid loss of the property to the tax buyer on XXXX. I have submitted the XXXX XXXX cash deal and title policy and updated purchase contract to reflect the amount on the XXXX for {$49000.00} Now I was told the documents would be reviewed by XXXX. I contacted SPS today XXXX and instead of my account being view as a settlement the rep said their is confusion going on being reviewed as a shortsale. I informed Sps if this property is lost to the tax buyer I am not going to be responsible for the balance of the loan. I have all my emails and communications thar have been documented. THE PROPERTY WILL BE SOLD TO THE TAX BUYER PER ATTACHED DOCUMENT FROM XXXX COUNTY SHERRIFF 'S IF THE TAXES ARE NOT REDEEMED BY XXXX XXXX 2021. I HAVE DONE ALL I COULD DO.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: IL

Zip: 60617

Submitted Via: Web

Date Sent: 2021-01-18

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4074333

Date Received: 2021-01-17

Issue: Trouble during payment process

Subissue:

Consumer Complaint: I have received a letter dated XX/XX/XXXX from my loan servicer, SPS, is claiming the amount of {$100000.00} to reinstate my loan and that my loan is in foreclosure status. I am disputing the amount they are claiming {$100000.00} as being erroneous and inaccurate. In their payoff demand they are demanding a total of {$72000.00} which includes {$32000.00} for past due interest and {$39000.00} for escrow related charges. I have also been making mortgage payments which SPS accepted since XX/XX/XXXX to XXXX, XXXX. This is a total of {$25000.00}. Therefore I am hereby disputing their claimed balance of {$100000.00}. SPS has refused my XXXX payment of {$3000.00} and has suddently put my mortgage account into a foreclosure status and is demanding {$100000.00} to reinstate the account. They are demanding that I make this payment by XX/XX/XXXX or my account may be put into a foreclosure status. I have submtted a Post-Covid application to SPS which they have acknowledged in their letter to me dated XX/XX/XXXX and which they have not reviewed. In their letter of XX/XX/XXXX SPS stated that upon review of my application there may be programs that SPS can offer to resolve the past due status of my account. SPS offered me a Forbearance Plan dated XX/XX/XXXX and then retracted it XX/XX/XXXX. A representative of SPS spoke with me and asked me when I was going to send the XXXX payment which I subsequently did. Then on XX/XX/XXXX, I received a demand letter from SPS that my account was in foreclosure and that I must pay the amount of {$100000.00} to cure the default by XX/XX/XXXX and that my payment for XXXX was not accepted by SPS. I received several letters from SPS on XX/XX/XXXX and XX/XX/XXXX stating that SPS is committed to home retention and offers many assistance programs to borrowers who are experiencing financial hardship. And if I was making a payment, the correct address was in those letters. I feel these letters are very misleading and deceitful, given the SPS intent to foreclosure upon my mortgage. Please see copies of all pertinent correspondence. Then I received a letter dated XX/XX/XXXX a copy of which is enclosed that is demanding a payment of {$100000.00} to reinstate the mortgage account to avoid foreclosure proceedings. As I stated above, I had been making all payments to SPS since XXXX, XXXX and I have requested a review of my Post Covid Application which SPS has not done to date. In addition it is my understanding that SPS is in violation of the current CA laws regulating foreclosure and eviction during the Covid pandemic namely XXXX which according to the Cares Act, a mortgage servicer can not foreclose upon a borrower under provisions of this act. Furthermore this pertains to federally backed loans and non federally backed loans such as my loan. Please see enclosed information about this provision. I feel that SPS retracted the Forbearance Plan offered on XX/XX/XXXX because of the perceived upcoming legislation that is pending passage in Congress to further protect borrowers during the pandemic. And that SPS wanted to sidestep the inaugeration of these new and continued policies and therefore decided to initiate foreclosure proceedings against my property. I am a senior citizen XXXX years old and my house is my only asset. I can not afford to lost the equity in my house. I have told SPS this fact before. I am requesting the immediate review of my post-covid application which SPS has acknowledged receipt and a reinstatement of the Forbearance Plan which they offered me on XX/XX/XXXX. I feel that SPS has sent me confusing and inaccurate letters regarding my account and that this is illegal to do so.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: XXXXX

Submitted Via: Web

Date Sent: 2021-02-02

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4073108

Date Received: 2021-01-16

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: The owner of the mortgage passed away. We have tried to work with SPS, we have submitted documents to them from the surrogate 's court. Every time we submit the documents to them, they always come back stating that they never received any documents or some other excuse, why we can not even get basic information on the loan. They will not give us any information or try to help us bring the loan current.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: NY

Zip: 11763

Submitted Via: Web

Date Sent: 2021-01-16

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4069319

Date Received: 2021-01-14

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: SPS Servicing refusing an additional 6-month forbearance per CARES Act guidelines even though my mortgage is held by XXXX XXXX, as recently as XX/XX/XXXX. This is my third complaint on this matter. Refer to Complaints XX/XX/XXXX ( CFPB XXXX ) and XX/XX/XXXX ( CFPB XXXX ). Principal balance : {$26000.00} Nothing in my credit history indicates me as a credit risk. No late payments or non-payment on mortgage during the time periods with SPS or XXXX before them and few on XXXX XXXX XXXX before them ( when in XXXX I missed payments and requested an adjustment, which became a re-finance ). Thats 20 years of good payment. There is nothing in my history to indicate that I am not a good payer of my debts. In XXXX, I asked for a payment deferral by SPS and that was done ( It was not the first forbearance as Ms. XXXX XXXX XXXX XXXX stated on Tuesday, XX/XX/XXXX. I requested a formal 6-month forbearance provided by the CARES Act in XXXX and was eventually accepted ( with a lot of effort ). At that time, there was no mention that my account was not subsidized by XXXX XXXX. In fact, XXXX XXXX does hold that and if default happens, they guarantee the loan. So, XXXX XXXX is the investor they keep talking about. I made the 2nd forbearance request early. I started in XX/XX/XXXX and was told by Ms. XXXX that it was too early. I made again in XX/XX/XXXX and then again the first of XX/XX/XXXX. In the interim, SPS set up a Loan Modification to forestall my getting another 6-month forbearance as I had requested. Therefore, I am asking again that my request for the 6-month forbearance extension by SPS be honored and initiated for XX/XX/XXXX to XX/XX/XXXX during this time of extreme hardship for me. I think they have all the information to honor this request including the telephone call script with Ms. XXXX on Monday, XXXX XXXX, XXXX. My request to CFPB is that instead of just passing letters back and forth that you really read the information I have provided and intercede on my half and enforce and protect. It is not my wish to start making late payments at XXXX, nearly XXXX years old.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: TX

Zip: 77082

Submitted Via: Web

Date Sent: 2021-01-14

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4066157

Date Received: 2021-01-13

Issue: Trouble during payment process

Subissue:

Consumer Complaint: I refinainaced a mgt and loan was paid in full XX/XX/XXXX i waited for escrow refund check which never arrived. i have placed many calls into to find out where check is with call dates and NO follow back from them. calls were placed on : XXXX, XXXX, XX/XX/XXXX, XX/XX/XXXX ( hung up on ) XX/XX/XXXX ( with MGR ), XX/XX/XXXX, XXXX, XXXX ( with mgr ), XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX ( with mgr ) XX/XX/XXXX was told check was cashed by someone else on XX/XX/XXXX i have sent in Affidavit of Unauthorized endoresment or atlered item on XX/XX/XXXX and was told check will be reissued and has NOT been. today was told would take 6-9 months and still might not get escrow refund back. same complaint going on still into XXXX with no escrow refund payment. i have contines to persure the payment as the bank said it was fraud and should have already been rerfunded. ihave called and get the same answer " that we will esculte the matter '' with nothing happening call log XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX XXXX ( police and postal inspection service filed ), XX/XX/XXXX, XXXX, XXXX, ( XXXX ) XXXX, XX/XX/XXXX, XX/XX/XXXX everytime told they will esculate the matter to NO avail. check was CLEARLY not deposited by me ( check included ) my last option will be tp file small claims case against SPS

Company Response: Company believes it acted appropriately as authorized by contract or law

State: UT

Zip: 84121

Submitted Via: Web

Date Sent: 2021-01-13

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4066030

Date Received: 2021-01-13

Issue: Struggling to pay mortgage

Subissue:

Consumer Complaint: I am having a very difficult time with SPS. I went through XXXX treatment in 2020 and had to stay home because of COVID and treatment. SPS placed my on a forbearance with the CARES Act. SPS then wanted me to apply for a modification to resolve the missed payments. SPS declined my modification and approved me for a repayment plan. As I told SPS I have new medical expenses because of XXXX and can not afford a repayment plan.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 92880

Submitted Via: Web

Date Sent: 2021-01-13

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4063263

Date Received: 2021-01-12

Issue: Money was not available when promised

Subissue:

Consumer Complaint: Over the past year, I have been arguing with Select Portfolio Servicing, Inc. ( SPS ) about an unauthorized transfer from my account and the missing remaining balance in my account. Despite the difficulty of the pandemic, I allowed SPS the time and provided all the information they need to investigate the issue. An affidavit of Unauthorized Endorsement or Altered Item was submitted on XXXX XXXX, XXXX and a police report was submitted on XXXX XXXX, XXXX. Recently on XX/XX/XXXX, SPS had called me saying that they have finished processing the unauthorized transaction, and recovered my balance. So there is a credit in my account of {$4500.00}, which matches with my overpaid amount to the account. I'm expecting my credit in the closed account to be sent back to me ASAP. However, on XXXX XXXX, XXXX, they refused to wire the remaining balance to my bank account, and tole me they will still use the method of mailing a check back to my address. I urged them to use signature required mail service or tracked mail service, and the representative from SPS Ombudsman department, named XXXX, promised that they will send out the check and give me the tracking information within 2 business days. On XXXX XXXX, XXXX, I called SPS Ombudsman department again, the representative named XXXX offered no updates or help, and refused to confirm my account information, quote " I can not confirm anything, sir, we are researching here and waiting for response. '' As a financial servicing company, the representative can not confirm whether my money is in my account, nor can they confirm whether a transaction of a check has been issued or not. This is NOT ACCEPTABLE. I worry that they will illegally hold on to my balance in the mortgage account for indefinite amount of time because now I can not access my account with my credentials, as they mentioned the account has been paid in full and closed a year ago. And the response from the customer representative is not professional at all about the next steps on how to transfer my mortgage account credit back to my account.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: CA

Zip: 90025

Submitted Via: Web

Date Sent: 2021-01-12

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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Complaint ID: 4062236

Date Received: 2021-01-12

Issue: Took or threatened to take negative or legal action

Subissue: Seized or attempted to seize your property

Consumer Complaint: My name is XXXX XXXX and I am a resident of the state of Georgia. My mortgage servicer is Select Portfolio Servicing , Inc . Select Portfolio Servicing , Inc., purports that they work on behalf of XXXX XXXX XXXX. whom they claim is the owner of my mortgage loan. Select Portfolio Servicing Inc., hires a law firm by the name of XXXX XXXX XXXX XXXX to act as a foreclosure attorney for the servicer on behalf of the Owner/Investor of the loan, XXXXXXXX XXXX XXXX. For years I have provided Select Portfolio Servicing, Inc and XXXX XXXX XXXX, XXXX with prima facie evidence that XXXX XXXX XXXXXXXX. does not own my loan. I have also asked for Validations of Debt from XXXX XXXX XXXX XXXX on several occasions. XXXX XXXX XXXXXXXX, XXXX never actually validate the debt however, they consistently try to foreclose on my property. Employees of XXXX XXXX XXXX XXXX also submit themselves into state and federal records purporting to be the legal representatives of XXXXXXXX XXXX XXXXXXXX. This is extremely illegal. Most recently I have called XXXX XXXX and Mortgage Servicing departments and they too have said XXXX XXXX XXXX. has never owned my loan, has no records of my loan and do not have information in their data base pertaining to my name, address, loan number or social security number. Furthermore, cases like Stubbs vs. Bank of America and You vs. JP Morgan Chase ( GA Supreme Court Case ) clearly state that only the SECURED CREDITOR can foreclose on a property. XXXX XXXX XXXX XXXX are aware of that laws required to LEGALLY foreclose on a homeowner in the state of Georgia. In conclusion, XXXX XXXX are using a pseudo entity to foreclose on my home which would be considered theft, fraud and I am sure many other infractions. I must assume that XXXX XXXX XXXX XXXX engage in these practices quite often and need to be stopped. As barred attorneys they are supposed to uphold their oath and should not engage in fraud before the courts. Please investigate this matter and if you do, I will assure you that this law firm has engaged in illegal foreclosure and fraud before the courts for over 10 years and need to be stopped.

Company Response: Company believes it acted appropriately as authorized by contract or law

State: GA

Zip: 30214

Submitted Via: Web

Date Sent: 2021-01-29

Company Response to Consumer: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A


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