Date Received: 2020-10-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have tried for months to obtain the mortgage payoff amount from Select portfolio Servicing ( SPS ) and despite my numerous explanation that the correct amount need to be calculated and provided the company keep providing me the same quote. This company is a collection agency and just started purchasing mortgages from other companies without having proper staff and knowledge on how to handle mortgages. The staff do not have knowledge and there is no loan officer we can talk to directly. Every question takes 30 days to be responded to and there is no one I can talk to explain my problem with their responses. They have purchased my mortgage from XXXX XXXX 2 years ago and since then I have filed numerous complaints and have filed lawsuit against them which they settled with me outside of court. I have tried to explain to them that during first 5-10 years of 30-yr loan consumer pays the most interest on the loan which is more than interest that they should pay and eventually the interest goes down and more of the payment goes toward principal. For example, during last 3 years 70 percent of my mortgage payment has gone toward interest and only 30 percent has been applied toward principal. Now that I plan to payoff my mortgage all the extra interests that I have paid during last 3 years should be calculated and deducted from the payoff amount. However, this company does not understand the concept of loan and keeps quoting me the same principal amount without any further calculation. They have wasted 3 months of my time trying to go back and forth and there is not a single person that I can talk to that has enough knowledge of the loan process.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 22102
Submitted Via: Web
Date Sent: 2020-10-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-19
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Court ordered loan modification was done. My mortgage was restructured with new terms and loan amount. I have filed several disputes and they remain unchanged. I have a signed court order by the judge that shows the new term and loan amount. But they continue to report the old loan amount causing my credit to be ruined. The report is reporting the old amount of overall loan when it should be reporting the modified amount making my loan appearing to be over the limit than what was borrowed.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 32117
Submitted Via: Web
Date Sent: 2020-10-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-19
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I am trying to refinance my current home. I can not refinance until a lien on the property is released. The loan was for {$31000.00} on XX/XX/XXXX. This originated at XXXX XXXX, but they were bought out by XXXX XXXX. XXXX XXXX has the information on file but is not releasing any information to us. The lien is paid, it was never released to the Recorded of Deeds Office. We need a satisfactory letter for the bank we are trying to refinance with. We started this process on XX/XX/XXXX. Ill include emails and screenshots of everything. Anyone we have talked to at XXXX XXXX gives us a general phone number or email, so we cant ever contact the same person again. We have been jumping through hoops trying to find certain individuals. They never return our phone calls, and we are on hold multiple times trying to find people.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: PA
Zip: 19464
Submitted Via: Web
Date Sent: 2020-10-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-19
Issue: Written notification about debt
Subissue: Notification didn't disclose it was an attempt to collect a debt
Consumer Complaint: I wrote Select Portfolio Servicing Inc a letter on XX/XX/2020 informing them to only contact me by mail. SELECT PORTFOLIO SERVICES, INC contacted me after such mailing however their first level of communication was not a dunning letter but a demand for money. Although I requested communication via mail they did not first request permission to communicate with me or communicate for or any terms/conditions of or for a debt.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-10-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-18
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: Please Im asking CFPB for your continuing help as you all have done so well in assisting me with the companies in getting the information that I needed to present to the court for the alleged mortgage loan real estate fraud. Select Portfolio Servicing has accelerated late fees in which whenever a dispute is being made a late fee is not supposed to charge and increase mortgage loan payments when my property insurance ( escrow ) went down but my mortgage payments accelerated from {$1000.00} to {$1100.00}. Attached is a copy of US. District Court Southern District of Florida ( XXXX XXXX Civil Docket For Case # XXXX XXXX XXXX XXXX Select Portfolio Servicing . I want to settle this mortgage loan situation so if possible that XXXX XXXX in the Settlement for Mortgage Regulation can assist me with this case, because I dont have the funds to obtain a lawyer, Im very limited on funds because I receive XXXX social security check. You all have all the information and documents that was sent to you from XXXX XXXX XXXX, XXXX XXXX XXXX and Select Portfolio Servicing. Also review fraudulent activity on FHA Connection lender query
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 33056
Submitted Via: Web
Date Sent: 2020-10-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-16
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I applied for a short sale, the short sale option was approved. I listed my property with a local agent. When an offer to purchase was received the real estate broker was advised to submit a Hud-1 closing statement. He submitted said statement 4 to 5 times. Each time he was told the numbers didn't add up. When I phoned my lender for updates I was advised the same. I then paid a title company {$150.00} to prepare this Hud-1 closing statement. When the lender received the Hud-1 statement from the title company, they withdraw the offer to purchase siting I had changed the buyer. I explained to the lender the buyer has not changed. The buyer 's grandfather is gifting him the funds to close as part of the buyers inheritance. The mortgage company then sent me written notice. Your request for short sale has been withdrawn because you changed buyers. The real estate broker along with myself have phoned, written, appealed their decision all while explaining the buyer has not changed. The buyer is still the same. We added the grandfathers name to the Hud-1 because the proof of funds from the bank ( which the lender has a copy of ) is in his ( the grandfather 's ) name. The buyer is the same and as of today he is still interested in purchasing my home.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IN
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-10-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX/SPS XXXX XXXX MANEUVER TO CONCEAL XXXX XXXX-ORIGINATED TOXIC MORTGAGES THAT WERE SERVICED BY IT CLANDESTINE SUBSIDIARY : XXXX XXXX XXXX, XXXX. ( XXXX ). THIS ILLEGAL MANEUVER WAS AN INTEGRAL FEATURE OF THE XXXX RMBS TRUST CERTIFICATE SCAM ; AND WAS INTENDED TO HIDE ALL XXXX-ORIGINATED TOXIC MORTGAGE FROM DOJ INVESTIGATORS. THIS WOULD ALLOW XXXX TO CLAIM THAT IT WAS AN INNOCENT VICTIM OF THIS MULTI-BILLION-DOLLAR MORTGAGE SECURITIZATION SCHEME ; AND THUS, THAT XXXX WAS ENTERING INTO THE SETTLEMENT NEGOTIATIONS WITH CLEANS HANDS. SEPENDITIOUSLY, THE XXXX-PAID MONITOR OF THE $ XXXX RELIEF/RESTITUTION AWARDED TO CONSUMERS IN THE SETTLEMENT OF THE $ XXXX XXXX RMBS TRUST SCAM, REPORTED THAT XXXX RECEIVED INCENTIVES ON LOANS IT HELD FOR INVESTMENT AS OPPOSED TO LOANS SERVICED BY OTHERS. In XXXX, after numerous federal and state civil claims arising from the sale of Residential Mortgage-Backed Securities ( RMBS ) by XXXX, XXXX XXXX, and XXXX XXXX prior to XXXX XXXX, XXXX, the Department of Justice ( DOJ ) filed a landmark lawsuit against XXXX XXXX and Company for illegal activities related to the packaging, marketing, sale and issuance of RMBS Trust Certificates. On XX/XX/XXXX, just three weeks before the DOJ announced its settlement of the XXXX RMBS Lawsuit, XXXX and XXXX XXXX received a letter from XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ) notifying them that their mortgage, which at the time was being serviced, by XXXX XXXX XXXX, XXXX ( who from XXXX to XXXX was a hidden, wholly-owned subsidiary of XXXX ; and which, in XXXX was merged into XXXX ) was being outsourced to Select Portfolio Servicing , Inc. and when they called XXXX they were told that they did not have anything to worry about because this mortgage was in good standing and only the servicing rights for their being outsourced. Mr. XXXX was told that XXXX would still be responsible for all mortgage loan related issues, including the unresolved XXXX Discrimination formally filed by Mr. XXXX with XXXX XXXX XXXX, Vice President of the XXXX Legal and Compliance Department in both XXXX and XXXX. The attached copy of Good-bye and Good-Riddance letter sent to XXXX XXXX and tens of thousands of other holders of XXXX-originated Toxic Mortgages on XX/XX/XXXX, announcing this servicing mortgage agreement, explicitly stated that only the servicing rights were being outsourced, and XXXX would still own the mortgages and would be accountable for any problems resulting from the origination and servicing of these Toxic Mortgages prior to XX/XX/XXXX. The DOJs settlement of the XXXX RMBS Trust Lawsuit was announced on XX/XX/XXXX, and $ XXXX of the fine assessed to XXXX was designated as Consumer Relief/Restitution : XXXX will pay out the remaining {$4.00} XXXX in the form of relief to aid consumers harmed by the unlawful conduct of XXXX, XXXX XXXX, and XXXX XXXX. XXXX XXXX and Company, the defendant in this lawsuit, was named the sole administrator ( without any Oversight or Monitoring from the CFPB, HUD, or the Housing and Enforcement Section of the DOJ ) of the $ XXXX Consumer Relief/Restitution Settlement. It is unlikely that this unprecedented action would not have occurred, had the DOJ been aware of the role of XXXX affiliates : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, and XXXX XXXX XXXX XXXX in originating more than one-hundred-and-seventy-five thousand Toxic Mortgages included in the XXXX XXXX XXXX lawsuit. The final report from the Chase-Paid Consumer Relief Monitor, XXXX XXXX XXXX, XXXX, shows that XXXX home mortgage loans received some form of relief ( Restitution ) from the $ XXXX Consumer Relief Provision of the settlement of XXXX RMBS Trust Lawsuit. This relief/restitution included : a. ) Loan Modifications, b. ) Principal Reductions, and last but not least, c. ) Principal Forgiveness. The XX/XX/XXXX, Consumer Relief Report for the XXXX XXXX Settlement included the following caveat : XXXX receives incentives for certain relief conducted in the first year, in the hardest-hit areas, AND ON LOANS HELD FOR INVESTMENT AS OPPOSED TO LOANS SERVICED BY OTHERS. When the above caveat is viewed in the context of the timing of the XXXX XXXX/SPS XXXX XXXX XXXX, it leads to the conclusion that the serviced by other phraseology was specifically used to exclude the tens of thousands of chase-originated Toxic Mortgages which were outsourced to SPS less than three weeks before the XXXX XXXX Settlement Agreement was announced. Some of this $ XXXX consumer relief/restitution may have been diverted to mortgages held by XXXX for investment purposes. In XXXX and XXXX, when Mr. XXXX repeatedly requested additional information regarding the requirement of mortgagors to qualify for the $ XXXX Consumer Relief/Restitution, multiple SPS employees from both the SPS Ombudsmans Office and the SPS Customer Advocate Office claim to have no knowledge of this restitution, and refused to forward his formal written requests to XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-10-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My 2nd mortgage is with XXXX XXXX, XX/XX/2020 we sent XXXX our monthly payment of {$260.00} which was returned to our checking account, XX/XX/2020 SPS sent us a letter stating that XXXX transferred our 2nd mortgage loan account to them. SPS informed my husband and I that we are in a Balloon Mortgage and the maturity date has expired as off XX/XX/2020 and they will not except any monthly payments but only except the balance of the loan which was {$23000.00}. My husband and I began to apply for various programs with SPS. XX/XX/2020 My husband and I was told that we were denied any programs ( Loss Mitigation and Loan Modification ) that we applied for because the maturity date on our loan expired. SPS informed us that the only option was to do a short sale on our home, my husband and I do not want to lose our home and we are able to make monthly payments but we can not afford to pay the balance of the 2nd lien upfront. Our 1st lien holder is XXXX XXXX and that loan isnt due in full until XXXX. As of today ( XX/XX/2020 ) the balance with SPS has went up to over {$25000.00} due to late fees and other charges. SPS is unwilling to allow my husband and I to make monthly payments or accept us in any type of programs. SPS has sent Short Sale forms for us to sign and mail back to them, that is the only option that SPS is giving us.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: 48235
Submitted Via: Web
Date Sent: 2020-10-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I am one of the unfortunate folks to have my mortgage loan servicing assigned to Select Portfolio Servicing, XXXX, UT. Ever since my mortgage servicing was assigned to them, I have not been receiving monthly statements in a timely fashion. For example, last month 's statement was supposedly printed on XX/XX/XXXX and mailed. The due date for payment was XX/XX/XXXX. I didn't receive the statement till XX/XX/XXXX w ell after its due date. And this has been consistent since given the sad news that my mortgage servicing had been assigned to this joke of a company. I have contacted them both by telephone and in writing on several occasions to discuss my experience. The response I have gotten is essentially, " it sucks to be you. We aren't going to do anything about it. So the process I am forced to do, is wait for the statement to be published on their website. It is never consistent and usually shows up several days after it was " printed. '' I have to download it, print it out, fill it out, write out an envelope, put a stamp on it and mail it in if I want it to show up ahead of the due date. The response I have gotten back is that " we aren't doing anything wrong '' and to " check with the post office. '' This isn't an issue for the post office. All of my other bills show up on time. This is the only one that doesn't. I have not been able to speak to anyone beyond customer service to get this straightened out. They won't let me despite asking. Their cavalier attitude when it comes to " customer service '' is beyond reproach. All I am asking for is a timely statement. You'd think that wouldn't be much to ask. Seems everyone else I do business with provides timely statements. Nope. Not SPS. I maintain a 825+ credit score and am XXXX about making timely payments. It frustrates me to no end that I can't make a simple request of a mortgage servicing company like this and being treated as a second class citizen. If there was any lick of common sense exhibited by SPS, you'd think they would want to resolve it. Nope. Instead, common sense remains elusive and out of reach. I am frustrated and mad that I am stuck with this joke of a company when I didn't ask for it. And I am angry as XXXX I can't do anything about it.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OR
Zip: 97116
Submitted Via: Web
Date Sent: 2020-10-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-10-10
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My mortgage was sold to SPS PORTFOLIO SERVICING IN XX/XX/XXXX : I noticed A problem when I begin to calculate the principal that I have paid so far on my loan and I realized that SPS PORTFOLIO SERVICING had not been applying my principal appropriately. This lead me to pull my statements from XX/XX/XXXX to current and I found other issues that I have listed below. ISSUE # 1 : My mortgage loan originated through XXXX XXXX XXXX XXXX in XXXX, was transfered to XXXX XXXX XXXX XXXX XXXX in XXXX and has ALWAYS been : " A SIMPLE DAILY INTEREST LOAN '' On XX/XX/XXXX as I was calculating my principal payments, I realized there was an issue and I called SPS PORTFOLIO SERVICING on XXXX XXXX : I explained the type of loan I have and the Customer Service Rep stated that " We have copies of your original note that reads your loan is a CONVENTIONAL LOAN without PMI. It accrues yearly. '' I asked in an email to the email address provide by SPS, for a copy of " the note '' that states my loan originated as a conventional loan ''. I never got those documents. I faxed over all my documents from XXXX XXXX statements to actual history print outs from XXXX XXXX over the years of the loan. On the statements, it says in plain english- " your loan is a daily simple interest loan ''. On EVERY SINGLE STATEMENT ISSUE # 2 : My escrow balance has been depleted for reasons nobody at SPS PORTFOLIO SERVICING can figure out. I have forced placed HAZARD AND FLOOD INSURANCE ( only because it's cheaper ) and my balance in escrow was {$1200.00} as of XX/XX/XXXX which is for hazard, flood and taxes to be paid in XX/XX/XXXX. As I am reviewing my statements, I notice that my balance as of XX/XX/XXXX is {$940.00}, with only 2 more payments of {$170.00} each til XX/XX/XXXX. This will place me in the negative for escrow. I have never been in negative. ISSUE # 3 : On each of the statements from XXXX XXXX, I was 2 months ahead in my payments, which doesn't matter much with daily simple interest ; however, if I ever need to go past the XXXX date-I wouldn't have to worry about a credit report negative hit. But SPS PORTFOLIO SERVICING has my due date effective XX/XX/XXXX. I have already made a payment as of XX/XX/XXXX over the phone, and the payment still has not posted. This will not work for my type of loan. Each day is crucial and costs me money. It is not my bank 's error because I paid over the phone with XXXX XXXX in the past and my payment posted the same exact day. If I didn't see it, they would correct it.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 344XX
Submitted Via: Web
Date Sent: 2020-10-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A