Date Received: 2023-10-29
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: On XX/XX/2023, I received my XXXX interest rate change notice, which is mandated due to my home loan being financed on adjustable rate terms that mandate that my current interest rate may be modified every XXXX XXXX for the term of my loan. I noticed that my new interest rate increased from XXXX XXXX XXXX XXXX XXXX XXXX XXXX. To ensure that my interest rate was accurate, I logged into global-rates.com and noticed that the XXXX XXXX Rate for the XXXX XXXXXXXX XXXX XXXX - XXXX American dollar XXXX interest rate was different from the interest rate displayed on the letter received from my mortgage company. I noticed that the stated XXXX Interest Rate on the website was a little lower than what my home loan servicing company had mailed to me. So, I contacted Select Portfolio Servicing, Inc. ( SPS ), my home loan servicing company, and talked with a customer service representative to inquire as to why is there a difference in the XXXX XXXX Interest rate displayed on the mailing that I had received from SPS, and the XXXX XXXX rate displayed on the website. The Customer Service Representative could not explain the different percentages displayed, so I requested to speak with someone in a management position, a manager or supervisor, to obtain a clearer and adequate understanding of my concern. In discussing my concern with the manager, it was apparent that she was not in agreement with my findings on the website, and after I continued to attempt to explain to her the informational table rates located on global-rates.com, she informed me that a different department would look into my concerns and a reply letter would be mailed to me with further explanations. While waiting for a response pertaining to my concerns, I received a letter from Select Portfolio Servicing ( SPS ) regarding my Annual Escrow Account Disclosure Statement and my new escrow payment amount. Included in this mailing it displayed that a XXXX XXXX XXXX XXXX is now required in my Escrow Account. I contacted Customer Service once again and was informed by a XXXX that the owner, sometimes also referred to as the investor, Creditor, and or Note Holder of the account may require a two-month reserve to be maintained at any given time frame. I am confused and in disbelief. It has never been a requirement to maintain a two-month reserve in my escrow account, and I don't understand why this is necessary at this point. It appears that this requirement was utilized due to my insistence with the management personnel that she explain why the XXXX XXXX XXXX were different and that it appeared that someone had made a mistake. As mentioned earlier it has never been a requirement for me to maintain any type of reserve funds in the XXXX years since my account was serviced by this company. Never late on payments or any type of escrow shortage int the term of my home loan.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30058
Submitted Via: Web
Date Sent: 2023-10-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-31
Issue: Problem with a company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: Despite multiple written requests, the unverified account/s listed below continue to report on my file. The late payments are inaccurate, the payments were made on time. Please update the late payment markings to show the correct payment history. Update the account/s below XXXX XXXX XXXX, XXXX XXXX, SELECT PORTFOLIO SVCIN XXXX and XXXX XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 94544
Submitted Via: Web
Date Sent: 2023-10-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-28
Issue: Trouble during payment process
Subissue: Trying to communicate with the company to fix an issue while managing or servicing yo
Consumer Complaint: XX/XX/XXXX I requested a Lienholder 's Certificate from Select Portfolio Servicing as required by XXXX XXXX in order to get a Boundary Line Elimination on my property. In XXXX of XXXX, I was finally informed from Select Portfolio that I needed to pay {$500.00} for their legal department to process the document and I had to submit a survey of the property with the Boundary Line Elimination proposal a plat of the current property, and I had to purchase XXXX XXXX. Select Portfolio has not delivered the Lienholder 's Certificate as of this date and it has been a year and five months since my initial request. I have called dozens of times for updates, emailed the ombudsman department that is receiving updates from the legal department and have only received the same response- they do not have a projected date of delivery. They will not tell me how long it will take, where I am in the pile, how many people are working on it and why it is taking almost a year and a half. Unfortunately, I can only obtain this document from my mortgage company. And I can not get a much needed Boundary Line Elimination without this document that my mortgage company will not deliver. I'm paying yearly taxes on XXXX tiny little lots that need to be combined, not only for economic reasons, but for the workload it causes XXXX XXXX XXXX Department. Both XXXXhe County and I need this to happen. We can not do a thing until Select Portfolio delivers. Instead, Select Portfolio keeps sending me copies of the title paperwork that I never requested. I received a letter this week from Select Portfolio, dated XX/XX/XXXX. It stated : " In your inquiry, you requested information regarding the title policy. We have enclosed the Policy of Title Insurance. '' I never requested my title. I have only requested a Lienholder 's Certificate. I've spent {$2100.00} on a survey, {$500.00} on Select Portfolio 's processing fee, {$240.00} on XXXX XXXX and I still don't have a simple one page document called a Lienholder 's Certificate that should have been provided nearly a year and a half ago. I need to escalate this matter. Please publish this complaint. I have been incredibly patient and now I have to escalate this matter in every conceivable direction.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80303
Submitted Via: Web
Date Sent: 2023-10-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-29
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: My monthly mortgage payment went from XXXX to XXXX When I called them they told me that my property taxes went up and also home insurance They send me XXXX letters with different numbers, nothing matches, in XXXX part of the letters it explains that Select Portfolio Servicing wants to have XXXX dollars of my money as a reserve in their Bank. Ive been making my payments on time XXXX dont have extra XXXX dollars a month for XXXX XXXX keep as an extra reserve escrow
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 10801
Submitted Via: Web
Date Sent: 2023-10-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-25
Issue: Trouble during payment process
Subissue: Trying to communicate with the company to fix an issue while managing or servicing yo
Consumer Complaint: My conventional residential mortgage is an annually adjusted amortizing loan. Select Portfolio Servicing Inc is the loan servicer. I received the annual notification of the rate reset. There is a new index taking place of the LIBOR. New benchmark is the XXXX XXXX XXXX XXXX XXXX XXXX XXXX rate that is to be seen at the XXXX website, as per correspondence received from my loan servicer Select Portfolio Servicing, Inc PROBLEM : The XXXX website provides all information OTHER THAN THE ACTUAL PUBLISHED RATE NUMBER. Nowhere on the website is the actual rate, or number for the rate, disclosed. No historical rates or any actual informative rate history on this benchmark is published on the site. My servicer 's site, spsservicing.com, does not provide a link to published rates on the online account access either. Thus, these two companies are not transparent in disclosing the promised information that is printed on their correspondence and or referenced on the website XXXX. My complaint is XXXX needs to allow access for any consumer to see this " 12 month cash fallback '' rate on the website in both a current and historical manner, and, for my mortgage servicer to as well provide an active link to this rate from their servicing website..
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-10-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-24
Issue: Trouble during payment process
Subissue: Private mortgage insurance (PMI)
Consumer Complaint: Dear CFPB regulator, I am writing to file a formal complaint against Select Portfolio Servicing Inc. regarding their servicing practices, particularly their refusal to remove Private Mortgage Insurance ( PMI ) from my property. I am extremely disappointed with their lack of response and adherence to the Homeowners Protection Act, and I kindly request the Consumer Financial Protection Bureau ( CFPB ) to investigate whether their practices are unfair, deceptive, or abusive. To provide additional context, on XX/XX/XXXX, I received confirmation from Select Portfolio Servicing Inc. that they had received payment for an evaluation ( which was sent XX/XX/XXXX ), but despite this confirmation, I have yet to receive any updates regarding the removal of PMI on my property. Despite my persistent efforts, Select Portfolio Servicing Inc. has not made any arrangements for an independent appraiser to evaluate my property. It is challenging to comprehend how they can ignore my reasonable request when I have independently researched and found comparable home sales to support the belief that my property could appraise at a value similar to these comparables. To further substantiate my belief in the property 's value, here are some additional recent home sales from XXXX : Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$360000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$320000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$270000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$260000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$340000.00} Additionally, I would like to clarify that I initially requested the removal of PMI in XXXX, XXXX, and twice in XXXX, with the most recent request made in XX/XX/XXXX. This has been an ongoing concern, and despite my persistent efforts, I have not received a satisfactory response or seen any progress in the removal of PMI from my property. The original purchase date of this property was in XX/XX/XXXX, and I refinanced it in XXXX. All these years, the PMI that the services have collected ranged between {$110.00} and {$120.00} per month. I feel that I have been financially burdened as they have violated my trust in their ability to service my loan and provide a secure home for my family. I demand repayment of what is rightfully owed to me because of the lack of action by this and prior servicer, XXXX XXXX XXXXXXXX, who sold my loan to Select Portfolio Servicing Inc. in XX/XX/XXXX. I respectfully request the following actions : Investigation by the CFPB into Select Portfolio Servicing Inc. 's servicing practices. Ensuring that Select Portfolio Servicing Inc. complies with the Homeowners Protection Act and promptly removes PMI from my property. Compensation for the years that I, and possibly previous servicers, have charged me for PMI. I kindly request your immediate attention to this matter, as I have been dealing with this issue for an extended period, and it is my belief that my requests are well-founded. Thank you for your prompt consideration and assistance in resolving this matter. I look forward to your response and the potential resolution of this issue. Additionally, I have provided them with an updated email and cellphone number ; however, these changes have not been updated and I am not able to login online because the secondary verification process would go to my prior cell phone number which I do not have access to, the same thing happened with my email address. Sincerely, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IL
Zip: 60402
Submitted Via: Web
Date Sent: 2023-10-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-24
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: I was approved for a modification, I went through the trial period, paid accordingly for XXXX then in XXXX I attempted to make my payment by the same method and was not able to. During this time I concurrently applied for a GA Homeowners Asstance Funds Application per my Servicer. I later learned 45 days into the process that this program is subject of an investigation due to some fraudulent activities within the project itself. I received conflicting information from several relationship managers on which avenue would be most beneficial in correcting my default due to covid and the subsequent forbearance exercises. I have sent in many documents proving my income, proving my SS. When the forbearance period ended I made all payments up to date until XXXX, until I was informed I could not make any further payment and that my account was refered to a lawyer. When checking my documents I could call on a Friday and then on Several Days Later, I am asked for more documents. It was under lots of stress, so I reached out to my Congressman on NC and GA. In addition to the aforementioned, during the years of 2019 to present, my daughter was battling a very serious bought of XXXX XXXX, and at that time she was undergoing XXXX and subsequebtly preparing for XXXX for removal of a XXXX XXXX. I did my best to manage all of the issues I was goung through during those years. Concurrently, I also have a brother that is a XXXX survivor, and was battling a reccurance and also dealing with a XXXX XXXX XXXX that left him XXXX partially, and unable to perform duties as he did before the onset of the nerve issue. A relationship managers has asked if I can catch up with my payments, in which I stated yes am able and have been prepared for this. I was traveling back and forth between my brothers home of XXXX XXXX and my residence in XXXX to ensure that both of my family members were getting proper care.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30315
Submitted Via: Web
Date Sent: 2023-10-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-24
Issue: Trouble during payment process
Subissue: Trying to communicate with the company to fix an issue while managing or servicing yo
Consumer Complaint: Hello, We have called for months about paperwork that was sent to SPS months ago and every time we call ( over ten times, we have lost count ) the story changes and is contradictory. Please see attached paperwork that was sent to you as requested ( WITH CONFIRMATION ). We were advised by your customer service rep the new payment would be {$500.00} after we were told the escrow account was removed back in XX/XX/. We have been paying that amount for months now and STILL no one seemingly has any idea of what we are talking about. SPS is constantly playing games by applying the amount we were told to pay as suspended funds, makingus call in repeatedly to resolve this issue. This is a common practice they have been sued for before ( XXXX XXXX XXXXXXXX ). SPS was originally sent the escrow removal noticein XX/XX/XXXX and it was sent several times after that.They did not remove the escrow account until XX/XX/XXXX despite having received the removal notice from XXXX XXXX months later. On XX/XX/, SPS paid XXXX XXXX {$5600.00} without my consent, despite being told in writing and verbally my intentions to close my escrow account back in XX/XX/XXXX and having received my requestto close the account as confirmedreceived. I have spoken with ONE person from SPS ' ombudsman department via phone where she called me and still failed to answer any resolution or questions as to why my request was not processed months ago and why SPS sat on this request for months despite having it confirmed as received. SPS alleges they have been trying to reach me and can not do so with the SAME info that has been in place on my account and the same phone number we spoke on. SPS claimed that they could not reach me via email and I responded to them as requested and no follow-up has yet to happen.On XX/XX/, I called SPS AGAIN to seek to resolve this issue and my questions were deflected and ignored and I was passed off the the ombudsman department. The rep put me on hold for quite some time and came back and said no one was available to assist and I would have to call back at XXXX. Of all the times I have called and requested this department, no one is EVER available and out of the several requests I have had for call back only ONE returned phone call has taken place for months. SPS has YET to resolve or attempt to resolve my issues and complaints and refused to accept responsibility for the part that they have played and continue to play in this process. SPS has sent several notices with fluctuating payment amounts that differ from the {$500.00} I was told to pay. There has been no accounting or disclosure of what our escrow balance was at the time of closure back in XXXX XXXX and how those funds would be handled either. SPS ' has mailed me statements and mortgage account ledgers in an untruthful manner to pose as " responses to close out my issue '' when one has NOTHING to do with the other. At no time have I asked for " information about my account '' as their letter says they are enclosing the attached documentation to " satisfy my inquiry '' just to erroneously close out my complaint with no resolution. My concerns have yet to be addressed despite them sending information over and over again that has NOTHING to do with my issue/complaint. SPS has a shady history as proven by XXXX complaints that they commonly engage in shady and deceptive trade practices with the aim to profit from these shady business practices at the cost to the consumer and impacting them adversely with the credit bureaus in bad faith.SPS has hundreds of complaints with Consumer Affairs as well for the same shady business practices I am experiencing as well ( XXXX XXXX XXXX ). SPS has been in trouble with the CFPB for the same issues I am havingwith them at the present time regarding mortgage servicing violations that include but are not limited to : Charging consumers unauthorized amounts.Misrepresenting mortgage loan transactions and payment history in online accounts. SPS often provides inaccurate descriptions of payments and transaction information, which misleads borrowers.Incorrect handling of partial payments.Servicers are required to take one of the following specific actions when they receive a partial payment from a borrower : crediting the payment, returning it to the consumer, or holding it in an unapplied funds account.Failing to automatically terminate Private Mortgage Insurance ( PMI ) and escrow accounts on time. For borrowers with PMI, servicers are generally required to automatically terminate those additional PMI payments once the mortgage loans principal balance is first scheduled to reach 78 percent of the original value of the property. SPS ' data was/is inaccurate and the PMI wasnt terminated in a timely manner. Escrow account was not terminated in a timely manner as well. This matter has been going on long enough and I am seeking assistance from XXXXheFTC, Attorney General, FHFA, CFPB, Office of the Commissioner of Financial Regulation, DOJ and XXXX since SPS is refusing to address or resolve my concerns I have been attempting to communicate with them since XX/XX/! Thanks, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-10-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-21
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: I have made numerous requests all with the same reply - " I will send the request to the appropriate department. '' - but all having the same result. The result has been the payments have gone to an unapplied area where the financial institution is able to make gains 2 fold - gains on the money intended to go the the principle as well as additional interest on the account. Knowing that this is happening to me I know I can not be the only person this needs a major correction given this is now the 3rd complaint that I have filed. Each week I place {$50.00} and have called SPS to inform them of this. There are notes on the account but no reactions to requests. Since the last complaint a payment of {$50.00} was sent XX/XX/XXXX and another {$150.00} on XX/XX/XXXX and full payment of {$680.00} on XX/XX/XXXX and {$50.00} on XX/XX/XXXX, XXXX, XX/XX/XXXX, and XX/XX/XXXX. I contacted them today and spoke with a representative by the name of XXXX. on a recorded line and again asked that the payments be posted properly and any interest be credited back on the account.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OH
Zip: 436XX
Submitted Via: Web
Date Sent: 2023-10-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-10-21
Issue: Trouble during payment process
Subissue: Loan sold or transferred to another company
Consumer Complaint: There is a court order signed by XXXX XXXX saying " the interest portion of the debt can not be enlarged beyond the figure it represented on XX/XX/2007 ''. XXXX XXXX XXXXXXXX and Select Portfolio Servicing have ignored and violated this order and have continued to add fees, late payments and the like on to the account in question in violation of 12 U.S. Code 2605.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 32162
Submitted Via: Web
Date Sent: 2023-10-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A