Date Received: 2019-06-04
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: Once again were having a very difficult time with SPS to avoid foreclosure. We have been denied for a modification. We were told by SPS we can apply for a short sale which we have done. On our first submission was declined due to the fact SPS want a full payoff. Our Realtor then went back to our 2nd Len holder ( XXXX )and resubmitted the short sale and over the past 3 weeks is getting the short sale approval. In the mean time SPS has decided to go against its word and place the sale date that was on hold too ACTIVE. Back doored again! We now have a sale date of XX/XX/19. Please place the short sale on hold so we can complete the short sale and avoid foreclosure.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92101
Submitted Via: Web
Date Sent: 2019-06-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-04
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Would you please provide to me this information regarding my mortgage. What date do my mortgage has been sold to you and what was the balance that has been transferred to you. please break down the balance of my mortgage into two balances. 1. Deferred principle {$280000.00}. who you purchased from or transferred from. please provide to me a full name of seller or transferee, also provide to me the dates of those transactions. 2. interest bearing principle {$41000.00}. Who you purchased from or transferred from. please provide to me a full name and Address of the seller or transferee., also provide to me the dates of all transactions. 3. please provide me the audit or verification those balances mentioned the above done by the clearing houses. 4. please specify if these balances has been transferred as one or seperate dates and transactions. 5. please provide all the assignments in my file.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-07-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I am being harassed on a daily basis by Select Portfolio Servicing. This is my second complaint as they just closed the first one yet keep harassing me. My XXXX XXXX XXXX Loan was transferred to SPS. This loan is in the estate of me deceased Life Partner XXXX XXXX. When the loan was trasferred, everything should have been in place and I should not have to relive the past trying to prove how I have and that this was my partner and that I own this home. Back then XXXX marriage was not legal and thus I'm being drug through the mud to prove something that happened 13 years ago. This is harassment and this is discrimination. SPS say my payment is lower than it was before but refuses to explain. There is no reason why my payment would have gone down. I ALWAYS make my payments on time and I make an EXTRA {$500.00} PAYMENT EVERY WEEK on this loan. There is no reason I need to do anything except making the payments. I now receive at least one or two pieces of mail every day from SPS. I now refuse to open them and return to sender. When I open my mailbox, and see the letters EVERY DAY, I immediately feel pains in my chest. Yes this is real. XXXX XXXX XXXX has harassed me for 13 years and now it's starting all over again. It it doesn't stop I'm going to end up in the hospital with a XXXX XXXX or XXXX. It's not a joke. SPS needs to cease and desist. I have done nothing wrong. I am making payments on time and overpaying the loan. Why does this harassment persist? STOP. LEAVE ME ALONE.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-06-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-06-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: In XXXX, XXXX I filed for a loan modification with XXXX XXXX, the manager of my mortgage at the time. XXXX is the holder of the mortgage. After I missed 3 payments in XXXX, XXXX and XXXX, my mortgage management was transferred to SPS ( Select Portfolio Servicing ). This effectively let XXXX off the hook for dealing with my loan modification request, for which all requested documents had been provided. SPS took over the management of the mortgage in XXXX, XXXX. They began a process of requesting documents over and over again, and I provided them. Due to the time involved, I reached a point in my finances when I was unable to pay my real estate taxes for XXXX. I have now provided the last of the requested documents, but am faced with a new problem. They paid my real estate taxes, and added the amount to my balance. Then they created an escrow account, with my new monthly payment amounting to {$8900.00}. My average monthly income is {$9000.00}. As you can see, the combined mortgage and real estate escrow payments would leave me without any income to pay any other bills, including food. Rather than assisting me, they have made my life more miserable.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VT
Zip: 057XX
Submitted Via: Web
Date Sent: 2019-06-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-30
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: Since XXXX of XXXX, we have been trying to get this company to release a partial lien. We have 2 acres and we are selling one of them to my husbands parents to build a house. Over the last 14 months and countless phone conversations, we have been given differing and contradictory information with each phone call. The biggest hold up has been a document that a title company drew up for us. We will be told that particular wording needs to change on the document and after we change it, we are told that that was incorrect and the problem is something else entirely. This company has refused to assign one person to our case therefore forcing us to start from scratch with each phone conversation. We have been, most recently, working with their complaint department. We were told in XXXX of XXXX that this letter from the title company was finally approved and that we would be notified by mail of their decision. After 8 weeks and nothing in the mail, we called our mortgage company and we were told that our document was not correct after all and that they also could not find our appraisal ( which was completed more than 1 year ago ) and that we would need to get another one. We were essentially back at square one. I do understand that they are not legally obligated to release this partial lien. My concern is the inconsistency, seemingly incompetent dealings and their absolute lack of concern for our situation. We have jumped through all their hoops to no avail. We are currently attempting to modify this particular letter once again in an effort to fulfill their requirements.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85742
Submitted Via: Web
Date Sent: 2019-05-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-29
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I submitted a request for a modification because my mortgage has a balloon payment that is coming due. I do not want to lose my home. I want to modify the mortgage and receive an affordable monthly payment. Select Portfolio is giving me a difficult time with fixing my monthly payment. They are unwilling to help me. Please help. Thank you..
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 38127
Submitted Via: Web
Date Sent: 2019-05-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-29
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: My mortgage was sold and I was NOT notified. The only way I found out was by checking my credit report and seeing I was 2+ months late on a payment. Here is a quote from an article linked below. " Consumers should not be collateral damage in the mortgage servicing transfer process, '' said Consumer Financial Protection Bureau Director XXXX XXXX. By law, it states that all information should be transmitted from old to new company, which atleast my phone number was NOT, SPS did not have my phone number nor did they care enough to locate me to tell me I was late. Then they charged me additional money to physically look at the property which I want back as the loan with this terrible company has been paid in full. I can provide proof from my credit report showing years of perfect payment with XXXX ( old mortgage holder ) then the transfer to SPS and the first payment being 2+months late and another 3 years of perfect on time payments until 2 weeks ago when I sold the house. XXXX XXXX XXXXXXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OH
Zip: 45013
Submitted Via: Web
Date Sent: 2019-05-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-29
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have continuously asked SPS what all of these fees are? I signed a deferral in XX/XX/XXXX. But for some reason, I continue to get fees. When these fees appeared on my account, there were no late payments. I have tried to contact my relationship Manager XXXX, but she must no longer work there. I have been assigned several different relationship managers, but they never call me. It's always some random employee. They call me at work during the day. I have asked that they not. I have reached out to XXXX XXXX who is the supposed note holder, but they have no record of me. On XX/XX/XXXX, I had them become an authorized third party to show that they do not have any information regarding my loan, or my name or my SSN. So how are they they foreclosing party? What benefit are they getting out of it? What are their modification guidelines? There is no record of my XX/XX/XXXX payment that shows on this statement, but does not show on the SPS transaction history report SPS has submitted to you all in the past for complaints. One XX/XX/XXXX I received an escrow analysis for an escrow shortage. It says I have a shortage of {$120.00}, however, property taxes and insurance did not increase during that time. I will provide documentation from my insurance company to verify. It shows an E for estimated amounts, but the amounts have not occured, but yet they charged me for that! I would like to know why my mortgage is an extra {$190.00} each month even when I'm not behind. In the past when they attempted foreclose and even had a sale set in XXXX, they didn't have the assignment attached, but they later went back and attached it. How ironic huh? They supposedly assigned in XXXX of XXXX, but it was not recorded in my county records office until XXXX of XXXX. They only have 60 days not 2 years, but yet this handwritten forged documented was allowed to be used. And a judge let them do it. But it was withdrawn. I fell behind in XXXX and have attempted to get assistance, and all I hear is from SPS saying I can't afford my home. I also have an agreement in my mortgage that shows I do no want an escrow account, but SPS went ahead and escrowed w/out notice to me. If I signed that notice, please send me a copy so I can get it to my attorney. I never received a rejection letter of my request for mortgage assistance. On XX/XX/XXXX the sheriff sale information was updated and showed my name and address. However, I had until XX/XX/XXXX to bring my account current. I was planning on making that payment before I left town for the holiday, but I thought it would be rejected since the sheriff sale is set. I'm at a loss. My children have seen me cry so much in the past dealing w/ this company. I communicated with SPS that my $ XXXX/month child support payment had stopped because the non-custodial parent left town and child support enforcement can not find him. This happened in XX/XX/XXXX. I've been scared to death every since then. I need assistance. If it comes to it, I will sell my home a week before the sell to a cash buyer, or I will file bankruptcy to keep this company from getting my home and to keep me from being homeless.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OK
Zip: 73071
Submitted Via: Web
Date Sent: 2019-05-29
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-28
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Let 's start with just because this company responds to a complaint doesn't mean anything is resolved. I have tried for a modification because the one in XXXX which was supposed to be permanent is not. I get a letter every so often saying that my rates increased due to escrow shortage and my rate is well over {$800.00}. I asked for a modification and received no response. Even asked since they claim XXXX XXXX is the noteholder for their guidelines. I never received anything. I still have not received if my modification was denied or what my options were. I check my county 's records and see my house is set for a sheriff sale on XX/XX/XXXX. I know it's funny to you all because the HUD secretary even joked about it. This company is addicted to REOs and kicking people out of their homes. This single mother of XXXX is not. I will no longer fight. I will however go for a deed in lieu or better yet, I'll file for bankruptcy the day of the sale. Since that seems to be what SPS wants. I had a company do a title search and I even paid a company to deal with SPS, and you can see attached. XXXX is still the bank of record on my title. I will fight this in court, and I will even show proof of forged documents by SPS and their attorneys. This settlement includes a statement of facts to which XXXX XXXX has agreed. That statement of facts describes how XXXX XXXX made false and misleading representations to prospective investors about the characteristics of the mortgage loans it securitized. ( The quotes in the following paragraphs are from that agreed-upon statement of facts, unless otherwise noted. ) : XXXX XXXX told investors in offering documents that the mortgage loans it securitized into RMBS were originated generally in accordance with applicable underwriting guidelines, except where sufficient compensating factors were demonstrated by a prospective borrower. It also told investors that the loans had been originated in compliance with all federal, state, and local laws and regulations, including all predatory and abusive lending laws. XXXX XXXX has now acknowledged that XXXX XXXX repeatedly received information indicating that many of the loans reviewed did not conform to the representations that would be made by XXXX XXXX to investors about the loans to be securitized. It has acknowledged that in many cases, it purchased and securitized loans into its RMBS that did not comply with applicable underwriting guidelines and lacked sufficient factors and/or w [ ere ] not originated in compliance with applicable laws and regulations. XXXX XXXX employees even referred to some loans they securitized as bad loans, complete XXXX and [ u ] tter complete garbage. XXXX XXXX acquired some of the mortgage loans it securitized by buying, from other loan originators, Bulk packages containing numerous loans. For example, in XX/XX/XXXX, XXXX XXXX purchased a Bulk pool of approximately 10,000 loans originated by XXXX XXXX XXXX. XXXX XXXX selected fewer than 10 percent of these loans for due diligence review. Reports from XXXX XXXX due diligence vendors showed that approximately 85 percent of the loans in this sample violated XXXX underwriting guidelines and/or applicable law, but XXXX XXXX securitized over half of the loans into various RMBS it then sold to investors. XXXX XXXX did not review the remaining unsampled 90 percent of the pool to determine whether those loans had similar problems. Instead, it securitized an additional {$1.00} XXXX worth of unsampledand therefore unreviewedloans from this pool into various RMBS it then sold to investors. A XXXX XXXX manager wrote to another manager who was reviewing these loans, Thanks for working thru this mess. If it helps, it looks like we will make a killing on this trade. XXXX XXXX acquired other mortgage loans for securitization through its XXXX channel. Through this channel, XXXX XXXX bought loans from other lenders one-by-one or in small packages, and also itself extended loans to borrowers as Wholesale loans. Approximately 25-35 percent of the loans XXXX XXXX acquired from XXXX to XXXX were acquired through its mortgage XXXX. XXXX XXXX employees discussed in internal emails that for XXXX loans, the loan review and approval process was virtually unmonitored. For loans XXXX XXXX purchased through its XXXX, XXXX XXXX told investors, ratings agencies and others, XXXX XXXX senior underwriters make final loan decisions, not contracted due diligence firms. XXXX XXXX has now acknowledged, For XXXX loans, these representations were false. XXXX XXXX has acknowledged that [ a ] XX/XX/XXXX audit by XXXX XXXX audit department gave the XXXX a C rating on an A-D scale ( the second worst possible rating ) and a level 4 materiality score on a 1-4 scale ( the highest possible score ), and that a XX/XX/XXXX evaluation by XXXX XXXX of one of the third-party vendors it used to review XXXX loans similarly reported that There are serious concerns as to compliance [. ] Between XXXX and XXXX, XXXX XXXX managers made comments in emails about the quality of XXXX loans and its process for reviewing those loans. For example, a top XXXX XXXX manager wrote to senior traders, Of course we would like higher quality loans. Thats never been the identity of our [ mortgage ] XXXX, and were becoming less and less competitive in that space. A senior XXXX XXXX trader, discussing the fulfillment centers XXXX XXXX used to review XXXX loans, stated in an email : we make these underwriting exceptions and then we have liability down the road when the loans go bad and people point out that we violated our own guidelines.... The fulfillment process is a joke. For example, in one instance XXXX XXXX approved, through its XXXX, a purchase of over {$700.00} XXXX worth of loans originated by XXXX XXXX. XXXX XXXX senior traders referr [ ed ] to XXXX XXXX loans as complete XXXX and [ u ] tter complete garbage. Despite this, XXXX XXXX provided XXXX XXXX with financial incentives in exchange for loan volume [ and ] securitized XXXX XXXX loans into various RMBS it then sold to investors. XXXX XXXX has acknowledged that it also received reports from vendors that it might have been acquiring and securitizing loans with inflated appraisals and that its approach for reviewing the property values associated with the mortgage loans could lead to the acceptance of inflated appraisals. In XX/XX/XXXX, a XXXX XXXX manager wrote to two senior traders, How would investors react if we say that 20 percent of the pool have values off by 15 percent? If we are comfortable buying these loans, we should be comfortable telling investors. XXXX XXXX used vendors to conduct quality control on a small subset of loans it acquired. XXXX XXXX has now acknowledged that its quality control review vendors reported that more than 25 percent of the loans that they reviewed for quality control were designated ineligible because of credit, compliance, and/or property defects. XXXX XXXX has now acknowledged that its Co-Head of Transaction Management expressed concern that the quality control results could serve as a written record of defects, and sought to avoid documented confirmation of these defects. In XX/XX/XXXX, a top XXXX XXXX manager met with others to discuss implementing this reduction of quality control review. XXXX XXXX Co-Head of Transaction Management wrote that this change was to avoid the previous approach by which a lot of loans were QCd... creating a record of possible rep/warrant breaches in deals.... In another example, in XX/XX/XXXX, a XXXX XXXX employee identified two wholesale loans XXXX XXXX itself had originated and wrote, I would think that we would want to see loans like these that seem to represent confirmed problems, especially on our own originations. Why do we have an appraisal watch list and broker oversight group if we arent going to review the bad ones and take action appropriately?... I just see so many of these cross my desk, fraud, value, etc., its hard to just let them go by and not do something. XXXX XXXX Co-Head of Transaction Management responded, I think the idea is that we dont want to spend a lot of $ to generate a lot of QC results that give us no recourse anyway but generate a lot of negative data, so no need to order QC on each of these loans. The employee then stated, I think the lack of interest in bad loans is scary. As another example, in XX/XX/XXXX, a XXXX XXXX employee identified 44 Wholesale loans XXXX XXXX had itself originated that had gone 60 days delinquent. XXXX XXXX Co-Head of Transaction Management wrote in response, if we already know : that the loans arent performing... the only thing QC will tell us is that there were compliance errors, occupancy misreps etc. I think we already know we have systemic problems in FC/UW [ fulfillment centers/underwriting ] re both compliance and credit. The downside of QCing these 44 loans is, after we get the QC results, we will be obligated to repurchase a fair chunk of the loans from deals, assuming the loans are securitized and the QC results look like the QC weve done in the past. So based on a wholesale QC historical fail rate of over 35 percent ( major rep defects ), the avg bal of wholesale loans and the loss severities, it is reasonable to expect this QC may cost us a few million dollars. XXXX XXXX has now acknowledged that it did not inform investors or ratings agencies that its Wholesale loan channel had a QC historical fail rate of over 35 percent ( major rep defects ). XXXX XXXX commented about the mortgage loans that accumulated in its inventory. For example, XXXX XXXX Co-Head of Transaction Management wrote to another XXXX XXXX manager that loans with potential defects pile up in inventory.... So my theory is : we own the risk 1 way or another.... I am inclined to securitize loans that are close calls or marginally non-compliant, and take the risk that well have to repurchase, if we cant put them back, rather than adding to sludge in inventory.... One of the senior traders responded, Agree. In another instance, a XXXX XXXX senior trader commented in XXXX that we have almost $ XXXX of XXXX garbage to still distribute. In another instance, a XXXX XXXX trader wrote to a top manager, discussing another bank to which XXXX XXXX was seeking to sell loans from its inventory, and stated, [ The other bank ] again came back with an embarrassing number of diligence kicks this month.... If their results are in any way representative of our compliance with our reps and warrants, we have major problems. But rather than holding these loans in its own inventory, XXXX XXXX securitized certain of these loans into its RMBS. Original review : XX/XX/XXXX We asked for help with our payments. They said, " No problem. Send us paperwork to fill out. '' Sent in. Was told not filled out right. So went over all the paperwork with lady at the co. She said it was right and everything was there. That was in XXXX XXXX. It is now XX/XX/XXXX. Every time we called to check on the paperwork the lady was not there. Off that day. Always. Finally got hold of someone today and they said all of the paperwork was not there. They said they sent us info about it, never received. They told us they tried to call. Never did. Now they say we have to start all over again. They have our address and we never received anything from them. We have requested several times a history report of our mortgage because they say we took a XXXX loan against our mortgage years ago. We did not never. All we ask is a copy of the canceled check. They said they have sent all that. Never received it. They just say what they want you to hear. I am going to call around and see if it is possible to have them investigated. People please call around and have this happen. I pay enough. Sometimes I can't go to the store for food. I can't pay my medical and my health has suffered. No co. should have this power. I am sure no one will read this because they will take it down. Representatives ill-informed and don't really have any idea what they're talking about. Keep sending me unwanted and unsolicited info I have not requested. They do not send statements in a timely manner. Utterly clueless and out of touch with customers. Not helpful and at times can be very rude. Who told them they give excellent customer service as stated on their website? Original review : XX/XX/XXXX Like many other complaints, my mortgage was sold by XXXX XXXX to this company several months ago. It has been nothing but trouble since. They recalculated my escrow account and sent me a check for {$940.00}. I did my calculations and realized it would leave me short when it came time to pay my insurance and taxes. So I called, was instructed to send it back, and told they would recalculate. Here we are almost a month later, they have no record of receiving the check back, have not adjusted my account, have not recalculated. NOTHING. They tell me they will put it in for " deep research ''. After reading these reviews, I am SO worried. Original review : XX/XX/XXXX This company is so behind in current mortgage practices. They are completely corrupt and incompetent. The excuses they make for their inaccurate account history is beyond belief. Turn and run from these numbnuts. You'll waste an incredible amount of time hand holding them through banking and mortgages 101. Just turn and run. Original review : XXXX XXXX, XXXX This company is notorious for losing paperwork, raising interest rates for no reason and ludicrous excuses to not work with you. Paperwork was faxed numerous times with return receipt, and still lost. Why are they still in business? SPS evades any complaints against them. Worse mortgage company in industry. Original review : XXXX XXXX, XXXX My loan was transferred from XXXX ... I had 3 payments total to paying off the loan. I tried to have them take the pay off balance via phone from a registered account. After being told online they would take it they didn't. Leaving me a late payment because they lied and didn't take the payment. 2nd call they proceeded to tell me A. They couldn't take the payment for pay off over the phone or online nor could they tell me what the pay off balance was. It's straight up fraud! In order to collect late fees and more interest. I never agreed to having my loan transferred to this company. They informed me the only way to send payoff is thru XXXX XXXX. Another large fee! Where in XXXX XXXX name did America allow such businesses to rake customers thru the coals like this? It seems to me it's outside of any laws I've ever dealt with. We customers should be compensated for the inconvenience of having to deal with such XXXX! I just want to pay the loan off. Not be tread all over and told, " No you can't. '' I think they'd like to take my house for the {$160.00} I currently owe. Ridiculous and complete insanity! No customer service that helped. Just a few other consumer complaint and even the Justice Department 's statements, but yet, nothing is done w/ this corrupt company. They still steal homes and that is OK with the United States Government.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OK
Zip: 73071
Submitted Via: Web
Date Sent: 2019-05-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-28
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: We were informed by SPS that they have 30 days for the short sale decision. On XX/XX/2019 marked the 30th day so we called to follow up and they said that they still need some documents from the investor to complete the short sale review. This is not acceptable. We have waited for months not just 30 days after they ran around with the file. Now, that the 30 days lapse they will tell us another reason. This lender is worst of all lenders. We have been very kind and patient all throughout but to wait for months is not acceptable for all parties involve who invested their time and money. We would like for SPS to approve the short sale ASAP and get this done. CFPB has the right to call out their wrong doings. This is unfair to all their clients. The time spent for the review is outrageous. We hope you can help us on this matter as soon as possible.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 20136
Submitted Via: Web
Date Sent: 2019-05-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A