Date Received: 2023-03-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My loan was transferred to Select Portfolio Servicing Inc, XX/XX/2023. First payment XX/XX/2023. After speaking to a representative, they stated payment through their website ( XXXX - XXXX ) would result in a {$5.00} transaction fee and ( XXXX ) transaction fee of {$15.00}. Also, there is a fee to make payments over the phone with and without a representative. These fees are excessive for making payments to your account. Please review their policy and advise. Are these fees for payment to your account legal? Thanks,
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 38104
Submitted Via: Web
Date Sent: 2023-03-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-04
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: On XXXX, XXXX a representative from the ombudsman department called me. She stated that the previous mortgage statements I uploaded were not a 'verification of mortgage. ' I asked her " How is a customer to know the difference between a mortgage statement or a verification of mortgage? ' This had not been explained to me as I assumed the mortgage statements were sufficient enough. They keep changing the document types needed. This company is extremely invasive. They never asked me where the money was coming from when I was struggling to make the payments. They are asking for new documents and details every single day. Then I was asked to provide a lease agreement which the renters hadn't paid since XX/XX/XXXX. I have to wait for a response from the other mortgage company to fulfill the v.o.m. request and upload a lease agreement which is no longer valid. I lost my second job due to Covid 19 on XX/XX/XXXX. My loan was transferred to this servicer XX/XX/XXXX. Can I ask for a forbearance related to the Pandemic? The renters job closed due to those circumstances. The companies have shut down. They didn't work long enough to claim unemployment. I also couldn't receive unemployment benefits because I was working more than 32 hours per week. XXXX and XXXX programs can't help me.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80011
Submitted Via: Web
Date Sent: 2023-03-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-04
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I am requesting payment DEFERRAL of the deficiency payments. Select Portfolio Servicing, Inc.. ( " SPS '' ) has not complied with the requirements of section 1024.17 ( f ) which states " if servicer advances funds for borrower, then the servicer must perform escrow analysis before seeking repayment. '' SPS has started to collect deficiency payments in excess of {$2800.00} per month without providing me with an escrow analysis and while escrow was closed. On XXXX/XXXXXXXX, SPS sent me a letter informing me that the escrow account has been closed. Attached hereto as Exhibit A is a true and correct copy of the XXXX/XXXX/XXXX letter. SPS closed escrow despite that a deficiency exists and contrary to SPS q & a escrow sheet attached hereto as Exhibit B, which states that in order to remove escrow from your account, you must meet the following criteria : Your monthly mortgage payments must not have been delinquent for the past twelve months. A mortgage payment is delinquent if it is received 30 or more days later than its normal monthly due date.You must provide evidence that your insurance and taxes have been paid current for the next 12 months. Your loan-to-value ratio must be 80 % or less. A loan-to- value ratio is calculated by dividing your current unpaid principal balance by the appraised value of your property. We will use the original appraisal in our calculation unless you wish to purchase an updated appraisal and submit it with your request to cancel escrow. Any deficiency in the escrow account must be paid in full. Based on the above, ( 1 ) How is it possible that there is no existing escrow account while a deficiency exists? ( 2 ) How is it possible that SPS is collecting the deficiency without first providing me with an escrow analysis statement as required by law ( section 1024.17 ( f ) )? Thank you.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 91356
Submitted Via: Web
Date Sent: 2023-03-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-04
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: SPServicing tried to hold up my refinance by providing only a one day payoff notice and no per diem. SPS through their agent, XXXX XXXX XXXX tried to block me from going to settlement. they continued to play games and make excuses regarding a proper payoff statement. This was in violation of XXXX. I made over five requests for a payoff statement. XXXX and SPS took longer than seven days to respond to my requests. Then, SPS 's payoff statement was good only for one day. It is impossible to go to settlement with a one day payoff statement. This is a violation of RESPA. SPS was trying to drag my refinance out until the moratorium expired. Then, SPS hoped that they would be able to foreclose on my home. All of SPS 's delaying actions were in violation of XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DC
Zip: 20018
Submitted Via: Web
Date Sent: 2023-03-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I XXXX XXXX XXXX sent XXXX XXXX a letter requesting that SPS stop the XX/XX/2023 foreclosure auction on my home. The address of the property is XXXX XXXX XXXX, XXXX, GA XXXX. SPS and XXXX XXXX refused to answer my phone calls. I would like for SPS to stop this sale date and find a solution.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30022
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: XXXX a representative from the mortgage serciver called me XXXX. We discussed additional documents needed. She said notes were added to my file on XXXX that weren't visible on their portal. The notes were asking for a lease. The renters hadn't been able to make rental payments since XX/XX/2022. I went on to explain I have been making 100 % of all payments since then. I also uploaed and emailed 2 statements from XXXX on XXXX. XXXX clarified the notes to reflect what we discussed and she verified they have everything they need to begin reviewing my loan modification application. XXXX flagged my account with additional notes that every document requested has been received including the mortage statement from the second property uploaded on XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CO
Zip: 80011
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Customer Name ( s ) : XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX XXXX Account Number : XXXX Property Address : XXXX XXXX XXXXXXXX XXXX XXXXXXXX, FL XXXX Phone XXXX Email XXXX What happened : In the month of XX/XX/XXXX, I closed XXXX purchase transactions with The Lender based out of XXXX. They are a NON -QM Portfolio mortgage company as their main niche. The loan program we used was the XXXX, which is an investor loan with no income. The first payment for those XXXX loans were in XX/XX/XXXX, with automatic ACH payments. In XXXX The Lender sold off my loans to their sister company XXXX XXXX ( the servicing branch for The Lender ). A very important note worth mentioning, is that if the ACH automatic payment was not set up in the beginning, the interest rate would have been 0.25 % higher, so it made financial sense to have this ACH set up for all loans, which I did. In the month of XX/XX/XXXX, all of the XXXX mortgage payments were paid around the dates of the XXXX to the XXXX of the month successfully though ACH Automatic payments. This indicates, and sets the precedence that the ACH document work and is in effect, as well as the bank account information being accurate, as the mortgage payment were paid successfully without my direct involvement. So long as I have the required money in my bank account there would be no issues. This is where the problems start : In XX/XX/XXXX, the loans were transferred from XXXX XXXX to SPS for servicing. I as a customer have no control over the passing form XXXX servicing company to another. I have no control over the technical issues in internal to the transition. Again, so long as I have the required money in my bank account there would be no issues. XXXX of the XXXX loans transferred from XXXX XXXX to SPS for servicing were paid through ACH without any problem. However, this particular loan SPS Account number : XXXX, in this case, SPS never attempted to charge the mortgage payment for the mortgage in the month of XXXX and XXXX. I was never notified by email, or by phone call, or by text that there were problems with SPSs the automatic payments systems. It wasnt until l XXXX when we find out from a letter that was mailed to the rental property I purchased back in XXXX. I come to find out later in XXXX that allegedly a letter was mailed to me, that I never received. There is no signature confirmation that a letter was delivered to me directly. I remind you, this was an investment purchase, and my primary residence is at another location, where my mail is opened and addressed daily. The XXXX XXXX investor loan program has a pre-requisite of needing to own and reside at a primary residence in order to participate with the Investor no income XXXX program. Why in the world would critical mortgage information be mailed to the rental property for a tenant to have direct access to the mail? Wouldnt it make much more sense to mail to the clients home address to be able to promptly respond? Is it possible and likely that some tenants disregard any mail that is not theirs and dismiss as junk mail? Of course its the right thing to do top return to sender or call the landlord out of respect, but sadly not all people use common sense and common courtesy. This is what happened to me in this case. In my opinion, this is also part of the lackluster process SPS has in place. And I will also add to them The XXXX and XXXX XXXX for that matter. This is another mistake in communication inadvertently created in this process, and yet another wrinkle disconnecting, and disjointing the client form their own loan. CFPB, please make them fix this mess! Nevertheless, approximately XX/XX/XXXX was when I called SPS to inform them, that I had no idea that their systems were not working with the automatic ACH payment on XXXX of the XXXX loans. I can provide you proof to show you that the payments were paid out of the same Bank XXXX XXXX XXXX banking account XXXX XXXX XXXX. All XXXX mortgage were set up with the ACH automatic payment identically, and funds were available to pay the third loan. The SPS representative was on a XXXX phone conversation along with my loan officer XXXX XXXX and his loan partner XXXX XXXX XXXX XXXX work at Certified Mortgage Planners in XXXX XXXX Florida . Both very professional and very helpful, kind and protective of my needs. They are not part of any of these problems, just to be clear. We spoke at length with the SPS rep, possibly over XXXX hour. The SPS representative admitted on a voice recorded call that since there was an error with the automatic payment on their end, we had to send a new ACH documentation again, which the SPS rep email, and I completed that same day while on the phone call with SPS. The SPS representative told me that the payments that were not paid for XXXX and XXXX would be repaying by his suggestion what is owed for those XXXX months in XXXX installment payment amounting to {$4800.00} each, to make the payment corresponding to the monthly mortgage, plus the XXXX months divided into XXXX months, and that in XX/XX/XXXX, I would be back to paying the original installment of {$3600.00} again. We ended the call, and thankfully everything was great. So I thought, the recording was saved in your archive as a critical reference point, so please subpoena that call so that you can listen to essential information. This will remove the accusations and will be much more clear cut lies and abusive tactics by SPS. CFPB, please make them fix this mess! The BIG Con-JOB- The 20 % Rate jack up In XXXX, we come to find out that unfortunately, everything was not as we thought once we ended the 4-way phone call with the SPS rep. As it turns out, in XXXX without notice, SPS began to put an annual interest of 20 % that with that in XXXX I have a more than {$60000.00} of accrued interest based off of a 20 % rate. How can this be? Thats another major issue!! Probably the worst of all. In the original contract that I closed with The XXXX there was never ever mentioned a rate spike to 20 % if I had a late payment. I remember at the closing, I questioned the Notary who explained what documents I was signing, simply said the rate was maybe something to do with the adjustable rate mortgage market it might be based off of. He never warned me point blank, if you pay late, your rate will be 20 %, or else I would have NEVER SIGNED and I would have looked for a different lender with less drastic terms right there at the closing table. I was tricked into signing this document! This type of risk is too much for my taste, and on top of that, if the late payment was triggered by XXXX own faulty systems that never attempted to draft my ACH payment, and essentially trapping me as a client with a 20 % rate. How many others have suffered at the hand of this con??? CFPB, please make them fix this mess! As you can see here, it would take a XXXX from XXXX. to decode that this says, if you pay late the rate is 20 %. DEFAULT RATE : THE RATE OF TWENTY PERCENT ( 20.00 % ) PER ANNUM. HOWEVER, AT NO TIME WILL THE DEFAULT RATE EVER EXCEED THE MAXIMUM INTERST RATE. DETERMINATION DATE : MEANS WITH RESCPECT TO EACH RATE CHANGE DATE : ( XXXX ) IF THE INDEX IS COMPOUNDED XXXX, XXXX. ( XXXX XXXX TIME ) IN THE U.S. GOVERNMENT SECURITIES BUSINESS DAY MOST RECENTLY RECEDING SUCH RATE CHANGE DATE ; ( XXXX ) IF THE COMPOUNDED XXXX DOES NOT SO APPEAR ON SUCH DAY, XXXX. ( XXXX XXXX TIME ) ON THE FIRST PRECEDING U.S. GOVERNMENT SECURITIES BUSINESS DAY FOR WHICH SUCH RATE Was published by the index source; ( XXXX ) IF THE INDEX IS TERM XXXX, THE DATE AND TIME DETERMINED BY LENDER IN ACCORDANCE WITH THE SOFR ADJUSTMENT CONFORMING CHANGES ; OR ( XXXX ) IF THE XXXX IS A BENCHMARK REPLACEMENT, THE DATE AND TIME DETERMINED BY LENDER IN ACCORDANCE WITH THE BENCHMARK REPLACEMENT CONFORMING CHANGES. DISBURSEMENT DATE : THE DATE OF THE INITIAL DISBURSEMENT OF LOAN PROCEEDS HEREUNDER. Are your eyes as crossed as mine are trying to understand that this in face says that if you pay the mortgage late whether by your error or the lenders error, your rate spikes to 20 %? I read this and re-read this over XXXX XXXX times, and it still makes no sense or connection to the mortgage rate increasing. Not even the Title closer who explains what the client is signing as a career, knew what this said and never brought up in plain XXXX the disclosure that the rate can ever change to my mortgage. This almost seems like a generic clause that talks of a market of what the adjustable-rate mortgage is based off of, but not a rate change if you pay late, so since there were no reg Flags raised by the notary and even he could decipher its true encrypted meaning, I went ahead and signed. This might be a Class Action Level violation. Im not an attorney, but who knows if it gets to that level. In the Promissory Note, on page XXXX, there is encrypted and non-specific language about a 20 % rate. There is no clear explanation that if you make a late payment, the rate automatically increases from 5.625 % to 20 %. This is another problem entirely. Back on XX/XX/XXXX, I called to speak to a SPS representative only to find out what happened and why the rate is at 20 %. The communication process has been horrific at best. XXXX department making a claim, is not in the file that the rep taking the phone call is referencing. And even worse, false records are being entered that do not corroborate with my verifiable bank records, as well as call made to my bank XXXX XXXX XXXXXXXX when I asked them if and when SPS attempted to draft the ACH payment for Account Number : XXXX for a payment in the amount of {$3600.00}. The XXXX XXXX XXXXXXXX rep told me that no such payment was ever attempted. I asked for them to put that in writing, and since XXXX XXXX XXXXXXXX is a BIG BOX lender, they only have system preselected letters that they can send me, none of which sadly have the specific verbiage to my unique circumstance. However, I invite you to be party to a XXXX call or feel free to subpoena their records to verify what I am stating to be accurate. We have been told a lot of contradictory information by SPS ; such as that false claim that they attempted to draft payment on XX/XX/XXXX, and that my bank rejected them. This is totally false. I have called and confirmed with XXXX XXXX XXXXXXXX on the phone call that SPS never sent a request for that amount in XXXX or XXXX. XXXX XXXXXXXX XXXX verified on the phone call that they only have the XXXX requests for the other XXXX SPS loans which where were paid accordingly from XXXX XXXX XXXX business banking account XXXX XXXX XXXX. I have nothing in my bank statements to confirm or verify that SPS tried to process payment for the third loan. Furthermore, it was not possible as I had ample liquid funds in the balance to be able to pay that amount on the days that needed to be paid ; thus its technically impossible that a payment attempt was made by SPS. The SPS representative said that the notes indicated that a payment was attempted, and the payment didnt go through. This is a false claim and a fabricated internal note to cover their trials of negligence. That is a faulty note and is absolutely inaccurate. The bank records can prove this. There is also no record of an overdraft charge by XXXX XXXX XXXXXXXX, no bounced check fee, nothing. SPS rep referenced a note that reads that A payment was attempted and failed. It is a mistake, error, and moreover a lie. I have the bank statement in Transaction History format to prove that I had XXXX to XXXX times the available liquid funds needed to make the mortgage payment and was available on XX/XX/XXXX. I also have the full cycle bank statements for XXXX to show that there is no record of an overdraft fee for that payment, as it was never attempted. If an over-draft occurred, I would have had to pay for that service penalty. No such charge or fee on my statement. Approximately in XXXX, I was in the process of closing on another unrelated property refinance on another property, and during the verification of the mortgage process [ XXXX ], the lender needed to verify my mortgage payments being current for the last XXXX months. Everything was in order for that financing, and I closed on that deal in XX/XX/XXXX. There would have been a problem with that loan, and it would not have closed had there been record of XXXX mortgage lates inside of a twelve month period. This was literally 1 month after the 4 way phone call setting up the XXXX months repayment over the next 6 months to be caught up. The point why I am explaining this is because due to the SPS form failing to collect the ACH payment, the rate was automatically increased to 20 % and was imposed on me, the customer. I find this experience to be fraud, and Predatory. I waited for an internal review and more than 30 days later, a new and different SPS rep calls to inform me that the rate will not be reduced and I still owe over XXXX to get caught up. This is also mathematically impossible as by their claim, if a payment was late in XX/XX/XXXX and if the rate was raised to 20 % the interest would have only been in the XXXX range, not {$80000.00} range. So, to add on top of all that I have listed in this letter, they now are adding fictitious interest. More Fraud!!!!!!!!!! CFPB, please make them fix this mess! We ask that you review my bank statements to verify that what we are writing is true, authentic, and accurate. I also request to remove 20 % I never canceled the ACH payment function. Somehow, SPS did this without my consent and are penalizing me for it. Please check the SPS audio recordings and you will find no such verification. I would never ever remove an ACH automatic payment. That crazy to even think its something a sane customer would think would benefit them. We are very distressed with all these problems, and we want a solution since we understand that there are human errors and software system malfunctions, but not erros on my part. They should take responsibility for their system error and total and complete disarray and put my rate back to what it should be 5.625 % Those internal errors should never be imposed on the client who in my case, is totally innocent. Attached are the Bank statement information for XXXX, XXXX, XXXX, and XXXX for XXXX XXXX XXXXXXXX Account -- Thank you, XXXX XXXX XXXX XXXXXXXX XXXX XXXX Phone XXXX Email XXXX XXXX
Company Response: Company believes complaint is the result of an isolated error
State: FL
Zip: 34786
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: To Whom It May Concern : I am confused as to the entity claiming to own my loan. Please send me the last copy of the original Promissory Note in your possession and an accounting on my loan for the time you were the servicer. I have asked for this repeatedly previously, but it was not sent. Thank you
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: To Whom ThiS May Concern : I am confused as to the entity claiming to own my loan. Please send me the last copy of the original Promissory Note in your possession and an accounting on my loan for the time you were the servicer. I have asked for this repeatedly previously, but it was not sent. Thank you
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-03-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: To Whom This May Concern : I am confused as to the entity claiming to own my loan. Please send me the last copy of the original promissory note in your possession and an accounting on my loan for the time you were the servicer. I have asked for this repeatedly previously, but it was not sent. Thank you
Company Response: Company believes it acted appropriately as authorized by contract or law
State: WA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-03-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A