Date Received: 2022-10-21
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: SPS received my loan due to a service transfer XXXX XXXX ( payment already submitted to previous lender ) XXXX payment went unpaid, i noticed it was not withdrawn as i set up to be done at closing originally and i called in to make payment the first week of XX/XX/2022 for both XXXX and XX/XX/2022 and all was caught up. I went to purchase a new vehicle and i was told that my credit was reported late for the month of XXXX, i called into the company and they stated they were unable to update the reporting due to the transferred 60day grace period being over. this maybe a system issue/coding but the payment or the month it was transferred over was paid and XXXX payment was made to solve both XXXX and XXXX this drastically hurt my score and i was unable to be approved due to this. The refusal to correct this issue is unfair and abusive to me and a customer although this is one credit hit it has been extremely stressful on me as my credit is something that i take care of! IF the servicing transfer never took place this would have never happened which makes this completely unfair.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 78253
Submitted Via: Web
Date Sent: 2022-10-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-21
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: SPS say that a Covid related Hardship is honored and can be considered for Assistance from loosing home to foreclosure however when I submitted such information I was denied for assistance with no real detail of why just generic that could not be fact checked.Also the original repayment program I was on I missed two payments out of the 12 due to a Covid related Hardship and the Repayment agreement did not say such could not be considered. When I ask SPS customer service representatives of such they dont have a answer. I even asked if I could get a forbearance for those two months giving circumstances of the hardship in which the to no avail with the SPS customer service rep. I then proceeded to ask for a forbearance for those two months via the SPS representative email in which I got a generic standard email reply to no avail.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DE
Zip: 19802
Submitted Via: Web
Date Sent: 2022-10-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-21
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I filed a complaint with the CFPB on XX/XX/XXXX which was taken verbally by a CFPB agent. That complaint was incorrectly transcribed by the CFPB agent due his language difficulties and transcription errors were made in his documentation. I would like to delete it from your system and replace it with this complaint in my own words. The number assigned to the XX/XX/XXXX complaint was XXXX. I called the CFPB today and spoke with XXXX in Washington to see if the original complaint could be " edited '' but because the agent also misspelled my name on his complaint she could not help me. I told her I have six complaints filed with the CFPB and she could not group the six together on her screen. I told her the other XXXX complaints concern XXXX XXXX and the XXXX I endured with them since XXXX. I asked her how I could address all of these matters in one current complaint since my current situation with Select Portfolio Servicing Inc. relates very strongly to the mortgage they were given by XXXX. XXXX said to tie it all together and to bring it current in this complaint. The company involved in my complaint is Select Portfolio Servicing, Inc., XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, UT XXXX. The CFPB currently has over XXXX customer complaints against them ( per XXXX in Washington ). XXXX sold my XXXX loan ( signed " under protest '' and created by XXXX XXXX XXXX ( XXXX ) to Select Portfolio Servicing in XXXX. I told Select Portfolio on Day 1 " you have just inherited a " criminal '' mortgage. I told them I needed all of the loan transfer information XXXX provided to them and told them I would be keeping meticulous records of every transaction and every conversation we have. The first red flags on this new servicing by Select Portfolio were Escrow account issues. I was constantly told I have an Escrow " shortage '' and I made payments as soon as I was advised. Despite making timely payments, Select Portfolio Servicing would randomly increase my monthly mortgage payments using the " shortages '' as their excuse. As this kept happening I asked the agents where my payments were going and they told me " the tax office ''. So I went to our local tax office and asked them if they were receiving my payments from Select Portfolio. They looked at me like I had three heads and told me what I already suspected. Escrow analyses are normally performed once annually and the mortgage holder is given the results of the Escrow analysis at this time and decides how he/she wants to handle the shortage or overage RED FLAG # 1 - SELECT PORTFOLIO SERVICING TRIED TO TELL ME I WAS REQUESTING THE ESCROW ANALYSES AND THIS IS WHY MY MORTGAGE AMOUNTS KEPT FLUCTUATING. I TOLD SELECT PORTFOLIO SERVICING I AM ON A FIXED RATE MORTGAGE AND IN THE SIX YEARS THEY SERVICED MY ACCOUNT, THEY WERE HANDLING MY TRANSACTIONS NON-COMPLIANTLY. Very often I made " extra '' payments to Select Portfolio Servicing and was very specific about how I wanted the funds disbursed. I told them to apply anything over the amount due to Principal and repeated this instruction to the agent processing my payments each month. Select Portfolio Servicing had a problem applying payments to Principal and very often ignored my instruction. Instead, they would place my extra principal payments in unapplied funds or mortgage. Because Select Portfolio kept changing my monthly payment due I could never accurately calculate proper crediting to my Principal account. RED FLAG # 2 - Compliant processing of mortgage payments. Due to my previous experiences with XXXX, I kept escalating improper handling of my account to the Ombudsman 's office at Select Portfolio Servicing. I eventually escalated this matter to XXXX XXXX XXXX in XXXX, NY, The XXXX XXXX XXXX in XXXX, NY and Congresswoman XXXX XXXX 's office in XXXX, NY. I have been reporting my mortgage compliance issues to the OCC, the CFPB, XXXX, XXXX, Attorney General 's Office, FTC and FBI for almost twenty years now and all of the government agencies respond with " this is a contractual matter between you and the bank ''. Select Portfolio Servicing Inc. is not a bank. They are a " debt collector '' / '' loan processor ''. XXXX told me after reviewing my payment histories to report " white collar crime '' to the FBI and the Attorney General. Both agencies referred me back to the CFPB and to real estate lawyers. I requested two conference calls with XXXX XXXX, Select Portfolio 's Director of Compliance, a representative from Congresswoman XXXXXXXX XXXX XXXX XXXXXXXX XXXX and my attorney, XXXX XXXX. Account audits were requested and in XXXX of XXXX Select Portfolio Servicing reversed over {$5000.00} to my credit. They issued a new XXXX but would not explain in detail what they did or why. I continued to make additional principal payments with the hope of getting away from Select Portfolio Servicing with a refinance and they continued to misapply my payments. I was approved by two separate mortgage companies for a refinance and lost out on one closing because the payoff letter generated by Select Portfolio Servicing was incorrect. I felt as if they were holding me XXXX and kept calling their Ombudsman 's office daily to get what I needed for the second refinance, As the date for the refinance neared I reached out to XXXX XXXX several times with copies to all involved. He replied that he was out of the office and gave me the names of people I could contact in his absence. I did contact them but none replied. Only one sent an e-mail stating he was in a new position and referred me to a XXXX XXXX. No response there either. I received a call recently from XXXX XXXX stating he was so sorry for everything that was happening, as much as was humanly possible. I told him I am a very forgiving person but said he was the Director of Compliance. I said I held him to a higher standard. I told him my account has been so mishandled that a forensic accounting is needed. I told him to do the right thing and conduct s forensic accounting. He replied " I don't know if I can do that ''. His Ombudsman 's office finally agreed last week to do a forensic accounting but I doubt they will be able to finalize this by my closing date. There is just silence from Select Portfolio Servicing. I have been on the phone daily with the Ombudsman 's office and various agents at Select Portfolio Servicing begging for documents required by the new servicer. It was like pulling teeth. Nothing flowed smoothly. My most recent mortgage payments were also misapplied and not reflected properly in the requested payoff letters. The stress Select Portfolio Servicing caused me was unwarranted. Their responsibility to their mortgage holders is to compliantly handle their accounts and their duties. They fail in both arenas. XXXX handled two of my previous mortgages. They charged bogus fees and also handled their mortgages non-compliantly. In my situation, I had to deal with the tragic death of my spouse and raising of XXXX young children. I reached out to XXXX for help and they claimed they never received my requests. They crisscrossed two separate mortgage accounts and forced me to go to XXXX daily and to XXXX XXXX them my proofs of payment on each account. They later claimed they lost my address and sent my mail to an obsolete address. They forced me into a bankruptcy where I lost one home. Despite the bankruptcy Judge 's order not to contact me, their company XXXX did contact me and tried to negotiate a double mortgage payment monthly to save the home I lost.. They sent me personal mortgage statements for an XXXX family in California. I received robotic, generated letters in duplicate and triplicate that made no sense. They never addressed the issues at hand. They had ruinners posting Foreclosure Notices on my properties. Now, Select Portfolio Servicing is doing the same thing - trying to cover their lies. I gave their Director of Compliance my spreadsheet which contains everything needed for analysis and resolution. Some things never change. After my bankruptcy, XXXX broke into my current home saying they were " securing '' it. They were supposed to secure the home I lost in a different county!!! They tried to auction my home and never informed me. It's a miracle I still have a roof over my head. The Judge told me I can keep and live in one primary residence but XXXX thought otherwise. I have photographs. I have Police reports. I have receipts. XXXX refused to reimburse me for anything. I had to make claims to my Personal Home Insurance for XXXX 's damages. And this is all okay? I don't think so! XXXX took a year to issue a corrupt XXXX mortgage and told me if I didn't sign it as provided that I would lose my home. I signed " under protest ''. You don't just add thousands of dollars to a mortgage after you were non-compliant and smile about it XXXX XXXX XXXX. XXXX was right. This is white collar crime. My life was never the same after the bankruptcy. My credit was destroyed. You made my life XXXX and then the icing on the cake - you sold my XXXX mortgage to Select Portfolio Servicing.. Why pass the buck? I made no late payments. I complied with all the XXXX requirements. I was ahead on my payments. After twenty years and after contacting every government agency assigned to mortgage fraud I know why. The banks, the regulators, the lawyers, the Judge 's are all in on the fraud. The word compliance is an oxymoron for " acceptable '' white collar crime. There will never be justice.- " forget about it '' I attach two spreadsheets with my mortgage payment histories with XXXX and Select Portfolio Servicing. I also attach several e-mails I sent to XXXX XXXX and my attorney last week. I still expect a forensic accounting from Select Portfolio Servicing. This is the only way to get a handle on their deception. Sad that a person has to waste another {$7000.00} just to break away from injustice with a refinance. I urge the CFPB with all that is within me to " protect '' innocent consumers who have been incorrectly funnelled like a tornado into a bank 's bad batch of bad loans for no reason. After twenty years I am convinced all of this has happened to try to force a default on my loan. This is the only way XXXX and the other banks involved with the bank fraud of the XXXX XXXX can eliminate their fraudulent accounts and appear " good '' once again in front of their regulators. What a travesty! XXXX complaints and no enforcement? Please let our voices be heard.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 129XX
Submitted Via: Web
Date Sent: 2022-10-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I applied for help with my past due mortgage, with XXXX XXXX XXXX XXXX, they were able to approve me for assistance, & they wired-ACH transfer to Select Portfolio Servicing ( XXXX XXXX XXXX ) {$13000.00}, on XX/XX/2022, Select Portfolio has not applied the money to my mortgage account as of XX/XX/2022. I have reached out to my servicer to see why they have not applied the $ XXXX to my mortgage account & i am told it is pending. The XXXX XXXX has cleared per XXXX XXXX XXXX XXXX. Select Portfolio Servicing ombudsman department refuses to take my call, nor do they call me back regarding this matter. I was refused to talk to upper management by XXXX on ext XXXX on XX/XX/2022. There is no reason the XXXX XXXX should not be applied to my past due mortgage, & again the servicer will not communicate to me when the funds will be applied.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75115
Submitted Via: Web
Date Sent: 2022-10-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Today, I had a lender pull my credit for a new home loan & I was shocked to find out that Select Profiolo Service had been reporting me late on my mortgage with them even though I had requested forebearance during covid due to loss in income. I was informed that I was reported 90 days late in XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XXXX, XX/XX/XXXX, XX/XX/XXXX, and 60 days late in XX/XX/XXXX, XX/XX/XXXX XXXX, XX/XX/XXXX, XX/XX/XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: LA
Zip: 710XX
Submitted Via: Web
Date Sent: 2022-10-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My long standing equity line loan was sold to a new servicer SPS Select Portfolio , Inc. ( XXXX XXXX XXXXXXXX XXXX ) effective XX/XX/22. This company appears to be for someone with delinquent/foreclosure/late payment issues of which I have never in my life had one. My payment due for XX/XX/22 was in the amount of {$1200.00} as with with my original equity line provider ( XXXX XXXX XXXX ). They did not post this payment to my account ( of which I could see on line ) and I called many times and they did not explain why. This should have been shown on my online dashboard within a day or two as with any other servicer with a breakdown of how much went to principal and how much to interest. My XX/XX/22 payment was for {$1200.00} and again paid through my XXXX XXXX XXXX bill pay debited XX/XX/22. I then receive notice that they arbitrarily and deceptively ( modified )? my XX/XX/XXXX payment due to {$770.00} thereby reducing the amount of principal being applied in half. I did not request this is asked them to explain and correct this to keep my payment at {$1200.00} ( of course with interest calculated at my original terms which it appears to be ). When I checked my balance one line I saw they did not apply the addition principal I paid to keep my payments at {$1200.00} and again called and spoke with XXXX XXXX he would not give last name or employee ID ) he said " the money went to the cashiers dept and he would have it corrected/applied ). I asked him to please have done that day as interest would accrue at the lower principal applied and to please call me back that day to confirm he said " he or someone would call me back '' but no one did. Upon calling back on XX/XX/22 I spoke with XXXX who saw the {$460.00} add'l principal and said " she will have it applied and it will take 10 days ''. This is ridiculous as payments must post as of XX/XX/22 and be shown on my online account for me confirm they did it in a timely manner. Today I checked the dashboard " payment information '' and it shows a " scheduled payment of {$800.00}. Again, I did not ask them to modify this loan from the XXXX and find that to be an illegal practice. Also, under " Letters - loan owner notifications '' upon opening read " Letter not found '' Upon investigating SPS I found they were fined {$40.00} XXXX dollars and settled with the FTC under the name of XXXX XXXX so they now have changed their name to SPS Select Portfolio Servicing. I am not understanding how they were allowed to continue with being a servicer. There are law suits and complaints online from thousands of people. It is clear they are still engaging in unfair, deceptive, and illegal practices in servicing my loan.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NJ
Zip: 088XX
Submitted Via: Web
Date Sent: 2022-11-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-19
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: My parents passed away recently, my father being the most recent in 2021. After my fathers passing, he left the house we lived in together to me. Since then, I have been trying to obtain successor of interest with the mortgage company my father worked with, in order to assume the mortgage loan so that I can keep my home. Even though I have provided them with all the information asked for ( deed of distribution, real estate affidavit, trust, and the death certificate of my father ) they have been giving me issues, and refused to grant me authorization. In the words of my lawyer they are engaging in illegitimate, and unprofessional behavior. Since they have not granted me authorization, they stopped me from being allowed to make payments on the loan, therefore, the loan is now in default, even though I have stated to them that I have the money to pay the monthly amount, they just will not authorize me to do so. I feel that considering I have given them all of the documentation asked on time, as well as having the urge to pay the loan, that it is not fair that they are threatening me with foreclosure when I am trying my best to avoid that. I do not want to lose the home that Ive lived in all my life, and that my father worked so hard for just to be taken from me over something that can be resolved. Please help.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 20112
Submitted Via: Web
Date Sent: 2022-10-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I was sick and I missed 2 payments on my loan and with my financial hardship during Covid. I applied for the mortgage assistance program with the Georgia Department of communities Affairs as advised by Select Portfolio. They have start processing my application and I am still waiting because the process may take another 6 to 7 weeks to complete. I called SPS in order for them to enroll me in a forbearance until this process is complete with all my efforts they are refusing and treating to send my home for foreclosure initiation on the XXXX of XXXX XXXX.They are offering a payment plan, but I can not afford it right now because I start working just about 2 weeks now.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2022-10-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I've been noticing the last two and a half years that my escrow is a negative and I just started ever since Corona and I lost my job I've been able to analyze my escrow and I've been putting in a couple complaints with the escrow department through SPS for them to check my escrow four different times and they keep sending me letters back stating that they've checked it everything 's good but I have found several mistakes in the last two and a half years actually I called them a couple months ago and they just had to readjust for my insurance premiums so if you could call me at XXXX and I can explain further and show you an email you copies of the information I have gather through my escrow analysis of the mistakes that I see and I also have caught them paying my taxes more than twice a year and also the amount that is paid every year they have over it and never given me the credit back
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20715
Submitted Via: Web
Date Sent: 2022-10-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-10-15
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Account XXXX : XXXX Select Portfolio Servicing ( SPS ) continues to engage in fraudulent, illegal and predatory practices. Since XXXX, SPS has denied my repeated Requests for Mortgage Assistance and have ignored numerous requests to respond to Notices of Errors and Qualified Written Statements in their gross errors and omissions in servicing my account in violation of the Real Estate Settlement Procedures Act ( RESPA ) and has fraudulently initiated a foreclosure on my home which it has manufactured by refusing to receive mortgage payments, and is further refusing to offer any affordable loss mitigation options. Most recently, I submitted an Request for Mortgage Assistance Application. In response to that application, SPS issued to me a letter dated XX/XX/XXXX denying my modification without explanation, and offering me a Repayment Plan in its gross miscalculation in error of more than {$140000.00}. Specifically, the Consumer Financial Protection Bureau enacted a rule requiring early intervention and communication with delinquent borrowers. Servicers must establish or make good faith efforts to establish live contact with borrowers by the 36th day of their delinquency and promptly inform such borrowers, where appropriate, that loss mitigation options may be available. The new rules clearly implemented procedural protections for borrowers with regard to the process of obtaining an evaluation for loss mitigation options and restrictions on the foreclosure process while borrowers are being evaluated for a loss mitigation option. See 12 C.F.R. 1024.41. THE DENIAL OF MY APPLICATION WAS IMPROPER AS SPS FAILED TO COMPLY WITH 12 C.F.R. 1024.41 ( d ). Pursuant to 12 C.F.R 1024.41 ( d ) if the servicer denies the homeowner a loan modification, the servicer must state the specific reason each modification option was denied. Supplement XXXX to 12 C.F.R. Part 1024, Official Bureau Interpretations, provides the degree of specificity required of the servicer in denying a borrower for a loan modification. SPS failed to name the purported investor of my loan as required by 12 C.F.R. 1024.41 ( g ) ( 1 ). A denial for a loan modification ostensibly based on an investor restriction that does not name the investor or explain the restriction has been held to be insufficient. XXXX v. XXXX Bank, XXXX. XXXX. No XXXX, XXXX XXXX XXXX, at XXXX ( XXXX Md. XX/XX/XXXX ). SPS claims that I was denied for a Trial Modification because we are unable to offer you this program because in performing our underwriting of a potential modification we could not reduce your principal and interest payment, OR the payment reduction achieved did not meet the payment reduction that is required for your account. The first issue with this reason for a denial is that it is two reason an either/or reason. Secondly, SPS failed to provide the specific investor requirements as to the required payment reduction, or what prohibitions are as to interest rate reduction, term extension and availability for a principal reduction. The NPV inputs provided by SPS only include the value of the property, not the income, capitalized amount, interest rate or term utilized in calculating eligibility for a loan modification. SPS, you must provide the name of the purported investor of my loan as well as the specific investor restriction that prohibits my loan from being modified. The repayment plan offered by SPS is unattainable as it requires a balloon payment in the amount of {$140000.00} that is due at the end of the 12 payments. SPS is violating the ability to repay requirement as set out in RESPA. Using the criteria from RESPA, Regulation X, and the CFPB, SPS had to do three things to properly deny my loan application. First, it had to identify the owner or assignee of the loan, which it did not do. Second, it had to identify the specific requirement that I did not meet which SPS also failed to do. Third, it had to provide information and detail supporting its claim that Investor did not participate. SPS had to provide any underwriting guidelines or requirements or restrictions as well as the specifics utilized in calculating eligibility such as interest rate, term and XXXX. XXXX XXXX XXXX Bank, XXXX, XXXX XXXX, XXXX XXXX XXXX, at XXXX ( XXXX Md. XXXX. XXXX, XXXX ) ( denying defendants motion to dismiss RESPA Claim because the specific applicable requirement that was not met, the Court concludes that XXXX has adequately alleged that the Denial Letter 's explanation for denying his HAMP loan modification may lack the specificity required by 12 C.F.R. 1024.41 ( d ). ) With each loss mitigation application I submitted, SPS continues to engage in the practice of dual tracking while the loss mitigation process was under way. SPS is precluded from initiating foreclosure proceedings while a loss mitigation application is being processed. Id. at 1024.41 ( f ), ( g ) which SPS has done. SPS continues to charge third party and prohibited fees in violation of RESPA prohibits, specifically, 12 C.F.R. 1024.35 ( b ) ( 5 ). A servicer can not charge a borrower a prohibited fee as that is not a bona fide fee. Demands for SPS to provide an itemization of the fees it have charged remain ignored. CFPB regulations effective XX/XX/XXXX, as well as RESPA itself, require servicers, through amendments made by the Dodd-Frank Act, to take timely action to correct errors relating to avoiding foreclosure.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20784
Submitted Via: Web
Date Sent: 2022-10-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A