SELECT PORTFOLIO SERVICING, INC

2017-01-05

Santa Cruz, CA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-05

Mesa, AZ

Loan modification,collection,foreclosure

Mortgage: VA mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-05

Eskridge, KS

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: The reason for this complaint is that XXXX, XXXX and XXXX do not have the correct information on my credit report regarding my mortgage with Select Portfolio Servicing ( SPS ). After multiple written requests to SPS, they no longer even investigate the inaccuracies. I am asking the CFPB to review the written evidence provided and intervene again with SPS. If I am correct, I am asking the CFPB to assist me in making sure my credit reports with XXXX, XXXX and XXXX are accurate. I purchased a home in XX/XX/XXXX for {$130000.00}. My mortgage was serviced by XXXX until late XX/XX/XXXX. Select Portfolio Servicing ( SPS ) was selected as my new servicer as a result of the National Mortgage Servicing Settlement in early XX/XX/XXXX. Due to the XXXX, I received an offer to modify the mortgage on my home with a reduction in principal. I received the offer letter via fax on XX/XX/XXXX from SPS. I contacted SPS to get wire instructions to pay SPS. That same day, I requested that a wire be sent for the amount of the XXXX initial trial modification payments to SPS. SPS confirmed receipt of the funds less than XXXX days later. The offer letter is included, the page of the bank statement that shows the payment for XXXX months of the {$210.00} monthly payment ( total of {$650.00} ). The mortgage modification agreement specified that I make payments of {$210.00} on or before XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. All three months of payments were made on XX/XX/XXXX via a wire of {$650.00}. My understanding of trial modification is that payment are held in suspense accounts for the XXXX months of the trial modification. During that time, no negative data should be reported to credit bureaus. SPS reported that XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX payments were at least XXXX days late. XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX were not reported at all. SPS claims that because they were understaffed to handle all the modifications and it took until XX/XX/XXXX to get a final modification done my XXXX on time payments do not count. I am asking that the CFPB look at the modification offer, the copy of my XX/XX/XXXX bank statement and take action against SPS. I believe that XXXX law requires that information from creditors be reported accurately to credit bureaus. Their report is not accurate. I have made all payment starting from XX/XX/XXXX until today on time based on the offer from SPS. If I am correct in my reasoning, I believe that it would be fair to have my credit report show either on-time payments beginning XX/XX/XXXX until today or XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX showing no entry and XX/XX/XXXX until today should show on time payments on both of my credit bureaus. That is what happened. Separately, the highest balance of my mortgage shows {$40000.00} on my credit report. This is not correct. I have attached a copy of the recorded mortgage showing that it was {$130000.00} originally. The highest balance on my credit report should show {$130000.00}. That is the accurate amount. I am asking that the {$130000.00} be shown as the original amount. I previously have contacted XXXX and XXXX and provided them the same information I have provided the CFPB. They left the data unchanged and " verified '' the data as correct. I asked how it was verified and the credit bureaus stated that they contacted SPS. I do not understand how a reasonable person can see the information provided and state that my credit report is correct. The CFPB has previously taken action against SPS. They had problems in the past with multiple regulatory agencies. They should be held accountable for the damage they do to people 's lives. They are shameless in not taking responsibility and correcting their mistake.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Disputed: Yes Timely Response

2017-01-04

Jacksonville, FL

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-04

Itasca, IL

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: My Name is XXXX, I have been working with SPS on a short sale for more then a year, I also been writing complaints about that same amount of time, they ask for document 's I give them the asked for documents and by the time they are looked at, SPS needs more documents. as I keep going in the same circle with SPS not XXXX decision on the short sale has been made.it is now XX/XX/XXXX a new years, SPS is still asking for documents. my complaint is that SPS ca n't or wo n't complete the Short Sale Process, I have had a active buyer that is still waiting for a decision to be made, The purchase contract was submitted on XX/XX/XXXX, I started working with SPS in XX/XX/XXXX. I would like SPS to complete my SPS sale so I can move on. Thank you, XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-04

MI

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: In XX/XX/XXXX, I signed a Deed-in-lieu of Foreclosure with Select Portfolio Servicing Company and was told I would be receiving the {$10000.00} relocation assistance check. I never received the check and in XX/XX/XXXX I was notified by the IRS that Select Portfolio Servicing Company submitted a XXXX stating that I received the check. I have contacted them weekly since XX/XX/XXXX and keep getting the same answer that the escalation department has to verify my mailing address information before they can resubmit the issuance of the new check. Every time I call I 'm told this every week and they verify my new address and tell me it will be issued in 7-10 days and then call next week to verify the issuance of the check and once again no check has been issued and they are waiting for the escalation department to verify my address. Unfortunately this department is not available to the public. I do n't know why it is taking so long to reissue a check that they have had in their possession for over a year. I do n't want this to be delayed any longer as I already am dealing with the IRS over doing an amendment of my XXXX taxes due to the document that Select Portfolio has submitted.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Disputed: No Timely Response

2017-01-03

Pico Rivera, CA

Communication tactics

Debt collection: Mortgage

Called after sent written cease of comm
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-03

Milwaukee, WI

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2017-01-03

San Buenaventura, CA

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2017-01-01

TX

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: Select Portfolio Servicing ( SPS ) has sent us XXXX letters, XXXX dated XX/XX/XXXX and the other dated XX/XX/XXXX ( both attached ). In the first paragraph of each letter which referenced our mortgage loan account were the following words : " the mortgage servicer on the above referenced account, participates in the XXXX Treasury 's Making XXXX XXXX program ( XXXX ). '' We sent in a HAMP application to Select Portfolio Servicing and received a response that did not even mention that our application was utilizing the form from the Making Home Affordable XXXX Treasury program. When we received the second letter, I called regarding the letters claiming participation in XXXX and was told that these were form letters and that our loan could not be modified. They have repeatedly said that the investor does not participate in XXXX. I would like to know why they are sending us letters of this nature when they know that they will not assist us with a XXXX loan. I for XXXX am extremely angry since I nearly died in the hospital from an attempted suicide on XX/XX/XXXX because SPS verbally granted a HAMP application review and then did not review our application as a HAMP. It seems like a computer can be programmed not to send out a form letter if it is not applicable. I believe that their so called " form letter '' shows their deceptive trade when dealing with our account. The pool service agreement XXXX PSA ) does not show any restrictions to XXXX loan modifications. Even if there were such restrictions, which we do not believe even exist, according to the XXXX Handbook XXXX Section XXXX regarding Servicers Participation Agreement ( XXXX ) servicer participants should " use reasonable efforts to remove any prohibitions and obtain waivers or approvals from all necessary parties in order to carry out the requirements of the XXXX? '' Furthermore, under XXXX XXXX of the XXXX the servicer should contact the investor in writing at least once, encouraging the investor to permit modifications. Every time we have applied for a XXXX loan modification and our loan applications were not handled as a XXXX application, we have asked SPS if per Section XXXX, had they made reasonable efforts to gain approval, and per Section XXXX, had they contacted the investor. We have never once received an answer to the above questions.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2017-01-01

Reno, NV

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: To whom it may concern, SPS Servicing I wanted to give an understanding to my servicer of what occurred during the transfer of my loan from XXXX to SPS. I divorced XX/XX/XXXX.XXXX changed his address to XXXX XXXX address.Per court order of the divorce degree, the house was my-my soul possession. On XX/XX/XXXX, my ex-husband XXXX XXXX XXXX quick claimed his interest of our house to me. On XX/XX/XXXX, my original loan of XXXX was to have the Deferred Principal Reduction amount.Interest Bearing Principal Balance and this amount were XXXX Interest at the rate of 8.625 %. My first monthly payment set for XX/XX/XXXX, and on the Interest Bearing Principal Balance due XX/XX/XXXX. SPS was sent my loan documents on or about XXXX XXXX XXXX was making my new payments on my loan since XXXX XXXX, XXXX. SPS was only sent the original loan for XXXX according to XXXX, My new modified loan was not sent over to SPS for another 3 months according to XXXX who stated this might of caused a lot of the confusion .Any mail that had XXXX name on it was intercepted by the mail because he had put in a change of address XX/XX/XXXX.As part of the divorce degree, we had a no contact order for 1 year and until XX/XX/XXXX we had no contact about our divorce. XX/XX/XXXX XXXX XXXX XXXX filed BK and it was put on my credit, therefore closing my loan with XXXX and SPS. With no help from XXXX or SPS to clear up the life changing mistake during the transfer of my new modified loan to SPS out of fear XX/XX/XXXX I filed BK because was was not able to obtain a copy of my modified loan until XX/XX/XXXX because my loan was considered closed from XX/XX/XXXX from no contact and my ex-husbands BK XX/XX/XXXX, This has been a life-changing event times XXXX, None of this was done by my doing, It acquired during a life-changing moment of time. I humbly ask you to take a look at my situation one more time so this can be resolved and I can go home and remodel my house from the damage of my neighbor and the cutting down of my 50-year-old tree 's and use of a backhoe and rip out my 20 years of landscape to the squatters who did damage to my walls and floors doors paint ex .My neighbor asked a bank representative who was sent up to the property if he could trim my tree 's, and he was told nothing will be done to this property for a while so he took it upon himself to destroy my trees and yard to date the is a mountain of dirt and yard in my front yard. This has been life changing for me and my family I have lived on my property since XX/XX/XXXX when I bought it from XXXX and XXXX XXXX & XXXX XXXX, my parents and grandmother.What happened after my loan was transferred was not my fault or my doing, I ask my loan be reinstated and start fresh from XX/XX/XXXX because I have spent 5 years trying to fix all of this with no help from XXXX or SPS because my loan was closed and it 's almost impossible to obtain copies of anything when your loan is closed, please help me resolve this nightmare I have had to live, much XXXX and XXXX from things being out of my control to fix until I obtained a copy of my loan that was sent to the wrong address. humbly XXXX XXXX XX/XX/XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-12-31

Baton Rouge, LA

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: SPS servicing is the most unscrupulous mortgage component I 've ever dealt with. The second time my mortgage was due to their company ( because my mortgage was sold to them after 10 years with XXXX XXXX XXXX who were great ) they charged me twice for an online mortgage payment transaction. I attempted to pay my mortgage online and their system kicked me off and told me to try again. So the next day I did, because I 'm responsible and pay my bills on time. Well turns out that my first attempt to pay was apparently processed but I did n't get confirmation of that! So when I paid again they charged me twice! Then when I call them to cancel one, they say they ca n't help me! So they fraudulently charged me twice! When the online payment is processed it clearly states that you will receive confirmation through an email that your payment was processed! Never got any confirmation for any payment whatsoever! So that 's why I paid out again the next day, because like I said I 'm a responsible person, and I like to play my bills timely! This company is the worst and commits fraud!
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-30

W Sacramento, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-30

Long Grove, IL

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-30

Concord, NC

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-30

Las Vegas, NV

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Complaint: I write this letter with the hope that someone in your agency may be helpful to assist me/us in the resolution of a longstanding issue we 've been experiencing while in the process of negotiating a short sale on behalf of Mr. Realtor 's client : Homeowner Mr . Homeowner is a diplomat with the XXXX government. XX/XX/XXXX Mr . Homeowner was forced to relocate his family to XXXX on assignment to fulfill his Consulate duties. Since the above mentioned property 's value was considerably less than the current market he hired Mr. Realtor XX/XX/XXXX to proceed with a short sale. A complete short sale package was submitted to the 1st lienholder ( SPS ) XX/XX/XXXX. Mr. Realtor proceeded with marketing the property for sale via the local *REALTOR 's Multiple Listing Service ( MLS ). During the period between : XX/XX/XXXX - XX/XX/XXXX Mr. Realtor procured three separate buyers through his marketing efforts. Each buyer canceled as a result of an inordinate amount of time waiting for this transaction to be granted an approval by the 1st lienholder ( SPS ). The reasons for the delays were varied - from the net proceeds being insufficient, documents required to be updated to Broker Price Opinions ( BPOs ) expiring due to the lengthy process. Finally, after procuring the third buyer an approval was granted - XX/XX/XXXX. By this time the buyer in question was forced to cancel because he could n't afford to wait any longer as his living conditions were temporary and he needed to renew a lease. The property was subsequently returned to the MLS and another buyer was procured as a result. By this time since the seller 's net proceed was known in accordance with the approval granted with the previous buyer - Mr. Realtor saw no reason why a subsequent approval would n't be expedited as identical terms were negotiated to protect the net proceed amount required by the lienholder ( s ). Until today SPS has not provided us with an approval giving the most unreasonable excuses. It appears that SPS has not trained their employees properly when it comes to loss mitigation guidelines and procedures specially for the State of NV. Therefore, I 'm reaching out to your agency for help since we have done everything within our ability over the last twenty two months to complete this short sale - procuring four separate buyers - providing all the required documentation - only to discover SPS failure to perform in accordance with loss mitigation guidelines that are in place for the state of Nevada. We believe Mr . Homeowner 's consumer rights have been violated. SPS has made this client feel unprotected by this unfortunate situation. The homeowner " Mr . Homeowner '' is in distress as he is a foreign diplomat who is obviously concerned about having a foreclosure on his record.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-30

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-29

Santa Ysabel, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: We attempted to achieve a lower interest rate through both XXXX and Select Portfolio Services. We submitted paperwork to XXXX for over 11 months they then transferred the loan to SPS and we started the process over and they continually asked for the same documentation over and over. We insited we did not want a loan modification we simply wanted a a lower interest rate. They said no probel. Finally after XXXX plus months they denied our request because we did not qualify for the loan mod because we made to much. This delay will now cause us to pay higher interest rates if we re-finance because rates are now rtisiong. They continually did not return phone calls when we complained they were rude to my wife and stalled. They are now harrasing us for a payment they say we owe, which we believe we do not, as you can see we pay between the XXXX and XXXX of the month on line. This is an issue left over from an XXXX mistake. We just want this issue resolved and SPS to reimburse us for our time and the lost funds a higher interest rate is going to cost us.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-29

Lawton, NV

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-12-29

FL

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: SPS continues to ignore the real issues of my complaint as described in our attached verified and notarized statement in opposition to their response to our CFPB complaint case XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-28

Santa Barbara, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-28

Pico Rivera, CA

Disclosure verification of debt

Debt collection: Mortgage

Not given enough info to verify debt
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-28

Sloatsburg, NY

Other

Mortgage: Other mortgage

Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-28

Atlanta, GA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: XX/XX/2016 XXXX, GA XXXX Director XXXX Consumer Financial Protection Bureau XXXX, IA XXXX Headquarters address Consumer Financial Protection Bureau XXXX Dear XXXX ; Recommendation : Legal Action Background Select Portfolio Services has responded to my grievance. The responses are general and superficial. SPS does no have the capacity and or will to address individual client complaints and to resolve injustices. There is a strong implication that this problem may warrant Class Action Litigation. First, I suspect that this economic and financial negligence is systemic. During the Great Recession numerous homes declined in price. Local tax authorities and Mortgage Servicers did adjust the tax escrows and actual payments to the house value decline. Further as in the case of SPS when the home was modified this was an act of evidencing an acknowledging that the home value was less than the price at origination. Hence, a tax adjustment was required. A tax adjustment in many cases such as mine would have saved the American 's homes FACT : SPS was notified that XXXX County taxes resulted in mortgage modifications becoming uneconomic. The taxes did not reflect the home market value. Negligence The negligence was a modification focus total mortgage debt and not government assistance and not cash flow. Modification ( Incomplete and Fraud in Modification ) In fact, it could be argued that less financial forbearance would have been required if the mortgage services had a tax adjustment strategy. The failure of mortgage banks to have a total risk strategy cost US taxes payers and the mortgage servicers shareholders. The charge is poor governance, financial negligence, and tax fraud. Governance It can be argued the interest earned while holding the tax escrow conflicted the mortgage servicer. This poor risk management increased foreclosures, Decreased mortgage servicing fees and income for shareholders In the case of SPS and many mortgage servicers when notified that the modification had made the mortgage uneconomic. A professional response by SPS would have been to contact the tax authorities and negotiate loss mitigation. This is because the homeowner was losing the home due to excess tax payments and not the principal and interest payment. Modification is not a modification without a tax payment adjustment or modification to market value. The modification was fraud. Further, SPS and other mortgage banks were negligent in forwarding or paying the escrowed taxes to the county or other tax authority when they knew that the taxes were excessive with or without a consumer 's complaint. SPS and other mortgage denied negligence and would like to pass the liability to the local Authorities. Many local authorities have imminent domain and a statutory limited liability. This is why SPS and other mortgages services must be included in the litigation. Sincerely, XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-27

Oak Grove, MO

Settlement process and costs

Mortgage: Other mortgage

Complaint: I want XXXX to release the illegitimate lien on my house. I want them to return the {$160000.00} I have overpaid for my house for money I already paid to someone else for properties I do not own. I refinanced a loan to PAY off the balance ( as in the LENDER pays it off and applies my principal payments not add more for giving me nothing ). not finish paying for it before another XXXX loan kicks in!!! I want SPS to find out EXACTLY which loans were actually PAID and which loan they are trying to illegally collect from me.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response