SELECT PORTFOLIO SERVICING, INC

2016-12-27

Cold Spring, MA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-12-26

Quartzsite, AZ

Application, originator, mortgage broker

Mortgage: Other mortgage

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

Disputed: Yes Timely Response

2016-12-26

Louisville, KY

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Select Portfolio Services has committed fraudulent acts against XXXX XXXX XXXX XXXX and her son, XXXX XXXX XXXX. Their house payment has never been late, now SPS has sent their payment back and rejected the payment. They say she has taken bankruptcy when she has not ever filed for bankruptcy. They have been threatening to forclose for the past 7 years. They also sent a letter asking them to take {$10000.00} and relocate or be forclosed upon. SPS says there is a lien on the house and property, but it is confidential and they refuse to let XXXX XXXX know who has a lien on her property. When XXXX XXXX went to refinance through her regular bank, the banker called SPS for a payoff amount. SPS refused to give a payoff amount. XXXX XXXX has also found out that she has XXXX acct numbers when she should only have XXXX. XXXX XXXX is a XXXX yr old lady and her son, XXXX is XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-23

Elsinore, UT

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

2016-12-23

Rahway, NJ

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

2016-12-23

PA

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: My mortgage was purchased last year by SPS ( Select Portfolio Servicing ) from XXXX XXXX. Prior, I used to pay approximately {$250.00} per month in excess of my contractual obligation, and per the terms of a loan with no prepayment penalty, any payments in excess of the contractual amount are posted to the principle amount. In the future, I intend to make considerably more " over '' payments. On my most recent statement, SPS notified me that unless a full contractual payment is made, any overage would remain in " in-posted '' status until it builds to a full contractual amount. As my contractual amount is approximately {$5000.00}, this indicates that I could pay {$500.00} over, but nothing would post to my account for nearly a year. This is a violation of the loan agreement and creates an over charge for interest. Based on my conversation with SPS, I believe this is a systemic issue for any payment overages that come as payments outside of a single monthly payment ( i.e. if I pay {$500.00} mid month every month, they would only hold it in escrow, if I pay {$500.00} over on an end of month payment, it would post to principle ). I believe any party paying unique separate payments on top of contractual are victims of this misallocation and over charge of interest. I was told because this was a " conforming '' loan, the payment allocation was at their discretion. Not sure how conforming status impacts the legal payment hierarchy.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-23

Brooklyn, NY

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: Yes Timely Response

2016-12-22

Lawton, NV

Loan servicing, payments, escrow account

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

2016-12-22

Lexington, KY

Application, originator, mortgage broker

Mortgage: Other mortgage

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

Disputed: Yes Timely Response

2016-12-21

Nyc, NY

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

2016-12-21

Agua Dulce, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-12-21

Orion Twp, MI

Loan servicing, payments, escrow account

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

2016-12-21

Pinellas Park, FL

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: Our mortgage was sold to SPS by XXXX just a couple weeks before we were going to be closing on our short sale. We have been working with SPS since XXXX and initially they ran our request for short sale under the wrong terms so it was denied. After finding that out we had to resubmit all the paper work, by our short sale specialist, who called every week and asked how things were going was told they had all the necessary information and were waiting for a decision. At the end of XXXX they mailed us a letter saying that the terms from the second mortgage do not meet their requirements, which was never communicated to the short sale specialist any of the times she called. We were able to work with the second mortgage to get a different settlement term with them except that we need to close by XXXX which SPS has been aware of. We have had all the paperwork turned in since the beginning of XXXX and still have no answer from them. Every time you call it 's impossible to speak to a supervisor or manager and the " relationship manager '' they assign is a joke, the person never calls back and their extension always rolls over to the same people you were speaking with before. They have said they have " escalated the file '' and that 's all they can do when you ask to speak to their supervisor they say they can not do anything else. They put a " ticket '' in for the relationship manager '' to call you back but they have XXXX48 hours and that 's all they will do. I 've explained to them multiple times that we have to have an answer by the XXXX or we are going to lose this short sale and they could care less they say well it could take 30 days and there is nothing they can do besides " escalating '' the file. I feel like they are getting some sort of monetary kick back from someone to prolong this process. They are horrible. Please help us.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-20

Sloatsburg, NY

Other

Mortgage: Other mortgage

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

Disputed: Yes Timely Response

2016-12-20

FL

Settlement process and costs

Mortgage: Other mortgage

Complaint: To whom it may concern I XXXX received a short settlement from Wells Fargo bank the amount XXXX dollars.They gave me 45 days to pay it. I paid the amount and over the amount. With in the 45 days. I paid XXXX dollars over the amount I ask for my refund amount back and Wells Fargo refuse to pay me my refund back I tried many times to get my refund back but they refused. Please help me get my money back from Wells Fargo and XXXX. Acct # XXXX case # XXXX My phone XXXX MY email XXXX MY address XXXX FL XXXX.I also put in a complaint in with XXXX # XXXX Wells Fargo and XXXX also refused to answer XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-12-20

Agua Dulce, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-12-20

Ellis Island, NJ

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

2016-12-20

Atl, GA

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: XXXX XXXX, XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, Director Headquarters address Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXXXXXX XXXXXXXXXXXX XXXXXXXXXXXX Dear XXXX XXXX ; RE : SPS : XXXX XXXX SPS refund excessive property taxes from XXXX to XXXX estimated has {$81000.00} plus interest by XXXX XXXX, XXXX. I would like for SPS to assume the responsibility of collecting the over paid taxes fro XXXX XXXX Findings After numerous attempts to sale XXXX XXXX XXXX XXXX, XXXX real estate experts have informed me that the failure to sale my property for over two years is due to uneconomic and excessive real estate escrow by SPS and XXXX XXXX 's failure to adjust property taxes. Background I spoke to an SPS Ombudsman professional today. The representive implied that the over payment of taxes from XXXX was not SPS responsibility. XXXX, at the closing of the home purchase the real estate agent XXXX XXXX of XXXX XXXX nor XXXX, the mortgage lender did not inform me that the monthly real estate taxes exceeded mortgage Principal and Interest. There is failure to disclose At the time of purchased XXXX XXXX XXXX XXXX XXXX XXXX appraised my home for {>= $1,000,000}. I purchased the home for {>= $1,000,000}. Non Market Assessment During the Great Recession ( XXXX ) I requested a mortgage Modification from XXXX Mortgage. After the modification I realized that my monthly principal and interest was less than my P & I. I contacted the XXXX XXXX XXXX XXXX and appealed the taxes during this period with no significant change. The servicing right form my mortgage was transferred to SPS during this period. Over the next years from XXXX to today I have corresponded to SPS, XXXX XXXX and CFPB. ( Failure to manage servicing and not being responsive to market decline ). In managing risk SPS was not prudent in challenging an obvious uneconomic structure of a mortgage. The Property Taxes exceed annual Principal and Interest payments. The excessive taxes where the cause of the credit risk and the need to modification. Loss mitigation could have been solved my simply address the tax assessment. SPS and XXXX XXXX continue to escrow and pay taxes has on XXXX real estate prices after an average 30 % market correction. In fact XXXX XXXX increase the assessment. This would imply that market prices very declined during the Great Recession and market prices continued to increase. The XXXX and SPS modifications were reckless an negligence. In fact, my mortgage P & I and taxes were higher after modification than before. First, I questioned the economics of my mortgage in numerous well-documented correspondences to, XXXX XXXX, CFPB and SPS. The major concern was why the principle and interest less that the taxes. SPS never provide a technical explanation or analysis. XXXX Number Location Address XXXX XXXX Assessments XXXX XXXX XXXX XXXX XXXX XXXX {$650000.00} XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CLUB CIR XXXX XXXX XXXX XXXX XXXX CT XXXX XXXX XXXX XXXX XXXX XXXX {>= $1,000,000} I will give SPS the rights to pursue the tax over payment to XXXX XXXX. I need my cash by XXXX XXXX, XXXX in order to relocated. Please respond as soon as possible sine I am being removed from the home and need funds to resettle. Sincerely, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-19

Saint Petersburg, FL

Loan modification,collection,foreclosure

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-12-19

Sloatsburg, NY

Other

Mortgage: Other mortgage

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

Disputed: Yes Timely Response

2016-12-19

Santa Ysabel, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: SPS XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX CA XXXX XXXX XXXX SPS currently has an authorization for XXXX, and a complete short sale package. SPS is refusing to work on this short sale until the Broker from the Listing Agents firm is authorized by the homeowner. This is absurd and unnecessary. The homeowner has NOT authorized this person ( the broker ) to be on the authorization. SPS is claiming the investor is forcing this to be a part of the short sale. The investor does not yet own the property and has no right to determine who is the authorized party. Nor does the listing agent need to be authorized with SPS in order to list the property for sale. SPS does these types of delay tactics on EVERY SHORT SALE WE HAVE EVER HAD WITH THEM. Another delay tactic used by SPS- on this file and every file we have ever had with them - is to piece-meal their document requests. In this way, they are dragging out the decisioning process, collecting additional servicing fees, and defrauding their investors. We have had multiple investors pull all of their loans and move them away from SPS -- likely they have gotten wise to SPS ' FRAUDULENT ACTIVITIES.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-12-17

FL

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I modified my house XXXX 2016 with Select Portfolio Servicing. through HANDS in Florida It was approved with a three months trial of which I had to call to get the this information, I told them that I will not pay any money until I get it in writing. I did it in writing for the trial period. The permanent document to sign, I did not get until XXXX 2016 dated in XXXX 2016. I have been paying my new approved mortgage every month since then, but they keep sending me threatening letters that if I do not pay the {$4100.00} which is the amount I was delinquent before the modification. Then, they sent a letter that coming next XXXX my mortgage is going to increase to $ XXXX. I can not afford this amount. They say there are debt collecting agency, and when I asked them prior asking HANDS of Florida, they said they were not in a position to assist me as they are debt collection agency. Yet when HANDS contacted them for the modification they were able to do it. I do not know what kind of mortgage company is this, gving conflicting information and so I would like your company to investigate them. Currently, HANDS are trying to work with them but to no avail. I would like if you could help me deal with this company which forever harassing me.
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Disputed: No Timely Response

2016-12-17

Hamburg, NY

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I am a XXXX year old widow who has resided in the same home since 1977. I have gone through a few financial problems but am now finally getting my life back on tract after a few setbacks. My problem that is I have been with the same mortgage company for many years and have been paying an outrageous interest rate of 8.29 %. I have contacted them on a number occasions to see if I could do a refinance to get my interest rate lowered to what it should be, but each time I was denied for one reason or another. I even tried the HARP loan which I was also denied for. I have maintained my property well and have not been late on my mortgage for a few years and I think I deserve a reasonable interest rate. Would you please help me. I am struggling with this issue and do not know who else to turn to. thank you for any assistance to can offer.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-12-16

Flushing, NY

Loan modification,collection,foreclosure

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-12-16

Highland City, FL

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: Select Portfolio Servicing has been deceptive and intimidating. It has been difficult for me to find my past due balance. I missed a regular monthly payment. When I attempted to make a payment to try to get caught up I could not find my past due balance. My printed statement listed a past due balance, but it did not list a payment that I had made prior to the statement being generated. My online account did not list a past due balance at all. It only told me that I had a regular monthly payment due. It also did not list any late fees or other fees of any kind. I then received a letter stating that my mortgage was now in default. This confused me even more because neither my statement or online account had any information about my loan being in default. Also, I did n't think my loan could be in default because I was approximately 30 days past due. I called SPS. When I called and entered in my account information, I was greeted by an audio recording stating that I had a regular monthly payment due. The recording made no reference to a past due balance or to my loan being in default or to any fees that may be due. I selected the option to speak with a representative. Prior to speaking with a representative I was greeted by another recording stating that I was about to speak with a " debt collector '' and that any information given would be used in order to " collect on a debt ''. At this point I felt SPS was deliberately trying to confuse and intimidate me. Is SPS a mortgage loan servicer or a debt collector? Is my account in default or past due? What is my past due balance? The rep I spoke with was polite, but not helpful. I did finally get my current past due balance. However, I was threatened with " legal action '' if my account was not made current with in 6 days. I was not given an answer to why my online account does not reflect my past due balance, is my loan in default or past due, why do I have to pay {$15.00} to make an online payment, why did my interest rate go up. Furthermore, I was given unclear answers about what kind of a company SPS is ( mortgage loan servicer or debt collector ), why do they use intimidating language both in documents and over the phone, is SPS purposefully trying to confuse me. I acknowledge that I am past due on my payments, but it should not be this difficult to find my past due balance and I should not be threatened and intimidated.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response