SELECT PORTFOLIO SERVICING, INC

2016-08-11

South Florida, FL

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: The mortgage servicer ( SPS ) that purchased my loan form XXXX does not provide a free method for their customers to make their monthly payments.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-08-10

Compton, 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

2016-08-10

OH

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

2016-08-10

Marlboro, MD

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

2016-08-10

Rock Cave, WV

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

2016-08-10

Santa Ysabel, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: SPS XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX CA XXXX Short sale was started on XXXX/XXXX/XXXX. SPS spent 3 months using purposeful miscommunication and 'misplacing ' documents as a way to delay decisioning on the file in an attempt to defraud their investor in order to collect their 'double-fee ' for servicing a defaulted loan. On XXXX we were told the value came back at XXXX and refused to give a counter amount. On XXXX we sent a counter offer and contractor bids for the value dispute. On XXXX SPS decided they will no longer accept contractor bids for the value dispute and they require a BPO or appraisal for value disputes. SPS then started their second round of delaying tactics - purposeful miscommunication and 'misplacing ' documents. Requesting XXXX version of a form, and then the next week requiring something different. They also started requesting documents that had been sent to them over 4 months prior. These delay tactics have been going on for FOUR MONTHS. Today, we found out that the file was closed out on XXXX/XXXX/XXXX. NO ONE INFORMED US WHEN WE TALKED TO THEM ON XXXX/XXXX/XXXX. This is nothing but gross incompetence and delay tactics on SPS 's part.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-08-10

TN

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I have a mortgage with XXXX services since XXXX my principle has n't decreased yet.I have been in the XXXX keep my home program since XXXX they paid all of my late fees and got me caught up so now XXXX has turned my mortgage over to select portfolio servicing inc.I have never heard of them before however they sent me new statements with a new and higher loan amounts I did modification twice I believe but XXXX keep my home paid all outstanding fees but select portfolio have added it back in.I called them but no luck that 's not right.I have a 30yr mortgage and this is year XXXX and I 'm still paying interest only I do n't know if XXXX is XXXX or household financial.this is predatory lending.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-08-09

Anchorage, AK

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

2016-08-09

Kendall, 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: Yes Timely Response

2016-08-09

Niverville, 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

2016-08-09

Hampton, VA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I sent you guys a complaint a few months back and that have a very positive effect on getting my mortgage and short sale moving along after being stuck for 8 months. Thank you for that. It has been a year now since I started the short sale process and still no resolution. The last potential buyer backed out after we were quoted 15 business days to review the short sale and we did had no word after 6 weeks. I call to complain and no one seems to care. Now I have to start this whole process all over again. This is totally unacceptable for it to take this long. It took so long that our initial documents all expired before they could complete the process and we had to complete new ones. I was able to get my wife a XXXX faster than this. I try to give them everything they need and they drag their feet until the buyer walks away. The process is so difficult they want to foreclose.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-08-09

Sacramento, CA

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

2016-08-08

Costa Mesa, CA

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

2016-08-08

Kawaihae, HI

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

2016-08-08

San Francisco, CA

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

2016-08-08

San Jose, 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: Yes Timely Response

2016-08-06

Stevenson, MD

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: Select Portfolio Services is currently servicing my loan with XXXX XXXX being the original mortgage lender. My mortgage loan was modified with the HAMP Program in XXXX of XXXX. I was on a plan to have gradual increases in mortgage payments over a period of 8 years to then have payments stay the same from years XXXX. I filed bankruptcy, Chapter XXXX in XXXX and now my bankruptcy has been discharged. Now that it has been discharged and the mortgage payments are currrent with no arrearages, Select Portfolio has sent me a letter stating that the " Mortgage has been referred for Legal Action ''! I am current with my payments and on many occasions the services has claimed that payments were not being made, or either the escrow was short even when I was in bankruptcy! I have paid on all occasions and have paid shortages when they have not been shortages. In addition, based on the modification schedule through the HAMP Program, Select Portfolio has increased the mortgage amount more than the scheduled amount that is due at the time of increase. I have had no luck in getting any remedy or help from Select Portfolio other than them continuing to misallocate my funds and threaten foreclosure when I am current and have been current and I have banks statements to show such. I need immediate help and it appears that Select Portfolio goal is to foreclose unlawfully when they are fraudulent in all of their actions to abide by the HAMP PROGRAM. Also this modification, states also that I am to give them a balloon payment of {$270000.00}. after year 27 when my new loan amount when the modification was done was XXXX. This doesnt even amortized correctly based on their numbers.l
Company Response: Company believes complaint is the result of an isolated error Closed with explanation

Disputed: No Timely Response

2016-08-06

Atlanta, GA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: XXXX XXXX, XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, XXXX XXXX Headquarters address Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX Dear XXXX XXXX ; This is XXXX XXXX 's response to following SPS compliant responses : Case number Step Status Submitted Complaint history XXXX Consumer review Company responded XXXX/XXXX/XXXX XXXX Consumer review Company responded XXXX/XXXX/XXXX XXXX Consumer review Company responded XXXX/XXXX/XXXX XXXX CFPB review Response not disputed XXXX/XXXX/XXXX XXXX CFPB review Response not disputed XXXX/XXXX/XXXX XXXX CFPB review Response not disputed XXXX/XXXX/XXXX XXXX CFPB review Response not disputed XXXX/XXXX/XXXX XXXX File Duplicate XXXX/XXXX/XXXX XXXX CFPB review Response disputed XXXX/XXXX/XXXX Based on the generic quality of the SPS responses I assume the following : SPS is not interested or willing to investigate and provide the information requested : A history of Principal and interest payment since the mortgage inception. A verbal and numeric explanation of the Mortgage amortization Before the modification and after. A comparison and contrast of the XXXX mortgage amortization prior to modification and afterwards. Where monthly payments higher or lower? Was the total principal reduced? What was the financial engineering execute to define the modification in compliance with HAMP? Did the modification provide permanent cash flow reductions. If not why modify? Does SPS consider a mortgage Payment with property taxes in excess of P & I economic? Is this common place? SPS consistently avoids the Fraud Challenges of the original Mortgage and modification. I would encourage CFPB to instruct SPS to contact and work with the originator and modifiers Sincerely, XXXX XXXX, XXXX APPENDIX Please allow me to introduce myself. My name is XXXX XXXX. I purchased a home at XXXX XXXX XXXX in XXXX XXXX. I was returning back to the US after servicing my country not in the military but as being XXXX XXXX XXXX XXXX XXXX XXXX XXXX based in XXXX XXXX. I invested my life savings of {$200000.00} on the home. Today I am exploring foreclosure options with Select Portfolio Servicing due to a XXXX in XX/XX/XXXX. I am XXXX XXXX today. I believe that I was defrauded by XXXX at the time of my mortgage origination. An uneconomic and irrational payment structure. My mortgage principal and interest is less than my monthly property taxes and insurance. After a modification my monthly mortgage payments are higher than my original payments. This was a negative Home Affordable Mortgage Program experience. My Principal Balance today, XXXX, after 16 years is higher than it was in XXXX. Reccomendation Please conduct and audit and analysis of my mortgage modification and complete history with XXXX, XXXX and XXXX. Please assist me in receiving a debt " cram down '' valuation base of my history for the mortgages. For example, my total payment from XX/XX/XXXX to XX/XX/XXXX approximates my original principal debt or {$990000.00} in payments vs. XXXX in original debt. Thank You. Sincerely, XXXX XXXX XXXX ACCOUNT XXXX XXXX XXXX XXXX AMOUNT PRINCIPAL {$760000.00} DEFERRED {$140000.00} PRINCIPAL {$900000.00} MONTHLY PMT PRINCIPAL {$1100.00} INTEREST RATE {$1200.00} {$2400.00} ESCROW {$2500.00} TAXES INSURANCE
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: No Timely Response

2016-08-05

Los Gatos, CA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Disputed: No Timely Response

2016-08-05

Newport Beach, 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

2016-08-05

Arco, CA

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

2016-08-05

Juniper Hills, CA

Loan modification,collection,foreclosure

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: Select Portfolio Servicing negligently misrepresented a short payoff transaction that resulted negatively on my credit and caused damages to me. In 2016, I contacted SPS as they sent me a letter informing me that my mortgage would significantly increase due to a rate increase. Therefore, I asked them what are my options to avoid a rate increase as I had just completed the HAMP program and was on a good track which I wanted to maintain. The rep stated that I had the option to submit an offer to the investor and if accepted would be accepted as payment in full. I had asked the representative if this option would negatively affect my credit and the agent stated no, it would reported as paid in full as this is not a short sale. Also, the representative stated that they would send me a letter stating that my loan would be paid in full, which they did and I have a copy of the letter. I was concerned about my credit as I spent the last 5 years working hard to repair it due to late payments from the mortgage crisis, which I had explained to the representative. Again, the representative assured me that it would be shown as paid in full and I would receive a letter stating that I could use as proof. Therefore, I proceeded with the negotiation and sourced the funds to payoff my loan. After the transaction was complete, I receive my letter stating that the loan was paid in full. Thereafter, I applied for credit and was denied due to a short sale. I had advise the creditor that I have never sold my property and I only paid off the loan. They stated that the creditor is not showing the loan was paid in full but settled and it is negative on my credit. My score had dropped significantly as a result, and I am having a hard time sourcing the approvals needed to take care of my family and lifestyle. In conclusion, had SPS been transparent, informal, and truthful about the transaction, I would not have accepted to move forward in order to protect my credit that I just spent the last 5 years rebuilding.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-08-05

Indianapolis, IN

Other

Mortgage: Other mortgage

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

Disputed: No Timely Response

2016-08-05

Woodland, WA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: I have been trying to work with SPS for years in either honoring the loan modification I was offered by XXXX, which my file was then transferred to SPS while in the middle of making my TPP payments, or getting SPS to review me for loss mitigation options and an assumption for the subject loan. Instead, I have been subjected to unfair, deception and abusive acts and practices. Compounding serving errors committed by SPS has caused me great stress and pushed me into a hole that I do n't know how to crawl out of! I have submitted the same documents multiple times over the course of working with SPS. They have verbally told me XXXX thing, when I am actually able to reach a representative, while sending me correspondence to the contrary. They have stalled me at every turn and given me the runaround. I feel I am further away from getting a loan modification offer now than when I first started and was making TPP payments towards a final loan modification.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Disputed: Yes Timely Response

2016-08-04

City Ranch, 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