SELECT PORTFOLIO SERVICING, INC
Consumer Complaints
There are over 9109 complaints on file for SELECT PORTFOLIO SERVICING, INC. Dated between 2019-12-06 and 2012-02-28.
Complaints Page 72
2018-06-25
Hollins, VA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: This is a follow up to my 1st complaint concerning a QWR and Notice of Error that was not completely answered. I submitted another Notice of Error that has not been acknowledged and the foreclosure is continuing despite the fact I am still in dispute with SPS. This is the Notice of Error and current violations sent to SPS to correct : I am in receipt of SPS letter dated XX/XX/XXXX that attempts to respond to my QWR/NOE letter dated XX/XX/XXXX. I will list each of the errors and why SPS response is deficient. I questioned the 3rd party fees and costs assessed to my account and requested proof of the invoices as well as proof that the work was actually performed. Specifically, 12 C.F.R. 1024.35 ( b ) ( 5 ) requires that the servicer may only charge bona fide fees ; fees that the servicer determined it had a reasonable basis to impose. A servicer may not charge a for service that a service provider did not actually provide. Therefore, in order to prove that all fees and costs assessed to my account are legitimate, I demanded a copy of all invoices evidencing all fees and the work completed for all fees charged. What SPS provided was a listing of the fees, some of the fees were still not itemized. SPS failed to provide the requested invoices therefore SPS response is deficient. I also stated that SPS had failed to respond to my appeal of the denial to my application for loan modification and, as such, was dual tracking me by scheduling a sale of my home while loss mitigation was still pending. SPS appears to attempt to respond to my appeal in its XX/XX/XXXX, letter and, again, SPS fails. SPS claims your request did not provide any detail in regards to any specific error identified in the decision. I shall now restate all of the errors contained in SPS denial and hopefully someone with knowledge of the federal regulations will read this with comprehension as to SPS failure to comply with the Code of Federal Regulations. 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 I 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. For example, if the denial is based on investor requirements, the servicer must identify the owner or assignee of the loan and the requirement that is the basis of the denial. Additionally, if a loan modification is denied because of a net present value calculation, the servicer must provide the borrower with the inputs used in the calculation. In its letter, SPS declined me for a modification claiming that we are unable to offer you this program [ Proprietary Trial Modification ] because in performing our underwriting of a potential modification we could not reduce your principal and interest payment. While SPS did provide a limited NPV report, it did not include the debt to income requirements ( DTI ), the term requirements, allowability to reduce the interest rate or the ability to offer a principal reduction. Without this information I can not effectively assert a proper appeal as I dont know that parameters with which SPS utilized in its determination that it could not reduce my principal and interest payment. Does that mean the investor prohibits a reduction of principal and/or interest rate or that the interest rate and principal amount could not be reduced to achieve the required, yet unnamed, DTI? SPS also 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 XXXX, XXXX. Civ. No XXXX, XXXX XXXX XXXX, at XXXX ( XXXX XXXX. XX/XX/XXXX ). 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 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. 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 DTI. XXXX v. XXXX XXXX, XXXX, XXXX XXXX, XXXX XXXX XXXX, at XXXX ( XXXX XXXX. XX/XX/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 ). ) In reviewing the documents that SPS included in its XX/XX/XXXX, letter I note that SPS has also violated 12 CFR 1024.38 ( v ) which requires that documents submitted in a foreclosure process reflect accurate information and comply with applicable law. SPS provided a copy of the Note that contains no endorsements which means under the UCC only the originator, XXXX XXXX XXXX XXXX XXXX XXXX, has the authority to enforce the Note via a foreclosure action. SPS also included an Assignment dated XX/XX/XXXX, which is clearly fraudulent as it purports to assign my mortgage loan to the trust well over 7 years after the cut off date as prescribed in the pooling and servicing agreement ( PSA ). Additionally, the PSA requires that the seller transfer/sell the loan to the sponsor who in turn sells/transfers the loan to Depositor who in turn sells/transfers the loan to the Trust. The originator does not transfer/sell the loan directly to the Trust pursuant to the PSA. The subject loan was required to be transferred to the subject pool no later than the cut-off date in order to maintain its status as a qualified mortgage as a REMIC1. See REMIC Regulations, Code Section 860 G ( a ) ( 3 ) and 851 ( b ) ( 3 ) ( A ) ( i ). These errors on SPS part must be addressed and reconciled immediately, specifically, pursuant to Regulation X, 12 C.F.R. 1024.35 ( d ) and ( e ), SPS has 5 days within which to acknowledge receipt of this request and must respond no later than 7 days. Until these errors are properly addressed and corrected by SPS, there can be no sale scheduled on our property ; the currently scheduled sale for XX/XX/XXXX, must be canceled if the errors are not corrected. See Reg. X, 12 C.F.R. 1024.35 ( e ) ( 3 ) ( i ) ( B ) and 1024.35 ( f ) ( 2 ) ; Official Bureau Interpretation, Supplement 1 to Part 1024, 35 ( e ) ( 3 ) ( i ) ( B ) -1. Therefore, we are requesting that you cancel the sale so that our appeal and previously issued Notice of Error have been addressed. Be advised that RESPA and Regulation X provide a private right of action if a servicer fails to comply with the statute or regulation. 12 U.S.C. 2605 ( f ) ; 12 C.F.R. 1024.41 ( a ). I am a borrower entitled to the protections codified at 12 U.S.C.A. 2605 and 12 C.F.R. 1024.41. The mortgage loan subject to this action is a federally related mortgage as defined in 12 C.F.R.1024.2 and involves a consumer transaction at the time the loan was taken out by the Plaintiff. SPS is a mortgage servicer subject to the mandatory requirements of 12 U.S.C.A. 2605 and 12 C.F.R. 1024.41. SPS violated the RESPA and Regulation X in the following ways : Denied my application without identifying the owner or assignee of the loan and providing the specific reason for such a denial and additional detail to support such statements within 30 days of receipt of the application. 12 C.F.R. 1024.41 ( c ) ( 1 ) & ( d ) ; see 12 C.F.R. Pt. 1024, Supp. I, 41 ( d ), cmt. 1 ; see Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act ( Regulation X ), 78 FR 10696-01 ; Did not properly review the appeal within 30 days and did not provide particular reasons for the denial in writing. 12 C.F.R. 1024.41 ( h ) ; Engaged in " dual-tracking '' by scheduling my home for sale. 12 C.F.R. 1024.41 ( g ). SPS regularly collects or attempts to collect consumer debts due or asserted to be due to another. Specifically, it is regularly assigned the collection rights of consumer debts, including my consumer debt and therefore is a Debt Collector within the meaning of 15 U.S.C. 1692a ( 6 ). By scheduling the foreclosure sale of my home when that sale can not be held in violation of ( i ) 12 U.S.C.A. 2605 and 12 C.F.R. 1024.41 SPS and XXXX XXXX XXXX have materially violated 15 U.S.C. 1692e. SPS and XXXX XXXX XXXX actions described herein also constitute materially unfair or deceptive practices in violation of 15 U.S.C. 1692f. This conclusion is based upon the fact that no reasonable person would believe it would be fair to proceed and advertise foreclosure sales before them may even lawfully occur under state or federal law. As a result of both SPS and XXXX XXXX XXXX improper debt collection practices, which directly and indirectly violate my rights under 12 U.S.C.A. 2605 and 12 C.F.R. 1024.41, I have suffered actual economic and non-economic damages, and suffered severe emotional distress. The FDCPA provides for statutory damages in addition to actual damages. If SPS and XXXX XXXX XXXX fail to cancel the upcoming sale date of my home, I am prepared to move forward to file a complaint in federal court against both SPS and XXXX XXXX XXXX to exercise all of my rights provided under the law. In conclusion, I trust SPS will comply to the CFPB and RESPA and FDCPA requirements as Ive requested herein and cancel the XX/XX/XXXX sale of my home.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-25
Owego, NY
Attempts to collect debt not owed
Debt collection: Mortgage debt
Debt is not yours
Company Response: Closed with explanation
2018-06-25
Sarasota, FL
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: My company is XXXX XXXX XXXX XXXX, I am a licensed real estate broker in the state of Florida. I have been hired by the owner of the home XXXX XXXX XXXX, XXXX, FL XXXX to sell her home in XX/XX/2018. Do to the condition of the home and the market, the offers in conjunction with the closing fees have made it necessary to request the bank to complete a short sale. The company that is handling the short sale is a servicing company called XXXX XXXX XXXX , XXXX. I have been authorized to speak on behalf of the seller to discuss with the bank the process of the short sale. The owner and myself have diligently done everything we can to work with the XXXX XXXX XXXX XXXX.
The reason for my complaint is I feel that XXXX XXXX XXXX XXXX. is with intention, fraudulently delaying the process of the short sale in order to collect serving fees from its investors. I have literally called XXXX XXXX XXXX XXXX. 30 plus times ( nearly everyday ) and every time I call them they tell me I have to have a new document that is required. Literally every time I call they make up a new document that could have easily been supplied 60 days ago. Even though each time I call them they tell me that after this new document that they now have every document. The very next day I will call and they literally make up a new requirement. We have supplied SPS the same documents literally XXXX and 3 times. I will call one day and they will tell me they have everything and then the next day they have a new requirement that they said was always required but the last XXXX people in 60 days somehow missed. Today I just spend an hour on the phone today with XXXX XXXX the XXXX supervisor I have had to escalate my call to in the past three weeks. Now last week they told me they have everything. Today as I was on the phone ( this has literally has happened 30 times ) XXXX tells me I need two more documents. I am not exaggerating, literally every time I call them they come up with a new document that was not mentioned to me in the past 30 calls. Today it was the listing agreement. The home was listed 90 days ago. All of a sudden they need this document though it has been supplied 2 other times. Then they needed written authorization for me to talk on the account even though I have been authorized to talk on the account the past 30 calls today a new requirement is they need it in writing.
Literally everyday they create a new document, I am not talking about just critical document but ones they come up with everyday as a new requirement that has nothing substantial to do with the sales process.
I truly and honestly believe this company is committing fraud. They are purposely delaying the process in order to collect fees from their investors. Please investigate the operations of this company. They are doing this with intent. My conversations are recorded. The calls are documented. The loan number is XXXX.
Company Response: Closed with explanation
2018-06-25
GA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Our payment sent to SPS Inc. was not credited to my spouse 's account as requested on payment statement. The payment was processed as two payments. Not a single payment for principle and interest. This allowed SPS to charge us interest twice for the XX/XX/XXXX payment. We contacted SPS to correct this error to apply our payment as requested. The account representative talked with us and said the funds would be credited as requested. would be done within 5 to 7 days and we would not be able to see this correction in the online access. SPS Inc. representative did not say this would be reflected on a corrected XX/XX/XXXX statement or would they take the XX/XX/XXXX payment funds as payment for XX/XX/XXXX and XX/XX/XXXX as XX/XX/XXXX statement shows. The statements have blocks for assignment of funds, we wanted all funds above the regular payment applied to principal.
Company Response: Closed with explanation
2018-06-25
New Bedford, MA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Complaint: I have been submitting complete packet after packet and they keep denying me. I had XXXX XXXX in XXXX and had it removed. This is my only home we have 3 more years until my my last XXXX children graduate from high school we work all the time and just want to pay our mortgage. In XXXX we were unfairly targeted by a new IRS Agent who had our taxes that were filed by an enrolled agent we just didn't make enough money with XXXX young kids that were only 16 months apart. She put an Levy of {$180000.00} on all 4 of our jobs, bank account we could not even buy food. We were forced to file bankruptcy to get the amount fixed. Our income that year was only {$40000.00} for a family of XXXX.
As of the past two months my income has increased by a goo amount since the last modification packet in XXXX that I was denied. I just got off the phone with SPS and she said they can not look at another packet for me because the Sale date is in a week told me to file BK or sue. I have done over 28 modification myself and spend countless hours this is not helping my health and they would rather fight us in eviction court than allow me to try to become current in the coming years. It will cost the bank more to remove us as I have NO where to move my family and dogs and have another XXXX on XX/XX/XXXX to remove XXXXXXXX XXXX and my XXXX. XXXX XXXX wants to kick families out and put the cost on all the consumers instead of trying to help people willing to pay for their homes. Select Portfolio is the worst company
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-25
Pasadena, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-24
Austin, TX
Trouble during payment process
Mortgage: Home equity loan or line of credit (HELOC)
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-22
Marlboro, MD
Struggling to pay mortgage
Mortgage: FHA mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-22
MA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-22
TN
Struggling to pay mortgage
Mortgage: FHA mortgage
Complaint: My mother is XXXX XXXX, and I've been trying to work with Select Port Folio my mortgage servicer to modify our mortgage and reduce the mortgage payment.
I'm being given a hard time with the process and they are unwilling to assist me.
I do want to keep our home. We do not want a catch up plan that will increase my monthly payments, please review mortgage and exercise the option to make a PMI claim if possible.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-22
Tarzana, CA
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Complaint: Name : XXXX & XXXX XXXX Address : XXXX XXXX XXXX XXXX, XXXX XXXX Country : United States Email Address : XXXX Phone Number : XXXX Alternate Phone : Contact Preference : E-Mail Institution Information Institution Name : Select Portfolio Servicing , Inc .
Routing Number : Account/Product Type : XXXX XXXX XXXX Address : XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX Country : United States Email Address : XXXX Phone Number : XXXX Complaint My wife age XXXX & I age XXXX, joint tenants received from SPS, Inc. our requested PAYOFF amount needed to sale our property /We got harassed on the phone & at our front door, with " collection of a debt ''!? The sale offer did not make / SPS, Inc. CANCELLED our on line access LOGIN & our mailed monthly due checks were cashed ELECTRONICALLY / SPS, Inc. destroyed our many years perfect credit scores with a 30 days late! This is ELDERLY ABUSE from SPS, Inc. taking advantage immediately calling all times of the day, mailing & coming to our front door, with the intention to take over our property fast How can your complaint be satisfactorily addressed?
Please remove the SPS, Inc. " 30 days late '' on our 3 credit scores XX/XX/2018 Hide additional information for activity type check XXXX ElecCheck XXXX SP Servicing DES : MRTG PMT CHECK # XXXX INDN:XXXX CO ...
Edit Description activity type check status type icon cleared Cleared. Select to mark activity type check XXXX ElecCheck XXXX SP Servicing DES : MRTG PMT CHECK # XXXX XXXX CO ... as Reconciled XXXX XXXX Type : Check Check # : XXXX ( converted to an electronic transaction by the merchant ) Description : SP Servicing DES : MRTG PMT CHECK # XXXX INDN:XXXX CO ID : XXXX XXXX Merchant name : get more information about merchant name change SELECT PORTFOLIO SERVICINGSelect to Edit the merchant name Transaction category : get more information about transaction category Home & Utilities : MortgagesSelect to Edit the transaction category No image is available for this check because it was processed by the merchant as an electronic transaction.XXXX Hide additional information for activity type check XXXX ElecCheck XXXX SP Servicing DES : MRTG PMT CHECK # XXXX INDN:XXXX CO ...
Edit Description activity type check status type icon cleared Cleared. Select to mark activity type check XXXX ElecCheck XXXX SP Servicing DES : MRTG PMT CHECK # XXXX INDN:XXXX CO ... as Reconciled XXXX XXXX Type : Check Check # : XXXX ( converted to an electronic transaction by the merchant ) Description : SP Servicing DES : MRTG PMT CHECK # XXXX INDN:XXXX CO ID : XXXX XXXX Merchant name : get more information about merchant name change SELECT PORTFOLIO SERVICINGSelect to Edit the merchant name Transaction category : get more information about transaction category Home & Utilities : MortgagesSelect to Edit the transaction category No image is available for this check because it was processed by the merchant as an ele
Company Response: Closed with explanation
2018-06-22
Hammond, IN
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-21
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-06-21
Cartersville, GA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-21
Tulsa, OK
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-20
Plant City, FL
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-20
Hidden Valley, CA
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-20
Norwalk, CA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: XXXX XXXX XXXX XXXX XXXX as sustituted trustee scheduled a private trustee 's sale ( # XXXX ) together with Select Portfolio Servicing , Inc. without compliance of the applicable laws.
I requested specific documents, and statutes under the applicable laws on XX/XX/2018 ( and also in XX/XX/2018 ).
SPS responded that they'll provide requested documents and statutes within 30 days, which I have not received.
Company Response: Closed with explanation
2018-06-19
Conway, AR
Struggling to pay mortgage
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-19
MI
Closing on a mortgage
Mortgage: Conventional home mortgage
Complaint: I currently have a 2nd mortgage that is serviced by Select Portfolio Servicing. The original originating mortgage company was XXXX. When XXXX did the paperwork, they made a mistake on the deed. They included the correct address of XXXX XXXX XXXX XXXX XXXX, MI XXXX and the property description of this property. However, in the property description they also included the property description for another property I own located at XXXX XXXX XXXX XXXX XXXX, MI XXXX. This was the error and when they recorded it with XXXX County, they recorded it against both properties. In XX/XX/2018, I received an offer to sell the property at XXXX XXXX and accepted the offer. The title company doing the closing pulled the title work and discovered the issue. I contacted XXXX and they said they were unable to help because they didn't own the mortgage anymore. I contacted my current servicer SP Servicing and they instructed me to submit an explanation letter, a copy of the deed in question and also the title work from the property located at XXXX XXXX XXXX XXXX XXXX, MI XXXX. They told me that it takes approximately 20 days to do the investigation. I called a few times during the 20 days and was told there wasn't an update and to wait until the 20 days passes. On the 20th day, I called back and was told that there still wasn't an update. On the 21st day I called and was told that they were still waiting on the title work and that it takes 30 days to investigate. I asked them why they are waiting on title work since the title company already sent me the title work and I faxed it to them. They said they needed their own and they didn't pull the title work until XX/XX/XXXX and they still hadn't received it on the XXXX. It took me approx. 24 hours to receive title work from XXXX XXXX in XXXX. I also told them that up until the 20 days had passed, I was told it would take 20 days and now I am being told 30 days. Today I called and talked to a woman that said the person working on it wasn't in and to call back in 45 minutes. She told me that there was not an update in the system. I called back in about 45-60 minutes and talked to a man that said this could take 90-100+ days to be resolved and there was not a person working on it and there was not an update. At this point, I have already missed my first closing of XX/XX/XXXX and now my next closing is scheduled for Monday XX/XX/XXXX and I am still no closer to having this resolved. They have no rights to the proper on XXXX XXXX. If someone would have actually looked at the paperwork, it would be obvious to them that there is a mistake. I am going to end up having to pay off this mortgage just to not lose my buyer on the other property. They act as if they are losing some type of interest. They didn't even know the deed was connected to two properties. I would like help in this matter. I realize that your site states that you get results in as little as 15 days and I no longer have 15 days. If we can at least get them to do a partial release to allow me to close on my property and they can take another 90 days to draw up a new corrected deed. I appreciate anything that can be done to help in this matter.
Company Response: Closed with explanation
2018-06-18
Oxford, GA
False statements or representation
Debt collection: Mortgage debt
Told you not to respond to a lawsuit they filed against you
Complaint: Have been actively trying to work out a loan modification with Select Portfolio Servicing since XX/XX/2017. Submitted the initial package and have been sending required information as and when requested. The issues are that this information is sent over and over. We recently received notice that the property was scheduled for foreclosure auction. We immediately called and were told not to worry, that due to us being in the process for a loan modification that the auction would not proceed on the day stated. More requests came in form information ( that had been supplied several times, and receipt acknowledged by their website and via representatives we spoke to ) and this information was sent. Again the representatives of SPS said they had received the requested information. We then received a letter that the loan modification request would not proceed as they had not received the requested information, in spite of their representatives stating they had received everything that was requested.
Company Response: Closed with explanation
2018-06-18
New Bedford, MA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Select portfolio servicing inc. acquired my adjustable mortgage in XX/XX/XXXX i called in early XX/XX/XXXX to set up ( during the 60 day xfer period ) i was told it's {$15.00}. to make a phone payment! but free as a first time call they could schedule up to 3 months payment! they said it takes a month to get the auto payment set up on there web site!
next they called in XX/XX/XXXX to tell me that i was 30 days last since XX/XX/XXXX
clearly i don't work at SPS so it's impossible for me to have personally made the data entries and apply all 3 payments a month late? i don't even understand how any bank could even allow this happen??
Company Response: Closed with explanation
2018-06-15
Farmington, AR
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Closed with explanation
2018-06-15
Airlie, VA
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2018-06-15
Castle Point, NJ
Struggling to pay mortgage
Mortgage: Other type of mortgage
Company Response: Closed with explanation