Mortgage -- Trouble during payment process -- Complaint #12289072
Payment Process Issues with Conventional Mortgage
Complaint Overview
Complaint ID: 12289072
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Payment process
State: Connecticut
ZIP Code: 06114
Date Received: 2025-02-28T12:00:00-05:00
Date Sent to Company: 2025-03-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: medium
Payment processing issues can lead to late fees, credit score damage, and potential foreclosure if not resolved promptly.
Consumer Sentiment: neutral
Topics: Mortgage Servicing, Payment Processing, Conventional Mortgage
AI Analysis
CFPB complaint 12289072 was filed against SELECT PORTFOLIO SERVICING, INC. regarding Mortgage (Conventional home mortgage), specifically about "Trouble during payment process". A consumer experienced issues with the payment process for their conventional home mortgage serviced by SELECT PORTFOLIO SERVICING, INC., which was closed with an explanation. The complaint was received on February 28, 2025 from Connecticut. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should document all payment attempts and communications with their servicer and consider escalating the issue if it persists.
Legal Context & Consumer Protection Laws
The Fair Credit Reporting Act (FCRA) and the Real Estate Settlement Procedures Act (RESPA) govern mortgage servicing and payment processing.
Regulatory Insight
Servicers must accurately post payments and provide clear communication regarding payment status and any discrepancies.
Resolution Likelihood
mixed
State-Specific Consumer Protections
The complaint originated in Connecticut.
Industry Comparison
Payment processing issues are a common complaint in the mortgage industry, affecting various servicers.
Related Issues
Frequently Asked Questions
What is CFPB complaint 12289072 about?
CFPB complaint 12289072 involves Mortgage (Conventional home mortgage). The consumer reported an issue with "Trouble during payment process", specifically "Payment process". This complaint was filed against SELECT PORTFOLIO SERVICING, INC. on February 28, 2025.
Which company is complaint 12289072 filed against?
Complaint 12289072 was filed against SELECT PORTFOLIO SERVICING, INC.. You can view all complaints against this company on their profile page at /company/select-portfolio-servicing-inc.
What was the company's response to complaint 12289072?
SELECT PORTFOLIO SERVICING, INC. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 12289072 filed?
Complaint 12289072 was received by the CFPB on February 28, 2025. It was sent to SELECT PORTFOLIO SERVICING, INC. on March 3, 2025.
What state was complaint 12289072 filed from?
Complaint 12289072 was filed from Connecticut. You can view all complaints from this state at /state/CT.
Was the consumer satisfied with the resolution of complaint 12289072?
Dispute information is not available for complaint 12289072.
What product category is complaint 12289072 about?
Complaint 12289072 is categorized under "Mortgage", specifically "Conventional home mortgage". This is one of the product categories tracked by the CFPB.
How was complaint 12289072 submitted?
Complaint 12289072 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 12289072?
The Fair Credit Reporting Act (FCRA) and the Real Estate Settlement Procedures Act (RESPA) govern mortgage servicing and payment processing. This relates to a Mortgage complaint against SELECT PORTFOLIO SERVICING, INC. involving "Trouble during payment process".
How likely is complaint 12289072 to be resolved?
Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 12289072?
This complaint is rated as medium risk. Payment processing issues can lead to late fees, credit score damage, and potential foreclosure if not resolved promptly.
What regulatory actions apply to complaint 12289072?
Servicers must accurately post payments and provide clear communication regarding payment status and any discrepancies. The CFPB tracks complaints like this one to identify patterns of misconduct across the Mortgage industry.
What should the consumer do about complaint 12289072?
Consumers should document all payment attempts and communications with their servicer and consider escalating the issue if it persists.
Are there state-specific protections for complaint 12289072?
The complaint originated in Connecticut. This complaint was filed from Connecticut.
How does complaint 12289072 compare to industry norms?
Payment processing issues are a common complaint in the mortgage industry, affecting various servicers.
What specific issues did the consumer face during the payment process?
The provided data does not specify the exact nature of the payment process trouble, only that it occurred.
What was the explanation provided for closing the complaint?
The 'explanation' closure type typically means the CFPB or the company provided a reason for the outcome, but the specific details are not in this summary.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.