Mortgage -- Trouble during payment process -- Complaint #17970873
Mortgage Servicer Transfer Leads to Payment Process Woes
Complaint Overview
Complaint ID: 17970873
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Trouble during payment process
Sub-Issue: Loan sold or transferred to another company
State: Ohio
ZIP Code: 44146
Date Received: 2025-09-30T12:00:00-05:00
Date Sent to Company: 2025-12-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Postal mail
Tags: Older American
Risk Assessment
Risk Level: medium
The risk is medium because loan transfers can disrupt payment processes, leading to errors, missed payments, or disputes, potentially impacting the consumer's credit and financial standing.
Consumer Sentiment: mixed
Topics: Mortgage Servicing, Loan Transfer, Payment Issues
AI Analysis
CFPB complaint 17970873 was filed against SELECT PORTFOLIO SERVICING, INC. regarding Mortgage (Other type of mortgage), specifically about "Trouble during payment process". A consumer experienced issues with their mortgage payment process after their loan was sold or transferred to SELECT PORTFOLIO SERVICING, INC., leading to a closed complaint with an explanation. The complaint was received on September 30, 2025 from Ohio. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should carefully document all communication and payment attempts during and after a loan transfer, and be prepared to follow up diligently with the new servicer.
Legal Context & Consumer Protection Laws
This situation falls under consumer protection laws related to mortgage servicing, including the Real Estate Settlement Procedures Act (RESPA), which governs loan transfers and servicing requirements.
Regulatory Insight
Regulators are focused on ensuring servicers handle loan transfers smoothly and transparently, minimizing disruption to consumers and preventing errors in payment processing.
Resolution Likelihood
mixed
State-Specific Consumer Protections
The complaint originated in Ohio, and state-specific regulations or consumer protection agencies may also play a role in addressing such issues.
Industry Comparison
Issues during payment processing after a loan sale are common across the mortgage industry, often stemming from communication breakdowns or system integration problems between servicers.
Related Issues
Frequently Asked Questions
What is CFPB complaint 17970873 about?
CFPB complaint 17970873 involves Mortgage (Other type of mortgage). The consumer reported an issue with "Trouble during payment process", specifically "Loan sold or transferred to another company". This complaint was filed against SELECT PORTFOLIO SERVICING, INC. on September 30, 2025.
Which company is complaint 17970873 filed against?
Complaint 17970873 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 17970873?
SELECT PORTFOLIO SERVICING, INC. responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 17970873 filed?
Complaint 17970873 was received by the CFPB on September 30, 2025. It was sent to SELECT PORTFOLIO SERVICING, INC. on December 2, 2025.
What state was complaint 17970873 filed from?
Complaint 17970873 was filed from Ohio. You can view all complaints from this state at /state/OH.
Was the consumer satisfied with the resolution of complaint 17970873?
Dispute information is not available for complaint 17970873.
What product category is complaint 17970873 about?
Complaint 17970873 is categorized under "Mortgage", specifically "Other type of mortgage". This is one of the product categories tracked by the CFPB.
How was complaint 17970873 submitted?
Complaint 17970873 was submitted via Postal mail. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 17970873?
This situation falls under consumer protection laws related to mortgage servicing, including the Real Estate Settlement Procedures Act (RESPA), which governs loan transfers and servicing requirements. This relates to a Mortgage complaint against SELECT PORTFOLIO SERVICING, INC. involving "Trouble during payment process".
How likely is complaint 17970873 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 17970873?
This complaint is rated as medium risk. The risk is medium because loan transfers can disrupt payment processes, leading to errors, missed payments, or disputes, potentially impacting the consumer's credit and financial standing.
What regulatory actions apply to complaint 17970873?
Regulators are focused on ensuring servicers handle loan transfers smoothly and transparently, minimizing disruption to consumers and preventing errors in payment processing. The CFPB tracks complaints like this one to identify patterns of misconduct across the Mortgage industry.
What should the consumer do about complaint 17970873?
Consumers should carefully document all communication and payment attempts during and after a loan transfer, and be prepared to follow up diligently with the new servicer.
Are there state-specific protections for complaint 17970873?
The complaint originated in Ohio, and state-specific regulations or consumer protection agencies may also play a role in addressing such issues. This complaint was filed from Ohio.
How does complaint 17970873 compare to industry norms?
Issues during payment processing after a loan sale are common across the mortgage industry, often stemming from communication breakdowns or system integration problems between servicers.
What specific documentation should a consumer retain when their mortgage is sold or transferred?
Consumers should keep records of all payment statements, correspondence from both the old and new servicers, proof of payments made, and any notices received regarding the transfer.
What recourse does a consumer have if they experience significant financial harm due to a mishandled loan transfer?
Consumers may be able to file a formal complaint with the CFPB or their state's financial regulator, and in cases of substantial harm, may consider legal action.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.