Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5161294
Complaint Overview
Complaint ID: 5161294
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: North Carolina
ZIP Code: 27106
Date Received: 2022-01-28T12:00:00-05:00
Date Sent to Company: 2022-01-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
SPS assumed my 2nd mortgage effective XX/XX/XXXX. We submitted a subordination request in conjunction with a refinance of our primary mortgage loan & rec 'd confirmation of the request from SPS dated XX/XX/XXXX. On XX/XX/XXXX, we were informed that they couldn't complete the subordination agreement b/c they were not listed on the deed/title as the 2nd lienholder. For more than 6 months, we called and waited for them to get the matter resolved. In XX/XX/XXXX, we were informed that the subordination was approved. On XX/XX/XXXX, SPS finally mailed the signed subordination agreement. However, they added a clause that the refi couldn't exceed a certain amount, which was lower than the refi. So, we had to go back to them yet again to get the subordination agreement revised and re-signed. It is now XX/XX/XXXX and we still have not received the correct and executed subordination agreement. This has been going on for 9 months and has cost of countless hours and thousands of dollars in interest paying on our first mortgage with an 8 % interest rate b/c we haven't been able to close on the refinance at a 4 % rate while waiting on SPS. We also have had two appraisals expire during that time and have had to order and pay for two new ones.
Frequently Asked Questions
What is Complaint #5161294 about?
Complaint #5161294 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-01-28T12:00:00-05:00.
How did Select Portfolio Servicing, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Select Portfolio Servicing, INC.?
Yes, visit the Select Portfolio Servicing, INC. company profile at readthecomplaint.com/company/select-portfolio-servicing-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.