Mortgage -- Trouble during payment process -- Complaint #7243391
Complaint Overview
Complaint ID: 7243391
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Texas
ZIP Code: XXXXX
Date Received: 2023-07-12T12:00:00-05:00
Date Sent to Company: 2023-07-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
I pay my own taxes and mortgage insurance, but last year the mortgage company started writing me to say they are paying my taxes and then tacking it onto the end of my loan at 5 1/2 % interest. They opened an escrow account which is not authorized by my loan documents. I had to prove that I had paid the taxes and demanded that they close the escrow account. So they closed the escrow account but kept the money added to the principal balance of the loan. So I called and complained again because they are still taking {$10.00} out every month for taxes and insurance. Theyre reply was that they did not add that to my regular monthly payments. So they must think Im XXXX or something because I said Im sitting here looking at my mortgage loan documents and You have added it to the principal balance at 5 1/2 % interest. They want to make sure that I never pay this off because they keep adding money to the principal balance every month, they only admit they add {$10.00} to the principal balance allegedly for insurance and taxes, that I pay separately and directly to the companies. Now I have no idea how much money they have added to my principal balance every month because they would add the taxes in the insurance and not tell me then I wouldnt know it because they close the escrow account except that the principal balance doesnt change that much every month like it supposed to, according to my payments.
Frequently Asked Questions
What is Complaint #7243391 about?
Complaint #7243391 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-07-12T12:00:00-05:00.
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.