Mortgage -- Trouble during payment process -- Complaint #8195985
Complaint Overview
Complaint ID: 8195985
Company: Select Portfolio Servicing, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Trying to communicate with the company to fix an issue while managing or servicing your loan
State: California
ZIP Code: 92103
Date Received: 2024-01-21T12:00:00-05:00
Date Sent to Company: 2024-01-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Since transferring my mortgage from XXXX to Select Portfolio Servicing , Inc. XX/XX/XXXX, I can not get SPS to make monthly payments with the " fully amortized '' option. Instead, as interest rates increased, less principle is paid. The monthly amount remained the same. With 12 years remaining on the mortgage, I should be paying increasingly more principle per month. I could be looking at a 6-figure balloon payment in XXXX. Around XX/XX/XXXX, when interest rates were going up, I noticed my principal amount going down. The mortgage statement has 4 options : " Minimum '', " Interest Only '', " Fully Amortized '', " Accelerated ''. " Minimum '' and " Accelerated '' have the same principal/interest distribution ; they shouldn't be the same. " interest Only '' is not applicable. " Fully Amortized '' has a higher principle, but it appears to fluctuate slightly from month to month but only between about {$900.00} and {$950.00}. I've always paid the " Fully Amortized '' with other servicers, so I called to complain. They said they'd correct the situation, but they simply added a fixed extra principle payment of {$270.00}. I still didn't have the fully amortized payment. I called a couple more times over the course of a year, and spoke to a reassuring service representative. Ultimately, unsatisfied I finally wrote and mailed a letter on XX/XX/XXXX. SPS responded in writing, called, and told me that payments were being made with the fully amortized option. Looking at my Form 1098 for XXXX, I noticed my principal payment was only {$9400.00}, and my interest paid was {$14000.00}. I will call SPS again about this, but my principle should be lower by now. I only have the paper brick version of our original XXXX mortgage from XXXX XXXXXXXX ( acquired by later by XXXX ). I requested any original loan documents and information from Select Portfolio Services , Inc. but have yet to receive them.
Frequently Asked Questions
What is Complaint #8195985 about?
Complaint #8195985 was filed against Select Portfolio Servicing, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-01-21T12:00:00-05:00.
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.