Consumer complaint received 2023-10-24
Company: SELECT PORTFOLIO SERVICING, INC.
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Private mortgage insurance (PMI)

Complaint:
Dear CFPB regulator, I am writing to file a formal complaint against Select Portfolio Servicing Inc. regarding their servicing practices, particularly their refusal to remove Private Mortgage Insurance ( PMI ) from my property. I am extremely disappointed with their lack of response and adherence to the Homeowners Protection Act, and I kindly request the Consumer Financial Protection Bureau ( CFPB ) to investigate whether their practices are unfair, deceptive, or abusive. 

To provide additional context, on XX/XX/XXXX, I received confirmation from Select Portfolio Servicing Inc. that they had received payment for an evaluation ( which was sent XX/XX/XXXX ), but despite this confirmation, I have yet to receive any updates regarding the removal of PMI on my property. Despite my persistent efforts, Select Portfolio Servicing Inc. has not made any arrangements for an independent appraiser to evaluate my property. It is challenging to comprehend how they can ignore my reasonable request when I have independently researched and found comparable home sales to support the belief that my property could appraise at a value similar to these comparables. 

To further substantiate my belief in the property 's value, here are some additional recent home sales from XXXX : Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$360000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$320000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$270000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$260000.00} Sold on XX/XX/XXXX : XXXX XXXX XXXX, XXXX, IL XXXX - Sold for {$340000.00} Additionally, I would like to clarify that I initially requested the removal of PMI in XXXX, XXXX, and twice in XXXX, with the most recent request made in XX/XX/XXXX. This has been an ongoing concern, and despite my persistent efforts, I have not received a satisfactory response or seen any progress in the removal of PMI from my property. 

The original purchase date of this property was in XX/XX/XXXX, and I refinanced it in XXXX. All these years, the PMI that the services have collected ranged between {$110.00} and {$120.00} per month. I feel that I have been financially burdened as they have violated my trust in their ability to service my loan and provide a secure home for my family. I demand repayment of what is rightfully owed to me because of the lack of action by this and prior servicer, XXXX XXXX XXXXXXXX, who sold my loan to Select Portfolio Servicing Inc. in XX/XX/XXXX. 

I respectfully request the following actions : Investigation by the CFPB into Select Portfolio Servicing Inc. 's servicing practices. 
Ensuring that Select Portfolio Servicing Inc. complies with the Homeowners Protection Act and promptly removes PMI from my property. 
Compensation for the years that I, and possibly previous servicers, have charged me for PMI. 
I kindly request your immediate attention to this matter, as I have been dealing with this issue for an extended period, and it is my belief that my requests are well-founded. 

Thank you for your prompt consideration and assistance in resolving this matter. I look forward to your response and the potential resolution of this issue. 

Additionally, I have provided them with an updated email and cellphone number ; however, these changes have not been updated and I am not able to login online because the secondary verification process would go to my prior cell phone number which I do not have access to, the same thing happened with my email address. 

Sincerely, XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation