Consumer complaint received 2020-03-20
Company: SELECT PORTFOLIO SERVICING, INC.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
For nine years we paid our monthly mortgage through XXXX XXXX. On XX/XX/XXXX XXXX XXXX  sold our mortgage to XXXX XXXX XXXX XXXX  XXXX, with the servicing of our mortgage being handled by Select Portfolio Servicing , Inc . 

On XX/XX/XXXX SPS , Inc. sent us a Mortgage Statement showing our payment of {$460.00} due on XX/XX/XXXX to be automatically deducted from our bank account per our previuos agreement with XXXX XXXX. 

Our problem with this new servicing company is in regards to the breakdown ( principal and interest ) of our payment. The XXXX Mortgage Statement shows a principal amount of {$58.00} and interest amount of {$400.00}. Our XXXX Mortgage Statement from XXXX XXXX  showed a principal amount of {$190.00} and interest amount of {$260.00}. 

In all of XXXX, our interest amount from each monthly mortgage payment made through XXXX XXXX was never over {$290.00}. Now, SPS , Inc. is increasing our interest amount to {$400.00} on our first payment with them (? ). In XXXX I contacted the SPS, Inc. Customer Service Center to get this straightened out and was told it would have to be researched and I would get a response in writing. I'm not liking how everything is being handled by this new company. Therefore, on XX/XX/XXXX, I paid off all but {$200.00} of the original principal amount that was transferred to the new company. My thinking is the XXXX payment of {$460.00} that was deducted from my account should have been allocated to have approx. {$200.00} towards principal and the rest towards interest. That would leave very little if anything left to be paid on my mortgage account. 

On XX/XX/XXXX I called the Ombudsman Department at SPS , Inc. to find out what the balance ( principal and interest ) is to pay off my mortgage completely. Again I was told it would have to be researched and I would get a response in writing. 

As of today, XX/XX/XXXX, I still have not received anything ( in writing or other ) telling me what my true payoff is. Meanwhile the interest continues to accrue. I once again called the Ombudsman Department at SPS , Inc. and  demanded that they get the issue with my XXXX payment corrected and give me my true payoff so I can be done with this company and get my cleared documents. Their answer once again was that they would have to turn it over to another department to research and they would get back to me in writing. I'm at an impasse with this and am being XXXX, as interest is accumulating daily while they take their time " researching ''. 

Luckily, I was able to pay off the bulk of my principal balance early. Imagine the poor people that aren't able to pay off their mortgages? They are being XXXX  on higher interest payments and no one is doing anything about it! 

Please look into this fraudulent practice - this is not right, and companies like this should not be allowed to do business!

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