Consumer complaint received 2024-01-25
Company: SELECT PORTFOLIO SERVICING, INC.
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Application denials

Complaint:
BELOW IS PARTS OF MY APPEAL LETTER TO SELECT PORTFOLIO SERVICING INC To Select Portfolio Servicing : I am writing to appeal the loan modification denial I received from your company on XX/XX/XXXX. I am appealing my denial for a loan modification on the basis of my income and my ability to afford monthly payments set forth by your company loan modification guidelines. 

My denial letter stated that a loan modification was not feasible, further stating that your company was unable to offer me this program, because you could not create an affordable payment within the programs guidelines. In letter dated, XX/XX/XXXX ( XXXX XXXX XXXX ) which states that my new monthly payment as of XX/XX/XXXX would be lower than my previous monthly payment amounts. In addition, my income ( XXXX XXXX XXXXXXXX and XXXX XXXX ) falls within the federal loan modification income guidelines, which states, to qualify for a loan modification under federal laws, the borrowers surplus income must total at least {$300.00} and must constitute at least 15 percent of his or her monthly income. When adding all my monthly expenses and deducting from the total amount of my income, I would qualify for your program. As stated above, I believe that my loan modification request should not have been denied on the basis of your company not being able to create an affordable payment within the programs income guidelines. As my income demonstrate after monthly expenses including a payment to your company ( for example in the amount of {$700.00} ) I would have a surplus in the amount of $ 450 monthly or a little over. ( Payment amounts in this paragraph are only used as an example ). 

I would also like to bring to your attention my experience with your company since XX/XX/XXXX. In the first denial letter your company sent me in this current case on XX/XX/XXXX just XXXX prior to your second denial letter dated XX/XX/XXXX for two completely different reasons. In the initial letter to myself from your company dated XX/XX/XXXX requesting the documentation to support my loan medicalization application I was given a date of XX/XX/XXXX to have my completed RAM application and all supporting documents turned in to your company. I was able to complete and gather the requested documents and upload them to your system by the due date with the understanding within 30 days I would have a response from your company regarding a decision. With the holidays only ( XXXX and XXXX XXXX ) days away I figured I would give SPS time to review my documents before calling. On XX/XX/XXXX I logged on to your system to find 2 letters uploaded to my account, one from XX/XX/XXXX stating my documents had been received, however, they had been rejected stating the documents I provided did not prove occupancy. Please note I submitted my most recent 2 bank statements dated XXXX and XX/XX/XXXX and also my most current gas and electric utility bill which the same letters state the documents I provided are acceptable documents for your company on XX/XX/XXXX.

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