Consumer complaint received 2023-10-29
Company: SELECT PORTFOLIO SERVICING, INC.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Escrow, taxes, or insurance

Complaint:
On XX/XX/2023, I received my XXXX interest rate change notice, which is mandated due to my home loan being financed on adjustable rate terms that mandate that my current interest rate may be modified every XXXX XXXX for the term of my loan. I noticed that my new interest rate increased from XXXX XXXX XXXX XXXX XXXX XXXX XXXX. To ensure that my interest rate was accurate, I logged into global-rates.com and noticed that the XXXX XXXX Rate for the XXXX  XXXXXXXX XXXX XXXX - XXXX American dollar XXXX interest rate was different from the interest rate displayed on the letter received from my mortgage company. I noticed that the stated XXXX Interest Rate on the website was a little lower than what my home loan servicing company had mailed to me. So, I contacted Select Portfolio Servicing, Inc. ( SPS ), my home loan servicing company, and talked with a customer service representative to inquire as to why is there a difference in the XXXX XXXX Interest rate displayed on the mailing that I had received from SPS, and the XXXX XXXX rate displayed on the website. 
The Customer Service Representative could not explain the different percentages displayed, so I requested to speak with someone in a management position, a manager or supervisor, to obtain a clearer and adequate understanding of my concern. In discussing my concern with the manager, it was apparent that she was not in agreement with my findings on the website, and after I continued to attempt to explain to her the informational table rates located on global-rates.com, she informed me that a different department would look into my concerns and a reply letter would be mailed to me with further explanations.

While waiting for a response pertaining to my concerns, I received a letter from Select Portfolio Servicing ( SPS ) regarding my Annual Escrow Account Disclosure Statement and my new escrow payment amount. Included in this mailing it displayed that a XXXX XXXX XXXX XXXX is now required in my Escrow Account. I contacted Customer Service once again and was informed by a XXXX that the owner, sometimes also referred to as the investor, Creditor, and or Note Holder of the account may require a two-month reserve to be maintained at any given time frame. I am confused and in disbelief. It has never been a requirement to maintain a two-month reserve in my escrow account, and I don't understand why this is necessary at this point. 
It appears that this requirement was utilized due to my insistence with the management personnel that she explain why the XXXX XXXX XXXX were different and that it appeared that someone had made a mistake. As mentioned earlier it has never been a requirement for me to maintain any type of reserve funds in the XXXX years since my account was serviced by this company. Never late on payments or any type of escrow shortage int the term of my home loan.

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