Consumer complaint received 2018-02-05
Company: SELECT PORTFOLIO SERVICING, INC.
State: AZ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
After multiple unsuccessful attempts of filing complaints against XXXX XXXX XXXX XXXX and its business-partner, Select Portfolio Servicing , Inc., XXXX XXXX  asked the OCC to assume Jurisdiction of all complaint filed by CFPB, because the alleged Predatory Lending, Mortgage Fraud, and Racial Discrimination/Racial Profiling " crimes '' occurred betweenXX/XX/XXXXand XX/XX/XXXX ; and during this period, the OCC was the Supervisory Agency for all XXXX XXXX XXXX XXXX ( XXXX ) affiliates. During this period, dozens of serious Regulation C/HMDA violations also were committed by the XXXX affiliate, XXXX XXXX XXXX XXXX XXXX XXXX ( aka XXXX XXXX XXXX XXXX XXXX XXXX. ) ; and the OCC was the HMDA Supervisory Agency that was responsibilities for monitoring annual HMDA Loan Application Register ( LAR ) submissions. These submissions required the signature of an Officer of the Bank, certifying that the annual submission was valid and error-free, and that all other information contained in the LAR was for the Respondent ( Bank ) submitting the annual disclosure. During the period between XX/XX/XXXX, XXXX affiliate : XXXX XXXX XXXX XXXX XXXX XXXX., was the principal operator of a subprime lending boiler room known as the XXXX XXXX XXXX  Center located in XXXX XXXX, PA. This center originated created more than five hundred thousands applications, and originated more than one hundred and fifty-two subprime home mortgage loans, even though it had no HUD certification to originate subprime home mortgage loans. The XXXX XXXX  Specialists employees at the XXXX XXXX XXXX   Center betweenXX/XX/XXXX and XX/XX/XXXX ; specifically targeted XXXX XXXX and other economically-disadvantaged consumer residing in twenty urban MSAs/MDs, and between the period of XXXX andXX/XX/XXXX, originated more than one hundred and ninety-five thousand subprime and Alt-A conventional home mortgage loans, and only six ( 6 ) FHA/VA/FSA-RHS home mortgage loans. Many, ( if not most ) of the home " Toxic Mortgage '' loans originated at this center betweenXX/XX/XXXXand XX/XX/XXXX were subsequently securitized into RBMS Certificates by a XXXX affiliate.

On XX/XX/XXXX thirty-three days before the XX/XX/XXXX, " landmark '' DOJ settlement of the XXXX XXXX  Lawsuit was announced, XXXX XXXX XXXX XXXX XXXX  who was then the owner and servicer of these " Toxic Mortgage '' loans, outsourced ( " jettisoned '' ) hundreds of these " Toxic Mortgages '' to Select Portfolio Servicing, Inc. ; and the " XXXX XXXX XXXX '' made all of these " Toxic Mortgage '' loans ineligible for a share of the XXXX dollar Consumer Relief Provision of this settlement. It is clear that the " XXXX XXXX XXXX  '' was the brain-child of XXXX XXXX, but there is strong evidence, that SPS, may have unknowingly been a conspirator to this " Toxic Mortgage '' jettison maneuver.

The OCC attempted to refer the SPS portion of the " XXXX XXXX XXXX '' conspiracy to CFPB but CFPB inadvertently filed Complaint Number XXXX   to XXXX XXXX instead of SPS ( See attachment entitled Description and Timeline. ) This complaint is being submitted because CFPB submitted the OCC Case Number XXXX XXXX to XXXX XXXX rather than SPS. ( Also, for additional background see CFPB Complaint XXXX which was closed without arbitration by SPS. )

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