Consumer complaint received 2020-05-19
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX, I telephoned and spoke with a representative from the Ombudsmens office at Select Portfolio Servicing Inc. ( SPS ). At this time, I asked for verification of our contractually agreed upon rate reduction. I was advised by the representative this would not occur due to page 2, third ( 3rd )  paragraph of the loan repayment and security agreement ( adjustment to contract rate ), that stated in part Notwithstanding anything to the contrary in this paragraph, you will not receive any Contract Rate reductions or the reduced monthly payment after four periods of delinquency. Now, this section does not state for the life of the loan but it does say, notwithstanding anything to contrary in this paragraph. Page 2, third ( 3rd ) paragraph ends with A period of delinquency begins when you fail to make a payment in full within thirty ( 30 ) days of the due date and ends when you have no payments that are outstanding for more than thirty ( 30 ) days past their due date. On XX/XX/XXXX, we paid in full and since this date, have been current on our loan. Based upon this and page 2, third ( 3rd ) paragraph of the loan repayment and security agreement you were required to provide us with a one quarter of one percent ( .25 ) rate reduction effect in the thirteenth ( 13 ) month ( XX/XX/XXXX ). Additionally, we would have never been four ( 4 ) payments behind if SPS had not refused to take our payments starting in XXXX of XXXX. 

On XX/XX/XXXX, I sent a letter to SPS requesting a resolution to six ( 6 ) items. Below you will see the six ( 6 ) items which I have copy and pasted from the original document. To date, SPS has only satisfied request number six ( 6 ) and with reference to item five ( 5 ) has only sent one ( 1 ) copy of a property inspection for which we were charged multiple times. 

1. We would like to formally request a copy of all letters, correspondence, communication of any type from SPS to us ( XXXX and XXXX XXXX ), starting from when SPS took over serving our loan. We do not need a copy of the documents sent by XXXX XXXX XXXX XXXX ( XXXX ). 

2. On XX/XX/XXXX, we sent a letter requesting a review of our entire loan history and a verification of all the loan interest adjustments per the loan repayment and security agreement, page 2, third ( 3rd )  paragraph ( adjustment to contract rate ). To date, a copy of the XX/XX/XXXX requested review has never been received by us. Also, we have made several requests for a complete copy of our payment history from loan inception, in a legible font ( 11pt font or greater ). We have yet to receive something in a requested format or one that is legible, not pixilated or not in a 6pt font. 

3. We would also like to request at this time for SPS to provide a copy, with specific dates, of prior delinquent/missed payments since the loan inception. 

4. On XX/XX/XXXX, I telephoned and spoke with a representative from the Ombudsmens office. At this time, I asked for verification of our contractually agreed upon rate reduction. I was advised by the representative this would not occur due to page 2, third ( 3rd ) paragraph of the loan repayment and security agreement ( adjustment to contract rate ), that stated in part Notwithstanding anything to the contrary in this paragraph, you will not receive any Contract Rate reductions or the reduced monthly payment after four periods of delinquency. Now, this section does not state for the life of the loan but it does say, notwithstanding anything to contrary in this paragraph. Page 2, third ( 3rd ) paragraph ends with A period of delinquency begins when you fail to make a payment in full within thirty ( 30 ) days of the due date and ends when you have no payments that are outstanding for more than thirty ( 30 ) days past their due date. On XX/XX/XXXX, we paid in full and since this date, have been current on our loan. Based upon this and page 2, third ( 3rd ) paragraph of the loan repayment and security agreement you were required to provide us with a one quarter of one percent ( .25 ) rate reduction effect in the thirteenth ( 13 ) month ( XX/XX/XXXX ). We would like to know why this has not taken place. 

5. We are requesting a review and reimbursement for each, since the loan inception, of the XXXX XXXX XXXX that are itemized on our transaction records. This is listed as transaction code six-thirty-one ( 631 ) in the amounts of {$15.00} and {$89.00}. In XXXX of XXXX, I contacted your companys office of the ombudsmen and requested a copy of each property inspection that had been conducted as well as copy of the company invoice. To date, I received a letter dated XX/XX/XXXX that included one ( 1 ) property inspection dated XX/XX/XXXX. Additionally, there are several charges for {$15.00} even though we were communicating with your company monthly and in some cases weekly and bi-monthly. Your own company fee schedule states, Fee charged if you are in default and we can not make contact with you to determine the condition of the property. Since the loans inception we have made contact each and every month and, in some cases, more often with SPS and all prior loan servicers. 

6. We would like to request you remove the one-hundred-twenty ( 120 ) plus days late remarks on all three ( 3 ) of the credit reporting bureaus you have placed. This was not the case until you refused our payments starting in XXXX of XXXX. We would also appreciate if you could provide a separate letter referencing the removal. The one-hundred-twenty ( 120 ) late that are currently reflected are for XXXX of XXXX and XXXX of XXXX. 

We have also made several requests for SPS to provide a copy of a Deferral Agreement we signed with our lender. These requests have already exceeded thirty ( 30 ) days and we still have not received the documents. I also contacted the Ombudsman 's office in XXXX of XXXX to ascertain the status of my request and was told they would get back to me but have not. 

Any assistance you can provide will be greatly appreciated.

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