Consumer complaint received 2023-12-13
Company: SELECT PORTFOLIO SERVICING, INC.
State: WI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Escrow, taxes, or insurance

Complaint:
To Whom It May Concern : XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX was the previous owner of my mortgage loan and escrow account. 
The following is a series of events that led up to the filing of this complaint. 
I have all documentation for the facts I am going to state if needed. 
On XX/XX/XXXX XXXX XXXX sent me a letter showing my escrow account in surplus by {$550.00}, which they then sent me a check for and I cashed. 
The projected tax and insurance escrow amount needed moving forward on a monthly basis as of that date was shown to be {$940.00}. 
This made my new payment, including P + I, {$2700.00}. 
I paid this amount from that date forward. 
I then received a letter from Select Portfolio Servicing ( SPS ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX stating that my loan was being transferred to them from XXXX XXXX XXXX XXXX  and they would accept my payments moving forward. 
It was at this time that I created an online account with SPS and started paying my mortgage and escrow total of {$2700.00}, via their website. 
Neither the old servicer, XXXX XXXX nor the new servicer, SPS, made me aware of any deficiencies in my escrow account. 
In fact, upon assumption of my servicing, Select Portfolio Servicing did an escrow analysis of my account, coming to the conclusion that I was in surplus by {$2500.00} which they sent me a check for and I cashed. 
I continued to pay the amount of {$2700.00}. 
In XXXX XXXX XXXX, I was made aware that my payment was changing markedly from {$2700.00} to roughly {$3100.00}. 
I was not aware of any changes in insurance, taxes or P+I, as my note is a fixed rate note, so I immediately went to my new escrow analysis online. 
In that analysis there was a debit to my account, in XXXX XXXX XXXX  in the amount of {$7800.00}. 
Neither SPS nor XXXX XXXX made me aware of any changes that needed to be made to my escrow account. The change just happened with no warning or explanation from either. 
I immediately contacted SPS and asked for an explanation as to why this change was made and for an accounting of the change. 
What followed has been a 2 and a half year journey to understand what happened. 
I am finally aware of what at least happened. 
XXXX XXXX  transferred my escrow balance of {$11000.00} to SPS on XXXX XXXX XXXX 
It was at that time that SPS did the previously mentioned escrow analysis and calculated I was in overage and sent me a check for the surplus. 
In XXXX XXXX XXXX XXXX XXXX  apparently asked SPS for a debit adjustment to my escrow account in the amount of {$7800.00}, which SPS granted. 
As previously explained, this change was made without my knowledge and with no explanation or proof of accounting given to me. 
I have continually chased this transaction by talking to both SPS and XXXXXXXX XXXX  to no avail. 
No one can explain why this happened or give me the accounting. 
I have even filed a complaint with The Department of Financial Institutions in Wisconsin, to no avail. 
I still have no explanation or accounting. 
SPServicing has now contacted the Wisconsin Department Of Financial Institutions, admitting that they were responsible for the accounting change but still offering no accounting or explanation for the change. ( See attached file ) It is for these reasons I am filing the complaint with the CFPB.

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