Consumer complaint received 2019-06-26
Company: SELECT PORTFOLIO SERVICING, INC.
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
My mortgage was with XXXX XXXX - XXXX, VA until XX/XX/2019 at which time I was notified that the loan processing was being transferred to SPS ( Select Portfolio Servicing - XXXX XXXX XXXX, UT ). 

I was notified by XXXX that they would stop accepting payments from me after XX/XX/2019. However because my payments were setup by XXXX to be electronically paid I assumed that electronic debits would also cease after the XXXX payment was made. This turned out not to be the case. XXXX debited my account for the XXXX payment. 

Because the loan processing was changed to SPS I contacted them to discuss the XXXX payment and sent the XXXX payment myself using BillPay an electronic bill payment service provided by my bank. Shortly thereafter I noticed that XXXX had also debited my account for the XXXX payment. I contacted XXXX and ask for a refund. They informed me that by law any monies they collected had to be sent to SPS. So, I contacted SPS and ask for a refund. This was XX/XX/2019. SPS acknowledged the over payment and told me it would take a week to ten days to issue a refund. After expressing the hardship the double payment had caused SPS told me that if I could contact my bank and get proof of payment and email it to them I could get a refund in 2-3 days. I did this immediately sending it to XXXX as instructed and awaited the refund. No refund was forthcoming. After waiting a week, the initial waiting period, I contacted SPS again and expressed my displeasure at being lied to twice now and demanded some action be taken. They acknowledged the double payment and the clearing of both checks but still demanded that I send them a copy of my bank statement. I ask what purpose the bank statement would make seeing they already knew that both payments had cleared the bank. The agent informed me that that was company policy and that to receive my refund I must comply. I became livid and demanded to talk to someone who had the authority to resolve the problem. After waiting a few minutes the agent came back and informed me that I could expect a refund in 48-72 to hours and that the refund would be credited to my account electronically. Well its been 96 hours and I still haven't received my refund. 

Here it is the XXXX of the month and I again called SPS to inquire about my refund. Their response, " It's in the mail! '' Both payments were made electronically but they said " because I paid with a check, they had to return the refund by check ''. Lie after lie after lie. Anything to hold on to my money and take best advantage of having it for 30 days. To XXXX with me and the affects those 30 days have on me. 

I don't know what our financial situation is but I would ask you to consider your plight if all of a sudden you realized that two mortgage payments had been deducted from your checking account. If I had to face this problem alone the ramifications could have been both embarrassing and costly. The affects on the mortgage company ... I think it's time laws were put in place to protect consumers from the costly mistakes made by lending institutions and the affects it has on them. Lending institutions protect themselves with late payment fees, interest penalties, credit ratings, etc. We the consumer have no such protections when we have to face the financial affects caused by mistakes made by the lenders. All I've ask for is my own money to be refunded. I'm sure at some point I will get it back but in the meantime look what I've gone through with no results so far.

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