Consumer complaint received 2018-01-23
Company: SELECT PORTFOLIO SERVICING, INC.
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I opened a HELOC with XXXX XXXX XXXX XXXX ( I 've banked at the same bank office since XXXX when it was XXXX XXXX XXXX ) in XXXX. Last XXXX XXXX sold their mortgage origination business to an organization, XXXX XXXX XXXX XXXX XXXX XXXX, as part of their attempt to not be a XXXX XXXX and engage in more growth. 
From the first communication from SPServicing, I have had to call them many times, and send a couple of requests to their ombudsman, to correct the errors. One involved the interest rate on the HELOC which was .25 % below the posted XXXX rate. They misread the originating document and started my account with SPServicing at XXXX above prime. One response to me implied that my interest will increase each month! 
In XX/XX/XXXX I started the process of applying for a new Home Equity Loan with another local bank, but stopped when my wife received an estate distribution which more than covered this SPS account. 
On XX/XX/XXXX I called SPServicing to apply for a payoff quote. I followed their online instructions, and waited for the quote to arrive in the mail. It arrived yesterday, XX/XX/XXXX, but had an expiration date of XX/XX/XXXX. It was no longer valid. I spent a lot of time on the phone with them yesterday, and a CSR told me that I should receive an email notifying me of a message in their on line message center with a payoff quote that I could mail to them with my payoff cashier 's check. 
No email or message has appeared in my email inbox or the SPServicing on line message center. My wife spent time on the phone with them again today, and their response was to submit a new request, with the same delay in getting it. Since SPServicing is moving my account to XXXX XXXX XXXX XXXX effective XX/XX/XXXX, that means the payoff quote will probably arrive on XX/XX/XXXX and expired. ON top of which it will be no longer valid with the transfer to XXXX XXXX XXXX XXXX. 
That means we will have to start the whole process over with XXXX XXXX XXXX XXXX. This chain of events is totally unacceptable. 
One thing making this payoff even more critical is that we came home on XX/XX/XXXX and found the cold water and waste line in the bathroom frozen. While trying to heat up the pipes, I had all working until I turned on the cold water to the shower/tub, resulting in a burst pipe and severe damage to the kitchen below. We called our insurance company and our plumbing and XXXX company in the morning. Both responded promptly, sending a plumber and a restoration company, who responded within a half hour and fixed the burst pipe and removed all the wet ceiling, walls and insulation. Fans and commercial dehumidifiers were employed to dry out the walls. Contractors have begun the process of rebuilding and the insurance company has issued us two checks, but the second check was issued to us with SPServicing included in the payee line. This has added more aggravation to our travail. 
I have been convinced that SPServicing is not what they claim on their website, except for the fact that they identify themselves online and in their phone greeting message as a " Debt Collection Agency! ''

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