Consumer complaint received 2023-01-19
Company: SELECT PORTFOLIO SERVICING, INC.
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Select Portfolio Servicing ( SPS ) mortgage company didnt give me the right principal amount I owe and gives me runarounds after speaking to several representatives and supervisors in loss mitigation.. 

Im still being charged interest by my mortgage company, SPS, even when I paid/sent in the exact principal amount I owe in advance of at least 30 days. SPS has been withholding information regarding my mortgage that caused me to pay interest. Please reference my documents of Mortgage statements in Question, Copy of mortgage check. Ill explain in detail below Ive been an informed consumer regarding my mortgage recently. My mortgage is a 30 year fixed rate, my maturity date is XXXX/XXXX, and my interest is COMPOUND interest. And my mortgage interest is being charged in the rears. I called my mortgage company, SPS to get the EXACT principal amount I owe the next/following month, so that when I send in this exact principal amount owed, it will be applied and the interest for the next month can not be charged or has to be removed. 

I did this for 2 times from period of XXXX and XX/XX/XXXX. 

In XXXX, XXXX, when I called and spoke with the SPS representative, XXXX XXXX XXXX / Employee XXXX, on XX/XX/XXXX at XXXX XXXX, I was reassured that the exact XXXX, XXXX Principal Owe was {$660.00}. 
Using the payment stub that comes in the mail, where I wrote in where says TOTAL AMOUNT ENCLOSED in the amount of {$2100.00} in check # XXXX. This amount includes my regular mortgage payment of {$1400.00} which includes Interest, Principal, and Escrow for XXXX PLUS the next months principal owe in this case is for XXXX is {$660.00}. 

I did the same for XXXX with XXXX exact amount of principal owe. 

In XX/XX/XXXX, the exact XXXX, XXXX Principal Owe was {$660.00} when I called and was reassured by another representative -- XXXX on XXXX and confirmed with her supervisor. I again used the payment stub, I wrote in where says TOTAL AMOUNT ENCLOSED in the amount of {$2100.00} in check # XXXX. This amount includes my regular mortgage payment of {$1400.00} which includes Interest, Principal, and Escrow for XXXX XXXX the next months principal owe in this case is for XXXX is {$660.00}. 


The only way this does not work is that SPS didnt provide me the exact next/following month principal owe. They are withholding info from me, and legally they can not do this because its my rights as a consumer. Furthermore, other mortgage companies of my friends and colleagues provide this information to them, and they are able not to pay interest, and their maturity date goes down by 1 month everytime they send in the exact next/following payment. 


I called back on/after XX/XX/XXXX to check on my maturity date ( to ensure their system has a chance to balance and update ), its still the same at XXXX/XXXX which means that Im still being charged interest for XXXX even though they have received payment ahead of time. 

Because I was given the wrong XXXX exact principal owe by their own SPS representative, I asked to speak to supervisor so I can get this accurate exact #. 

I was reassured that the XXXX principle owe is accurate and correct of {$660.00}. When the statement comes in, its incorrect #, it should have been {$660.00}. 

I was reassured that the XXXX principle owe is accurate and correct of {$660.00}. When the statement comes in, its incorrect #, it should have been {$660.00} If they had given me the exact correct following principal owe for XXXX and XX/XX/XXXX, then I wouldnt have to pay interest respectively for XXXX XXXX & XX/XX/XXXX. And this can be confirmed by my mortgage maturity date decreased by 1 month each time. Hence, in XXXX, my new maturity date should be XXXX/XXXX, and in XXXX, my new maturity should be XXXX/XXXX. As you can see, this didnt happen, my maturity date is still the same XXXX/XXXX. This means legally, I would still have to make payments until XX/XX/XXXX unless I refinance into another company, or pay the mortgage off in its entirety before then, or when the amount of money I send in for extra payments meets/equals to the mortgage balance. This does not give me the ability to save on interest ( not pay interest ) as much as possible if I send in the next/following months principal owe WHENEVER Im able. 

In the timeframe of XXXX XXXX to XX/XX/XXXX I had to call 8 to 11+ times to even get the following months principal amount. I have been getting major runarounds both by various representatives and 2-3 supervisors even those that work in the loss mitigation department. I verified that all the calls were recorded, especially the dates that they told me the exact principal amount. I believe it was on XX/XX/XXXX & XXXX. 


SPS is withholding information, giving me the runaround by NOT providing me the Exact next /following month principal owe that I legally have the right to know regarding my mortgage and save on my interest. 

For which this was not done, and was even told by a supervisor, you can just send in ANY amount to principal and even if you send in the exact amount of principal owe, SPS cant not legally update my maturity date. This is just incorrect information. 

I tried to work this out with SPS, even have XXXX XXXX with 3rd party permission to speak to SPS on my behalf while I was on the phone to further explain to them that he and his friends were able to get this done with their mortgage company, but unfortunately I had to resort to file a complaint through Consumer Financial Protection / Consumer Protection Bureau.

Incorrect info Ive received : Theres no way we know or have the followings month principal you owe until you make this months payment Cant legally change/update your mortgage maturity date even if you send in example principal owe Because your loan was modified, we dont have the next principal amount to give you and we cant give you an amortization schedule either You can just send in ANY extra principal amount ( in order for not to be charged interest, one must send in the EXACT next month 's principal owe ) Other banks may be able to change the maturity date but SPS cant even when I shared with other colleagues banks were able to do this. Supervisor XXXX in the loss mitigation department on XX/XX/XXXX around XXXX XXXX  ( employee ID XXXX ). 


SPS can not legally withhold information pertaining to my mortgage or delay from me, causing me to pay interest otherwise could have been avoided. 


See attachment pdf of : Mortgage statements, Maturity Date, and Check paid/send to SPS MORTGAGE COMPANY ( SPS ) : SPS Select Portfolio Servicing XXXX XXXX XXXX XXXX XXXX XXXX XXXX UT XXXX XXXX : XXXX Customer service : XXXX

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