Consumer complaint received 2016-03-22
Company: SELECT PORTFOLIO SERVICING, INC.
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
This complaint involves the servicing of my home loan which is also the primary residence for me and my family. I am seeking the answers to the following questions in order to pay my loan to the rightful and legal owner ( if one exists ). Select Portfolio Servicing ( SPS ) has claimed they are the designated servicer to the mortgage in question. I have inquired of SPS numerous times through Qualified Written Requests for information which documents how they were given servicing rights to the mortgage in question. It appears all they are only interested in is foreclosing on my home to which they have no legal right to do so. This complaint involves the latest unresponsive and incomplete correspondence received from them in an attempt to unlawfully foreclose on my home. 
On or about XXXX XXXX, XXXX, I received of a copy of Substitution of Trustee and Assignment of Deed of Trust filed by XXXX XXXX on behalf of XXXX dated XXXX/XXXX/XXXX from Select Portfolio Servicing. On XXXX XXXX, XXXX, Form XXXX which was filed with the Securities and Exchange Commission ( SEC ) and signed by XXXX XXXX XXXX, Vice President XXXX Bank XXXX XXXX XXXX ( as Trustee ), terminated the registration of the trust and duty to report regarding XXXX XXXX XXXX XXXX, XXXX XXXX XXXX. 
SPS has yet to answer the following questions regarding their legal right to service the loan in question : 1. If the XXXX XXXX XXXX, XXXX XXXX XXXX no longer had certificate holders and the trust no longer existed, how could XXXX, XXXX XXXX XXXX XXXX or XXXX XXXX assign " FOR VALUE RECEIVED, all beneficial interests undersigned hereby grants, assigns, conveys and transfers to XXXX XXXX XXXX XXXX COMPANY, AS TRUSTEE, ON BEHALF OF THE CERTIFICATE HOLDERS OF XXXX XXXX XXXX, XXXX XXXX XXXX all beneficial interest under that certain Deed of Trust described above '' as stated on the Substitution of Trustee and Assignment of Deed of Trust on XXXX XXXX, XXXX? See attached Substitution of Trustee and Assignment of Deed of Trust dated XXXX XXXX, XXXX. 
2. If XXXX XXXX XXXX, XXXX XXXX XXXX was terminated in XXXX how could anyone or entity give SPS servicing rights to a loan in a mortgage-backed security that does not exist? 
3. Who authorized XXXX to add to a trust/mortgage backed security after it has been suspended or terminated and long after the 90 day transfer deadline as required by NY securities law and the pooling and service agreement ( PSA )? 
4. XXXX XXXX, the person who signed the Substitution of Trustee and Assignment of Deed of Trust dated XXXX XXXX, XXXX was an employee of XXXX in XXXX, not Assistant Secretary of XXXX. How was she authorized to endorse the note on behalf of XXXX? 
5. XXXX is listed as the Beneficiary on the Substitution of Trustee and Assignment of Deed of Trust dated XXXX XXXX, XXXX. The XXXX of a Deed of Trust is someone who receives a benefit from a contract someone signed. In other words, they receive the principle and interest payments on a loan. On the XXXX site, it states, " its sole purpose is to serve as mortgagee in the land records for loans registered on the XXXX ( R ) System. XXXX is a nominee for the lender and subsequent buyers of a mortgage loan and serves as a common agent for the mortgage industry ''. See XXXX. Therefore, the XXXX System is simply a database that tracks Mortgagee and Servicing rights on a mortgage. They admit on their own site they are not the Beneficiary or Note Holder for any mortgage. How, then, does the Substitution of Trustee and Assignment of Deed of Trust dated XXXX XXXX, XXXX claim XXXX is a Beneficiary?

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