Consumer complaint received 2017-04-06
Company: SELECT PORTFOLIO SERVICING, INC.
State: KS
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
On XX/XX/XXXX I filed complaint with the CFPB regarding Select Portfolio Servicing ( SPS ) misreporting of my credit information. The case number is XXXX. 
SPS replied on XX/XX/XXXX with the following : " In your inquiry, you questioned the credit information SPS provided to the credit reporting agencies ( CRAs ). We have reviewed your request and have determined that it is necessary to update the reported information. This updated information has been submitted to the CRAs. We have requested that the CRAs update the information we provided for the high loan balance. '' SPS ignored the part of the complaint that dealt with their reporting of late payments. I am resubmitting the complaint since it was ignored by SPS. I expect an definite answer from SPS! 
XXXX, XXXX and XXXX have incorrect information on my credit report regarding my mortgage with Select Portfolio Servicing ( SPS ). I am asking the CFPB to review the written evidence provided with this complaint and take action against SPS. 

I purchased my home in XX/XX/XXXX, my mortgage was serviced by XXXX until late XX/XX/XXXX. Select Portfolio Servicing ( SPS ) was selected as my new servicer as a result of the National Mortgage Servicing Settlement in early XX/XX/XXXX. 

Due to the National Mortgage Servicing Settlement, I received an offer to modify the mortgage on my home with a reduction in principal ( see attached ). I received the offer letter via fax on XX/XX/XXXX from SPS. I contacted SPS to get wire instructions to pay SPS. That same day, I requested that a wire be sent from my bank to pay the three initial trial modification payments to SPS. SPS confirmed receipt of the funds less than three days later. The page of the bank statement that shows the wire of {$650.00} ( three months of the {$210.00} monthly payment ). 

The mortgage modification agreement specified that I make payments of {$210.00} on or before XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. All three months of payments were made on XX/XX/XXXX via a wire of {$650.00}. I completed my contractual obligation to SPS. SPS failed to honor their responsibility to report my credit accurately. 

SPS reported that XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX payments were at least 120 days late. XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX were not reported at all, even though they were paid on time. SPS claims that because they were understaffed to handle all the modifications they needed to do and it took until XX/XX/XXXX to get a final modification done, my three on time payments do not count. It is not my fault they were understaffed. 

I am asking that the CFPB look at the modification offer, the copy of my XX/XX/XXXX bank statement and take action against SPS. Federal law requires that information from creditors be reported accurately to credit bureaus. Their reporting is not accurate. 

I have made all payment starting from XX/XX/XXXX until today on time based on the offer from SPS. If I am correct in my reasoning, I believe that it would be fair to have my credit report show either on-time payments beginning XX/XX/XXXX until today or XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX showing no entry and XX/XX/XXXX until today should show on time payments on both of my credit bureaus. That is what happened. I do not understand how a reasonable person can see the information provided and state that my credit report is correct. 

The CFPB has previously taken action against SPS. SPS had problems in the past with multiple regulatory agencies. SPS should be held accountable for the damage they do to people 's lives. SPS mistakes damages my cost of credit, my job prospects and even my insurance rates! 
CFPB take action again against SPS!

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