OWNERS CFPB Complaint XX/XX/XXXX the improvements on my home were damaged by a fire and all damage will be, fully repaired and that the repaired portion of the Property and improvement will be in as good condition the Property was in before loss occurred and will be fully paid from the proceeds of the Loss Draft claim from funds retained By : Select Portfolio Servicing , Inc. ( SPS ) Select Portfolio Servicing , Inc . 
Loss Drafts Department XXXX.XXXX. XXXX XXXX XXXX, OH XXXX in the sum of {$54000.00}. 
I have submitted a letter of intent requesting funds to purchase materials in order to conduct self-repairs. SPS indicated repairs can only be conducted by a licensed contractor. 
However, New York State does not require a specific state license for contractors. Before starting this project I checked with my local code enforcement agent to find out what local regulations are required and he indicated there would be inspection of each phase of the project and has issued a building permit to start repairs. Furthermore according to New York General Obligations Law 5-602.Interest on insurance draft deposits in escrow with mortgage investing institutions Any mortgage investing institution which maintains an escrow account pursuant to any agreement executed in connection with a mortgage or any loan, secured by a lien on any one to six family residence occupied by the owner or on any property owned by a cooperative apartment corporation , as defined in subdivision twelve of section three hundred sixty of the tax law, ( as such subdivision was in effect on XXXX XX/XX/XXXX, XXXX XXXX XXXX ), and located in this state and which residence or cooperative apartment corporation received from an insurance carrier a draft, forwarded to a mortgage investing institution, as compensation for damage done to a residence shall, for each quarterly period in which such escrow account is established, credit the same with dividends or interest at a rate of not less than two per centum per year based on the average of the sums so paid for the average length of time on deposit or a rate prescribed by the superintendent of financial services pursuant to section fourteen-b of the banking law and pursuant to the terms and conditions set forth in that section whichever is higher. The superintendent of financial services shall prescribe by regulation the method or basis of computing any minimum rate of interest required by this section and any such minimum rate shall be a net rate over and above any service charge that may be imposed by any mortgage lending institution for maintaining an escrow account. Also when the loan was transferred from XXXX XXXX XXXX .RE ; DFS case number XXXX XX/XX/XXXX XX/XX/XXXX, XX/XX/XXXX as required by Real Estate Settlement Procedures Act ( RESPA ) 3500.17 ( f ) ( 2 )  of Regulation X Once mortgage payoff funds are posted, money held in escrow with your current lender will be returned to you from that lender. The existing escrow account can not be transferred unless your current lender is the same as your new lender, in which case your payoff will be reduced by your current escrow balance. I would at this time request the sum of {$54000.00} plus interest from XX/XX/XXXX XX/XX/XXXX to present be returned to me. I have tried with due diligence to resolve this matter however SPS has indicated my claim has been denied and that company policy superseded local jurisdiction.