Consumer complaint received 2024-05-17
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: SELECT PORTFOLIO SERVICING, INC. (TX)

I see discrepancies on the way my payments are being adjudicated. 
I pay biweekly without missing a payment. 
I do not believe that this company is putting my money where they should and going as far as to charging " fees '' fees for what I am not sure since I pay again, bi weekly and without missing a single payment. 
This should mean I am making even more payments than I should in a year. 

I would like to begin with my escrow analysis for XXXX, letter dated XX/XX/XXXX. 
Per the escrow analysis I began my year XX/XX/XXXX at $ XXXX as of XX/XX/XXXX I was going to pay for escrow a monthly of {$980.00}. 
So simple math to follow XXXX balance should have been XX/XX/XXXX : {$820.00} minus payment for my home insurance ( {$4000.00} ) $ XXXX XX/XX/XXXX : $ XXXX However, my current escrow shortage as of XX/XX/XXXX is showing to be $ XXXX So my payments are not being applied to the correct place, no wonder that the escrow is always short. 


Going back to my XXXX Escrow " shortage '' year Per SPS I was short {$4200.00} and would be charged a total of {$1000.00} monthly for my escrow shortage and my regular estimated escrow payment. 

I began paying {$1000.00} on XX/XX/XXXX and this continued up until XX/XX/XXXX. 
On the months of XXXX my escrow payment was not applied. 
XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$1000.00} was applied XX/XX/XXXX - {$160.00} was applied XX/XX/XXXX - {$160.00} was applied XX/XX/XXXX - {$160.00} was applied XX/XX/XXXX - {$160.00} was applied XX/XX/XXXX - {$0.00} was applied XX/XX/XXXX - {$1000.00} was applied I still made my regular biweekly payments, but this business refused to adjudicate what I am paying and add it to where it was supposed to go. I do not pick where my money goes, I pay the montly and they are supposed to place the money where it goes. 
If for the months of XXXX the {$1000.00} payment ( which I paid ) would have been applied I would of not been short for the XXXX  year. 
I have tried to speak to representatives regarding this matter and they belittle me and say I dont understand escrow. 
Now I may not undertand it but simple math is not hard to do, They failed to add {$4300.00} which were supposed to go for my escrow into my escrow account. 
Because of this I am now short again for the 2024 year by {$4400.00}. 


I am already seeing that the total {$980.00} escrow payment for the 2024 year is not being applied correctly as my statements show where my payments are going and it does not show that amount going towards the escrow. 

I feel like they are doing this to continue raising yearly monthly prices and extending the life of the loan and charging " fees '' incorrectly. 

I do not want this issue to continue into XXXX. I did not have this issue with escrow until this company bought out my loan. I am frustrated. 
Their representatives do not know what they are speaking about. 
I see hard evidence on the billing statements that show that the money is not being applied where it should be and they say oh thats odd, but I assure you it is. 

I want a bill that reflects such, but it will not exist when I already see the miscalculation this year happening.