Consumer complaint received 2023-07-13
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: SELECT PORTFOLIO SERVICING, INC. (WI)

Feed Back for XXXX The need to communicate discrepancies with Select Portfolio Servicing ( SPS ) via the Consumer Financial Protection Bureau ( CFPB ) can not be more evident, in light of SPS deceitful/misleading response to this CFPB complaint. 

The following will show SPS intentional use of deceit and omission of keys facts that completely obscure the truth.

1. Under the caption Payments, in the first paragraph Select Portfolio Servicing, claims that, because the payments were sent via third party bill pay, application instructions could not be provided to SPS with the funds. SPS, conveniently omitted, the fact that we called SPS prior to submitting the escrow shortage payment as well as numerus calls to SPS after the payment was received. We informed SPS each time, that we were paying the escrow shortage in full. During each call to SPS we were informed that our call was being recorded, in which we agreed to. So SPS claim that they did not know how to apply the fund, is deceitful and not the truth. Moreover, the very reason that we had to file this claim with CFPB, is due to the failed oral communications with SPS regarding these funds.

2. Under the caption Payments in the first paragraph Select Portfolio Servicing, speaks to the use of a third-party bill pay provider in somewhat of a condescending manner. So, we need to level set the use of a third-party bill pay provider. The third-party bill pay provider, functions similar to that of a Process Server. Like the Process Server, the third-party bill pay provider provides us proof of delivery. Or in this case, proof of payment. This gives SPS no wiggle room to dispute the delivery of payments given each transaction is timestamped.

3. Under the caption Payments, in the second paragraph, is where we find SPS most egregious omission of the facts. In the documents that we provided please find the Annual Escrow Account Disclosure Statement dated XXXX XXXX. In this XXXX XXXX Annual Escrow Account Disclosure Statement, it reported that there is an escrow shortage of {$1600.00}, that could be paid with {$130.00} over the next 12 months. We called SPS and told them that we are paying for the shortage in full. Please review the XXXX proof of payment escrow shortage. Given that the escrow shortage was paid in full, we adjusted the monthly payments to {$1000.00} by removing the {$130.00} monthly shortage. The XXXX, XXXX XXXX and XXXX monthly payments all adhere to the XXXX XXXX Annual Escrow account computation year.

4. Under the caption Payments, in the second paragraph, SPS is trying to include disbursements for next years Annual Escrow account computation year with the XXXX XXXX Annual Escrow account computation year that was satisfied XXXX XXXX. 
5. What is the definition of ANNUAL? Occurring once every year.

6. ( i ) Annual escrow account statements. For each escrow account, a servicer shall submit an annual escrow account statement to the borrower within 30 days of the completion of the escrow account computation year. The servicer shall also submit to the borrower the previous year 's projection or initial escrow account statement. The servicer shall conduct an escrow account analysis before submitting an annual escrow account statement to the borrower. 
These are some of the tactics that SPS uses to inflect undo hardship on its borrowers. 
Their unwillingness to apply payments correctly. 
Incorporating disbursements for next years Annual Escrow account computation year into the current years Annual Escrow account computation. That was already reported and satisfied.

It is our desire that, Select Portfolio Servicing : 1. Apply all payments correctly.

2. Apply all disbursements in the correct Annual Escrow account computation year.