Consumer complaint received 2022-07-26
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: SELECT PORTFOLIO SERVICING, INC. (GA)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , XXXX XXXX XXXX XXXX XXXX Mortgage Servicer : Select Portfolio Services Inc XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , XXXX XXXX XXXX ( Ombudsman Department ) Note Holder Listed at XXXX XXXX XXXX XXXX Clerk of Court and SPS : XXXX XXXX XXXX XXXX XXXX , as Trustee for the benefit of the XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 


XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( Property Owner/Land Lord/ XXXX XXXX signed a lease agreement with XXXX XXXX ( XXXX XXXX XXXX XXXX for less than 1 acre of land located at XXXX XXXX XXXX, XXXX, GA XXXX, XXXX XXXX XXXX XXXX XXXX signed their copy on XX/XX/XXXX. This agreement is for a lease, not a purchase, of less than 1 acre of land contained in a plot of 19.75 acres. The option is one year from signing and can be extended one more year, although XXXX XXXX has not extended as of XX/XX/XXXX. [ XXXX ] XXXX XXXX requires the current mortgage company or mortgage servicing company to sign Mortgage Subordination Agreement with the understanding if mortgagor defaults then the lease agreement will stand with lien holder ( Note Holder ). Phone Contact was made with Select Portfolio Servicing, Inc ( Hereafter refered to as SPS ) requesting the exact department and mailing address to send Mortgage Subordination Agreement. ( See Phone Log XX/XX/XXXX ). The Mortgage Subordination Agreement was sent to SPS on XX/XX/XXXX. [ 2 ] SPS acknowledge receipt of XX/XX/XXXX correspondence with their letter dated XX/XX/XXXX. [ 3 ] Mortgagors made several calls to SPS requesting the status of their completion of the Mortgage Subordination Agreement. SPSs reply was general in stating, it is under review, awaiting management review, or with underwriters ( Phone Log XX/XX/XXXX XXXX XX/XX/XXXX ) XX/XX/XXXX, after no contact or progress with the Mortgage Subordination Agreement, mortgagors sent a second letter of explanation requesting status. [ 4 ] SPS returned to the Mortgagor a General Acknowledgement Letter dated XX/XX/XXXX. [ 5 ] Mortgagors called SPS twice on XX/XX/XXXX. ( Phone Log ) SPS emailed mortgagors on XX/XX/XXXX requesting : [ 6 ] 1 ) Updated fully prepared consent of Mortgage Subordination Agreement. Which states Select Portfolio Servicing, Inc as attorney in fact for XXXX XXXX XXXX XXXX XXXX, as Trustee for the benefit of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

2 ) An Appraisal with Impact Study stating how value of property will be affected. 

XXXX XXXX, mortgagors contact person for XXXX XXXX, emailed the requested Mortgage Subordination Agreement showing the exact wording on XX/XX/XXXX and again on XX/XX/XXXX as requested an editable version. 

XX/XX/XXXX the aforementioned mortgage was sold to XXXX XXXX XXXX XXXX  XXXX, as Trustee for the benefit of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX2. [ 7 ] Mortgagors still have not received letter stating mortgage was sold. Mortgagors retrieved sell information from XXXX XXXX Clerks Office. 

The requested information, Appraisal/Impact Study, SPS required from mortgagors on XX/XX/XXXX was sent via regular mail on XX/XX/XXXX. Several calls from mortgagor to SPS were placed to check status of Mortgage Subordination Agreement and receipt of Appraisal/Impact Study. ( Call Log XX/XX/XXXX, XX/XX/XXXX. ) SPS General Acknowledgement Letter dated XX/XX/XXXX was issued. [ 8 ] SPS stated to mortgagors that they never received the Appraisal/Impact Study from XX/XX/XXXX. Mortgagors again sent the Appraisal/Impact Study with delivery confirmation, showing delivery on XX/XX/XXXX at XXXXXXXX XXXX. Mortgagors called SPS inquiring about receipt of Appraisal/Impact Study several times in XXXX. ( Call Log XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. ) SPS insisted the Appraisal/Impact Study had not been delivered, which mortgagor informed SPS it was tracked through USPS and they, ( USPS ) , showed the document had arrived. [ 9 ] SPS moments later stated they found it. 

As seen above, the Mortgagor has made more than reasonable attempts to have SPS complete the Mortgage Subordination Agreement and return to the Mortgagor or XXXX XXXX. To date this has not occurred in what any prudent person would believe was a reasonable time frame. It is the belief of the Mortgagor that SPS and or the Underwriters, they mention but fail to identify, have engaged in procrastination and evasive practices that have disallowed the Mortgagor the full use and freedom of the property deeded to them and Identified as XXXX XXXX XXXX. XXXX, XXXX This unreasonable delay has cost mortgagors approximately {$10000.00} in rental income to date and SPS continued procrastination might possibly cause the lease to terminate. If the lease terminates the lost rental income for mortgagors and their heirs is just shy of {>= $1,000,000}. 

In XX/XX/XXXX, a new Strategic Plan was unveiled by the Federal Finance Housing Agency  ( Hereafter referred to as FHFA ), for the conservatorships of XXXX XXXX XXXX XXXX XXXX. The Plan provides a structure for how FHFA  will usher XXXX XXXX and XXXX XXXX  to realize their statutory missions, center on safety and stability and prepare for a successful conclusion to the conservatorships. 
The three listed objectives of this XX/XX/XXXX new Strategic Plan state, XXXX XXXX and XXXX XXXX : Focus on their core mission responsibilities to foster competitive, liquid, efficient and resilient national housing finance markets that support sustainable homeownership and affordable rental housing ; Operate in a safe and sound manner appropriate for entities in conservatorship ; and Prepare for their eventual exits from the conservatorships. 

In XXXX, XXXX  also released a new annual Conservatorship Scorecard for XXXX XXXX XXXX XXXX XXXX This new XXXX Scorecard aligns tactical priorities and execution at XXXX XXXX XXXX XXXX XXXX to the XXXX Strategic Plan and serves as one of the tools to be utilized in holding them accountable for its effective implementation. [ 10 ] SPS is the Servicer for the XXXX  XXXX, which is a combined mortgage certificate Trust. According to the executed Pooling and Service Agreement for the XXXX XXXX XXXX, SPS can sign the subordination agreement because the lease improves the property value, with the installation of a utility. 

Call Log Calls to Select Portfolio Servicing XXXX Date. Time. Number. Origination. Destination. XXXX XX/XX/XXXX. XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Mortgage Subordination Agreement [ 2 ] Letter from Mortgagors to SPS Dated XX/XX/XXXX [ 3 ] General Acknowledgement Letter from SPS to Mortgagors XX/XX/XXXX [ 4 ] XX/XX/XXXX Mortgagors letter of Explanation to SPS [ 5 ] General Acknowledgement Letter from SPS to Mortgagors XX/XX/XXXX [ 6 ] Email from SPS Ombudsman Department Dated XX/XX/XXXX [ 7 ] XX/XX/XXXX letter from SPS to mortgagors, who requested lien holder contact information on XX/XX/XXXX. 
[ 8 ] General Acknowledgement Letter from SPS to Mortgagors XX/XX/XXXX, XXXX [ 9 ] XX/XX/XXXX USPS Tracking [ XXXX ] XXXX : XXXX