Consumer complaint received 2025-05-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: SELECT PORTFOLIO SERVICING, INC.
State: MT

Complaint narrative:
I have contacted Select Portfolio Service 's Claim Check Center for the past XXXX and a half years requesting them to release our insurance funds that they are holding. SPS is currently holding {$150000.00} and will not release funds so that we can complete rebuilding our home. We speak with a different representative each time and am given a different reason on why the funds are not being released each time I call. Each call takes around XXXX minutes. The reasons for not releasing our funds started with not passing a building inspection that shows how far along we are with the rebuilding. Our first inspection was reported at 20 % by the inspector, and SPS changed it to 10 %. The inspector has stated in her subsequent reports that we were 30 %, 40 % and 60 % completed. These reports were changed by SPS to being only 10 % each time. When we inquired why, we were finally told that they changed what the inspector reported as we didn't have a contract from our builder that provided a final amount. Our contract was for time and materials. So, we provided a contract with the final amount that our builder provided us with, and yet we were still told that we were only at 10 % after the last inspection. We uploaded invoices to the Claim Check Center that we paid to our builder documenting what we had paid of our own money, which exceeds the amount of money that we received from our insurance company. We called the claim check center on XX/XX/XXXX and were told that our issue was being brought to the XXXX level for approval and we would receive a call in XXXX business days. We did not receive a call so we called today and were told that the contract with our builder was not specific enough and they would not pay anything until we provided them with a more detailed contract. The contract from our builder is indeed detailed as it breaks down each cost - flooring, roofing, plumbing, etc. This contract cost us money as it took them a lot of time to write it. The need to provide an even more detailed budget is just a reason for them to delay releasing our funds. We were told on XXXX of our calls, that once we paid 75 % of the cost of rebuilding the home ( based on the bid/contract from the builder ), they would release our insurance money. I have provided paid invoices that document that we have paid more than 75 % of the cost of rebuilding the house. These invoices were reviewed, approved, and accepted by their company. I was told today XX/XX/year> that they would not allow me to speak to the individual/s in charge of making the decisions to deny our request to release our insurance money. We receive a letter every month from SPS that if we do not request and pass an inspection, that they would apply the insurance money to our current mortgage. However, when we asked for them to do this ( at least the money is not just making them more money ), we were told that they would not do this. It is apparent to us that SPS is making a lot of money on the interest our insurance money brings in and we want to file a complaint against them and seek support so that they do the math- add the expenses that we have paid, realize that we have spent more of our own money, and release the final {$150000.00} so that we can finish rebuilding our home and not remain homeless. Being homeless for XXXX years because of the greed of this company is hard to bear.

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