Consumer complaint received 2023-06-04 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: SELECT PORTFOLIO SERVICING, INC.
State: GA

Complaint narrative:
SPS is a predatory lender who acquired my loan from XXXX XXXX XXXX in good standing in XXXX XXXX XXXX 

SPS lending practices are illegal and they should be prosecuted to the fullest letter of the law. 

When SPS acquired my loan my monthly payments were : {$1000.00} Principal & Interest {$670.00} Escrow = {$1600.00} Monthly Payment XXXX has never assigned an escrow shortfall/PMI to my account. XXXX consistently paid the balance due of my taxes and insurance annually from my escrow account After making my monthly payments consistently to SPS from XXXX to XXXX XXXX XXXX, I received a new escrow analysis on XX/XX/XXXX. The new analysis included the addition of a mortgage shortfall account. 

Escrow Analysis XX/XX/XXXX {$1000.00} Principal & Interest {$740.00} Regular Escrow {$130.00} Monthly Escrow Shortage/PMI = {$1800.00} Monthly Payment In this analysis they advised that my shortfall amount was {$3700.00} and would be spread over 24 months. 

Where are these numbers coming from??? FRAUD!!! 

After receiving this analysis, I reached out to SPS and requested that the PMI/Shortfall account be removed. I advised the State of Georgia does NOT require PMI accounts. SPS responded with the illegal closure of all escrow accounts. ( FRAUD ) After refuting back and forth with SPS, they issued a new analysis on XX/XX/XXXX which reflected a shortfall in the amount of {$4400.00} with the amount being spread over 24 months. 

{$1000.00} Principal & Interest {$740.00} Escrow {$190.00} Monthly Shortfall/PMI = {$1900.00} Monthly Payment With this information in hand and because of the illegal practices with the mishandling of my escrow account and misallocation of funds, I reported SPS to CFPB requesting an internal investigation. 

After the internal investigation by CFPB, SPS issued a new escrow analysis on XX/XX/XXXX which reflected a shortfall balance of {$8100.00} with this amount being spread over 12 months. 

{$1000.00} Principal and Interest {$740.00} Regular Escrow {$580.00} Shortfall/PMI = {$2300.00} Monthly Payment SPS actions are reflective of a predatory lender who is attempting to push the consumer into foreclosure. 

Their numbers are inconsistent and their practices are illegal!! 

I am requesting the following : XXXX. The immediate removal of all shortfall/PMI accounts. ( FRAUD ) ( Georgia does NOT require PMI ) with my monthly not being converted back to the amount at the time of acquisition. ( {$1600.00} ) XXXX. SPS license be revoked for fraud and predatory lending practices XXXX. SPS be subjected to a full internal investigation by the DOJ and FTC for misallocation of escrow payments, money laundering and the illegal closure of escrow accounts. 
XXXX. All fund remitted that were allocated for escrow should be fully applied to the regular escrow NOT the shortfall account. 

SPS creation of the shortfall accounts is identified as money laundering and they should prosecuted to the fullest extent of the law.

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